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Company registration number: 03392157







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


GLOBAL EQUIPMENT LOGISTICS LIMITED






































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GLOBAL EQUIPMENT LOGISTICS LIMITED
 


 
COMPANY INFORMATION


Directors
G L Staines 
K A Lewandowska (resigned 2 July 2025)
C I Meier (appointed 1 July 2025)




Registered number
03392157



Registered office
Dissegna House
Weston Avenue

West Thurrock

Essex

RM20 3ZP




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


GLOBAL EQUIPMENT LOGISTICS LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 8


 


GLOBAL EQUIPMENT LOGISTICS LIMITED
REGISTERED NUMBER:03392157



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
876,709
1,066,998

  
876,709
1,066,998

Current assets
  

Debtors: amounts falling due within one year
 6 
538,472
279,837

Cash at bank and in hand
  
-
152,703

  
538,472
432,540

Creditors: amounts falling due within one year
 7 
(5,273,627)
(4,215,188)

Net current liabilities
  
 
 
(4,735,155)
 
 
(3,782,648)

Total assets less current liabilities
  
(3,858,446)
(2,715,650)

Provisions for liabilities
  

Deferred tax
 8 
(151,158)
(179,126)

  
 
 
(151,158)
 
 
(179,126)

Net liabilities
  
(4,009,604)
(2,894,776)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(4,009,606)
(2,894,778)

  
(4,009,604)
(2,894,776)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


G L Staines
Director

Date: 25 July 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 


GLOBAL EQUIPMENT LOGISTICS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Global Equipment Logistics Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. The registered address is also the principal place of business.

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

Going concern

The Company is seen as a key asset to the Group and for this reason Group have indicated their support of the Company.
Therefore, the Directors continue to adopt the going concern basis of accounting in preparing these
annual financial statements.

 
2.3

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

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

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 


GLOBAL EQUIPMENT LOGISTICS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

  
2.8

Current and deferred taxation

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date where transactions or events that resulted in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the reporting date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured at the tax rates that are expected to apply in the years in which the timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted by the reporting date. Deferred tax is measured on a non-discounted basis. 
The company has entered into an agreement regarding UK corporation tax payments and refunds with Exel Limited, a fellow group undertaking. Under the terms of this agreement Exel Limited has undertaken to discharge the current and future UK corporation tax liabilities on behalf of and benefit ffrom any tax recoverable due to the company.
The indemnity provided by Exel Limited is accounted for as a capital contribution within reserves. 

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 3

 


GLOBAL EQUIPMENT LOGISTICS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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:

Shipping containers
-
20%
on cost
Plant and machinery
-
20%
on cost
Fixtures and fittings
-
25%
on cost

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.

 
2.11

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.12

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.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 4).

Page 4

 


GLOBAL EQUIPMENT LOGISTICS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2024
47,000



At 31 December 2024

47,000



Amortisation


At 1 January 2024
47,000



At 31 December 2024

47,000



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 5

 


GLOBAL EQUIPMENT LOGISTICS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
2,649,770
2,417
1,285
4,379
2,657,851


Additions
316,897
4,235
-
-
321,132


Disposals
(18,496)
-
-
-
(18,496)



At 31 December 2024

2,948,171
6,652
1,285
4,379
2,960,487



Depreciation


At 1 January 2024
1,583,005
2,417
1,285
4,146
1,590,853


Charge for the year on owned assets
508,325
1,059
-
127
509,511


Disposals
(16,586)
-
-
-
(16,586)



At 31 December 2024

2,074,744
3,476
1,285
4,273
2,083,778



Net book value



At 31 December 2024
873,427
3,176
-
106
876,709



At 31 December 2023
1,066,765
-
-
233
1,066,998



Page 6

 


GLOBAL EQUIPMENT LOGISTICS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
367,568
112,896

Amounts owed by group undertakings
42,376
149,933

Other debtors
128,528
14,055

Prepayments and accrued income
-
2,953

538,472
279,837



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
4,582,312
3,504,487

Trade creditors
279,442
58,599

Amounts owed to group undertakings
64,570
231,265

Other creditors
7,827
7,827

Accruals and deferred income
339,476
413,010

5,273,627
4,215,188


Page 7

 


GLOBAL EQUIPMENT LOGISTICS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Deferred taxation




2024


£






At beginning of year
(179,126)


Charged to profit or loss
27,968



At end of year
(151,158)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(179,126)
(181,787)

Other short term differences
27,968
2,661

(151,158)
(179,126)


9.


Parent undertaking

The company's parent undertaking is Hillebrand Gori UK Limited, a company incorporated in England and Wales.
The ultimate parent undertaking of the company is Deutsche Post AG, a company incorporated in Germany.
The largest and smallest company which prepares group accounts in the Group is Deutsche Post AG.
Consolidated group accounts are publicly available:
www.deutschepost.de


10.


Controlling party

In the opinion of the directors there is no one ultimate controlling party.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 28 July 2025 by Andrew Galliers (FCA) (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 8