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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
WiseTech Global (UK) Ltd is a private company limited by shares incorporated in England and Wales. The Company's registered office is 71 Queen Victoria Street, London, United Kingdom, EC4V 4BE. The registration number is 06741856.
The Company is principally engaged as an invoicing agent for the ultimate parent company, WiseTech Global Limited, which provides software to the logistics services industry globally.
The financial statements are presented in GBP. The figures in the financial statements have been rounded to the nearest £1.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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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;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of WiseTech Global Limited as at 30 June 2024 and these financial statements may be obtained from www.wisetechglobal.com.
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Exemption from preparing consolidated financial statements
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The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
The Directors have reviewed the Company's financial forecasts for the next twelve months. These forecasts include detailed projections of revenue, expenses, and cash flows. Based on this review, the Directors have not identified any issues that would impact the Company's performance or liquidity. The Company is expected to maintain a positive cash flow and meet all its financial obligations as they fall due.
The Directors have received assurances from the Group's senior management that the strategy is to continue operating and trading in the UK through the Company. This strategic direction is supported by the Group's commitment to invest in the Company's growth and development.
Based on the financial forecasts and strategic assurances, the Directors have a reasonable expectation that the Company will continue to operate as a going concern for the foreseeable future. This conclusion is supported by the company's strong financial position and the Group's commitment to its ongoing operations in the UK.
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Foreign currency translation
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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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Interest income is recognised in profit or loss using the effective interest method.
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.
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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.
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Current and deferred taxation
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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.
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.
The estimated useful lives range as follows:
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.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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Long-term leasehold property
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company accounting policies, management have been required to make judgments, estimates and assumptions. These estimates, which relate to the carrying value of assets and liabilities, where not readily available from other sources, are based on underlying assumptions and experience. Actual results may differ from these estimates. These estimates and assumptions are reviewed on an on-going basis.
Useful economic lives of tangible and intangible fixed assets
The Company holds both tangible and intangible assets. Management judgment is required in setting the useful economic lives for each class of tangible and intangible assets.
At 30 June 2024, the net book value of tangible fixed assets were £167,595 (2023: £330,902) after depreciation charge of £259,523 (2023: £168,826).
At 30 June 2024, the net book value of intangible fixed assets were £9,444,349 (2023: £7,298,733) after amortisation charge of £1,223,617 (2023: £1,550,898).
Capitalisation of development costs
The entity capitalises development costs as intangible assets under FRS 102 when criteria such as technical feasibility, intention to complete, ability to use or sell, probable future economic benefits, availability of resources, and reliable measurement are met. The following estimates and judgments are
key to the amount that is capitalised:
Percentage of Time Spent: Estimated based on time tracking and activity logs.
Future Economic Benefits: Assessed based on market conditions and technological advancements.
Reliable Measurement: Ensured through detailed cost tracking and adjustments.
The carrying value of intangible assets at the year end is £9,444,349 (2023: £7,298,733).
Impairment indicators
The Company's investment in Bolero.net Limited is in excess of the net liabilities of that Company. Management have applied judgment and consider that this does not represent an indicator of impairment by reference to external and internal sources. From an external sources perspective, there are no observable indications that the asset’s market value has declined. No significant adverse changes in the entity’s technological, market, economic or legal environment have occurred, and there has been no material movement in group discount rates during FY2024. Internal sources have also been considered and the net assets for Bolero are positive after elimination of the pre-acquisition funding loan. As the business is performing in line with expectation and net assets have been improving year on year, net assets continuing to have a value lower than that of the investment in subsidiary is expected and therefore not considered an indicator of impairment. The financial performance of the subsidiary is at, or exceeding, the expectations set at acquisition.
On this basis, the carrying value of the investment in Bolero has been maintained and it has not been considered necessary to estimate the recoverable amount as no indicators of impairment are present.
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The whole of the turnover is attributable to the principal activity of the company.
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All turnover arose within the United Kingdom.
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
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Staff costs were as follows:
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Cost of defined contribution scheme
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The Directors of the Company are remunerated through other group companies. Consequently, no remuneration has been paid directly by WiseTech Global (UK) Ltd. to its directors during the financial year.
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The average monthly number of employees, including the Directors, during the year was as follows:
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Dividends received from unlisted investments
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Interest receivable from group companies
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Other interest receivable
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Interest payable and similar expenses
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Adjustment in respect of prior periods
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Taxation on profit on ordinary activities
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
10.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
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Expenses not deductible for tax purposes
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Utilisation of tax losses
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Effects of changes in tax rates
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Adjustments to tax charge in respect of prior periods
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Adjustment for share based payments vested in the period
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Taxable foreign exchange gain not recognised in the income statement
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Tax losses transferred from a related party
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Charge for the year on owned assets
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Charge for the year on owned assets
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In the prior year, the tangible fixed assets disclosure included office equipment additions of £270,801 and disposals of £492,058 which was an incorrect presentation. The correct presentation was to present office equipment additions of £379,369 and disposals of £600,626. There is no impact on the carried forward tangible fixed assets balance previously presented in 2023, nor any impact on the previously reported profits of the Company.
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Investments in subsidiary companies
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In the prior year, the fixed asset investments disclosure included additions of £41,942,099 and disposals of £3,557,861 which was an incorrect presentation. The correct presentation was to present additions of £38,384,238, with no disposals. There is no impact on the carried forward fixed asset investments balance previously presented in 2023, nor any impact on the previously reported profits of the Company.
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The following are subsidiary undertakings of the Company:
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WiseTech Global (International) Limited
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71 Queen Victoria Street, London, United Kingdom, EC4V 4BE
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71 Queen Victoria Street, London, United Kingdom, EC4V 4BE
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71 Queen Victoria Street, London, United Kingdom, EC4V 4BE
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Bolero International Limited *
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71 Queen Victoria Street, London, United Kingdom, EC4V 4BE
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* Indirect shareholding via Bolero.Net Limited
On 1 July 2022, the Company purchased 100% of the share capital of Bolero.Net Limited for a consideration of $49,397,810 (£.
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are unsecured and repayable on demand.
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Cash and cash equivalents
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured and repayable on demand.
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Short term differences arising on outstanding pension contributions
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Allotted, called up and fully paid
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11,654 (2023 - 11,654) Ordinary shares of £1.00 each
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Share premium account
The share premium account represents the amount received by the company over and above the nominal value of its shares, in previous periods.
Capital contribution reserve
The capital contribution reserve represents contributions from the owners of the Company.
Other reserves
The balance consists of £2,054,083 which arose on the adoption of merger accounting for the acquisition of trade and related assets/liabilities of LSI - Sigma Software Limited, an entity under common control.
Common control reserve
The common control reserve represents the difference between the book value of Pierbridge Limited and the consideration of business transferred with the Consolidation Group from Pierbridge Holdings Inc to WiseTech Global (UK) Limited.
Profit and loss account
The profit and loss account contains all previous accumulated profits and losses to date, less distributions.
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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The Company had a number of equity settled share-based payment arrangements that were granted to employees during the financial year 2024 and 2023.
Certain employees hold options to subscribe for shares in the parent of the Company at various prices under a multitude of differing share-based payment arrangements active between 2018 and 2024. All share-based payment expenses are approved by the Founder and CEO of WiseTech Global Limited.
The Company recognises share-based payment expenses based on the fair value of the awarded grants with an equivalent credit recognised as a capital contribution in equity. Under a transfer pricing arrangement with other group entities, the share-based payment expense is recharged to those group entities and the reimbursement of the capital contribution is also recognised as a debit to equity, this results in no movement to equity being recorded in these financial statements.
During the financial year ended 30 June 2024, 75,169 share rights were granted to employees of the Company (2023: 32,333). Share rights allow for the automatic subscription of shares within the Company’s parent as defined within the parent’s Articles of Association and the shares vest evenly over a 3-5 years, depending on the period as defined within the particular share-based payment arrangements, provided the recipients of such grants continue their employment with the Company (Vesting condition). The fair value of the share rights awards was estimated using the "volume weighted average closing price for the last 5 trading days prior to grant offer date".
The share based payment expense during the year was £1,538,750 (2023: £914,243). This has been charged to the profit or loss of the Company.
Further details of the scheme are included in the financial statements of WiseTech Global Limited which can be obtained from wisetechglobal.com.
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Contractual life of share rights
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The grants will vest over 3 -5 years of continuous employment with the Company
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The grants will vest over 3 -5 years of continuous employment with the Company
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WISETECH GLOBAL (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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 £497,461 (2023 - £273,720). Contributions totalling £66,227 (2023 - £63,018) were payable to the fund at the balance sheet date and are included in creditors.
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Commitments under operating leases
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At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The Company has applied the exemption from providing disclosure of transactions and balances with wholly owned companies within the Wisetech Global Limited Group.
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Post balance sheet events
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On 31 March 2025, the Company entered into a deed of release for the intercompany position with a subsidiary, Pierbridge Limited. The aggregate sum of this deed of release was £2,448,850.
The ultimate parent undertaking of the largest and smallest group for which consolidated financial statements are drawn up of which the Company is a member, is WiseTech Global Limited, a company listed on the Australian securities exchange. The registered office of Wisetech Global Limited is 25 Bourke Road, Alexandria, NSW 2015, Australia.
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