REGISTERED NUMBER: 13615335 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

FOR THE YEAR ENDED

31 December 2024

for

IDEYL LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

Y Izhari

L Wolff-Izhari

A Stolero

M Vlotchek-Lahmany

REGISTERED OFFICE:

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

REGISTERED NUMBER:

13615335 (England and Wales)

AUDITORS:

Melinek Fine LLP

Chartered Accountants

Statutory Auditors

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

The principal activity of the group in the year under review is Freight transport, other transportation support services and management consultancy.

REVIEW OF BUSINESS

RESULTS

The results for the year are set out on page 11.

IDEYL Limited ended the financial year with a profit before tax of £1,311,124, an increase from the previous year's profit before tax of £405,437. Turnover for 2024 benefited from the expansion and diversification of the Group into industries in retail, furniture, electronics and defence. The Group continues to be a dominate player within the perishables sector.

International Cargo Logistics Ltd, a subsidiary of the IDEYL Ltd gained membership to the British Retail Consortium, which is a globally recognised accreditation for the retail supermarkets. This further demonstrates the Group success within the freight forwarding industry, year on year.

The Group continue to deliver goods through multi-modal transportation (sea, air and road), value-added services and effective customs brokerage services to ensure the fastest delivery at destinations. Turnover this year was £50,644,374, gross profit increased from £8,071,848 to £9,415,339.

The Group continues to expand in the UK, opening a satellite office in Manchester and Bristol this has been a strategic move, taking advantage of the northern and the southwest markets, and the opportunities these locations bring in the UK. During 2024 the Group recognised the need to bolster the UK sales team, and this momentum will continue through 2025 to maintain a competitive advantage.

Adequate finance has been obtained to take advantage of business opportunities, and the directors consider the state of affairs of Group to be satisfactory.

The Group has continued to maintain strong control over cost and working capital. The Group has continue to be active in the management of its overheads. The directors are pleased with the performance of the Group under the current economic conditions.

The Board believe the continued focus on maintaining strong relationships with customers and suppliers will allow the Group to take advantage of future opportunities as they arise whilst at the same time maintaining tight control over costs with the continuing economic uncertainty.

The directors are optimistic about 2025, however the business remains mindful about the UK economy and beyond.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group faces a number of business risks and uncertainties due to current trading conditions, with continued pricing pressure from customers and suppliers alike. In view of this the directors are looking carefully at both existing and potential new markets, looking at the political and economic factors effecting business today.

FINANCIAL RISK MANAGEMENT

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales and as a result the Group has taken out credit risk insurance. It is Group policy, implemented locally, to assess the credit risk of new customers before entering into contracts. Credit limits are established for each customer, which represents the maximum open amount without requiring approval.

At a local level, a monthly review of the trade debtors' ageing analysis is undertaken and customers' credit is reassessed periodically. Existing customers that become "high risk" as a result of the periodic reassessment are placed on a restricted customer list and future credit sales are made only with approval of the local management, otherwise payment in advance is required.

Liquidity risk

Liquidity risk arises from the Group management of working capital. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due.

The Board receives rolling forward projections on a monthly basis as well as information regarding cash balances. At the end of the financial year, these projections indicated that the Group is expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances.

Foreign exchange risk

Foreign exchange risk arises when the Group enters into transactions denominated in a currency other than their functional currency.

The Board reviews the exposure of the Group to exchange rate risk frequently, significant changes in the exchange rate, particularly the US Dollar to £ Sterling, impact the margin of the business.

KEY PERFORMANCE INDICATORS

Turnover for the year amounted to £50,644,374 (2023: £38,841,242), the increase in turnover is mainly due to the economic climate being favourable due to freight rates, and increase in new business, as a result of the increase in the sales team.

The profit before tax for the year amounted to £1,311,124 (2023: £905,687). Cost of sales amounted to £41,229,035 (2023: £30,769,394). General administrative expenses amounted to £8,028,294 (2023: £7,005,463). The Group has net assets of £2,240,354 (2023:£1,690,348).

Engaging and building trust with the broad range of stakeholders is key to International Cargo logistics, in delivering our strategy and ensuring our success over the long-term. As a group we consider and evaluate all material issues for each of the stakeholders, financial and non-financial.

A key focus for the group is that we are trusted to deliver a productivity, quality, and compliance benefit to our customers. Understanding our customers specific needs in relation to their shipping requirements, service performed to a high standard and data security of information. How we actively engage with our customers is having regular contact through our account managers, respond to customer complaints to secure long-term business, Corporate website, LinkedIn in video seminars to our customers and through direct marketing and communications. What we are doing regularly is managing on going customer relationships by reviewing customer retention and service level statistics.

We continue to invest in our staff where possible and a number have progressed their training through approved recognised professional bodies, and we are activity involved in British International Freight Association and look forward to bringing on new talent from their training programmes in the future.

During the year our air freight sales activity increased from the volume 5,561,766 to 9,738,747 an increase of 75% signifying growth in sales opportunities.

We involve and listen to our employees to help maintain strong employee engagement and retain talented people. Providing: training; developments and prospects; health and safety compliance, exceptional working conditions; diversity; equal opportunities and finally the tools to do the job. How we engage is via employee engagement survey for employees to provide feedback, workforce communications via various forms of media, (Our HR portal Hi-Bob), having an ethical code of conduct, and monitoring and acting on workplace health and safety matters.

The Board were happy with the performance and remain confident of continued success.

ON BEHALF OF THE BOARD:

Y Izhari - Director

22 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of Freight transport, other transportation support services and management consultancy.

DIVIDENDS

Ordinary dividends were paid amounting to £400,000 (2023:£130,000)

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Y Izhari

L Wolff-Izhari

A Stolero

M Vlotchek-Lahmany

CHARITABLE DONATIONS AND EXPENDITURE

During the year, the group made total charitable donations of £10,691 (2023:£9,834).

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen, in accordance with the Companies Act, to set out in the strategic report, information regarding the review of business and a description of the principal risks and uncertainties facing the company.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Melinek Fine LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Y Izhari - Director

22 September 2025

Opinion

We have audited the financial statements of IDEYL LTD (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 group's and the parent 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 five, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the group's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the group.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the group is subject to laws and regulations that directly affect the financial statements, including: the group's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade legislation; data protection legislation; anti-bribery and corruption legislation.

International Standards on Auditing (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

-Challenging assumptions made by management in its significant accounting estimates.

-Identifying and testing journal entries during the period and post balance sheet date, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management.

-Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

-Ensuring that testing undertaken on both the performance statement and the Balance Sheet includes a number of items selected on a random basis.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

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 Report of the Auditors.

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 2006. Our 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 a Report of the Auditors 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.

Aryeh Melinek (Senior Statutory Auditor)

for and on behalf of Melinek Fine LLP

Chartered Accountants

Statutory Auditors

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

22 September 2025

TURNOVER

3

50,644,374

38,841,242

Cost of sales

41,229,035

30,769,394

GROSS PROFIT

9,415,339

8,071,848

Administrative expenses

8,028,294

7,005,463

OPERATING PROFIT

1,387,045

1,066,385

Income from other participating interests

16,396

-

Interest receivable and similar income

59,917

3,999

76,313

3,999

1,463,358

1,070,384

Interest payable and similar expenses

5

152,234

164,697

PROFIT BEFORE TAXATION

6

1,311,124

905,687

Tax on profit

7

361,118

228,963

PROFIT FOR THE FINANCIAL YEAR

950,006

676,724

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

950,006

676,724

Profit attributable to:

Owners of the parent

950,006

676,724

Total comprehensive income attributable to:

Owners of the parent

950,006

676,724

FIXED ASSETS

Tangible assets

10

633,679

738,287

Investments

11

Interest in joint venture

Share of gross assets

265,996

-

Share of gross liabilities

(93,522

)

-

806,153

738,287

CURRENT ASSETS

Debtors

12

7,740,456

5,847,307

Cash at bank and in hand

1,358,731

2,367,685

9,099,187

8,214,992

CREDITORS

Amounts falling due within one year

13

7,405,547

6,929,578

NET CURRENT ASSETS

1,693,640

1,285,414

TOTAL ASSETS LESS CURRENT LIABILITIES

2,499,793

2,023,701

CREDITORS

Amounts falling due after more than one year

14

(33,352

)

(133,348

)

PROVISIONS FOR LIABILITIES

17

(226,087

)

(200,005

)

NET ASSETS

2,240,354

1,690,348

CAPITAL AND RESERVES

Called up share capital

18

4

4

Profit and loss account

2,240,350

1,690,344

SHAREHOLDERS' FUNDS

2,240,354

1,690,348

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by:

Y Izhari - Director

FIXED ASSETS

Tangible assets

10

-

-

Investments

11

156,278

200

156,278

200

CURRENT ASSETS

Debtors

12

377,203

523,431

Cash at bank and in hand

61,468

4

438,671

523,435

CREDITORS

Amounts falling due within one year

13

5,200

6,200

NET CURRENT ASSETS

433,471

517,235

TOTAL ASSETS LESS CURRENT LIABILITIES

589,749

517,435

CAPITAL AND RESERVES

Called up share capital

18

4

4

Profit and loss account

589,745

517,431

SHAREHOLDERS' FUNDS

589,749

517,435

Company's profit for the financial year

472,314

518,931

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by:

Y Izhari - Director

Called up

Profit

share

and loss

Total

capital

account

equity

£

£

£

Balance at 1 January 2023

4

1,143,620

1,143,624

Changes in equity

Dividends

-

(130,000

)

(130,000

)

Total comprehensive income

-

676,724

676,724

Balance at 31 December 2023

4

1,690,344

1,690,348

Changes in equity

Dividends

-

(400,000

)

(400,000

)

Total comprehensive income

-

950,006

950,006

Balance at 31 December 2024

4

2,240,350

2,240,354

Called up

Profit

share

and loss

Total

capital

account

equity

£

£

£

Balance at 1 January 2023

4

128,500

128,504

Changes in equity

Dividends

-

(130,000

)

(130,000

)

Total comprehensive income

-

518,931

518,931

Balance at 31 December 2023

4

517,431

517,435

Changes in equity

Dividends

-

(400,000

)

(400,000

)

Total comprehensive income

-

472,314

472,314

Balance at 31 December 2024

4

589,745

589,749

Cash flows from operating activities

Cash generated from operations

1

1,443,027

3,117,333

Interest paid

(15,759

)

(6,529

)

Finance costs paid

(136,475

)

(158,168

)

Tax paid

(204,750

)

(169,186

)

Net cash from operating activities

1,086,043

2,783,450

Cash flows from investing activities

Purchase of tangible fixed assets

(73,610

)

(202,667

)

Purchase of fixed asset investments

(156,078

)

-

Interest received

59,917

3,999

Net cash from investing activities

(169,771

)

(198,668

)

Cash flows from financing activities

Repayments of bank loan

(99,996

)

(99,996

)

Repayment other loans

(1,425,230

)

(1,271,153

)

Equity dividends paid

(400,000

)

(130,000

)

Net cash from financing activities

(1,925,226

)

(1,501,149

)

(Decrease)/increase in cash and cash equivalents

(1,008,954

)

1,083,633

Cash and cash equivalents at beginning of year

2

2,367,685

1,284,052

Cash and cash equivalents at end of year

2

1,358,731

2,367,685

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

1,311,124

905,687

Depreciation charges

178,218

169,754

Increase in provision

36,000

57,000

Finance costs

152,234

164,697

Finance income

(76,313

)

(3,999

)

1,601,263

1,293,139

Decrease in stocks

-

2,340

(Increase)/decrease in trade and other debtors

(1,893,149

)

1,706,666

Increase in trade and other creditors

1,734,913

115,188

Cash generated from operations

1,443,027

3,117,333

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,358,731

2,367,685

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

2,367,685

1,344,683

Bank overdrafts

-

(60,631

)

2,367,685

1,284,052

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

2,367,685

(1,008,954

)

1,358,731

2,367,685

(1,008,954

)

1,358,731

Debt

Debts falling due within 1 year

(1,525,226

)

1,425,230

(99,996

)

Debts falling due after 1 year

(133,348

)

99,996

(33,352

)

(1,658,574

)

1,525,226

(133,348

)

Total

709,111

516,272

1,225,383

1.	STATUTORY INFORMATION

IDEYL LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The principal place of business is Mondial House, 2nd Floor, 5 Mondial Way, Harlington, Hayes, UB3 5AR

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis. The Group continues to maintain positive cash reserves subsequent to the year end and with the availability of the trade debtors factoring facilities, the Directors are satisfied that the Group will continue to operate as a going concern in the foreseeable future being a period of at least twelve months from the date of approval of the financial statements. Therefore it is appropriate to prepare the financial statements on a going concern basis.

Basis of consolidation

The consolidated financial statements present the results of IDEYL Ltd as a parent company and its wholly owned subsidiary undertaking ("the Group") as if they formed a singly entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

These consolidated financial statements incorporate the results of the parent and its subsidiary under merger accounting and is treated as a group that existed for the whole year in accordance with UK GAAP for business combinations.

The names of the combining entities are disclosed in note 11.

The following exemptions available under FRS 102 in respect of certain disclosures for the Company financial statements have been applied:

- No separate Company cash flow statement with related notes is included.

Joint ventures

The Group accounted for investments in joint ventures under the equity method whereby an interest in joint venture is initially recorded at cost and adjusted for post acquisition changes in the Group share of net assets of the joint venture. The profit or loss reflects the Group share of the results of the joint venture.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of debtors

The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtors, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors.

Depreciation and residual values

The Directors have reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic life and residual values of fixtures and fittings, and plant and machinery and have concluded that asset lives and residual values are appropriate.

Dilapidation provisions.

The Directors makes an estimate of the future expected repair and removal costs required to restore the company's leased buildings to their fair and original condition at the end of the lease term. The estimate considers settlements made for similar leased buildings.

Provision for claims for damage to goods in transit.

The Group makes provision for customers claims for damage to goods in transit on the basis of claims received in excess of the value insured.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The Group recognises revenue when:

-The amount of revenue can be reliably measured;

-it is probable that future economic benefits will flow to the entity, and;

- specific criteria have been met for each of the Group's activities.

The revenue recognition point is normally at the expected time of arrival of imports and the expected time of departure of exports.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

over the term of the lease

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

33% on reducing balance

Tangible fixed assets 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.