Worldwide Energy Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Grosvenor House
4-7 Station Road
Sunbury on Thames
Surrey
TW16 6SB
United Kingdom

These financial statements were authorised for issue by the Board on 10 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and the Companies Act 2006.

The company's functional and presentational currency is sterling (£).

Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Reclassification of comparative amounts

Comparative figures have been reclassified to present interest income within "Other income” rather than “Turnover”. This reclassification has no impact on the reported profit or net assets.

Revenue recognition

Turnover includes services for forwarding, invoiced to third parties less charges for customs, duty and taxes. Net forwarding revenue is recognised at the time services are performed and invoiced. Logistics projects and other services with a larger period of delivery are recognised in the accounting period in which the service is rendered.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences are recognised in profit or loss in the period in which they arise.

Worldwide Energy Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible fixed assets are measured at cost, less any accumulated depreciation and accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	25% Straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Worldwide Energy Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Worldwide Energy Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured as cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 11).

Worldwide Energy Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Taxation

Tax charged/(credited) in the income statement

	2024 £	2023 £
Current taxation
UK corporation tax	141,120	26,952

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost
At 1 January 2024	357,979	357,979
Additions	1,536	1,536
At 31 December 2024	359,515	359,515
Depreciation
At 1 January 2024	332,402	332,402
Charge for the year	12,520	12,520
At 31 December 2024	344,922	344,922
Carrying amount
At 31 December 2024	14,593	14,593
At 31 December 2023	25,577	25,577

Worldwide Energy Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors

Current	Note	2024 £	2023 £
Trade debtors		650,147	617,920
Amounts owed by related parties	10	124,895	38,731
Prepayments		203,211	53,159
Other debtors		17,239	180,812
Corporation tax		24,782	85,950
		1,020,274	976,572

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Trade creditors		206,052	141,910
Amounts owed to related parties	10	1,191,419	754,089
Taxation and social security		14,581	27,210
Other creditors		121,604	166,720
Accrued expenses		389,627	63,294
Directors current account		386,144	470,985
		2,309,427	1,624,208

8	Obligations under leases and hire purchase contracts

Operating leases
The company has operating lease commitments up to 27 November 2026.

9

Dividends

		2024		2023
		£		£
Interim dividend of £50.00 (2023 - £50.00) per ordinary share		500,000		500,000

10	Related party transactions

Worldwide Energy Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

The company has taken advantage of the exemption available in FRS 102 1A from disclosing related party transactions with other companies that are wholly owned within the group.

The company entered into various transactions on an arms length basis with related companies that are related through common control of the directors or part of the Group. At the balance sheet date, amounts owed by these undertakings was £124,895 (2023: £38,731) and the amounts owed to such undertakings was £1,191,419 (2023: £754,089).

The amounts owed by the directors as at the year end was £Nil (2022: £30,331).

The amounts owed to the directors as at the year end was £386,143.71 (2023: £470,985.04).

During the year, the company paid rent of £29,080 (2023: £29,704) to the Burt WELL Retirement Benefits Scheme, of which M Burt and S Burt are trustees and members.

11	Parent and ultimate parent undertaking

The ultimate controlling party is Mr and Mrs Burt by virtue of their shareholdings.

12	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	10,000	10,000	10,000	10,000