Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2021
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UNISERVE LIMITED
COMPANY INFORMATION
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UNISERVE LIMITED
CONTENTS
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UNISERVE LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021
The directors present their strategic report on Uniserve Limited (“the Company”) for the period ended 31 December 2021.
The company provides global supply chain management services and international freight services by sea, air and land to manufacturers and retailers around the world.
During the last 24 months shipping via ocean containers has become exceptionally challenging and this has led to a massive increase in sea freight pricing, increasing cost and revenue by a multplie of 10. This is reflected in the increased turnover for our ocean business. We have also had a significant increase in cost and revenue due to a huge air freight charter programme for PPE and Test Kits for government and commercial clients. Brexit also created an extra revenue stream through customs clearance services.
The pandemic is still a major global issue which is causing disruption to all supply chains, we are well prepared and are recognised for our exceptional and unique solutions. Turnover has increased to £1,392m for the 18 month period to December 2021 from £562m for the 15 months to June 2020. Profit before tax has increased to £144m for the period from £46m in 2020. This increase has arisen as pricing has increased for all modes of transport and service issues have been experienced by all carriers. We have attracted additional business from Commercial and Government clients with significant volumes due to the market struggling to provide solutions. All services across sea, air, road, rail, warehousing and distribution have seen a significant increase in business as our comprehensive supply chain solutions are unique. In addition we opened a new 750,000 sq ft Mega Distribution Centre in Felixstowe during the period under review and this has added substantially to our warehousing estate and provided specialist operations for the efulfilment, frozen food stuff, electronic and automotive sectors. This has enhanced our entire UK warehousing and distribution operations and has significantly increased our volumes. The company has continued to invest in its core services and has invested £104 million in sea freight containers in order to grow it ocean transport services. Overall the speed the business has been able to adjust to the changing demands created by the pandemic and subsequent global supply chain disruptions and capacity issues has made our services even more attractive to our customers.
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UNISERVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
The directors have considered the principal risks and uncertainties facing the Company which continue to be actively monitored.
Foreign currency risk The Company’s principal foreign currency exposures result from trading with foreign companies. Bank accounts are maintained in several foreign currencies and the Company also utilises forward cover contracts to mitigate foreign currency risks. Credit risks The Company has credit verification procedures that are followed to assess the credit worthiness of clients and continually monitors credit limits and payment patterns manage credit risk. Commercial risks The Company has exposure to commercial risks. Recently these have included above inflationary cost increases 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. Covid-19 As mentioned in the business review, the effects of the pandemic are still having an effect on all supply chains. However the solutions which the company has managed to implement has mitigated the major issues arising from this disruption to the supply chain on the company. Russia – Ukraine War In addition, due to impact from the Russia – Ukraine situation on various aspects it is difficult to predict the overall effect this will have on the economy. Although the company does not trade with either country the impact overall on supply chains could have an impact on the company’s business
The Company’s key performance indicators are turnover and profit before tax, details of which are set our above in the business review.
The Company’s other key performance indicators include customer satisfaction reviews, client retention and growth reviews, warehousing pick accuracy statistics and on time delivery statistics.
From the perspective of the board, as a result of the group governance structure, the matters that it is responsible for considering under Section 172 (1) of the Companies Act 2006 (‘s172’) have been considered to an appropriate extent by the group board in relation both to the group and to this entity. The board has also considered relevant matters where appropriate. To the extent necessary for an understanding of the development, performance a75d position of the entity, an explanation of how the group board has considered the matters set out in s172 (for the group and for the entity) is set out on the Strategic Report of the group’s annual report, which does not form part of this report.
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UNISERVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
This report was approved by the board on 30 September 2022
and signed on its behalf.
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UNISERVE LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the period ended 31 December 2021.
The profit for the period, after taxation, amounted to £
119,751
thousand
(2020 -
£
38,140
thousand)
.
No dividends have been paid or proposed to Uniserve Holdings Limited in the current year (2020: £20m).
The directors who served during the period were:
Uniserve Limited ("Uniserve") has a diverse range services and facilities and we will continue to invest in new supply chain technologies and efficiencies. We will be increasing our infrastructure through acquisition of national and international properties and service providers, as well as providing education as a major benefit for working for Uniserve and being a client of ours.
From the perspective of the board, as a result of the group governance structure, the group board has taken the lead in carrying out the duties of a board in respect of the company’s employees, including engaging with them, having regard to their interests and the effect of that regard (including on the principal decisions taken by the company during the financial year). The board of the company has also considered relevant matters where appropriate. An explanation of how the group board has carried out these responsibilities (for the group and for the entity) is set out on the Strategic Report of the group’s annual report, which does not form part of this report.
Similarly, from the perspective of the board, as a result of the group governance structure, the group board has taken the lead in carrying out the duties of a board in respect of the company’s other stakeholders. The board of the company has also considered relevant matters where appropriate. An explanation of how the directors on the group board have had regard to the need to foster the company’s business relationships with suppliers, customers and others, and the effect of that regard, including on the principal decisions taken by the company during the financial year, is set out (for the group and for the entity) on the Strategic Report of the group’s annual report, which does not form part of this report.
There have been no significant events affecting the Company since the year end.
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UNISERVE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
The auditors, Haslers, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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UNISERVE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2021
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 judgments 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.
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UNISERVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNISERVE LIMITED
We have audited the financial statements of Uniserve Limited (the 'Company') for the period ended 31 December 2021, 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).
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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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UNISERVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNISERVE LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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UNISERVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNISERVE 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 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:
Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, employment and Health & Safety legislation and tax legislation. We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations. We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below: The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates.Procedures performed to address these were as follows: • Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and 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, • Challenging assumptions and judgements made by management in its significant accounting estimates; and • Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries posted by infrequent system users.
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UNISERVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNISERVE LIMITED (CONTINUED)
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.
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Old Station Road
Essex
IG10 4PL
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UNISERVE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2021
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UNISERVE LIMITED
REGISTERED NUMBER:
01826635
BALANCE SHEET
AS AT
31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 27 form part of these financial statements.
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UNISERVE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
31 DECEMBER 2021
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
30 JUNE 2020
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
Uniserve Limited is a private company, limited by shares, domiciled in England and Wales, registration number 01826635. The registered office is Upminster Court, 133 Hall Lane, Upminster, Essex, RM14 1AL. The principal activity of the company continued to be the provision of warehousing and sea, land and air freight services.
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 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 financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the pound.
The following principal accounting policies have been applied:
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 2021 and these financial statements may be obtained from Companies House.
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Functional and presentation currency
Transactions and balances
The provision for freight forwarding services include land, sea, and air freight. Revenue is earned when the goods arrive for imports and when they depart for exports. In both cases, revenue is recognised when the services are rendered, which coincide with the date of arrival or departure of shipments. Revenue from warehousing Revenue from warehousing is recognised over the period of time that the goods are held at Uniserve sites.
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
2.
Accounting policies (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:
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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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. The director 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.
The whole of the turnover is attributable to the company's principal activities.
All turnover arose based on sales orders received in the United Kingdom. The directors consider that of geographical markets would be prejudicial to the Company's interest and so this has been been disclosed.
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
10.
Taxation (continued)
In March 2021 the UK chancellor announced a change to the UK’s main corporation tax rates from 19% to 25% with effect from 1 April 2023. This was enacted in June 2021. A further announcement by the UK chancellor in September 2022 reversed this increase, but this reversal not yet been substantially enacted. Depending on when this reversal is enacted it will impact the corporation tax provision of the Company. The deferred tax provision has been adjusted in these financial statements in recognition of the enacted increased rate change
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
Profit and loss account
The Company operates a defined contributions pensions 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 £388,905 (2020: £172,907).
Contributions totaling £Nil (2020: £Nil) were payable to the fund at the balance sheet date.
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
The immediate UK parent company is Uniserve 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 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. The ultimate controlling party is Mr I R Liddell by virtue of his shareholding in the ultimate parent company.
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