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Registered number: 01487078 METRO SHIPPING LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
METRO SHIPPING LIMITED
COMPANY INFORMATION
Directors | I R Liddell
| A White
| A P Smith
| G A Liddell
Company secretary | N K Brooks
Registered number | 01487078
Registered office | 2700 The Crescent
| Birmingham Business Park
| Birmingham
| B37 7YE
Independent auditors | MHA
| Chartered Accountants & Statutory Auditors
| The Pinnacle
| 150 Midsummer Boulevard
| Milton Keynes
| MK9 1LZ
METRO SHIPPING LIMITED
CONTENTS
| Page
Strategic report | 1 - 3
Directors' report | 4 - 6
Independent auditors' report | 7 - 10
Statement of comprehensive income | 11
Balance sheet | 12
Statement of changes in equity | 13
Notes to the financial statements | 14 - 31
METRO SHIPPING LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present their strategic report and the financial statements for the period ending 31 December 2024. The principal activity of the Company during the period was that of shipping and forwarding agents.
Business review
The Company provides comprehensive, fully managed and operated supply chain solutions, stimulating and supporting trade around the world. Focus is primarily on key verticals including but not limited to automotive, chemicals, foodstuffs, industrial, manufacturing and retail. Through the management of relationships and utilisation of key software we connect each part of the supply chain. Through this diversity in customer base and commitment from the Company, we are able to avoid one dimensional market downturns and the Company has become even more valuable during difficult times and we have been able to increase the work we do for established customers, whilst constantly bringing on new clients. The directors consider the profit achieved on ordinary activities before taxation for the period to December 2024 to be particularly satisfactory given the difficult trading conditions. The Company has adequate resources to take advantage of future business opportunities and the directors consider the state of affairs to be more than satisfactory with expectations exceeded. Turnover has increased to £170m for the 12 month period to December 2024 from £164m for the 12 month period to December 2023. Turnover has increased slightly albeit remained in line with 2023 performance. We are a standout British business, with a reputation of excellence, investment and delivering on our promise and when a job needs doing properly, our customers can rely on us. Page 1
METRO SHIPPING LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks and uncertainties
The directors have considered the principal risks and uncertainties facing the Company and have analysed the impact these would have on the financial performance of the Company. The Company's principal financial instruments comprise cash with strong cash flow and extremely healthy working capital management. The Company had various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. The Company does not enter into derivative transactions. it is, and has been throughout the period under review, the Company's policy that no trading in financial instruments shall be undertaken. The main risks arising from the Company's financial instruments are liquidity risks, foreign currency risk and credit risk. The board reviews and agrees policies for management each of these risks and they are summarised below. Geopolitical risks The Company is a global supplier of logistics and supply chain solutions, and as such, it is exposed to risk factors in various parts of the world. In so far as is possible the Company mitigates these risks by not being overly reliant on business for any one specific region of the world. Foreign currency risks The Company operates in the UK but can be exposed in its trading operations to the risks of changes in foreign currency exchange rates. The Company has decided not to use derivative instruments in its management of this risk. Credit risk The Company trades with only recognised creditworthy third parties. It is Company policy that all customers who wish to trade on credit terms are subject to credit vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the Company's exposure to bad is not significant. Commercial risks The Company has exposure to commercial risks, Recently these have included above inflationary costs in a number of areas including utility bills, fuel prices, wages and increased volatility in foreign exchange rates. These are managed and monitored on an ongoing basis and are passed on to clients where necessary.
Financial key performance indicators
The Company's key performance indicators are turnover and profit before tax as set out in the Statement of Comprehensive Income. The Company has reported a 4% increase in turnover for the period to Dec 24. The Company reported a 28% decrease in profit before tax for the period to Dec 24.
Other key performance indicators
The Company's other key performance indicators include customer satisfaction reviews, client retention and growth reviews. The Company's key account teams perform regular appraisals with customers as well as an annual customer satisfaction survey to measure these KPIs. Page 2
METRO SHIPPING LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Directors' statement of compliance with duty to promote the success of the Company
Section 172 (1) of the Companies Act 2006 requires every director of a Company to act in a manner they consider, in good faith, that will be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to: a. The likely consequences of any decision in the long term b. The interests of the Company's employees c. The need to foster the Company's business relationships with suppliers, customers and others d. The impact of the Company's operations on the community and the environment e. The desirability of the Company maintaining a reputation for high standards of business conduct, and f. The need to act fairly as between members of the Company. It is important for the business to engage with its various stakeholders in a manner that gives us a better understanding of their interests and concerns in a manner that promotes strong sustainable successful business. The Company recognises the importance of retention and development of talented employees to the ongoing success of the business. Employees are encouraged to develop their skills and we have regular training available to all levels of staff. We consider our supplier relationships as critical to our overall success. We continue to build strong relationships with both existing and new suppliers allowing us to react quickly to the constantly changing market and to supply market leading solutions to our customers. We aim to build long term relationships with our customers by providing them with solutions that ensure the smooth running of their supply chain, our scope of services across sea, air, road, rail, warehousing, distribution, customs, and technology offer a unique and comprehensive supply chain solution. The directors and various senior management boards have acted to maximise profit and cash flow in order to create shareholder value. The Company is committed to minimising its effect on the environment through the efficient use of resources, the reduction of waste and carbon emissions, recycling and transport planning. This report was approved by the board and signed on its behalf.
................................................ I R Liddell Director
Date: 15 December 2025
Page 3
METRO SHIPPING 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.
Directors' responsibilities statement
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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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.
Results and dividends
The profit for the year, after taxation, amounted to £15,603,074 (2023 - £21,926,177). Dividends amounting to £nil (2023: £20,000,000) were declared during the year.
Directors
The directors who served during the year were:
I R Liddell
A White
A P Smith
G A Liddell
Matters covered in the Strategic report
The directors have included the business review and information on principal risks and uncertainties within the Strategic Report. Page 4
METRO SHIPPING LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Streamlined Energy and Carbon Reporting
In line with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 our energy use and greenhouse gas (GHG) emissions are set out below. The data relates to UK emissions for the 12-month period from 1 January to 31 December.
| 2024 | 2023 (Restated)
| £ | £
Total Energy consumption (kWh) | 441,167 | 719,716
Emissions from combustion of gas (Scope 1) (tCO2e) | 55.72 | 51.15
Emissions from transport (Scope 1) (tCO2e) | 59.95 | 41.27
Emissions from purchased electricity (Scope 2) (tCO2e) | 30.79 | 38.42
Emissions from electricity for Evs (Scope 2) (tCO2e) | 10.66 | -
Emissions from business travel in employee-owned vehicles where the company is responsible for purchasing the fuel or electricity (Scope 3) (tCO2e) | 8.48 | 2.96
Total gross emissions (tCO2e) | 165.6 | 133.8
kWh/m2 | 253.4 | 413.4
2023 details have been restated due to a calculation error with the kWh/m2 total. 2023 details are also now shown in line with 2024’s metric of tonnes of c02 emissions rather than kilograms, as they were detailed in 2023. Quantification and Reporting Methodology: The boundaries of this report are based on operational control. We report our emissions with reference to the latest Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). In accordance with the 2018 Regulations, the energy use and associated greenhouse gas emissions are for those within the UK only that come under the operational control boundary. Therefore, energy use and emissions are aligned with financial reporting for the UK subsidiaries and exclude the non-UK based subsidiaries that would not qualify under the 2018 Regulations in their own right. The 2024 UK Government GHG Conversion Factors for Company Reporting published by the Department for Energy Security and Net Zero are used to convert energy use in our operations to emissions of CO2e. Carbon emission factors for purchased electricity calculated according to the ‘location-based grid average’ method. This reflects the average emission of the grid where the energy consumption occurs. Data sources include billing, invoices and internal systems. For company cars, litres data was provided and has been used. For employee mileage claims, miles travelled and engine size were known and have been used against the relevant conversion factors. Electric company car data has been taken from EV charger energy usage. Intensity Ratio We have chosen to report our building emissions per square metre (2024: 1,741 m2 / 2023: 1,741 m2), and our transport emissions per mile. These figures are above in the data table. Energy Efficiency Action: No specific energy efficiency actions have been taken during the 2024 reporting period.
Page 5
METRO SHIPPING LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, MHA, previously traded through the legal MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP. MHA 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.
................................................ I R Liddell Director
Date: 15 December 2025
Page 6
METRO SHIPPING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF METRO SHIPPING LIMITED
Opinion
We have audited the financial statements of Metro Shipping 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). 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 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.
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. Page 7
METRO SHIPPING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF METRO SHIPPING LIMITED (CONTINUED)
Other information
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.
Opinion 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 set out on page 4, 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. Page 8
METRO SHIPPING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF METRO SHIPPING LIMITED (CONTINUED)
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 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: ∙Enquiry of management and those charged with governance around actual and potential litigation and claims; ∙Enquiry of staff to identify any instances of non-compliance with laws and regulations; ∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. 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 Auditors' report. Page 9
METRO SHIPPING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF METRO SHIPPING LIMITED (CONTINUED)
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 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. Simon Knibbs MA FCA (Senior statutory auditor) for and on behalf of MHA, Statutory Auditor Milton Keynes, United Kingdom 19 December 2025 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542) Page 10
METRO SHIPPING LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 169,736,250 | 163,454,564
Cost of sales |  | (136,656,621) | (122,547,865)
Gross profit |  | 33,079,629 | 40,906,699
Administrative expenses |  | (17,858,859) | (16,650,391)
Other operating income | 5 | 1,711,941 | 1,049,046
Operating profit | 6 | 16,932,711 | 25,305,354
Interest receivable and similar income | 10 | 3,938,017 | 3,428,482
Interest payable and similar expenses | 11 | (6,666) | (1,552)
Profit before tax |  | 20,864,062 | 28,732,284
Tax on profit | 12 | (5,260,988) | (6,806,107)
Profit for the financial year |  | 15,603,074 | 21,926,177
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 14 to 31 form part of these financial statements.
Page 11
METRO SHIPPING LIMITED REGISTERED NUMBER:01487078
BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 15,469 |  | 43,074
Investments | 15 |  | 9,992 |  | 9,992
|  |  | 25,461 |  | 53,066
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 16 | 14,564 |  | 21,975 |
Debtors: amounts falling due within one year | 16 | 25,522,850 |  | 23,159,833 |
Cash at bank and in hand | 17 | 85,278,494 |  | 70,466,381 |
|  | 110,815,908 |  | 93,648,189 |
Creditors: amounts falling due within one year | 18 | (18,210,461) |  | (16,654,085) |
Net current assets |  |  | 92,605,447 |  | 76,994,104
Total assets less current liabilities |  |  | 92,630,908 |  | 77,047,170
Creditors: amounts falling due after more than one year | 19 |  | - |  | (19,336)
Net assets |  |  | 92,630,908 |  | 77,027,834
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 100,000 |  | 100,000
Profit and loss account | 23 |  | 92,530,908 |  | 76,927,834
|  |  | 92,630,908 |  | 77,027,834
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ I R Liddell
Director
Date: 15 December 2025
The notes on pages 14 to 31 form part of these financial statements. Page 12
METRO SHIPPING LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 100,000 | 75,001,657 | 75,101,657
Comprehensive income for the year |  |  |
Profit for the year | - | 21,926,177 | 21,926,177
Total comprehensive income for the year | - | 21,926,177 | 21,926,177
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (20,000,000) | (20,000,000)
At 1 January 2024 | 100,000 | 76,927,834 | 77,027,834
Comprehensive income for the year |  |  |
Profit for the year | - | 15,603,074 | 15,603,074
Total comprehensive income for the year | - | 15,603,074 | 15,603,074
Total transactions with owners | - | - | -
At 31 December 2024 | 100,000 | 92,530,908 | 92,630,908
| The notes on pages 14 to 31 form part of these financial statements.
Page 13
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Metro Shipping Limited is a private company, limited by shares, registered in England and Wales. The registered office address and registration number can be found on the company information page and the nature of the Company's operation and its principal activity are set out in the Strategic Report. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of GB Europe Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Companies House. Page 14
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised: Rendering of services Turnover 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 turnover 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. Revenue from freight forwarding services The provision for freight forwarding services include land, sea and air freight. Revenue is earned when goods arrive for imports and when they deport for exports. In both cases, revenue is recognised when the services are rendered, which coincide with the date of arrival or departure of shipments.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'. Page 15
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest income
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 16
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 17
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Motor vehicles | - | 20% | straight line
|  |  |  | Fixtures and fittings | - | 20% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
| 2.11 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Page 18
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. 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. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. 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. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a Page 19
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments 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. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 20
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The directors does not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements.
4. | Turnover
The whole of the turnover is attributable to principal activity of the Company. Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 136,605,669 | 135,244,279
| Rest of Europe | 21,743,321 | 8,850,405
| Rest of the world | 11,387,260 | 19,359,880
|  | 169,736,250 | 163,454,564
5. | Other operating income
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange (loss)/gain | 374,682 | (491,868)
| Profit share | 319,861 | 485,279
| Management fees receivable | 907,508 | 864,252
| Professional fees revenue | 109,890 | 191,383
|  | 1,711,941 | 1,049,046
Page 21
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other operating lease rentals | 82,305 | 144,847
| Bad debts | - | 5,945
| Profit/loss on sale of tangible assets | (8,513) | (5,400)
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 50,825 | 50,000
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 22
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 11,453,720 | 10,449,156
| Social security costs | 1,255,004 | 1,170,653
| Cost of defined contribution scheme | 294,035 | 227,446
|  | 13,002,759 | 11,847,255
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Shipping, IT and administration | 155 | 157
|  | Administrative and support | 30 | 33
|  | Directors | 4 | 4
|  |  | 189 | 194
9. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 1,561,385 | 2,428,331
| Company contributions to defined contribution pension schemes | 2,533 | 2,266
|  | 1,563,918 | 2,430,597
| During the year retirement benefits were accruing to 1 director (2023 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £859,095 (2023 - £1,160,008).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).
| Remuneration paid to Key Management Personnel in the year was £1,561,385 (2023: £2,428,331). Company contributions to defined contribution pension schemes in respect of Key Management Personnel was £2,533 (2023: £2,266).
Page 23
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Interest receivable and similar income | 3,938,017 | 3,428,482
11. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 2 | -
| Finance leases and hire purchase contracts | 6,664 | 1,552
|  | 6,666 | 1,552
12. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 5,251,461 | 6,806,377
| Adjustments in respect of previous periods | 2,116 | -
| Total current tax | 5,253,577 | 6,806,377
| Deferred tax |  |
| Origination and reversal of timing differences | 7,411 | (270)
| Total deferred tax | 7,411 | (270)
| Tax on profit | 5,260,988 | 6,806,107
Page 24
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 20,864,062 | 28,732,284
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%) | 5,216,016 | 6,752,087
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 35,445 | 47,786
| Adjustments to tax charge in respect of prior periods | 2,116 | -
| Other timing differences leading to an increase in taxation | - | 5,676
| Other permanent differences | - | 828
| Deferred tax movement | 7,411 | (270)
| Total tax charge for the year | 5,260,988 | 6,806,107
| Factors that may affect future tax charges
Page 25
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12.Taxation (continued) From 1 April 2023, the Corporation tax main rate increased to 25% for profits over £250,000. A small profits rate was introduced for profits of £50,000 or less, charging Corporation tax at 19%. Profits between £50,000 and £250,000 are taxed at the main rate reduced by a marginal relief providing a gradual increase in the effective Corporation tax rate. Deferred tax has been calculated at 25% accordingly. BEPS 2.0 Pillar Two Legislation Metro Shipping Limited is part of a group that operates in a number of jurisdictions. The effective tax rate for the financial year 2024 was 25.2% (2023: 23.7%) as a result of expenses not deductible for tax purposes and adjustment to tax charge in respect of prior periods. For periods commencing on or after 1 January 2024, new tax legislation will apply to ensure the effective tax rate of the UK companies within the group will be at least 15%, subject to various complex calculations. The is in line with the minimum taxation rules announced by the G7 and progressed by the OECD Inclusive Framework on Base Erosion and Profit Shifting. These rules have been implemented in the UK via the Domestic Top Up Tax legislation during the year. Historically, Metro Shipping Limited’s effective tax rate has been above 15%. The Company has assessed its exposure to Domestic Top-up Tax under the OECD Pillar Two Model Rules and concluded that it is immaterial. In line with the amendments to FRS 102 issued in response to the International Tax Reform (Pillar Two Model Rules), the Company is applying the temporary exemption from recognising and disclosing deferred tax assets and liabilities related to Pillar Two income taxes. Accordingly, the Company has not recognised deferred tax in respect of these rules and no related disclosures are provided.
13. | Dividends
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Dividends | - | 20,000,000
Page 26
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Tangible fixed assets
|  | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 59,240 | 1,633,352 | 1,692,592
| Additions | 70,000 | - | 70,000
| Disposals | (124,990) | - | (124,990)
| At 31 December 2024 | 4,250 | 1,633,352 | 1,637,602
| Depreciation |  |  |
| At 1 January 2024 | 43,660 | 1,605,858 | 1,649,518
| Charge for the year | 16,582 | 12,025 | 28,607
| Disposals | (55,992) | - | (55,992)
| At 31 December 2024 | 4,250 | 1,617,883 | 1,622,133
| Net book value |  |  |
| At 31 December 2024 | - | 15,469 | 15,469
| At 31 December 2023 | 15,580 | 27,494 | 43,074
Page 27
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Fixed asset investments
|  | Unlisted investments
|  | £
| Cost or valuation |
| At 1 January 2024 | 9,992
| At 31 December 2024 | 9,992
16. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Deferred tax asset | 14,564 | 21,975
|  | 14,564 | 21,975
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 18,146,177 | 15,793,172
| Amounts owed by group undertakings | 6,114,957 | 6,143,070
| Other debtors | 668,211 | 677,123
| Prepayments and accrued income | 593,505 | 546,468
|  | 25,522,850 | 23,159,833
| Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
17. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 85,278,494 | 70,466,381
Page 28
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 16,332,174 | 15,326,839
| Amounts owed to group undertakings | 1,418,747 | 808,919
| Other taxation and social security | 297,147 | 305,712
| Obligations under finance lease and hire purchase contracts | - | 5,797
| Accruals and deferred income | 162,393 | 206,818
|  | 18,210,461 | 16,654,085
| Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. Net obligations under finance lease and hire purchase contracts totalling £nil (2023: £5,797) are secured against the assets to which they relate.
19. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | - | 19,336
| Net obligations under finance lease and hire purchase contracts totalling £nil (2023: £19,336) are secured against the assets to which they relate.
20. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Within one year | - | 5,797
| Between 1-5 years | - | 19,336
|  | - | 25,133
Page 29
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
21. | Deferred taxation
|  | 2024 | 2023
|  | £ | £
| At beginning of year | 21,975 | 21,705
| Charged to profit or loss | (7,411) | 270
| At end of year | 14,564 | 21,975
| The deferred tax asset is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fixed asset timing differences | 14,564 | 21,975
22. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100,000 (2023 - 100,000) Ordinary Shares shares of £1.00 each | 100,000 | 100,000
| Each ordinary share capital has equal voting and distribution rights, including repayment of capital in the event of winding up.
23. | Reserves
Profit and loss account The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
24. | Pension commitments
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 £294,035 (2023 - £227,446) . Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date. Page 30
METRO SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
25. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 75,366 | 133,829
| Later than 1 year and not later than 5 years | 39,288 | 114,654
|  | 114,654 | 248,483
26. | Related party transactions
| The company has taken advantage of the exemption available under FRS102 33.1A not to disclose transactions with wholly owned subsidiaries of the Group. Transactions and balances with related parties are as follows: During the year management fee received from other related parties amount to £907,508 (2023: £864,252). During the year sales to other related parties amounted to £2,170,154 (2023: £3,466,833). During the year purchases from other related parties amounted to £12,190,863 (2023: £10,146,569). Rent payable to entities under common control amounted to £487,008 (2023: £448,103).
|  | 2024 | 2023
|  | £ | £
| Amounts due from/(to) related parties |  |
| Other related parties | (623,644) | (108,295)
27. | Ultimate controlling party
The immediate UK parent company is Metro Global Holdings Limited, a company incorporated in England and Wales. The ultimate parent company is GB Global Holdco. Pte. Ltd., a company incorporated in Singapore. The ultimate controlling party is Mr I R Liddell by virtue of his shareholding in the ultimate parent company. The UK parent undertaking for which consolidated accounts are prepared is GB Europe Holdings Limited. These consolidated accounts may be obtained from the Companies House website.
Page 31