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Registered number: 11407090 HECNY LOGISTICS LIMITED FORMERLY KNOWN AS ORIENTAL GLOBAL LOGISTICS LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
HECNY LOGISTICS LIMITED FORMERLY KNOWN AS ORIENTAL GLOBAL LOGISTICS LIMITED
CONTENTS
| Page
Statement of financial position | 1 - 2
Notes to the financial statements | 3 - 8
HECNY LOGISTICS LIMITED FORMERLY KNOWN AS ORIENTAL GLOBAL LOGISTICS LIMITED REGISTERED NUMBER:11407090
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 86,260 |  | 79,761
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 1,047,733 |  | 718,215 |
Bank current accounts |  | 783,442 |  | 543,802 |
|  | 1,831,175 |  | 1,262,017 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 6 | (1,729,802) |  | (1,357,704) |
Net current assets/(liabilities) |  |  | 101,373 |  | (95,687)
Provisions for liabilities |  |  |  |  |
Deferred tax |  |  | (16,389) |  | (15,155)
Net assets/(liabilities) |  |  | 171,244 |  | (31,081)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account |  |  | 171,144 |  | (31,181)
|  |  | 171,244 |  | (31,081)
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 February 2026.
M A Royden
Director
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HECNY LOGISTICS LIMITED FORMERLY KNOWN AS ORIENTAL GLOBAL LOGISTICS LIMITED REGISTERED NUMBER:11407090
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2024 The notes on pages 3 to 8 form part of these financial statements. Page 2
HECNY LOGISTICS LIMITED FORMERLY KNOWN AS ORIENTAL GLOBAL LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Hecny Logistics Limited is a Limited Comapny incorporated and domiciled in England and Wales, with its registration office address at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD. The principal activity of the Company is that of operating of warehousing and storage facilities for freight transport activities. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | 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.
| 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. Turnover is recognised on the date of arrival of freight.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 3
HECNY LOGISTICS LIMITED FORMERLY KNOWN AS ORIENTAL GLOBAL LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | 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 reporting 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 reporting 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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 reporting date.
| 2.7 | 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. Page 4
HECNY LOGISTICS LIMITED FORMERLY KNOWN AS ORIENTAL GLOBAL LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 15% | Reducing balance
|  |  |  | Office equipment | - | 50% | Reducing balance
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 profit or loss.
| 2.8 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation. Increases in provisions are generally charged as an expense to profit or loss.
| 2.9 | 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 21 (2023 - 15).
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HECNY LOGISTICS LIMITED FORMERLY KNOWN AS ORIENTAL GLOBAL LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 104,455 | 19,765 | 124,220
| Additions | 16,231 | 6,193 | 22,424
| At 31 December 2024 | 120,686 | 25,958 | 146,644
| Depreciation |  |  |
| At 1 January 2024 | 30,380 | 14,079 | 44,459
| Charge for the year on owned assets | 11,423 | 4,502 | 15,925
| At 31 December 2024 | 41,803 | 18,581 | 60,384
| Net book value |  |  |
| At 31 December 2024 | 78,883 | 7,377 | 86,260
| At 31 December 2023 | 74,075 | 5,686 | 79,761
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 775,789 | 282,477
| Other debtors | 24,509 | 33,103
| Prepayments and accrued income | 247,435 | 402,635
|  | 1,047,733 | 718,215
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HECNY LOGISTICS LIMITED FORMERLY KNOWN AS ORIENTAL GLOBAL LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 739,514 | 248,082
| Amounts owed to group undertakings | 592,224 | 750,977
| Amounts owed to related parties | 171,331 | 171,330
| Corporation tax | 55,655 | -
| Other taxation and social security | 26,735 | 19,703
| Other creditors | 13,326 | 35,440
| Accruals and deferred income | 131,017 | 132,172
|  | 1,729,802 | 1,357,704
7. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2023 - 100) Ordinary shares of £1.00 each | 100 | 100
8. | Contingent liabilities
The Company acts as a customs agent for overseas importers and does not take title to the goods. HM Revenue & Customs (HMRC) is disputing the valuation of certain goods declared for import and is seeking to apply joint and several liability provisions to the Company for alleged underpayments of customs duty and import VAT. The Company is contesting HMRC’s position and has lodged appeals. Resolution is subject to ongoing litigation and no court decision has been made as at the reporting date. Based on management’s assessment, supported by external professional advice, the maximum potential exposure is estimated at approximately £469,000 (customs duty: £153,000; import VAT: £316,000). The ultimate outcome and timing are uncertain. No provision has been recognised in the financial statements.
9. | Pension commitments
The entity contributes to a defined contributions pension scheme. The assets of the scheme are held sepately from those of the entity in an independently administred fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £15,599 (2023 - £15,385). Page 7
HECNY LOGISTICS LIMITED FORMERLY KNOWN AS ORIENTAL GLOBAL LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Related party transactions
| During the year the Company made sales of £356,310 (2023 - £147,869) to, and incurred expenses inlcuding purchases, recharges and management charges of £974,159 (2023 - £843,375 ) from, entities within the Group. Amounts owed to group undertakings within Creditors represents balances owed to other entities within the group. The balances are interest free and payable on demand. Amounts owed to related parties within Creditors represent a balance owed to an entity that has a material shareholding in the Company. The balance is interest free and payable on demand.
11. | Controlling party
The immediate parent undertaking is Hecny Forwarding Limited The directors consider that the ultimate controlling party is Hecny Transportation Limited, a company incorporated in Hong Kong.
12. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 23 February 2026 by Sean Brennan FCCA (Senior statutory auditor) on behalf of Sopher + Co LLP.
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