Offergeld Logistics UK Limited Filleted accounts for Companies House (small and micro)

OFFERGELD LOGISTICS UK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04904948

Offergeld Logistics UK Limited

Filleted Financial Statements

For the year ended

31 December 2022

Offergeld Logistics UK Limited

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Tangible assets	6		677,762		767,577

Current assets

Stocks	7	52,161	46,598
Debtors	8	575,244	714,971
Cash at bank and in hand		409,629	128,395
		-------------	----------
		1,037,034	889,964

Creditors: amounts falling due within one year	9	( 1,202,666)		( 1,085,352)
		-------------		-------------
Net current liabilities			( 165,632)		( 195,388)
			----------		----------
Total assets less current liabilities			512,130		572,189

Creditors: amounts falling due after more than one year	10	( 416,351)	( 469,478)
		----------	----------
Net assets		95,779	102,711
		----------	----------

Capital and reserves

Called up share capital	171,250	171,250
Profit and loss account	( 75,471)	( 68,539)
	----------	----------
Shareholders funds	95,779	102,711
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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.

Offergeld Logistics UK Limited

Statement of Financial Position (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 20 April 2023 , and are signed on behalf of the board by:

Dr J Offergeld

Director

Company registration number: 04904948

Offergeld Logistics UK Limited

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wrights Building, Larsen Road, Goole, East Riding of Yorkshire, DN14 6UD.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Going concern

In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. The parent company, Offergeld Logistics S.a.r.l., has also confirmed that it has sufficient financial resources and is willing to provide such financial support as may be required by Offergeld Logistics UK Limited so as to ensure that the company can continue to trade as a going concern. On this basis, the directors have prepared these financial statements on a going concern basis.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. Revenue from haulage contracts is recognised upon completion of a delivery.

(d) Current and deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

(e) Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

(f) Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis.

(g) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(h) Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	33% straight line
Plant and machinery	-	10% to 33.33% Straight line

(i) Stocks

Stocks are measured at cost.

(j) Finance leases and hire purchase contracts

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 effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

(k) Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

(l) Financial instruments

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 residual interest in the assets of the entity after deducting all of its financial liabilities.

(m) Defined contribution pension plans

Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 36 (2021: 35 ).

5. Tax on loss

Reconciliation of tax income

The tax assessed on the loss on ordinary activities for the year is higher than (2021: higher than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).

	2022	2021
	£	£
Loss on ordinary activities before taxation	( 6,932)	( 38,289)
	-------	--------
Loss on ordinary activities by rate of tax	( 1,317)	( 7,275)
Effect of expenses not deductible for tax purposes	330	287
Effect of capital allowances and depreciation	1,316	21,834
Utilisation of tax losses	( 329)	( 14,846)
	-------	--------
Tax on loss	–	–
	-------	--------

6. Tangible assets

	Long leasehold property	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2022	1,494	2,380,423	2,381,917
Additions	–	210,924	210,924
Disposals	–	( 171,624)	( 171,624)
	-------	-------------	-------------
At 31 December 2022	1,494	2,419,723	2,421,217
	-------	-------------	-------------
Depreciation
At 1 January 2022	1,494	1,612,846	1,614,340
Charge for the year	–	297,608	297,608
Disposals	–	( 168,493)	( 168,493)
	-------	-------------	-------------
At 31 December 2022	1,494	1,741,961	1,743,455
	-------	-------------	-------------
Carrying amount
At 31 December 2022	–	677,762	677,762
	-------	-------------	-------------
At 31 December 2021	–	767,577	767,577
	-------	-------------	-------------

7. Stocks

	2022	2021
	£	£
Raw materials and consumables	52,161	46,598
	--------	--------

8. Debtors

	2022	2021
	£	£
Trade debtors	422,617	616,122
Amounts owed by group undertakings	1,523	1,081
Prepayments and accrued income	100,298	67,071
Other debtors	50,806	30,697
	----------	----------
	575,244	714,971
	----------	----------

9. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank overdrafts	–	359,653
Trade creditors	147,827	144,826
Amounts owed to group undertakings	704,672	273,429
Accruals	83,036	67,735
Social security and other taxes	25,535	26,185
Obligations under finance leases and hire purchase contracts	232,737	205,476
Other creditors	8,859	8,048
	-------------	-------------
	1,202,666	1,085,352
	-------------	-------------

Hire purchase liabilities are secured on the associated asset.

10. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Obligations under finance leases and hire purchase contracts	416,351	469,478
	----------	----------

Hire purchase liabilities are secured on the associated asset.

11. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2022	2021
	£	£
Not later than 1 year	232,737	205,476
Later than 1 year and not later than 5 years	416,351	469,478
	----------	----------
	649,088	674,954
	----------	----------

12. Deferred tax

The deferred tax account consists of the tax effect of timing differences in respect of:

	2022	2021
	£	£
Accelerated capital allowances	158,683	176,234
Unused tax losses	( 158,683)	( 176,234)
	----------	----------
	–	–
	----------	----------

13. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	394,336	163,712
Later than 1 year and not later than 5 years	1,053,284	354,709
	-------------	----------
	1,447,620	518,421
	-------------	----------

14. Summary audit opinion

The auditor's report for the year dated 24 April 2023 was unqualified .

The senior statutory auditor was Paul Sharpe , for and on behalf of Townends Accountants LLP .

15. Related party transactions

The company is a wholly owned subsidiary of Offergeld Logistics S.a.r.l. and has taken the exemption under FRS 102 not to disclose transactions with entities that are part of the group.

16. Controlling party

Offergeld Logistics UK Limited is a wholly owned subsidiary of Offergeld Logistics S.a.r.l ., a company incorporated in Luxembourg whose registered office address is Rue Bommel 4, 4940 Hautcharage, Luxembourg. The ultimate holding company is Offergeld Transport und Spedition Holding GmbH & Co. KG , a company incorporated in Germany whose registered office address is Grüner Weg 1-3, 52146 Würselen, Nordrhein-Westfalen, Germany. The largest and smallest group in which the results of the company are consolidated is that headed by Offergeld Transport und Spedition Holding GmbH. The consolidated financial statements may be obtained from OZV GmbH & Co. KG, Grüner Weg 1-3, 52146 Würselen, Germany.