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Registered number:
For the Year Ended
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Kinaxia Transport and Warehousing Limited
Company Information
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Kinaxia Transport and Warehousing Limited
Contents
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Kinaxia Transport and Warehousing Limited
Strategic Report
For the Year Ended 31 December 2024
The directors present their audited annual report and financial statements for the year ended 31 December 2024.
The Company is an intermediate holding company. All trading subsidiaries operate within the transport, distribution and warehousing industry.
The directors have reviewed the performance of the Company’s subsidiaries and are satisfied with the performance of their investments overall, with the exception of one subsidiary, William Kirk Limited. Following a review of its operations, the directors determined that the carrying value of the investment in William Kirk Limited should be impaired by £363k (Impairment in 2023: £44,257k across a number of subsidiaries). During the period, a portion of the £41.5m listed loan notes and accrued interest was released by the holder. As part of this transaction, DELALV Delaware Holdco, L.L.C obtained 90% equity in the controlling party, Kinaxia Limited and replaced with £39m listed loan notes - see note 17. The total value of the release was £12,290k. From 21 December 2024 DELALV Delaware Holdco, L.L.C is considered the controlling party of Kinaxia Limited. During the year, the company incurred exceptional costs totalling £257k in relation to restructuring and redundancies. Underlying business performance remained challenging during the year, reflecting cost inflationary pressures and well-documented headwinds in the UK economy. Trading entities were impacted by the difficulty of passing on cost increases to customers and securing additional volumes to utilise spare capacity. Nevertheless, the national driver shortage across the UK logistics sector continues to benefit providers with strong service standards. Investment in recruitment, vehicles, facilities and competitive wage rates has supported the retention of loyal and experienced drivers across the Group.
Financial Instruments
The Company’s principal financial instruments comprise bank balances, trade creditors, trade debtors, invoice discounting facilities, intercompany loans, vendor loans and medium-term loans. The primary purpose of these instruments is to finance the Company’s operations. Due to the nature of the instruments used, there is little exposure to price risk, though there is exposure to interest rate risk. No hedge instruments are in place. Liquidity risk is managed through a balance of continuity of funding and flexible borrowing. Intercompany loans are interest-free and relate to trading transactions, while vendor loans are repayable on agreed terms. The Company has no exposure to currency risk. Other risks and uncertainties No other significant risks or uncertainties have been identified beyond those noted above.
Page 1
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Kinaxia Transport and Warehousing Limited
Strategic Report (continued)
For the Year Ended 31 December 2024
The Company provides services to other group companies.
At 31 December 2024, the Company reported net current liabilities of £73,698,075 (2023: £74,113,855) and a profit before tax of £5,552,273 (2023: loss £49,984,702).
Non-financial key performance indicators are numerous but centre on the following:
• Health and safety • Vehicle management and compliance • Supplier on-time delivery performance • Workforce management and development
The Companies Act 2006 requires directors to act in a way that promotes the success of the Company for the benefit of its members as a whole. During 2024, the directors continued to exercise their duties with regard to the matters set out in section 172(1)(a)–(f).
The Company provides services to other group companies within the Kinaxia Group. While the directors have ultimate responsibility, Kinaxia Limited is run by an Executive Committee comprising Group Directors and the Managing Directors of the operating subsidiaries. This Committee meets regularly to review business performance across the Group, consider proposals from management, and monitor subsidiary activity. Local management teams maintain close relationships with customers and suppliers, feeding knowledge into group-wide decision-making. Shareholder value remains central to strategic decision-making.
This report was approved by the board and signed on its behalf.
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Kinaxia Transport and Warehousing Limited
Directors' Report
For the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
The profit for the year, after taxation, amounted to £5,586,134 (2023 -loss £50,072,222).
The directors do not recommend the payment of a final dividend (2023: £nil)
The directors who served during the year were:
A review of the company's activities for the year ended 31 December 2024 and its future prospects is set out in the Strategic Report.
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Kinaxia Transport and Warehousing Limited
Directors' Report (continued)
For the Year Ended 31 December 2024
The company has net current liabilities of £73,698,075 (2023: £74,113,855) at 31 December 2024 and generated a profit before tax of £5,552,273 (2023: loss £49,984,702) for the year ended 31 December 2024. The profit and losses in year ending 31 December 2024 were materially impacted by exceptional items totalling £11,670,043 gain (2023: £44,257,329 loss). On 21 December 2024, the Group successfully completed a restructuring, resulting in the shareholder obtaining 90% of the Group’s equity and revised terms on the Company’s outstanding £39m term loan. This refinancing, coupled with further equity investments since the year end, provides the Group with a stable medium-term funding platform and reflects the continued ongoing support of its majority shareholder. This successful restructuring process provides certainty to the Group in the short to medium term allowing it to focus on delivering its strategic objectives. The Directors believe it is appropriate therefore to prepare the financial statements to 31 December 2024 on a going concern basis.
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Kinaxia Transport and Warehousing Limited
Independent Auditors' Report to the Members of Kinaxia Transport and Warehousing Limited
We have audited the financial statements of Kinaxia Transport and Warehousing Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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Kinaxia Transport and Warehousing Limited
Independent Auditors' Report to the Members of Kinaxia Transport and Warehousing Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Strategic Report or the Directors' Report.
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Kinaxia Transport and Warehousing Limited
Independent Auditors' Report to the Members of Kinaxia Transport and Warehousing Limited (continued)
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 an Auditors' Report 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.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-bribery and Corruption, and the Coronavirus Job Retention Scheme.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
∙Reading minutes of meetings of those charges with governance.
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Kinaxia Transport and Warehousing Limited
Independent Auditors' Report to the Members of Kinaxia Transport and Warehousing Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 Auditors' 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 an Auditors' Report 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
SK1 3GG
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Kinaxia Transport and Warehousing Limited
Statement of Comprehensive Income
For the Year Ended 31 December 2024
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Kinaxia Transport and Warehousing Limited
Registered number: 09447448
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 27 form part of these financial statements.
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Kinaxia Transport and Warehousing Limited
Statement of Changes in Equity
For the Year Ended 31 December 2024
Statement of Changes in Equity
For the Year Ended 31 December 2023
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Kinaxia Transport and Warehousing Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Kinaxia Transport and Warehousing Limited is a private company limited by members capital and incorporated in England and Wales, registered number 09447448. The address of the registered office and principal place of business is Alba Way Stretford Motorway Estate, Stretford, Manchester, England, M32 0ZH.
The principal activity is that of an intermediate holding company.
2.Accounting policies
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 judgement in applying the Company's accounting policies (see note 3).
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The following principal accounting policies have been applied:
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 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Kinaxia Limited as at 31 December 2024 and these financial statements may be obtained from the Registrar of Companies.
The Company is a parent Company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
Page 12
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Kinaxia Transport and Warehousing Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the directors have reached their conclusion.
The company has net current liabilities of £73,680,009 (2023: £74,113,855) at 31 December 2024 and generated a profit before tax of £5,552,273 (2023: loss £49,984,702) for the year ended 31 December 2024. The profit and losses in year ending 31 December 2024 were materially impacted by exceptional items totalling £11,670,043 gain (2023: £44,257,329 loss). On 21 December 2024, the Group successfully completed a restructuring, resulting in the shareholder obtaining 90% of the Group’s equity and revised terms on the Company’s outstanding £39m term loan. This refinancing, coupled with further equity investments since the year end, provides the Group with a stable medium-term funding platform and reflects the continued ongoing support of its majority shareholder. This successful restructuring process provides certainty to the Group in the short to medium term allowing it to focus on delivering its strategic objectives. The Directors believe it is appropriate therefore to prepare the financial statements to 31 December 2024 on a going concern basis. Revenue comprises recharges to related entities of expenditure incurred on their behalf and is recognised in the same period in which the expenditure is incurred.
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Kinaxia Transport and Warehousing Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Kinaxia Transport and Warehousing Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.
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Kinaxia Transport and Warehousing Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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.
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.
Interest bearing loans and borrowings
Obligations for loans and borrowings are recognised when the Group becomes party to the related contracts and are measured initially at the fair value of consideration received less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance revenue and finance cost. Derecognition of financial liabilities A liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss.
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Kinaxia Transport and Warehousing Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Investments in subsidiaries Management exercises judgement in assessing the recoverability of investments in subsidiaries. Where indicators of impairment exist, discounted cash flow forecasts are prepared to determine the recoverable amount of the investments. These forecasts involve assumptions regarding future cash flows, discount rates, and other relevant factors. During the year, an impairment charge of £363k (2023: £44,257k) was recognised in the profit and loss account to reflect the revised recoverable amount of certain investments in subsidiaries.
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Kinaxia Transport and Warehousing Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 18
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Kinaxia Transport and Warehousing Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 19
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Kinaxia Transport and Warehousing Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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Kinaxia Transport and Warehousing Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 21
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Kinaxia Transport and Warehousing Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 22
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Kinaxia Transport and Warehousing Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Subsidiary undertakings (continued)
Page 23
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Kinaxia Transport and Warehousing Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 24
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Kinaxia Transport and Warehousing Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 25
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Kinaxia Transport and Warehousing Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
18.Deferred taxation (continued)
Share premium
The share premium account includes premiums received on issue of share capital net of share issue costs. Profit and loss account Profit and loss account includes all current retained profit and losses.
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 £128,705 (2023: £129,963). Contributions totalling £14,560 (2023: £14,560) were payable to the fund at the balance sheet date and are included in creditors.
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Kinaxia Transport and Warehousing Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
The immediate parent undertaking is Kinaxia Logistics Limited, a company registered in England and Wales, company number 09445745. The registered address of Kinaxia Logistics Limited is Alba Way, Stretford Motorway Estate, Stretford, Manchester, England, M32 0ZH.
Kinaxia Limited, company number 07466536, is the parent company for the smallest and largest group for which consolidated group accounts are prepared. The registered address of Kinaxia Limited is Alba Way, Stretford Motorway Estate, Stretford, Manchester, England, M32 0ZH. The consolidated financial statements of Kinaxia Limited are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, C14 3UZ. Ensco 1477 Limited, a company registered in England and Wales, company number 14593321, was the immediate parent company of Kinaxia Limited and the ultimate parent company of the Group until 21 December 2024. The registered address of Ensco 1477 Limited is C/O Gateley Legal, Ship Canal House, 98 King Street, Manchester, Lancashire, M2 4WU. There is no overall controlling party of Ensco 1477 Limited. On 21 December 2024, the ultimate controlling party of Kinaxia Limited changed from Ensco 1477 Limited to DELALV Delaware Holdco, L.L.C., a company registered in Delaware, USA. The transfer of control occurred as part of a group restructuring. The sole shareholder of DELALV Delaware Holdco, L.L.C. is DELALV Portfolios, L.L.C. Dr D.E.Shaw is considered the controlling party of Kinaxia Limited due to his ownership of the voting rights.
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