REGISTERED NUMBER: 02831201 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Selvic Handling & Warehousing Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

Mr A Maximchuk

Mr P J Woodhouse

REGISTERED OFFICE:

Mariner House Trondheim Way

Stallingborough

Grimsby

North East Lincolnshire

DN41 8FD

REGISTERED NUMBER:

02831201 (England and Wales)

SENIOR STATUTORY AUDITOR:

Laura J Drew

AUDITORS:

Harris Lacey and Swain

Chartered Accountants and Statutory Auditors

Suite 1

The Riverside Building

Hessle

East Yorkshire

HU13 0DZ

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the operation of warehousing and storage facilities for land transport activities.

DIRECTORS

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

Mr A Maximchuk

Mr P J Woodhouse

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Harris Lacey and Swain, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr A Maximchuk - Director

29 September 2025

Opinion

We have audited the financial statements of Selvic Handling & Warehousing Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates;

- We focused on specific laws and regulations which we considered may have a direct impact material effect on the financial statements, or the operations of the company which included the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management.

To address the risk of fraud in relation to revenue recognition, we:

- Performed detailed substantive testing to address completeness and accuracy of sales;

- Assessed the appropriateness and application of the accounting policy concerning income recognition; and

- Performed detailed cut-off testing either side of the balance sheet date.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- Investigated the rationale behind significant or unusual transactions.

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

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

Laura J Drew (Senior Statutory Auditor)

for and on behalf of Harris Lacey and Swain

Chartered Accountants and Statutory Auditors

Suite 1

The Riverside Building

Hessle

East Yorkshire

HU13 0DZ

29 September 2025

TURNOVER

457,335

457,333

Cost of sales

(144,142

)

(128,010

)

GROSS PROFIT

313,193

329,323

Administrative expenses

(145,107

)

(224,001

)

OPERATING PROFIT

4

168,086

105,322

Interest receivable and similar income

166

122

168,252

105,444

Interest payable and similar expenses

(40,245

)

(37,967

)

PROFIT BEFORE TAXATION

128,007

67,477

Tax on profit

4,439

(54,635

)

PROFIT FOR THE FINANCIAL YEAR

132,446

12,842

FIXED ASSETS

Tangible assets

5

3,335,070

3,412,312

CURRENT ASSETS

Debtors

6

170,903

310,859

Cash at bank

102,667

72,573

273,570

383,432

CREDITORS

Amounts falling due within one year

7

1,344,659

989,024

NET CURRENT LIABILITIES

(1,071,089

)

(605,592

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,263,981

2,806,720

CREDITORS

Amounts falling due after more than one year

8

-

(670,746

)

PROVISIONS FOR LIABILITIES

(61,187

)

(65,626

)

NET ASSETS

2,202,794

2,070,348

CAPITAL AND RESERVES

Called up share capital

9

10,000

10,000

Capital contribution

39,009

79,254

Fair value reserve

10

767,233

767,233

Retained earnings

1,386,552

1,213,861

SHAREHOLDERS' FUNDS

2,202,794

2,070,348

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Mr A Maximchuk - Director

Called up

Fair

share

Retained

Capital

value

Total

capital

earnings

contribution

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

10,000

1,163,052

117,220

-

1,290,272

Changes in equity

Profit for the year

-

12,842

-

-

12,842

Other comprehensive income

-

37,967

(37,966

)

767,233

767,234

Total comprehensive income

-

50,809

(37,966

)

767,233

780,076

Balance at 31 December 2023

10,000

1,213,861

79,254

767,233

2,070,348

Changes in equity

Profit for the year

-

132,446

-

-

132,446

Other comprehensive income

-

40,245

(40,245

)

-

-

Total comprehensive income

-

172,691

(40,245

)

-

132,446

Balance at 31 December 2024

10,000

1,386,552

39,009

767,233

2,202,794

1.	STATUTORY INFORMATION

Selvic Handling & Warehousing Limited 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 Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Directors' best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Directors do not consider there to be any material estimates and judgements.

Turnover

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

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the amount of revenue can be measured reliably; it is probable that future economic benefits will flow to the entity and when the specific criteria relating to each of the company's sales channels have been met, as described below.

The company provides services to other organisations, these services are provided as a fixed price contract.

Tangible fixed assets

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

Land and buildings

-

4% on cost and 2% on cost

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 3 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Depreciation - owned assets

77,242

82,387

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

4,261,691

181,005

4,442,696

DEPRECIATION

At 1 January 2024

911,144

119,240

1,030,384

Charge for year

61,800

15,442

77,242

At 31 December 2024

972,944

134,682

1,107,626

NET BOOK VALUE

At 31 December 2024

3,288,747

46,323

3,335,070

At 31 December 2023

3,350,547

61,765

3,412,312

Cost or valuation at 31 December 2024 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2023

767,233

-

767,233

Cost

3,494,458

181,005

3,675,463

4,261,691

181,005

4,442,696

If land and buildings had not been revalued they would have been included at the following historical cost:

2024

2023

£

£

Cost

3,494,458

3,494,458

Aggregate depreciation

972,943

911,143

Value of land in freehold land and buildings

2,521,515

2,583,315

The warehouse was revalued as at 31 December 2023 at the market value of £800,000. This value is deemed reasonable by the Directors.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

138,196

279,447

Prepayments

32,707

31,412

170,903

310,859

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other loans

710,991

-

Trade creditors

32,707

33,899

Tax

-

43,188

VAT

22,867

22,184

Other creditors

10,000

10,000

Intercompany

550,271

862,620

Accruals and deferred income

17,823

17,133

1,344,659

989,024

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other loans - 2-5 years

-

670,746

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

10,000

Ordinary

1

10,000

10,000

10.

RESERVES

Fair

value

reserve

£

At 1 January 2024

and 31 December 2024

767,233

11.	OTHER FINANCIAL COMMITMENTS

Within creditor amounts falling due after more than one year is a loan taken at below the market rate of interest. The loan is being discounted at a rate of 6% over the loan term of 3 years, with one year remaining at the balance sheet date. The discounting adjustment is being released through the capital contribution reserve held on the balance sheet.

12.	RELATED PARTY DISCLOSURES

M9 Logistics Limited

During the year the company made sales to M9 Logistics Limited, a company that owns the entire share capital of Selvic Handling & Warehousing Limited, amounting to £8,000 (2023: £nil). The company also has a loan from M9 Logistics Limited totalling £710,991 (2023: £670,746) at the balance sheet date. At 31st December 2024 there was an aggregate of £710,991 (2023: £670,746) due to M9 Logistics Limited.

Selvic Shipping Services Limited

During the year the company made sales to Selvic Shipping Services Limited, a fellow subsidiary undertaking, amounting to £333,333 (2023: £333,333). The company also made purchases of £nil (2023: £nil). There were also intercompany transactions totalling £120,984 (2023: £93,620). At 31st December 2024 there was an aggregate of £550,271 (2023: £695,953) due to Selvic Shipping Services Limited. The intercompany balance totalling £983,605 (2023: £862,620) is included within other creditors.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M9 Logistics Limited.