ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
For the Year Ended
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AKW Global Warehousing Ltd
Company Information
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AKW Global Warehousing Ltd
Contents
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AKW Global Warehousing Ltd
Strategic Report
For the Year Ended 31 December 2021
The directors are pleased present the strategic report and financial statements for the year ended 31 December 2021.
The directors can confirm that turnover for the 12-month period ended 31 December 2021 has increased to £20,274,703, compared to the turnover for the year ended 31st December 2020 which was £16,567,098. The increase is due to a full year of trading at the K3 warehouse in Trafford Park and strong trading from the other warehouse facilities including an increase in contract packing revenues which had reduced in the previous year due to Covid-19.
The Gross Profit for the period was £10,162,171 for the 12 months ended 31st December 2021 compared to £7,689,123 for the year ended 31 December 2020, showing an increase in gross profit margin from 46% to 50% for current period. Administration costs overall were £8,666,680 for the period ended 31 December 2021 compared to £7,648,351 for the year ended 31 December 2020. Overall, the Operating Profit before interest was £1,630,154 for the 12 months ended 31 December 2021 compared to an operating profit of £131,988 for year ended 31 December 2020. The result for 2020 was impacted by the loss of trading activity due to COVID-19, this revenue activity has now returned. No dividend has been proposed within 2021 and as a result the company’s total shareholders’ funds have increased, from £3,237,422 as at 31 December 2020 to the current £4,788,352 at 31 December 2021. Effects of Covid-19 The Directors can confirm that the company has full policies and procedures on dealing with matters arising from the Coronavirus and how it effects the business and its employees. The business has ensured that all Risk Assessments in relation to Covid-19 have been completed and issued and an internal committee was formed to develop and continue to monitor all issues around Covid-19 as changes and updates occur.
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AKW Global Warehousing Ltd
Strategic Report (continued)
For the Year Ended 31 December 2021
As in all trading organisations, the directors acknowledge that as well as possible rewards, there are some risks and uncertainties, and the Directors have assessed the main risks.
Due to the nature of its business, AKW Global Warehousing Ltd has a high percentage of fixed overheads. The overall profitability of the company is influenced to a large degree by the occupancy levels across all three sites, which generate income sufficient to cover the fixed costs. The directors will continue to concentrate on achieving high occupancy levels and longer-term service contracts with our customers, as well as improving the range of storage facilities and added value services including contract packing services and order fulfilments services that the company provides. The company makes little use of financial instruments other than an operational bank account and so its exposure to credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company. Given the recent shift in the overall economic climate during 2022 with significant increasing costs and some uncertainty around future activity the directors believe there is some price risk in the sector. This is being managed by ensuring customer prices are reviewed annually to pass through these operating costs, particularly with fuel where we have reviewed our surcharge mechanism and implemented fuel and driver surcharges in a number of areas across the group. During 2022 we have also launched a group procurement initiative to utilise the combined buying power across the group rather than sourcing suppliers locally. This involves prioritising our supplier spend by category and consolidating suppliers focusing on price, service offering, consolidating the number of suppliers and the number of invoices we have to process within our back office.
The company’s financial KPI’s focus on several critical areas. Gross Profit Margin remains the major factor in shaping the future success of the business.
Business liquidity runs in parallel with margins and is closely monitored through both debtor and creditor management. Other financial KPI’s are as follows: • Working capital management • Cashflow forecasting • Review of Turnover: actual v forecast • Analysis of overhead expenditure: actual v forecast
Non-financial KPI’s are numerous but centre on the following: -
• Health and Safety • Supplier on time delivery performance • Employee workforce management • Quality accreditations • BRC accreditation
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AKW Global Warehousing Ltd
Strategic Report (continued)
For the Year Ended 31 December 2021
This report was approved by the board and signed on its behalf.
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AKW Global Warehousing Ltd
Directors' Report
For the Year Ended 31 December 2021
The directors present their report and the financial statements for the year 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 judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,551,450 (2020 - £127,674).
The directors do not propose a final dividend (2020: £nil).
The directors who served during the year were:
The future developments of the Company are disclosed in the Strategic Report.
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AKW Global Warehousing Ltd
Directors' Report (continued)
For the Year Ended 31 December 2021
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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AKW Global Warehousing Ltd
Independent Auditors' Report to the Members of AKW Global Warehousing Ltd
We have audited the financial statements of AKW Global Warehousing Ltd (the 'Company') for the year 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.
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.
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AKW Global Warehousing Ltd
Independent Auditors' Report to the Members of AKW Global Warehousing Ltd (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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AKW Global Warehousing Ltd
Independent Auditors' Report to the Members of AKW Global Warehousing Ltd (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:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-bribery and Corruption. and the Coronavirus Job Retention Scheme.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
∙Reading minutes of meeting of those charged with governance.
∙Carrying out substantive testing to confirm the validity and accuracy of claims made under the Coronavirus Job Retention Scheme.
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AKW Global Warehousing Ltd
Independent Auditors' Report to the Members of AKW Global Warehousing Ltd (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 Auditors
Lancashire Gate
21 Tiviot Dale
Cheshire
SK1 1TD
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AKW Global Warehousing Ltd
Statement of Comprehensive Income
For the Year Ended 31 December 2021
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AKW Global Warehousing Ltd
Registered number: 02792967
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 27 form part of these financial statements.
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AKW Global Warehousing Ltd
Statement of Changes in Equity
For the Year Ended 31 December 2021
Statement of Changes in Equity
For the Year Ended 31 December 2020
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AKW Global Warehousing Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2021
AKW Global Warehousing Ltd is a private company limited by members capital incorporated in England, number 02792967. The address of the registered office and principal place of business is 26 Bond, Europa Way, Trafford Park, Manchester, M17 1WF.
The nature of the company's operation and its principal activity is the provision of warehousing and contract packing 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 judgement in applying the Company's accounting policies (see note 3).
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 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Kinaxia Limited as at 31 December 2021 and these financial statements may be obtained from the Registrar.
Functional and presentation currency
Transactions and balances
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AKW Global Warehousing Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2021
2.Accounting policies (continued)
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AKW Global Warehousing Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2021
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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AKW Global Warehousing Ltd
Notes to the Financial Statements
For the Year 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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AKW Global Warehousing Ltd
Notes to the Financial Statements
For the Year 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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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AKW Global Warehousing Ltd
Notes to the Financial Statements
For the Year 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 where the revision only affects that period, or in the period of the revision and future periods where the revision affects both current and future periods. Property, plant and equipment Management also exercises judgement in estimating the useful economic life of property, plant and equipment. The net book value of tangible fixed assets at the year end totalled £3,136,807 (2020: £3,125,929) Provision for impairment loss on trade debtors Management also exercise significant judgement in providing for impairment loss on trade debtors. During the period, a charge of £130 (2020: £5,380) was recognised in the statement of comprehensive income. The value of trade debtors at the year-end totalled £4,729,663 (2020: £3,990,530)
Analysis of turnover by country of destination:
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AKW Global Warehousing Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2021
Page 19
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AKW Global Warehousing Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2021
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AKW Global Warehousing Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2021
12.Taxation (continued)
The main rate of corporation tax is due to increase to 25% in the tax year commencing 1st April 2023 for companies where profits exceed £250,000. A tapered rate will be introduced for profits above £50,000 up to the £250,000 limit.
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AKW Global Warehousing Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2021
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AKW Global Warehousing Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2021
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AKW Global Warehousing Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2021
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AKW Global Warehousing Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2021
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AKW Global Warehousing Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2021
Profit and loss account
Profit and loss account includes all current retained profit and losses net of dividends paid.
There is a guarantee of £250,000 over the company's bank facilities in favour of HMRC (2020: £250,000).
On 24th March 2022, the company became party to a fixed and floating charge over its assets to secure the liabilities of Kinaxia Logistics Limited and subsidiaries. Kinaxia Logistics Limited is a wholly owned subsidiary of Kinaxia Limited, the ultimate controlling party.
The Company operates a defined contributions pension 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 £123,697 (2020 - £147,906). Contributions totalling £28,707 (2020 - £21,962) were payable to the fund at the balance sheet date and are included in creditors.
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AKW Global Warehousing Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2021
The company's immediate parent undertaking is Kinaxia Transport and Warehousing Limited, a company registered in England and Wales.
The company's ultimate parent undertaking is therefore Kinaxia Limited, a company registered in England and Wales, company number 07466536. There is no overall controlling party of Kinaxia Limited. Kinaxia is the parent company for the largest group which group accounts are prepared. The consolidated financial statements of Kinaxia Limited are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, C14 3UZ. There is no overall controlling party of Kinaxia Limited.
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