Company registration number 02888355 (England and Wales)
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
COMPANY INFORMATION
Directors
G Jeffreys
(Appointed 1 September 2022)
P Woolass
(Appointed 1 September 2022)
N Deshmukh
(Appointed 1 September 2022)
Company number
02888355
Registered office
Unit 1 Floats Road
Manchester
M23 9NJ
Auditor
Lopian Gross Barnett & Co
1st Floor Cloister House
Riverside, New Bailey Street
Manchester
M3 5FS
Business address
Unit 1 Floats Road
Manchester
M23 9NJ
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 20
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The directors present the strategic report for the year ended 31 December 2022.
Review of the business
In June 2022 the Company was acquired by A.P. Moller - Maersk, the Company operates as an integrated transport and logistics company. The company offers container vessels, supply ships, special vessels, terminals, etc. Since the acquisition A.P. Moller - Maersk further strengthened its air freight by launching Maersk Air Cargo.
The business performance of the financial year reflects the operating environment across the Company's sales categories of Airfreight and Ocean.
During the year, turnover was £27.2M and gross margin is £2.7M. Total salary costs including bonus and benefits were £1.1M and General admin costs stood at £557K during the year.
Principal risks and uncertainties
The company’s operations expose it to a variety of financial risks that include price risk, the effects of foreign currency exchange rates, credit risks, liquidity, interest rates and cash flow.
The directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The risk management procedures are implemented by the Company’s finance department and approved by the parent company. The Company does not use financial instruments speculatively and the Company does not consider outline competition from competitors as a principal risk.
Price risk and foreign currency exchange risk
The company has limited exposure to price risk and foreign currency exchange risk due to the operation model in place that governs charges between group companies.
Credit risk
The Company has implemented policies that require appropriate credit checks on potential and existing customers before sales are made. The amount of any exposure to any individual counterparty is subject to a limit which is reassessed regularly.
Credit risk is also mitigated through obtaining financing within the group rather that externally.
Liquidity risk
The Company manages liquidity risk by monitoring the balance sheet position, net intercompany balance, and funding requirements from group to ensure that the Company has access to sufficient available funds for operations and planned expansion.
G Jeffreys
Director
22 November 2023
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2022.
Principal activities
The principal activity of the company continued to be that of freight forwarding and logistics.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A Whitehouse
(Resigned 22 April 2022)
J Kirschbaum
(Resigned 27 May 2022)
P Kirschbaum
(Resigned 27 May 2022)
T Kirschbaum
(Resigned 27 May 2022)
U Kirschbaum
(Resigned 27 May 2022)
S Turner
(Resigned 31 August 2022)
G Jeffreys
(Appointed 1 September 2022)
P Woolass
(Appointed 1 September 2022)
N Deshmukh
(Appointed 1 September 2022)
Auditor
Lopian Gross Barnett & Co were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
G Jeffreys
Director
22 November 2023
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 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.
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
- 4 -
Opinion
We have audited the financial statements of Senator International Freight Forwarding Limited (the 'company') for the year ended 31 December 2022 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 2022 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.
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 UK, including the FRC’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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
- 5 -
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 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
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.
Auditor's 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 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.
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
- 6 -
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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.
Nathaniel Davidson BA(Hons) ACA
Senior Statutory Auditor
For and on behalf of Lopian Gross Barnett & Co
29 November 2023
Chartered Accountants
Statutory Auditor
1st Floor Cloister House
Riverside, New Bailey Street
Manchester
M3 5FS
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
2022
2021
Notes
£
£
Turnover
3
27,284,161
25,099,841
Cost of sales
(24,622,686)
(22,151,023)
Gross profit
2,661,475
2,948,818
Administrative expenses
(1,652,349)
(1,691,913)
Other operating income
18,551
Operating profit
4
1,009,126
1,275,456
Interest receivable and similar income
7
3,647
9,529
Profit before taxation
1,012,773
1,284,985
Tax on profit
8
(222,814)
(246,586)
Profit for the financial year
789,959
1,038,399
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
2022
2021
£
£
Profit for the year
789,959
1,038,399
Other comprehensive income
-
-
Total comprehensive income for the year
789,959
1,038,399
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 9 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
9
35,324
55,184
Current assets
Debtors
10
2,855,833
5,148,593
Cash at bank and in hand
3,197,681
2,181,067
6,053,514
7,329,660
Creditors: amounts falling due within one year
11
(2,090,896)
(4,176,861)
Net current assets
3,962,618
3,152,799
Net assets
3,997,942
3,207,983
Capital and reserves
Called up share capital
13
1,500,000
1,500,000
Profit and loss reserves
2,497,942
1,707,983
Total equity
3,997,942
3,207,983
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true
The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
G Jeffreys
Director
Company registration number 02888355 (England and Wales)
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2021
1,500,000
669,584
2,169,584
Year ended 31 December 2021:
Profit and total comprehensive income
-
1,038,399
1,038,399
Balance at 31 December 2021
1,500,000
1,707,983
3,207,983
Year ended 31 December 2022:
Profit and total comprehensive income
-
789,959
789,959
Balance at 31 December 2022
1,500,000
2,497,942
3,997,942
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
1,259,553
966,215
Income taxes paid
(246,586)
(94,541)
Net cash inflow from operating activities
1,012,967
871,674
Investing activities
Purchase of tangible fixed assets
(4,906)
Interest received
3,647
9,529
Net cash generated from investing activities
3,647
4,623
Net increase in cash and cash equivalents
1,016,614
876,297
Cash and cash equivalents at beginning of year
2,181,067
1,304,770
Cash and cash equivalents at end of year
3,197,681
2,181,067
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
1
Accounting policies
Company information
Senator International Freight Forwarding Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Floats Road, Manchester, M23 9NJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The Company is a wholly owned subsidiary of A.P. Moller-Maersk A/S, a Company incorporated in Denmark. A.P. Moller-Maersk A/P is the ultimate parent undertaking. The consolidated financial statements can be obtained from the Company at Bredskifte Alle 13, 8210 Aarhus V, Denmark.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Revenue is recognised to the extent that the Company obtains the right to consideration in exchange for its performance. Revenue is measured at fair value of the consideration received, excluding discounts, rebates, value added tax (VAT), other sales tax or duty and charges for customs. Revenue on Freight Forwarding services is recognised based on the date of export for export services and delivery date for import customers.
Revenue is recognised at the point at which the service is provided, as defined in the contract with its customers.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
5 years (in line with lease term)
Fixtures and fittings
5 to 10 years
Computers
3 to 5 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 13 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of 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 residual interest in the assets of the company after deducting all of its liabilities.
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 15 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Grant income relates to furlough income under Coronavirus Job Retention Scheme. Cash payments were made to compensate for part of the wages, associated national insurance and employer contributions of employees who have been placed on furlough.
This grant income has been recognised under the performance model whereby entitlement to the grant only passes to the company when relevant employees are placed on furlough. Grant income is recognised on a straight line basis over the furlough period for each employee.
Grants received before the recognition criteria are satisfied is recognised as a liability.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements 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.
3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by geographical market
UK
21,142,602
13,804,913
Non-UK
6,141,559
11,294,928
27,284,161
25,099,841
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
3
Turnover and other revenue
(Continued)
- 16 -
2022
2021
£
£
Other revenue
Interest income
3,647
9,529
Grants received
-
18,551
4
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(132,449)
28,313
Government grants
-
(18,551)
Depreciation of owned tangible fixed assets
19,860
18,363
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
22
27
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
932,593
1,068,523
Social security costs
114,802
66,642
Pension costs
66,383
71,536
1,113,778
1,206,701
Pension
The Company operates a defined contribution personal pension arrangement for its directors and employees. The assets of the scheme are held separately from those of the Company. Contributions to the scheme are charged to the profit and loss account as they fall due.
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 17 -
6
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
340,288
231,402
Company pension contributions to defined contribution schemes
4,000
2,684
344,288
234,086
During the year no director received remuneration of more than £200,000.
7
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
1,230
215
Other interest income
2,417
9,314
Total income
3,647
9,529
8
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
222,814
246,586
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
Profit before taxation
1,012,773
1,284,985
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
192,427
244,147
Tax effect of expenses that are not deductible in determining taxable profit
26,987
617
Permanent capital allowances in excess of depreciation
(373)
(1,676)
Depreciation on assets not qualifying for tax allowances
3,773
3,498
Taxation charge for the year
222,814
246,586
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 18 -
9
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2022 and 31 December 2022
25,851
61,917
29,003
116,771
Depreciation and impairment
At 1 January 2022
8,325
31,829
21,433
61,587
Depreciation charged in the year
5,170
10,924
3,766
19,860
At 31 December 2022
13,495
42,753
25,199
81,447
Carrying amount
At 31 December 2022
12,356
19,164
3,804
35,324
At 31 December 2021
17,526
30,088
7,570
55,184
10
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,147,348
1,825,331
Amounts owed by group undertakings
1,511,725
3,205,803
Other debtors
122,581
61,921
Prepayments and accrued income
74,179
55,538
2,855,833
5,148,593
11
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
273,590
1,804,314
Amounts owed to group undertakings
1,160,706
498,701
Corporation tax
226,515
250,287
Other taxation and social security
59,343
(16,477)
Other creditors
10,010
17,186
Accruals and deferred income
360,732
1,622,850
2,090,896
4,176,861
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 19 -
12
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
66,383
71,536
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
13
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,500,000
1,500,000
1,500,000
1,500,000
14
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2022
2021
£
£
Within one year
125,263
140,807
Between two and five years
165,734
194,070
290,997
334,877
15
Events after the reporting date
There were no post balance sheet events which require disclosure at the balance sheet date.
16
Related party transactions
There were no related party transactions during the year which require disclosure.
17
Ultimate controlling party
The Company is a wholly owned subsidiary of A.P. Moller-Maersk A/S, a company incorporated in Denmark. A,P. Moller-Maersk is the ultimate parent undertaking, whose consolidated financial statements can be obtained from their head office at the following address:
Bredskifte Alle 13
8210 Aarhus V
Denmark
No other financial statements include the results for this company.
SENATOR INTERNATIONAL FREIGHT FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 20 -
18
Cash generated from operations
2022
2021
£
£
Profit for the year after tax
789,959
1,038,399
Adjustments for:
Taxation charged
222,814
246,586
Investment income
(3,647)
(9,529)
Depreciation and impairment of tangible fixed assets
19,860
18,363
Movements in working capital:
Decrease/(increase) in debtors
2,292,760
(2,297,296)
(Decrease)/increase in creditors
(2,062,193)
1,969,693
Cash generated from operations
1,259,553
966,216
19
Analysis of changes in net funds
1 January 2022
Cash flows
31 December 2022
£
£
£
Cash at bank and in hand
2,181,067
1,016,614
3,197,681
2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.300A WhitehouseJ KirschbaumP KirschbaumT KirschbaumU KirschbaumS TurnerG JeffreysP WoolassN Deshmukhfalse028883552022-01-012022-12-3102888355bus:Director72022-01-012022-12-3102888355bus:Director82022-01-012022-12-3102888355bus:Director92022-01-012022-12-3102888355bus:Director12022-01-012022-12-3102888355bus:Director22022-01-012022-12-3102888355bus:Director32022-01-012022-12-3102888355bus:Director42022-01-012022-12-3102888355bus:Director52022-01-012022-12-3102888355bus:Director62022-01-012022-12-3102888355bus:RegisteredOffice2022-01-012022-12-31028883552022-12-31028883552021-01-012021-12-3102888355core:RetainedEarningsAccumulatedLosses2021-01-012021-12-3102888355core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31028883552021-12-3102888355core:LeaseholdImprovements2022-12-3102888355core:FurnitureFittings2022-12-3102888355core:ComputerEquipment2022-12-3102888355core:LeaseholdImprovements2021-12-3102888355core:FurnitureFittings2021-12-3102888355core:ComputerEquipment2021-12-3102888355core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3102888355core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3102888355core:CurrentFinancialInstruments2022-12-3102888355core:CurrentFinancialInstruments2021-12-3102888355core:ShareCapital2022-12-3102888355core:ShareCapital2021-12-3102888355core:RetainedEarningsAccumulatedLosses2022-12-3102888355core:RetainedEarningsAccumulatedLosses2021-12-3102888355core:ShareCapital2020-12-3102888355core:RetainedEarningsAccumulatedLosses2020-12-31028883552021-12-31028883552020-12-3102888355core:LeaseholdImprovements2022-01-012022-12-3102888355core:FurnitureFittings2022-01-012022-12-3102888355core:ComputerEquipment2022-01-012022-12-3102888355core:UKTax2022-01-012022-12-3102888355core:UKTax2021-01-012021-12-310288835512022-01-012022-12-310288835512021-01-012021-12-3102888355core:LeaseholdImprovements2021-12-3102888355core:FurnitureFittings2021-12-3102888355core:ComputerEquipment2021-12-3102888355core:WithinOneYear2022-12-3102888355core:WithinOneYear2021-12-3102888355core:BetweenTwoFiveYears2022-12-3102888355core:BetweenTwoFiveYears2021-12-3102888355bus:PrivateLimitedCompanyLtd2022-01-012022-12-3102888355bus:FRS1022022-01-012022-12-3102888355bus:Audited2022-01-012022-12-3102888355bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP