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Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2024
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CHANNELPORTS LTD
COMPANY INFORMATION
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CHANNELPORTS LTD
CONTENTS
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CHANNELPORTS LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The principal activity of the Company in the period under review was that of customs clearances, compound service, provision of lorry parking facilities and operation of a motorway service area (MSA).
ChannelPorts is now a 100%-owned subsidiary of Getlink Services SAS, the legal entity of Getlink SE in charge of its development in the customs services business in the United Kingdom and in France. The focus of the Company continues to be the offering of new services and to develop synergies with the Getlink group. During the period, the Company completed its development of the MSA to incorporate new shop offerings leased to Roadchef and operated as a McDonald’s, a Costa Coffee and a WH Smith.
Getlink has strong ambitions in the field of customs services and has already started its development on the market prior the acquisition of the Company with the launch of Sherpass, a digital platform that makes border crossings easier for its transport and logistics customers and the creation of the Getlink Customs Services business unit. Getlink Customs Services has the ambition to become a leading player in the UK-European customs intermediary market, seizing new business opportunities and setting new standards of excellence. Getlink also has a strong interest in developing the lorry park and motorway service area, two important assets given their location nearby Eurotunnel site at Folkestone.
In this perspective, ChannelPorts is looking to provide additional customs clearance services in France and other European countries, sanitary formalities and more facilitation services to navigate the challenge of the border requirements in the near future. Getlink will also continue to invest in the development of CustomsPro, the main software of the Company. The launch of the British ENS declarations (safety & security) was delayed from this period and instead went live in H1 2025, this was seen as a positive, allowing additional time for software development to be able to offer a first-class solution.
The management of the business and the execution of the Company’s strategy are subject to a number of risks.
The principal risks and uncertainties faced by the Company are operational risk, reputation risk and product warranty risk. To a lesser extent, the Company also faces credit and liquidity risk. Operational risk is managed and mitigated through the maintenance of appropriate systems, processes and controls and training of staff to maintain the quality of the services provided. Operational risk is further mitigated by professional indemnity and public liability insurance. Credit risk is managed by ensuring the credit worthiness of clients and institutions where cash is deposited. Liquidity risk is mitigated by daily monitoring of cash requirements to ensure sufficient cash reserves are in place to meet actual and forecast requirements of the Company. Whilst the Company is not immune to the effects of a macro-level recession of the economy, the business model is long term, and historic performance has shown that demand for the product is sustainable.
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CHANNELPORTS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
The Company monitors its performance against strategic objectives by means of key performance indicators. The main KPIs it uses are orientated around gross profit to net profit margins, staff costs to gross profit and sales growth. These are summarised thus:
This report was approved by the board and signed on its behalf.
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CHANNELPORTS LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the period 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.
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 profit for the period, after taxation, amounted to £1,046,966 (2024 - £504,457).
No dividends were recommended or paid by the directors for the period to 31 December 2024 or for the year to 30 June 2024.
The directors who served during the period were:
Details of future developments can be found in the Strategic Report on page 1.
During the year, the Company had qualifying third party indemnity provisions for the benefit of its directors. These provisions remain in force at the reporting date.
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CHANNELPORTS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being an analysis of the Company's principal risks and uncertainties.
There have been no significant events affecting the Company since the year end.
The auditor, Forvis Mazars LLP, 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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CHANNELPORTS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHANNELPORTS LTD
We have audited the financial statements of Channelports Ltd (the 'Company') for the period 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 101 ‘Reduced Disclosure Framework’ (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 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 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.
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CHANNELPORTS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHANNELPORTS LTD (CONTINUED)
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.
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 period 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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CHANNELPORTS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHANNELPORTS LTD (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 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:
∙enquiry of management, those charged with governance around actual and potential litigation and claims;
∙performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙reviewing minutes of meetings of those charged with governance;
∙reviewing financial statement disclosures and testing to supporting documentation to asses compliance with applicable laws and regulations; and
∙maintaining professional scepticism throughout the course of our audit work.
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 Auditor's Report.
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CHANNELPORTS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHANNELPORTS LTD (CONTINUED)
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.
for and on behalf of
Chartered Accountants and Statutory Auditor
30 Old Bailey
EC4M 7AU
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CHANNELPORTS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
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CHANNELPORTS LTD
REGISTERED NUMBER: 01192907
BALANCE SHEET
AS AT 31 DECEMBER 2024
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CHANNELPORTS LTD
REGISTERED NUMBER: 01192907
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 42 form part of these financial statements.
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CHANNELPORTS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
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CHANNELPORTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Channelports Ltd is a private company, limited by shares, incorporated in England and Wales in the United Kingdom.
The registered office and principal place of business is Unit A8 Folkestone Services, Stanford Intersection, Hythe, Kent, CT21 4BL. The principal activity for the period under review was the provision of customs clearance services, lorry parking and operation of a motorway service area.
2.Accounting policies
Information on the impact of first-time adoption of FRS 101 is given in note 29.
The preparation of financial statements in compliance with FRS 101 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 Company previously prepared financial statements in compliance with FRS 102.
First time application of FRS 100 and FRS 101
The following principal accounting policies have been applied:
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CHANNELPORTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
∙the requirements of paragraph 88C and 88D of IAS 12 Income Taxes.
This information is included in the consolidated financial statements of Getlink S.E. as at 31 December 2024 and these financial statements may be obtained from 37-39 rue de la Bienfaisance 75008 Paris, France. Getlink S.E.
The following new standards and amendments are effective for the period beginning 1 January 2024:
- IFRS 17 Insurance Contracts - Disclosure of Accounting policies (Amendments to IAS 1 Presentation of financial statements and IFRS Practice statement 2 Making materiality judgements) - Definition of Accounting estimated (Amendments to IAS 8 Accounting policies, Changes in accounting estimates and Errors) - Deferred tax related to Assets and Liabilities arising from a single transaction (Amendments to IAS 12 Income Taxes) - International Tax reform - Pillar 2 Model rules (Amendment to IAS 12 Income Taxes) - Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) None of these amendments had any impact on the company. The management have considered the treatment for revenue recognition on individual contracts under the transition and have come to the conclusion that there is no impact on the new standard implementation.
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2.Accounting policies (continued)
The following tables summarise the impacts of adopting new reporting standards on the Company's financial statements.
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2.Accounting policies (continued)
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