ISS Global Forwarding UK Limited

Registered number

11654927

Report and Financial Statements

for the year ended 31 December 2024

ISS Global Forwarding UK Limited
Report and accounts
Contents




Page

Company information	1
Strategic report	2
Director's report	3
Statement of director's responsibilities	4
Independent auditor's report	5
Income statement	8
Statement of financial position	9
Statement of changes in equity	10
Statement of cash flows	11
Notes to the financial statements	12

ISS Global Forwarding UK Limited

Company Information

Director

Magesh Ganesan

Auditors

Taylors

Rosedean House

4 Argyle Road

Barnet

Herts

EN5 4DX

Registered office

Rosedean House

4 Argyle Road

Barnet

Herts

EN5 4DX

Registered number

11654927

ISS Global Forwarding UK Limited
Strategic Report


Review of the Business
ISS Global Forwarding UK Limited ("the Company") is a wholly owned subsidiary and its parent company is ISS Global Forwarding One Person Company LLC ("ISS"). ISS has many other subsidiary companies in the group ("ISS Group"). The total revenue for the year ended 31st Dec 2024 was £0 (2023 £4,483) and the loss for the year ended 31st Dec 2024 was £4,062 (2023 £32,711). The board considers the results for the period are in line with the estimates.

Key performance indicators
The Company compiles and assesses its key financial and non-financial performance indicators (KPI's) that assist in evaluating the performance of the Company. The financial KPI's include revenue growth, margins, operating expenses and profit before tax.

Financial risk management objectives and policies
The Company has set up processes related to budgeting and constantly monitoring the KPIs and evaluating financial performance on a periodic basis to ensure proactive actions. The company does not use derivative financial instruments for speculative purposes.

Credit risk
Credit risk Is the potential for loss caused by a counterparty failing to meet their obligation as they become due. The exposure to credit risk is influenced by the characteristics of its customers and the risk is managed by regular monitoring and reviewing by the management.

Liquidity risk
Liquidity risk is the risk that net cash is sufficient to meet the funding demands of the business on an ongoing basis.



This report was approved by the board on 29 September 2025 and signed on its behalf.





Magesh Ganesan
Director

ISS Global Forwarding UK Limited
Registered number:		11654927
Director's Report

The director presents his report and financial statements for the year ended 31 December 2024.

Principal activities
The company's principal activity during the year continued to be that of supply chain solutions provider.

Directors
The following persons served as directors during the year:

	Magesh Ganesan

Disclosure of information to auditors

The director confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he 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 auditor is aware of that information.


Small companies note
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Auditors
The auditors, Taylors, have been appointed in accordance with section 485 of the Companies Act 2006.


This report was approved by the board on 29 September 2025 and signed on its behalf.



Magesh Ganesan
Director

ISS Global Forwarding UK Limited
Statement of Director's Responsibilities

The director is responsible for preparing the report and financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 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 director is required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

ISS Global Forwarding UK Limited
Independent auditor's report
to the member of ISS Global Forwarding UK Limited

Opinion

We have audited the financial statements of ISS Global Forwarding UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including 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 the 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 loss for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	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 Auditor’s 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 other information comprises the information included in the annual report other than the financial statements and our auditor’s 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.

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 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.

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 strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which 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.

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, 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 is 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.

Auditor’s 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 an auditor’s 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: In planning and designing our audit tests we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management about their own identification and assessment of risks and irregularities. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in; focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK tax legislation and other laws and regulations identified as risk areas identified from our discussions with management.


We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. After consideration of the above risks we then carried out audit procedures including the following:
	performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reading minutes of management meetings; reviewing correspondence with H M Revenue & Customs; enquiring of management and reviewing any correspondence with legal advisors concerning actual and potential litigation and claims; reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; 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.

There are inherent limitations in our audit procedures described above. The more removed that the laws and regulations are from financial transactions the less likely it is that we would be aware on non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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 an auditor's 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.


Rajesh Gulabivala
(Senior Statutory Auditor)		Rosedean House
for and on behalf of		4 Argyle Road
Taylors		Barnet
Statutory Auditor		Herts
29 September 2025		EN5 4DX

ISS Global Forwarding UK Limited
Income Statement
for the year ended 31 December 2024


Notes		2024		2023
£			£

Turnover	2	-		4,483

Cost of sales		-		(4,224)

Gross profit		-		259

Administrative expenses		(4,062)		(32,970)

Operating loss	3	(4,062)		(32,711)


Loss on ordinary activities before taxation		(4,062)		(32,711)

Tax on loss on ordinary activities	4	-		-

Loss for the financial year		(4,062)		(32,711)

ISS Global Forwarding UK Limited
Statement of Financial Position
as at 31 December 2024

Notes			2024			2023
£				£
Current assets
Cash at bank and in hand		4,513			4,254

Creditors: amounts falling due within one year	5	(23,100)			(18,779)

Net current liabilities			(18,587)			(14,525)

Net liabilities			(18,587)			(14,525)

Capital and reserves
Share capital	6		1			1
Profit and loss account	7		(18,588)			(14,526)

Total equity			(18,587)			(14,525)




Magesh Ganesan
Director
Approved by the board on 29 September 2025

ISS Global Forwarding UK Limited
Statement of Changes in Equity
for the year ended 31 December 2024

Share		Profit		Total
capital		and loss
account
£		£		£

At 1 January 2023	1		18,185		18,186

Loss for the financial year	-		(32,711)		(32,711)


At 31 December 2023	1		(14,526)		(14,525)



At 1 January 2024	1		(14,526)		(14,525)

Loss for the financial year	-		(4,062)		(4,062)


At 31 December 2024	1		(18,588)		(18,587)

ISS Global Forwarding UK Limited
Statement of Cash Flows
for the year ended 31 December 2024

Notes	2024		2023
£		£
Operating activities
Loss for the financial year	(4,062)		(32,711)

Adjustments for:
Decrease in debtors	-		52,963
Increase/(decrease) in creditors	4,321		(47,359)
	259		(27,107)

Corporation tax paid	-		(2,391)

Cash generated by/(used in) operating activities	259		(29,498)

Net cash generated/(used)
Cash generated by/(used in) operating activities	259		(29,498)

Net cash generated/(used)	259		(29,498)

Cash and cash equivalents at 1 January	4,254		33,752
Cash and cash equivalents at 31 December	4,513		4,254

Cash and cash equivalents comprise:
Cash at bank	4,513		4,254

ISS Global Forwarding UK Limited
Notes to the Accounts
for the year ended 31 December 2024

1	Summary of significant accounting policies

	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

	Going Concern
	The financial statements have been prepared on a going concern basis. The Director has considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. ln response to uncertainties created by global military conflicts, the Director has performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of the conflicts. This analysis also considers the effectiveness of available measures to assist in mitigating the impact. The parent company have also confirmed its continued support for the company. Based on these assessments and having regard to the resources available to the entity, the Director has concluded that there is no material uncertainty and that the Company can continue to adopt the going concern basis in preparing the annual report and accounts.

	Future activities
	The company has ceased its operational activities; however, it is not in the process of liquidation. Despite the cessation of operations, the management believes that the company will continue to operate for the foreseeable future and that there are no significant doubts regarding its ability to meet its financial obligations as they fall due. The company does not intend to liquidate and is currently evaluating options for its future activities, including potential restructuring.

	Turnover
	Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial Instruments
	The Company only enters into basic financial instrument 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, loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, 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 debtors and creditors, 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 or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in thecase of a small company, or a public benefit entity concessionary loan.
	Investments in non-derivative instruments that are equity to the issuer are measured: at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably; at cost less impairment for all other investments. 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 is recognised in the Statement of Comprehensive Income. For financial assets measured at 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 discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.




2	Analysis of turnover					2024		2023
£							£

	Services rendered					-		4,483

	By geographical market:

	UK					-		4,483


3	Operating profit					2024		2023
£							£
	This is stated after charging:

	Auditors' remuneration for audit services					4,320		4,320


	Average number of employees during the year					Number	Number

						-		-


4	Taxation					2024		2023
£							£
	Analysis of charge in period

	Tax on profit on ordinary activities					-		-


	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:

						2024		2023
£							£
	Loss on ordinary activities before tax					(4,062)		(32,711)

	Standard rate of corporation tax in the UK					19%		19%

£							£
	Loss on ordinary activities multiplied by the standard rate of corporation tax					(772)		(6,215)

	Effects of:
	Losses carried forward					772		6,215

	Current tax charge for period					-		-



5	Creditors: amounts falling due within one year					2024		2023
£							£

	Amounts owed to group undertakings and undertakings in which the company has a participating interest					14,460		10,140
	Accruals and deferred income					8,640		8,639
						23,100		18,779


6	Share capital	Nominal		2024		2024		2023
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		1		1		1


7	Profit and loss account					2024		2023
£							£

	At 1 January					(14,526)		18,185
	Loss for the financial year					(4,062)		(32,711)

	At 31 December					(18,588)		(14,526)


8	Related party transactions

	As the company is a wholly owned subsidiary of ISS Global Forwarding One Person Company LLC, the company has taken advantage of the exemption in FRS102 disclosure 1AC.35 and has therefore not disclosed transactions on balances which form part of the group headed by ISS Global Forwarding One Person Company LLC. The consolidated financial statements, within which this company is included, can be obtained from 08-AGB-1030 Old Agents Building, Dubai International Airports, Dubai, United Arab Emirates.


9	Controlling party

	The immediate parent undertaking is ISS Global Forwarding One Person Company LLC, a company incorporated in United Arab Emirates. The ultimate holding company and controlling party is the Investment Corporation of Dubai, registered in United Arab Emirates.


10	Presentation currency

	The financial statements are presented in Sterling and rounded up to the nearest £.


11	Debtors

	Trade debtors of £29,784 were outstanding at 31 December 2023. The company is pursuing this debt, however there is uncertainty regarding recoveribility and a full provision has been made.


12	Legal form of entity and country of incorporation

	ISS Global Forwarding UK Limited is a private company limited by shares and incorporated in England.


13	Principal place of business

	The address of the company's principal place of business and registered office is:

	Rosedean House
	4 Argyle Road
	Barnet
	Herts
	EN5 4DX