Transfennica UK Limited Company accounts

TRANSFENNICA (UK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 3235029

Transfennica UK Limited

Financial Statements

31 December 2018

Transfennica UK Limited

Financial Statements

Year ended 31 December 2018

Contents	Page

Strategic report	1

Directors' report	2

Independent auditor's report to the members	4

Statement of comprehensive income	8

Statement of financial position	9

Statement of changes in equity	10

Statement of cash flows	11

Notes to the financial statements	12

Transfennica UK Limited

Strategic Report

Year ended 31 December 2018

The principal activity of the company in the year under review were the provision of shipping agency services to the Transfennica group.

As expected the level of turnover and gross profit remains fairly consistent. Overheads are also at a similar level to last year. The business is a mature one and its nature means that change is unlikely to be significant. The directors are satisfied with both the company's performance which is in line with their expectations. The directors are confident that the company can continue to improve it's service performance.

The principal risks identified by management are changes to the market place from increased competition and advances in technology. Management understands the risk of falling behind and aims to mitigate these risks. Performance is regularly reviewed with principal clients and suppliers. The company continues to enhance the value of long established clients by offering a quality service and aiming to meet demands in a timely fashion.

The directors consider that the key financial performance indicators are the turnover, gross margin and pre-tax results.

This report was approved by the board of directors on 22 March 2019 and signed on behalf of the board by:

AD Clarke

Company Secretary

Registered office:

Finland House

47 Berth

Tilbury Freeport

Essex

RM18 7EH

Transfennica UK Limited

Directors' Report

Year ended 31 December 2018

The directors present their report and the financial statements of the company for the year ended 31 December 2018 .

Directors

The directors who served the company during the year were as follows:

DP Witteveen
AD Clarke

Dividends

The directors do not recommend the payment of a dividend.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, 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 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 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 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 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 22 March 2019 and signed on behalf of the board by:

AD Clarke

Company Secretary

Registered office:

Finland House

47 Berth

Tilbury Freeport

Essex

RM18 7EH

Transfennica UK Limited

Independent Auditor's Report to the Members of Transfennica UK Limited

Year ended 31 December 2018

Opinion

We have audited the financial statements of Transfennica UK Limited (the 'company') for the year ended 31 December 2018 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, 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 FRS 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 2018 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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.

Other information

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. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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.

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 directors' 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

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our 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.

Stephen Barker FCA

(Senior Statutory Auditor)

For and on behalf of

Masons Audit Limited

Chartered Accountants & statutory auditor

4 Hadleigh Business Centre

351 London Road

Hadleigh

Essex

SS7 2BT

22 March 2019

Transfennica UK Limited

Statement of Comprehensive Income

Year ended 31 December 2018

		2018	2017
Note		£	£
Turnover	4	498,382	498,520

	---------	---------
Gross profit	498,382	498,520

Administrative expenses		469,146	469,027
		---------	---------
Operating profit	5	29,236	29,493

	---------	---------
Profit before taxation	29,236	29,493

Tax on profit	9	7,865	7,706
		--------	--------
Profit for the financial year and total comprehensive income		21,371	21,787
		--------	--------

All the activities of the company are from continuing operations.

Transfennica UK Limited

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	10		7,220	4,772

Current assets

Debtors	11	175,192	230,489
Cash at bank and in hand		139,400	80,055
		---------	---------
		314,592	310,544

Creditors: amounts falling due within one year	12	41,856		56,731
		---------		---------
Net current assets			272,736	253,813
			---------	---------
Total assets less current liabilities			279,956	258,585
			---------	---------
Net assets			279,956	258,585
			---------	---------

Capital and reserves

Called up share capital	14	60,000	60,000
Profit and loss account	15	219,956	198,585
		---------	---------
Shareholders funds		279,956	258,585
		---------	---------

These financial statements were approved by the board of directors and authorised for issue on 22 March 2019 , and are signed on behalf of the board by:

DP Witteveen	AD Clarke
Director	Director

Company registration number: 3235029

Transfennica UK Limited

Statement of Changes in Equity

Year ended 31 December 2018

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 January 2017	60,000	176,798	236,798

Profit for the year		21,787	21,787
	--------	---------	---------
Total comprehensive income for the year	–	21,787	21,787

At 31 December 2017	60,000	198,585	258,585

Profit for the year		21,371	21,371
	--------	---------	---------
Total comprehensive income for the year	–	21,371	21,371

	--------	---------	---------
At 31 December 2018	60,000	219,956	279,956
	--------	---------	---------

Transfennica UK Limited

Statement of Cash Flows

Year ended 31 December 2018

	2018	2017
	£	£

Cash flows from operating activities

Profit for the financial year	21,371	21,787

Adjustments for:
Depreciation of tangible assets	3,840	1,545
Tax on profit	7,865	7,706
Accrued expenses/(income)	1,047	( 972)

Changes in:
Trade and other debtors	55,297	( 19,910)
Trade and other creditors	( 16,731)	16,444
	--------	--------
Cash generated from operations	72,689	26,600

Tax paid	( 7,056)	( 7,706)
	--------	--------
Net cash from operating activities	65,633	18,894
	--------	--------

Cash flows from investing activities

Purchase of tangible assets	( 6,288)	–
	--------	--------
Net cash used in investing activities	( 6,288)	–
	--------	--------

Net increase in cash and cash equivalents	59,345	18,894
Cash and cash equivalents at beginning of year	80,055	61,161
	---------	--------
Cash and cash equivalents at end of year	139,400	80,055
	---------	--------

Transfennica UK Limited

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Finland House, 47 Berth, Tilbury Freeport, Essex, RM18 7EH.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Transfennica Nederland BV a copy of which which can be obtained from the Company Secretary by writing to the registered office.As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of financial instruments have not been presented. (b) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State.

Judgements and key sources of estimation uncertainty

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

Income 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, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

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

Fixtures and fittings	-	25% straight line
Equipment	-	20% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

	2018	2017
	£	£
Rendering of services	498,382	498,520
	---------	---------

All turnover from services is generated within Europe.

5. Operating profit

Operating profit or loss is stated after charging:

	2018	2017
	£	£
Depreciation of tangible assets	3,840	1,545
	-------	-------

6. Auditor's remuneration

	2018	2017
	£	£
Fees payable for the audit of the financial statements	5,010	4,525
	-------	-------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	1,200	–
	-------	-------

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2018	2017
	No.	No.
Distribution staff	3	3
Administrative staff	1	1
Management staff	2	2
	----	----
	6	6
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2018	2017
	£	£
Wages and salaries	240,745	243,730
Social security costs	29,211	31,487
Other pension costs	29,132	29,238
	---------	---------
	299,088	304,455
	---------	---------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2018	2017
	£	£
Remuneration	66,343	61,197
Company contributions to defined contribution pension plans	3,188	3,156
	--------	--------
	69,531	64,353
	--------	--------

The number of directors who accrued benefits under company pension plans was as follows:

	2018	2017
	No.	No.
Defined benefit plans	1	1
	----	----

9. Tax on profit

Major components of tax expense

	2018	2017
	£	£

Current tax:

UK current tax expense	7,865	7,706
	-------	-------
Tax on profit	7,865	7,706
	-------	-------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2017: higher than) the standard rate of corporation tax in the UK of 19 % (2017: 19.25 %).

	2018	2017
	£	£
Profit on ordinary activities before taxation	29,236	29,493
	--------	--------
Profit on ordinary activities by rate of tax	5,555	5,677
Adjustment to tax charge in respect of prior periods	1,256	1,906
Effect of expenses not deductible for tax purposes	( 719)	139
Effect of capital allowances and depreciation	1,773	( 16)
	--------	--------
Tax on profit	7,865	7,706
	--------	--------

10. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2018	45,139	11,033	56,172
Additions	–	6,288	6,288
	--------	--------	--------
At 31 December 2018	45,139	17,321	62,460
	--------	--------	--------
Depreciation
At 1 January 2018	44,782	6,618	51,400
Charge for the year	140	3,700	3,840
	--------	--------	--------
At 31 December 2018	44,922	10,318	55,240
	--------	--------	--------
Carrying amount
At 31 December 2018	217	7,003	7,220
	--------	--------	--------
At 31 December 2017	357	4,415	4,772
	--------	--------	--------

11. Debtors

	2018	2017
	£	£
Trade debtors	–	24,338
Amounts owed by group undertakings	147,672	190,910
Prepayments and accrued income	18,093	8,671
Other debtors	9,427	6,570
	---------	---------
	175,192	230,489
	---------	---------

12. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	10,607	5,644
Accruals and deferred income	13,550	12,503
Corporation tax	6,609	5,800
Social security and other taxes	4,546	4,098
Other creditors	6,544	28,686
	--------	--------
	41,856	56,731
	--------	--------

13. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 29,132 (2017: £ 29,238 ).

14. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	60,000	60,000.00	60,000	60,000.00
	--------	------------	--------	------------

15. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

16. Operating leases

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

	2018	2017
	£	£
Later than 1 year and not later than 5 years	34,482	90,452
Later than 5 years	308,750	–
	---------	--------
	343,232	90,452
	---------	--------

17. Related party transactions

The company was under the control of its parent company throughout the current and previous year. As the company is a wholly owned subsidiary it has taken advantage of the exemptions under FRS 102 not to disclose transactions with other companies in the Transfennica and Spliethoff group.

18. Controlling party

The immediate parent company is Transfennica Nederland B.V. which owns 100% of the issued share capital of the Company. The ultimate parent undertaking is Spliethoff's Bevrachtingskantoor B.V., a Netherlands company. In the opinion of the directors the controlling party is Stichting Administratiekantoor Spliethoff's Bevrachtingskantoor.