Company registration number: 01377155
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
The directors present their strategic report for the year ended 31 May 2025.
The company's principal activity during the year was unchanged as air freight forwarders, customs brokers and break bulk providers for the U.S. parent company.
The year ended May 2025 was one of sustainability. The turnover decreased by 2.5% to £40.25m (2024: £41.27m) due to ongoing adverse effect of International movements. The company achieved a gross profit of 15.8% (2024: 15.0%) in line with expectations despite the continued rise in handling agents costs, and operating profit of £66,790 (2024: £70,609).
The volume of activity remained relatively consistent but the level of trade receivables were lower at the year end compared to the prior year. The debtors collection procedures remaining consistent, but with continuous monitoring throughout the year it has improved the position at the balance sheet date.
The volume of activity remained relatively consistent but the level of trade receivables were lower at the year end compared to the prior year. The debtors collection procedures remaining consistent, but with continuous monitoring throughout the year it has improved the position at the balance sheet date.
In the year ahead, our primary focus remains the ongoing development of our IT systems to enhance efficiency and service delivery.
A key area of advancement is our Freight Application, which has significantly improved our internal compliance and due diligence processes. We’ve introduced a new “Activity” feature, allowing customers to access detailed shipment data for specified time periods. Additionally, we’re continuing to expand the capabilities of our internal ‘Pouch’ system, which supports both Airfreight and Seafreight, to ensure more seamless data integration between our operations and our clients.
Having now completed two years of operating with the Customs Declarations Service (CDS) platform, we’ve embedded improved diligence procedures that have streamlined our internal workflows. This has given us tighter control over customs processes, which not only enhances our role as a customs broker but also supports our clients with their audit and compliance needs.
We will also maintain a strong focus on strategic growth by targeting new key accounts to expand our customer base, while continuing to nurture and support existing partnerships—especially during what continues to be a highly unpredictable business climate.
A key area of advancement is our Freight Application, which has significantly improved our internal compliance and due diligence processes. We’ve introduced a new “Activity” feature, allowing customers to access detailed shipment data for specified time periods. Additionally, we’re continuing to expand the capabilities of our internal ‘Pouch’ system, which supports both Airfreight and Seafreight, to ensure more seamless data integration between our operations and our clients.
Having now completed two years of operating with the Customs Declarations Service (CDS) platform, we’ve embedded improved diligence procedures that have streamlined our internal workflows. This has given us tighter control over customs processes, which not only enhances our role as a customs broker but also supports our clients with their audit and compliance needs.
We will also maintain a strong focus on strategic growth by targeting new key accounts to expand our customer base, while continuing to nurture and support existing partnerships—especially during what continues to be a highly unpredictable business climate.
The Company has assessed the principal risks affecting the Company as follows:
The company seeks to reduce or eliminate financial risk.
Foreign currency risk: The company has entered into forward contracts at the year end to manage its transactional currency exposures.
Customer credit risk: The company monitors credit risk closely and considers that its current policies and credit checks meet its objectives of managing exposure to reduce risk.
The company operates in a competitive and demanding market. Quality of service and customer relationships remains at the forefront on the company’s strategy. The company continues to develop its service offerings to meet customer solutions and requirements and has established a loyal customer base.
The company seeks to reduce or eliminate financial risk.
Foreign currency risk: The company has entered into forward contracts at the year end to manage its transactional currency exposures.
Customer credit risk: The company monitors credit risk closely and considers that its current policies and credit checks meet its objectives of managing exposure to reduce risk.
The company operates in a competitive and demanding market. Quality of service and customer relationships remains at the forefront on the company’s strategy. The company continues to develop its service offerings to meet customer solutions and requirements and has established a loyal customer base.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
The directors present their report and the financial statements for the year ended 31 May 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
The directors who served during the year were:
The directors do not recommend the payment of a dividend.
Disclosure of information in the strategic report
The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
Disclosure of information in the strategic report
The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONCORDIA INTERNATIONAL FORWARDING LIMITED
We have audited the financial statements of Concordia International Forwarding Limited (the 'Company') for the year ended 31 May 2025, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONCORDIA INTERNATIONAL FORWARDING LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONCORDIA INTERNATIONAL FORWARDING LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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:
∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including BIFA - British International Freight Association, The Companies Act 2006, Financial Reporting Standard 102, UK tax legislation, UK employment legislation, UK health and safety legislation & General data protection regulation.
∙We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions;
°Risk of fictitious employees & suppliers;
°Intercompany recharges.
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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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONCORDIA INTERNATIONAL FORWARDING LIMITED (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
Statutory Auditor
Magna House
18-32 London Road
TW18 4BP
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2025
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2025
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 24 form part of these financial statements.
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2025
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Concordia International Forwarding Limited is a private company, limited by shares and incorporated and domiciled in England. The address of its registered office and principal place of business are disclosed on the company information page.
The principal activity of the company can be found on page 1.
The principal activity of the company can be found on page 1.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements have been prepared on a going concern basis, which assumes the company will continue to trade in operational existence for the foreseeable future.
The parent company has agreed to continue to provide such financial support so as to allow Concordia International Forwarding Limited to meet its liabilities as they fall due and to carry on its business during the period of 12 months from the date of the approval of these financial statements.
The parent company has agreed to continue to provide such financial support so as to allow Concordia International Forwarding Limited to meet its liabilities as they fall due and to carry on its business during the period of 12 months from the date of the approval of these financial statements.
Turnover shown in the profit and loss accounts represents amounts receivable from third parties in the ordinary course of business for services provided and is stated net of VAT and Custom Duty.
Turnover in respect of imports, which make up the majority of revenue, is recognised on arrival at the final country of destination, where the goods are then distributed to the end user. In respect of exports, revenue is recognised at the point of leaving the source country. This is also the point at which the costs associated with the service can be accurately calculated and recognised and is probable that the company will receive the consideration due.
Turnover in respect of imports, which make up the majority of revenue, is recognised on arrival at the final country of destination, where the goods are then distributed to the end user. In respect of exports, revenue is recognised at the point of leaving the source country. This is also the point at which the costs associated with the service can be accurately calculated and recognised and is probable that the company will receive the consideration due.
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:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Derivatives are measured using the "mark to market" value of the financial instrument at the reporting date. This technique calculates the the present value of the future cash flows relating to the instrument based on the foreign exchange rates and interest rates prevailing at the reporting date.
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the straight line method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the straight line method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
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 based on the spot exchange rates at the dates of the transactions. The rate also takes into account the risk of adverse exchange rate movements in relation to overseas 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.
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency based on the spot exchange rates at the dates of the transactions. The rate also takes into account the risk of adverse exchange rate movements in relation to overseas 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a. Judgements in applying the entity’s accounting policies
Management has not made any judgements that have a significant effect on the amounts recognised in the financial statements.
b. Estimates and assumptions
In preparing these financial statements, the directors have made the following key estimates:
Dilapidation and reinstatement provision: The directors assess each property individually under the terms of the lease. The judgements, estimates and associated assumptions necessary to calculate the provisions are based on historical experience and other reasonable factors.
Accruals: The directors recognise accruals for the cost of work to be performed in relation to the services provided to the customers. The basis of the accruals recognised is the most recent quotes obtained from the suppliers or other historical information available. The level of accruals on the balance sheet are monitored frequently and for those accruals whereby a purchase invoice has been received, the residual amount is written off to the profit and loss after 2 months. Where no invoice has been received, the accrual remains on the balance sheet until it is determined that it is unlikely a purchase invoice will be received for the cost.
a. Judgements in applying the entity’s accounting policies
Management has not made any judgements that have a significant effect on the amounts recognised in the financial statements.
b. Estimates and assumptions
In preparing these financial statements, the directors have made the following key estimates:
Dilapidation and reinstatement provision: The directors assess each property individually under the terms of the lease. The judgements, estimates and associated assumptions necessary to calculate the provisions are based on historical experience and other reasonable factors.
Accruals: The directors recognise accruals for the cost of work to be performed in relation to the services provided to the customers. The basis of the accruals recognised is the most recent quotes obtained from the suppliers or other historical information available. The level of accruals on the balance sheet are monitored frequently and for those accruals whereby a purchase invoice has been received, the residual amount is written off to the profit and loss after 2 months. Where no invoice has been received, the accrual remains on the balance sheet until it is determined that it is unlikely a purchase invoice will be received for the cost.
The whole of turnover is attributable to the principle activity of the business, being the rendering of freight services, undertaken in the United Kingdom.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Profit and loss account
This reserve records retained earnings and accumulated losses attributable to the shareholders of the company.
This reserve records retained earnings and accumulated losses attributable to the shareholders of the company.
The directors consider the immediate and ultimate parent undertaking to be Concordia International Forwarding Corporation , a company which is registered in the USA.
The directors consider the ultimate controlling party at the year ended 31 May 2025 to be B. Nixon, by virtue of their shareholding in Concordia International Forwarding Corporation, the ultimate parent undertaking.
The directors consider the ultimate controlling party at the year ended 31 May 2025 to be B. Nixon, by virtue of their shareholding in Concordia International Forwarding Corporation, the ultimate parent undertaking.
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