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Registered number: 10067164









MAINFREIGHT UK LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

 
MAINFREIGHT UK LTD
 
 
COMPANY INFORMATION


Directors
Donald Robert Braid 
Benjamin Hamilton Fitts 
Graeme Gordon Illing 




Registered number
10067164



Registered office
Unit 4 Nexus Close

Feltham

TW14 0AF




Independent auditors
Desaur LLP
Chartered Certified Accountants & Statutory Auditor

5 Margaret Road

Romford

Essex

RM2 5SH





 
MAINFREIGHT UK LTD
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 22


 
MAINFREIGHT UK LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025

Introduction
 
The director presents his report and financial statements for the year ended 31 March 2025

Business review
 
Mainfreight Air and Ocean place a strong emphasis on customer service and collaboration. The Mainfreight London branches has established relationships with major shipping lines, and global partners. This enables us to negotiate competitive rates, secure capacity, and provide a wide range of shipping options to meet our customers' specific requirements. Whether it's full container loads (FCL), less than container loads (LCL), consolidations, Mainfreight Air and Ocean strive to find the most cost-effective and efficient solutions for their clients. Expansion of Client Base: Manchester has successfully attracted and onboarded a diverse range of new clients from various industries. Through targeted marketing efforts and exceptional service delivery, we have built strong relationships and gained the trust of these clients. This expansion of our client base has been a driving force behind our growth. Our warehouse division based Coalville, Leicestershire continues to have progressive growth and develop links to the local community through personnel recruitment. The site has a storage capacity of 8,500 m2. From this warehouse a wide range of services is provided: best-in-class storage and order picking processes, various value-adding activities such as technical quality control, extensive return processes and transport management. The warehouse is strategically positioned right in the middle of the United Kingdom. 90% of the population can be reached within a four hour journey by road and with close links to major transport infrastructure, it positions us perfectly to provide a full supply chain service to our customers with a presence in the United Kingdom.
As of April 2024, the transport division opened in the UK. The operation is based within the Coalville Warehouse. This addition to the Mainfreight UK entity has strengthened the Mainfreight European transport network by serving as a cross-dock hub and increasing the brand presence on UK roads. The focus is on growing shipment volumes from the UK into Europe, optimising utilization of the empty trucks leaving the UK, and improving margins. Since November 2024, the Transport division has grown from one to four trucks and are keen to continue growing whilst providing a high quality service to their customers. 
Collectively, the growth in our client base has translated into a substantial increase in revenue and profitability. Our team's diligent efforts to optimize operations, negotiate favourable contracts with carriers, and implement cost-effective strategies have played a crucial role in boosting our financial performance. Mainfreight UK have collaboration with strategic partners, such as shipping lines, airlines, and logistics providers, has been instrumental in expanding our network and service capabilities. By forging mutually beneficial partnerships, we have gained access to new markets, optimized transportation routes, and offered comprehensive end-to-end solutions to our clients. Most importantly to us, our team of dedicated professionals has been vital to our success. We have focused on nurturing and developing talent within the organization, providing training programs, and creating a positive work environment. This commitment to team growth and retention has resulted in a highly skilled and motivated workforce, contributing to our overall business growth.

Page 1

 
MAINFREIGHT UK LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Principal risks and uncertainties
 
The direction of the economy and how much people can afford to spend could have a direct impact of the productivity of the operation within the UK Warehouse for example. The costs of warehousing and employing team members are rising faster therefore customers may be hesitant to pay our prices when increasing the amount for our services. Collectively, the Air and Ocean branches in Manchester and London Ocean have found economic volatility. The freight forwarding industry is closely tied to global trade and economic conditions. Economic fluctuations, recessions, or political instability in key markets can impact shipping volumes, leading to fluctuations in demand and potential revenue decline. There has been a dependence on key clients. For example, Manchester has a limited client base, and your success may depend heavily on a few key clients. Any potential loss of these clients or their reduced shipping needs could have a significant impact on your revenue and overall sustainability. Freight forwarding involves managing complex supply chains that are susceptible to various disruptions, such as natural disasters, port strikes, infrastructure failures, or political unrest. Such disruptions can lead to delays, additional costs, and damage to your reputation if not managed effectively. The freight forwarding industry is subject to numerous regulations, including customs regulations, trade sanctions, and safety requirements. Non-compliance with these regulations can lead to penalties, delays, loss of licenses, and reputational damage. Ensuring a robust compliance framework and staying updated with changing regulations is crucial.

Financial key performance indicators
 
Mainfreight UK report weekly profit and loss accounts to the central office in EU, this consists of the total income generated from freight forwarding services as a primary financial KPI. Monitoring revenue growth over time provides insight into the business's overall financial performance and its ability to attract and retain clients. The gross profit margin is the percentage of revenue remaining after deducting the direct costs associated with providing services, such as carrier fees, customs duties, and transportation costs. Monitoring and improving the gross profit margin helps assess the business's profitability and efficiency in managing costs. The net profit margin represents the percentage of revenue that remains after deducting all operating expenses, including indirect costs such as salaries, marketing, rent, and administrative expenses. It reflects the overall profitability of the business and its ability to generate earnings. Internal KPIs that are measurable for branch of the year and awards. These include; Cash flow monitoring, accounts payable/receivable Return on investment, number of credits.  

Page 2

 
MAINFREIGHT UK LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Other key performance indicators
 
Through targeted marketing efforts and exceptional service delivery, we have built strong relationships and gained the trust of these clients. This expansion of our client base has been a driving force behind our growth . The growth in our client base has translated into a substantial increase in revenue and profitability. Our team's diligent efforts to optimize operations, negotiate favourable contracts with carriers, and implement cost-effective strategies have played a crucial role in boosting our financial performance. Collaboration with strategic partners, such as shipping lines, airlines, and logistics providers, has been instrumental in expanding our network and service capabilities. By forging mutually beneficial partnerships, we have gained access to new markets, optimized transportation routes, and offered comprehensive end-to-end solutions to our clients. Our team of dedicated professionals has been vital to our success. We have focused on nurturing and developing talent within the organization, providing training programs, and creating a positive work environment. This commitment to team growth and retention has resulted in a highly skilled and motivated workforce, contributing to our overall business growth. 
The London branches have expanded their services to cover additional regions or countries. London's strategic location makes it a great base for expanding into Europe and beyond. Evaluating the market demand, establishing partnerships with local logistics providers, and ensuring compliance  with international shipping regulations. There has been an embrace of technology to optimize operations and improve efficiency. Investment in transportation management systems (TMS) and warehouse management systems (WMS) to streamline processes such as route planning, tracking, and inventory management. Implementing automated systems can reduce errors, increase visibility, and enhance customer satisfaction. London have explored new service offerings that align with the evolving needs of your customers. Diversification can help attract new clients and differentiate your company from competitors. As environmental concerns grow, focusing on sustainability measures has been a big deal. Investing in fuel-efficient vehicles or consider alternative fuel options, such as electric or hybrid vehicles, to reduce carbon emissions. Additionally, implement eco-friendly packaging solutions and adopt sustainable practices in your warehouses and offices.
 


This report was approved by the board and signed on its behalf.



................................................
Benjamin Hamilton Fitts
Director

Date: 24 June 2025

Page 3

 
MAINFREIGHT UK LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,191,991 (2024 - £1,033,249).

No dividends were declared for the year ended 31 March 25. 

Directors

The directors who served during the year were:

Donald Robert Braid 
Benjamin Hamilton Fitts 
Graeme Gordon Illing 

Future developments

The Company has strong market position and growth is expected in the coming years.

Page 4

 
MAINFREIGHT UK LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsDesaur LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 June 2025 and signed on its behalf.
 





Benjamin Hamilton Fitts
Director

Page 5

 
MAINFREIGHT UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAINFREIGHT UK LTD
 

Opinion


We have audited the financial statements of Mainfreight Uk Ltd (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
MAINFREIGHT UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAINFREIGHT UK LTD (CONTINUED)


Other information


The other information comprises the information included in the annual report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
MAINFREIGHT UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAINFREIGHT UK LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified the principal risks of non-compliance
with laws and regulations. We also considered those laws and regulations that have both a direct and non-direct
impact on the financial statements.
Audit procedures performed included:
- Enquiring with management including consideration of known or suspected instances of non- compliance with
laws and regulation and fraud.
- Identifying and testing journal entries, in particular any journal entries posted with unusual account
combinations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 8

 
MAINFREIGHT UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAINFREIGHT UK LTD (CONTINUED)





Jaswinder S Vasir (Senior statutory auditor)
  
for and on behalf of
Desaur LLP
 
Chartered Certified Accountants
Statutory Auditor
  
5 Margaret Road
Romford
Essex
RM2 5SH

24 June 2025
Page 9

 
MAINFREIGHT UK LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
Note
£
£

  

Turnover
 3 
42,185,676
35,476,705

Cost of sales
  
(31,780,768)
(26,466,894)

Gross profit
  
10,404,908
9,009,811

Administrative expenses
  
(8,815,819)
(7,556,869)

Operating profit
  
1,589,089
1,452,942

Interest receivable and similar income
 5 
2,037
7,163

Profit before tax
  
1,591,126
1,460,105

Tax on profit
 6 
(399,135)
(426,856)

Profit for the financial year
  
1,191,991
1,033,249

Other comprehensive income for the year
  

Total comprehensive income for the year
  
1,191,991
1,033,249

The notes on pages 13 to 22 form part of these financial statements.

Page 10

 
MAINFREIGHT UK LTD
REGISTERED NUMBER: 10067164

BALANCE SHEET
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 7 
1,267,496
1,235,237

  
1,267,496
1,235,237

Current assets
  

Debtors: amounts falling due within one year
 8 
6,537,278
4,951,468

Cash at bank and in hand
 9 
1,674,227
1,640,937

  
8,211,505
6,592,405

Creditors: amounts falling due within one year
 10 
(3,732,767)
(3,283,343)

Net current assets
  
 
 
4,478,738
 
 
3,309,062

Total assets less current liabilities
  
5,746,234
4,544,299

Provisions for liabilities
  

Deferred tax
 11 
(213,975)
(204,031)

  
 
 
(213,975)
 
 
(204,031)

Net assets
  
5,532,259
4,340,268


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
5,532,258
4,340,267

  
5,532,259
4,340,268


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 June 2025.


................................................
Benjamin Hamilton Fitts
Director

The notes on pages 13 to 22 form part of these financial statements.

Page 11

 
MAINFREIGHT UK LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2023
1
3,307,018
3,307,019


Comprehensive income for the year

Profit for the year
-
1,033,249
1,033,249
Total comprehensive income for the year
-
1,033,249
1,033,249



At 1 April 2024
1
4,340,267
4,340,268


Comprehensive income for the year

Profit for the year
-
1,191,991
1,191,991
Total comprehensive income for the year
-
1,191,991
1,191,991


At 31 March 2025
1
5,532,258
5,532,259


The notes on pages 13 to 22 form part of these financial statements.

Page 12

 
MAINFREIGHT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

Mainfreight UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Nexus Close, Feltham, Middlesex, UK, TW14 0AF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.

This information is included in the consolidated financial statements of Mainfreight Holding BV as at 31 March 2025 and these financial statements may be obtained from its registered office, Industriestraat 12, P O box 18, 7040 AA's- Heerenberg,The Netherlands.

 
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 13

 
MAINFREIGHT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue for all domestic contracted deliveries is recognised when goods have been collected from the customer. Revenues derived from international freight is recognised on freight departure and for imports on freight arrival. The timing reflects when the vast majority of the relevant business's input has been performed. Warehousing fes are recognised as services provided to the counterparty.:

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
MAINFREIGHT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
Over term of lease
Motor vehicles
-
10%
Office equipment
-
10% - 33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 15

 
MAINFREIGHT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Turnover

2025
2024
£
£

Freight Transport
42,185,676
35,476,705

42,185,676
35,476,705


2025
2024
£
£

United Kingdom
42,185,676
35,476,705

42,185,676
35,476,705


All turnover arose within the United Kingdom.

Page 16

 
MAINFREIGHT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

4.


Employees

Staff costs were as follows:


2025
2024
£
£

Wages and salaries
3,661,767
3,184,349

Social security costs
326,868
341,015

Cost of defined contribution scheme
80,746
92,151

4,069,381
3,617,515


The average monthly number of employees, including directors, during the year was 80 (2024 - 82).


5.


Interest receivable

2025
2024
£
£


Other interest receivable
2,037
7,163

2,037
7,163


6.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
389,191
404,317


389,191
404,317


Total current tax
389,191
404,317

Deferred tax


Origination and reversal of timing differences
9,944
22,539

Total deferred tax
9,944
22,539


Tax on profit
399,135
426,856
Page 17

 
MAINFREIGHT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
 
6.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


Profit on ordinary activities before tax
1,591,126
1,460,105


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
397,782
365,026

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,353
4,705

Capital allowances for year in excess of depreciation
(9,944)
34,586

Other timing differences leading to an increase (decrease) in taxation
9,944
22,539

Total tax charge for the year
399,135
426,856


Factors that may affect future tax charges

The company's future tax expense and effective tax rate will be affected by changes in the tax legislation.

Page 18

 
MAINFREIGHT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

7.


Tangible fixed assets





Leasehold improvements
Motor vehicles
Fixtures and equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2024
1,021,548
-
753,764
1,775,312


Additions
8,353
91,538
164,458
264,349



At 31 March 2025

1,029,901
91,538
918,222
2,039,661



Depreciation


At 1 April 2024
289,619
-
250,456
540,075


Charge for the year on owned assets
135,082
2,861
94,147
232,090



At 31 March 2025

424,701
2,861
344,603
772,165



Net book value



At 31 March 2025
605,200
88,677
573,619
1,267,496



At 31 March 2024
731,929
-
503,308
1,235,237

Page 19

 
MAINFREIGHT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

8.


Debtors

2025
2024
£
£


Trade debtors
3,815,677
3,611,505

Other debtors
1,110,889
657,616

Prepayments and accrued income
1,610,712
682,347

6,537,278
4,951,468



9.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
1,674,227
1,640,937

1,674,227
1,640,937



10.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
1,496,896
1,721,265

Corporation tax
280,774
404,317

Other creditors
159,218
89,738

Accruals and deferred income
1,795,879
1,068,023

3,732,767
3,283,343



11.


Deferred taxation




2025
2024


£

£






At beginning of year
(204,031)
(181,492)


Charged to profit or loss
(9,944)
(22,539)



At end of year
(213,975)
(204,031)

Page 20

 
MAINFREIGHT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
 
11.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2025
2024
£
£


Accelerated capital allowances
(213,975)
(204,031)

(213,975)
(204,031)


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. The pension cost charge
represents contributions payable by the company to the fund and amounted to £80,746 (2024 - £92,151) Contibutions totalling £13,020 (2024- £14,718) were payable to the fund at the balance sheet date and are included in creditors.


13.


Commitments under operating leases

At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
1,028,980
1,141,958

Later than 1 year and not later than 5 years
6,833,046
7,876,327

7,862,026
9,018,285


14.Other financial commitments

The company has provided a guarantee to HMRC for duty and vat deferment. 

Page 21

 
MAINFREIGHT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

15.


Related party transactions

Included in Turnover is freight revenue of £1,305,371 (2024: £1,804,036) from fellow subsidiaries based in the EU and £7,410,488 (2024: £6,556,951) from other connected Mainfreight companies based in the rest of the world.
Included in Cost of sales are freight costs of £690,364 (2024: £1,615,169) charged by fellow subsidiaries based in the EU and £5,311,491 (2024: £4,399,900) charged by other connected Mainfreight companies based in the rest of the world.
IIncluded in Trade debtors are total balances of £908,050 (2024: £866,300) due from other connected Mainfreight companies based in EU and rest of the world.
Included in Trade creditors are total balances of £443,487 (2024: £368,775) due to other connected Mainfreight companies based in the EU and rest of the world.


16.


Post balance sheet events

There were no events to report after the year end. 


17.


Controlling party

The Parent company is Mainfreight Holding BV and its registered office is Industriestraat 12, P O box 18, 7040 AA's- Heerenberg, The Netherlands.

 
Page 22