Form: AA - Annual Accounts

GROUP OF COMPANIES' ACCOUNTS MADE UP TO 31/12/11

Filed on: 12 Apr 2012

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Ligentia Group Limited
Directors report and financial
statements
Registered number ########
For the ## month period ended ## December ####
DAY
SATUR
lfllllllllIlill,[;Q?L![VllIi#ilium#[

Ligentia Group Limited
Directors‘ report and financial statements
For the ## month period ended #i December ### I
Contents
Company information
Directors’ report
Statement of directors’ responsibilities in respect of the Directors’ Report and the financial statements
Independent auditor’s report to the members of Lingentia Group Limited
Consolidated pronto and loss account
Consolidated balance sheet
Company balance sheet
Consolidated cash ow sstatement
Consolidated statement of total recognised gains and losses
Reconciliation movements in shareholders’ funds
Notes
Page No
#
#
#
#
#
#
I#
ll
I#
##
l#

Company information
Directors
RNR Jones
R W Marshall
T W H Lau
R K M Patel
Secretary
M Hossein-Navi
Registered Office
Ligentia House
# Butler Way
Stanningley
Leeds
West Yorkshire
LS## #EA
Auditor
KPMG LLP
l The Embankment
Neville Street
Leeds
LS# #DW
Bankers
National Westminster Bank PLC
Corporate Central Banking
# — l# Great Tower Street
London
EC#P #HX
Ligentia Group Limited
Directors‘ report and financial statements
For the I# month period ended ## December ### I
l

Ligentia Group Limited
Directors’ report and financial statements
For the ## month period ended #i December ### l
Directors’ report
The directors present their annual report and the audited financial statements for the ## months ended ##
December ### l
Principal activities
The principal activities of the company during the period were those oaf holding company The principal
activities of the group during the year were those of sea and air freight forwarding and supply chain
management services
Business review
The company traded well during the period in a difficult global economic environment During the
period, the group continued to develop the business with organic growth in the UK, an acquisition in Asia
and ongoing operational improvements across the group The business incurred exceptional costs of
£###k to execute its strategic plans and deliver operational efficiencies
On ##Th November ####, the company received a dividend of£#,###,### from Ligentia Logistics limited
An amount of £###,### of the reserves created following the dividend receipt and available for
distribution were converted to ###,### Ordinary shares of £# each and ##,### A Ordinary shares of £#
each This increased the share capital of the company to £###,###
Post balance sheet events
On # January ####, there was a restructure of the UK group that comprised
I The foliation oaf new subsidiary company named Ligentia Holdings Limited
I The transfer of the shareholding in Ligentia international Limited, Ligentia Logistics Limited and
Ligentia Air Limited, from Ligentia Group Limited to Ligentia Holdings Limited
Q The transfer of the trade, assets and liabilities of Ligentia Air Limited and Ligentia Logistics Limited
were transferred to Ligentia informational Limited
Financial KPls
Sales per employee for the group were £###k (#### £##kl) The increase IS attributable to the ## month
period, however if you consider a ## month period the underlying decrease is due to the higher prop onion
of headcount in the acquired business in Asia The gross margin for the group fell in the period to ## #%
from ###% which is attributable to the mix of business and the pressure on margins in the current
economic climate
Principal risk and uncertainties
The principal business risk #S identified as the general economic environment Other risks include
Currency risk
The ma_priority of the company’s sales and purchases are invoiced in Pound Sterling A number of sales and
purchase invoices are in US Dollars and in Euros The purchases in currency are generally matched by the
corresponding sales in those currencies At the balance sheet date the US Dollar cash balance was £###k,
and the Euro cash balance was £##k The company docs not consider that there #S a material residual
currency risk
#

Ligentia Group Limited
Directors’ report and financial statements
For the ## month period ended ## December ### #
Directors’ report (continued)
Liquidity risk
The group seeks to manage financial risk by ensuring that sufficient liquidity is available to meet
foreseeable needs The group has an invoice discounting facility to cover its working capital requirements
Interest rate risk
All borrowings are at coating interest rates and are therefore subject to interest rate risk
Credit risk
The group’s principal financial asset is trade debtors in order to manage credit risk the directors set limits
for customers based on a combination of payment history and third party references Credit limits are
reviewed by the penance manager on a regular basis in conjunction with debt ageing and collection history
All accounts are insured where insurance is available
Dividend
The dividends paid in the year amounted to £in# (#### £in#)
Directors
The directors who served the company during the year were as follows
RNR Jones
T W H Lau (appointed ##/##/##)
R Marshall (appointed ##/##/##)
R K M Patel (appointed ##/##/# #)
D V Dockray (resigned ##/##/# #)
C F English (appointed ##/##/##, resigned ##/##/# #)
Employees
During the period the company gave full and fair consideration to applications for employment from
disabled persons having regard to their particular aptitudes when related to any suitable opportunities
available Company policy provides that existing employees who become disabled shall continue
employment with the company fiat all possible, subject to appropriate re-training
Training, career development and promotion apply equally to all employees, taking into consideration
their aptitudes and abilities.
Political and charitable contributions
The group made no political contributions (#### £nil) and no charitable donations (#### £nil) during the
year
Disclosure of information to auditor
The directors who held office at the date of approval of this director’s report conform that, so far as they
are each aware, there is no relevant audit information of which the Company‘s auditor IS unaware, and
each director has taken all the steps that he ought to have taken as a director to make himself aware of any
relevant audit information and to establish that the Company’s auditor is aware of that information
#

Directors’ report (calamined)
Auditor
Pursuant to Section ### of the Companies Act ####, the auditor will be deemed to be reappointed, and
KPMG LLP will therefore continue in office
By order of the board
RN R Jones
Group Chief culinary Oflicer
Ligentia Group Limited
Directors’ report and financial statements
For the ## month period ended ## December ### #
Ligentia House #-K N\<#v(A,\ ####
# Butler Way
Leeds
LS## #EA
#

Ligentia Group Limited
Directors’ report and financial statements
For the ## month period ended ## December ####
Statement of directors’ responsibilities in respect of the Directors’ Report
and the financial statements
The directors are responsible for prepared 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 period Under that
law they have elected to prepare the group and parent company financial statements in accordance with
UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice)
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 group and parent company and of their pronto or
loss for that period
in preparing each of the group and parent company financial statements, the directors are required to
- select suitable accounting policies and then apply them consistently,
make judgements and 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, and
prepare the financial statements on the going concept basis unless it is inappropriate to presume that
the group and parent company will continue in business
The directors are responsible for keeping adequate accounting records that are sufficient to show and
explain the parent company's transactions and disclose with reasonable accuracy at any time the financial
position of the parent company and enable them to ensure that the financial statements comply with the
Companies Act #### They have general responsibility for taking such steps as are reasonably open to
them to safeguard the assets of the group and to prevent and detect fraud and other irregularities
The directors are responsible for the maintenance and integrity of the corporate and financial information
included on the company's website Legislation in the UK governmeNT the preparation and dissemination of
financial statements may differ from legislation in other jurisdictions
#

MM
KPMG LLP
# The Embankment
Neville Street
Leeds
LS# #DW
United Kingdom
Independent auditor’s report to the members of Ligentia Group Limited
We have audited the financial statements of Ligentia Group Limited for the ## month period ended ## December
#### set out on pages # to ## The financial reporting framework that has been applied in their preparation IS
applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice)
This report IS made solely to the company’s members, as a body, in accordance with sections Chapter # of Part ## of
the Companies Act #### 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 c#many’s
members as a body, for our audit work, for this report, or for the opinions we have formed
Respective responsibilities of directors and auditor
As explained more fully in the Directors‘ Responsibilities Statement set out on page #, the directors are responsible
for the preparation of the financial statements and for being satisfied that they give a true and fair view Our
responsibility IS to audit, and express an opinion on, the financial statements in accordance with applicable law and
International Standards on Auditing (UK and Ireland) Those standards require us to comply with the Auditing
Practices Board's (APB's) Ethical Standards for Auditors
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements IS provided on the APB's web-site at
WWW fr ogr l.ll(/JQIJ/SCOQQ/QFIVZIIC cl.
Opinion
In our opinion the financial statements
# give a true and fair view of the state of the group‘s and the parent company’s affairs as at ## December
### # and of the group’s pronto for the ## month period then ended,
I have been properly prepared in accordance with UK Generally Accepted Accounting Practice and
# have been prepared in accordance with the requirements of the Companies Act ####
Opinion on other matter prescribed by the Companies Act ####
In our opinion the information given in the Directors‘ Report for the financial period for which the financial
statements are prepared is consistent with the financial statements
#

Independent auditor’s report to the members of Ligentia Group Limited (continued)
Matters on which we are required to report by exception
We have nothing to report t rrespect of the following matters where the Compantes Act #### requires us to report to
you If, t oUr option
- adequate accounting records have not been kept by the parent company, or returns adequate for our Audi have
not been received from branches not visited by us, or
- the parent company financial statements are not t aagreement Wllh the accounting records and returns, or
- certain disclosures of directors‘ remuneration spectacled by law are not made, or
- we have not received all the information and explanations we require for our audit
Q ll;
A J Sills (Senior Statutory Auditor)
For and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
l The Embankment
Leeds
LS# #DW
Date g#
#

Ligentia Group Li
timed
Directors’ report and financial statements
For the l# month period ended ## December
Consolidated pronto and loss account
for the I # month period ended ## December ####
Nale I# months to
#] December
##ll
£
Turnover #
Cost of sales
##,###,###
(##,###,###)
# #,###,###
(# l,##-#,###)
Gross pronto
Administrative expenses
####
I# months to
## June
####
£
##,### ,# # #
(##,###,## I )
#,###, l ##
(#,###,###)
exceptional items included in administrative
expenses above # ###,###
eating_prot bbefore exceptional items ###,###
###, I##
###,###
~
~.#o\i¢s
Operating pronto ###,###
Bank interest receivable ##
Interest payable and similar charges (###,#l#)
Income from associate ##,###
Profit on ordinary activities before taxation l##,###
"l a on pronto on ordinary activities # (##,###)
Profit on ordinary activities after taxation ##,###
(##,##l)
Profit for the financial period ## #l,l##
Minority interest ##
All the gr#up‘s tu mover and operating pronto came from continuing operations
There is no material difference between the results disclosed in the pronto and loss account and the results #
unmodified historical cost basis
The notes on pages ## to ## form part of these financial statements
#
###,###
#,###
(##,###)
###,##l
(l##,l#l)
###.###
###,###
nan

Consolidated balance sheet
Ax at ## December ####
Note
Intangible assets I#
Investments I I
Tangible insets I#
Current assets
Currcnt asset investments I#
Debtors I #
Cash at bank and in hand
## December
####
£ £
#,###,###
#,###,###
#,###,###
###,###
##,###,###
#,###,###
#l,###,l#l
Creditors amounts falling due within one year I#
( ##,## l ,###)
Net current liabilities
Total assets less current liabilities
Creditors amounts falling due after
more than one car I#
Net assets
Capital and reserves
Called up share capital I#
Share premium I#
Capital Redemption reserve ##
Profit and loss account ##
Shareholder funds
Minority interests
(#,###,###)
#,###,###
(###,###)
#,###,###
###,###
#,###
#,###
#,###,###
#,###,###
##,###
#,###,###
Ligentia Group Limited
Directors’ report and financial statements
For the ## month period ended ## December ####
£
###,###
##,###,###
###,###
##,###,###
(i#,i##,s##)
## June
####
£
#,###,###
###,###
#,###,###
#,###,###
(###,###)
#,###,###
( # ##,## # )
#,###,###
##,###
#,###
#.###
#,###,###
#,###,###
#,###,###
These financial statesmen . were approved by the board of directors on l¢\ A\v(#L #### and were signed on its
behalf by I
RNR Jones
Group Chief Execui I nicer
Company number ########
The notes on pages ## to ## form pan of these financial statements

Company balance sheet
As al # I December ### I
Fixed assets
Investments
Current assets
Current asset investments
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current liabilities
Net assets
Capital and reserves
Called up share capital
Share premium
Profit and #### account
Shareholders’ funds
Note
I I
I#
I-I
I#
I#
I#
##
## December
####
£ £
#,###,###
#,###,###
###,###
#,### ,-###
##,###
#,###,###
(#,###,###)
(###,###)
#,###,###
###,###
#.###
#,###,###
#,###,###
Ligentia Group Limited
Directors’ report and financial statements
For the ## month period ended ## December ### #
£
### ###
#,###,###
#,###,###
(#,###,###)
## lune
####
£
#,###,###
#,###,###
(#,## #,###)
##,###
##,###
#,###
(###)
##,###
These financial state me ta were approved by the board of directors on 'Z'\'“""°L #### and were signed on its
behalf by
RNR Jones
Grotip Chief Executi Oflicer
Company number ########
The notes on pages ## to ## form pan of these financial statements

Consolidated cash flow statement
F or the I # month period ended ## December ####
Note
Cash ow sstatement
Cash ow fROM operating activities ##
Returns on investments and servicing of penance ##
Taxation
Acquisitions
Capital expenditure and financial investment ##
Proceeds from issue of share capital
Cash inflow / (outflow) before management of
liquid resources and financing
Financing ##
Increase in cash in the period
Reconciliation of net cash ow to
movement in net debt
Increase in cash in the period ##
Cash ow fROM decrease / (increase) in debt and
lease financing
Change in net debt resulting from cash sows ##
Non cash items
Loans acquired with acquisition
Movement in net debt in the period ##
Net debt at the start of the period
Net debt at the end of the period ##
The notes on pages I# to ## form part of these financial statements
Ligentia Group Limited
l# months to
#i December
###l
£
#,l##,# I#
(###,###)
(###,###)
(###,###)
(###,###)
I ,###,###
(### ,###)
I ,###,###
l,###,###
(###,###)
l,###,###
(s#,##s)
(###,###)
l,l l#,###
(#,# I #,###)
(#,###,###)
Directors‘ report and financial statements
For the I# month period ended ## December ####
I# months to
## June
####
£
(#,###,###)
(##,###)
(I # #,###)
(###,###)
(l ##. I ##)
#.###
(#,###,###)
#,###,###
I ##,###
###,###
(#.###. I ##)
(# ,###,# # #)
(#,###,Si#)
(l,###,###)
(#,###,###)
ll

Ligentia Group Limited
Directors‘ report and financial statements
For the ## month period ended #i December ####
Consolidated statement of total recognised gains and losses
for the I # month period ended # I December ##] I
Profit for the financial period
Net exchange differences on the re translation of net investments and related borrowings
Total gains recognised since last annual report
Reconciliation of movements in shareholders’ funds
for the I # month period ended # I December ##! I
Group
## December
##ll
£
Profill (loss) for the financial period ##,###
Dividends received -
Foreign exchange translation differences ##,###
Issued share capital -
Net increase in shareholders’ funds ##,###
#,#l#,###
#,###,###
Opening shareholders‘ funds
Closing shareholders‘ funds
The notes on pages l# to ## fonn part of these financial statements
Group
## June
####
£
###,###
#,###
#.###
#i l,###
l,###,###
#,#l#,###
l# months to
## December
##ll
£
#l,l##
l#,###
##,###
Company
## December
##]]
£
(i ##,###)
#,###,###
#,###,###
##,###
l,###,#l #
l# months to
## June
####
£
###,###
#.###
###,###
Company
## June
## l #
£
(l,###)
#,###
#,###
##,###
##,###
I#

Ligentia Group Limited
Directors’ report and financial statements
For the ## month period ended ## December ### l
Notes
(forming part of the flniznciol statements)
# Accounting policies
The following accounting policies have been applied consistently in dealing with items which are considered
material in relation to the financial statements
Basis of preparation
The financial statements have been prepared in accordance with applicable accounting standards, and under the
historical cost accounting lines
Going concern
The consolidated balance sheet shows net current liabilities at ## December ### # The pneumatIC driver for this is the
invoice discounting facility which sits within current liabilities The directors have considered the trading forecasts
of the group and expect the facility which is currently operating within in its limits to be cleared by operating cash
sows within the medium term The directors consider that there are sufficient financial facilities available to the
company and the group continue to operate, therefore the financial statements have been prepared on a going
concept basis
Basis of consolidation
The consolidated pronto and loss account and balance sheet include the financial statements of the company and its
subsidiary undertakings made up to ## December #### intra-group sales and prompts are eliminated fully on
consolidation
Goodwill
When the fair value of the consideration for an acquired undertaking exceeds the fair value of its separate net assets
the difference is treated as purchased goodwill and is capitalised and amortised through the pronto and loss account
over its deemed useful economic life of ## years
Fixed assets and depreciation
Fixed assets are stated at historical cost less depreciation
Depreciation is provided on all tangible axed assets, other than freehold land, at annual rates calculated to write off
the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows
Freehold Property over ## years
Flxtures and lettings and leasehold improvements ##% straight line
Office and Computer equipment ##% straight line
Motor vehicles ##% reducing balance
No depreciation is provided on freehold land
Foreign currencies
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction
Monetary assets and liabilities denominated in foreign currencies are translated using the contracted rate or the rate
of exchange ruling at the balance sheet date and the gains or losses on translation are included in the pronto and loss
account
The assets and liabilities of overseas subsidiary undertakings are translated at the closing exchange rates Profit and
loss accounts of such undertakings are consolidated at the average rates of exchange during the period Gains and
losses arising on these translations are taken to reserves, net of exchange differences arising on related foreign
currency borrowings
Investments/associates
In the company’s financial statements, investments in subsidiary undertakings, associates and _point ventures are
stated at cost In the group's financial statements, current and long-term ivestments are stated at cost
##

Ligentia Group Limited
Directors‘ report and financial statements
For the I# month period ended ## December ### I
Notes (continued)
# Accounting policies (continued)
Leases
Assets acquired under penance leases are capitalised and the outstanding future lease obligations are shown in
creditors Operating lease rentals are charged to the pronto and loss account on a straight line basis over the period of
the lease
Taxation
The charge of taxation is based on the pronto for the period and takes into account taxation deferred because of ‘
timing differences between the treatment of certain items for taxation and accounting purposes
l
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain
items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except as
otherwise required by FRS I#
Turnover
The tu mover shown in the pronto and loss account represents amounts invoiced during the period excluding VAT
and duty Revenue is recognised at the point of the date fan-iVal for imports and date of shipment for exports
Dividends on shares presented witless shareholders ’ funds
Dividends unpaid at the balance sheet date are only recognised as a liability at that date to the extent that they are l
appropriately authorised and are no longer at the discretion of the Company Unpaid dividends that do not meet I
these criteria are disclosed in the notes to the financial statements l
Cash and liquid resources
Cash, for the purpose of the cash ow sstatement, comprises cash in hand and deposits repayable on demand, less
overdrafts payable on demand Liquid resources are current asset investments which are disposable without
curtailing or disrupting the business and are either readily convertible into known amounts of cash at or close to
their can'ting values or traded in an active market
Post-retirement benefits
The group operates a deaned contribution pension scheme The assets of the scheme are held separately from those
of the group in an independently administered fund The amok.nit charged to the pronto and loss account represents
the contributions payable to the scheme in respect of the accounting period
# Turnover
The tu mover and pronto before tax are attributable to the one principal activity of the company An analysis is given
below
## months to
## December
####
£
United Kingdom ##,###,###
USA #.###.###
Far East #,###,###
Europe #,###,###
Rest of World #,###,###
#i ###.###
I# months to
## June
####
£
##,###,###
l ,###,###
###, l ##
###,###
###,###
##,###,#l#
##

Notes (continued)
# Exceptional items
Group restructure aNd new systems costs
Investment in Parish investment written-off
Exceptional items, other than the investment write-off, in the current period primary relate to redundancy costs and legal costs incurred
I# months to
## December
Z###
£
###,###
###,###
###,###
Ligentia Group Limited
Directors report and financial statements
For the I# month period ended ## December ### #
I# months to
## June
####
£
###,###
###,###
in restructure the UK group Exceptional items in the prior year [womanly related to costs of implementing new IT systems
# Operating pronto
Profit on ordinary activities is stated after charging/(crediting)
Auditors’ remuneration
Group and company
- audit
- other services
Depreciation and other amounts written off tangible and intangible axed assets
Owned
Leased
Amonisation of goodwill
Loss on sale of fixed assets
Operating lease rentals for assets other than land and buildings
Operating lease rentals for land and buildings
Exchange losses / (gains)
The audit fee of the Company is £#,###
# Directors
Remuneration in respect of directors was as follows
Emoluments receivable
Value of company pension contributions to money purchase schemes
Emoluments of highest paid director
Total emoluments (excluding pension contributions)
Value of company pension contributions to money purchase schemes
## months to
## December
####
£
##,###
##,###
###,###
##,###
###,###
##,###
##,###
###,###
##,###
## months to
## December
####
£
###,###
##,###
###,###
## months to
## December
####
£
###,###
##,###
###,###
I# months to
## June
####
£
##,###
##.###
# I #,###
##,###
##.###
##,# ##
# I #,###
(##,###)
## months to
## June
####
£
###,###
##.###
###,###
I# months to
## June
####
£
###,###
##,###
###,###
I#

Ligentia Group Limited
Directors‘ report and financial statements
For the ## month period ended ## December ### I
Notes (continued)
# Directors (continued)
The number of directors who accnied benefits under pension schemes was as follows
I# months to
## December
####
Number
Money purchase schemes #
# Staff costs
## months to
## June
####
Number
#
The average number of persons employed by the group (including directors) during the period, analysed by
category, was made up as follows
## months to
## December
####
Number
Administration, marketing and distribution ###
The aggregate payroll costs of these persons were as follows
## months to
## December
####
£
Wages and salaries #,###,###
Social security costs ###,###
Other pension costs ###,###
#,###,###
# Interest receivable and similar income
## months to
## December
####
£
Bank interest receivable and similar income ##
# Interest payable and similar charges
## months to
#i December
####
£
On bank loans and overdraws ###,###
On all other loans ##.###
Finance charges payable in respect of penance leases and hire purchase controls #,###
###,###
## months to
## June
####
Number
I##
## months to
## June
####
£
#,###,###
###,###
I ##.###
#,###,###
I# months to
## June
####
£
#,###
## mint.ha to
## June
####
£
##,###
#,###
###
##,###
##

Notes (continued)
# Taxation
Analysis of charge in year
UK COFPOTGIIOII tax
Current tax on income for the period
Ad]US##'l#C#‘i#S in respect of prior periods
Total current tax
Deferred tax (see note I#)
Origination/reversal of timing differences
Adjustment in respect of prior periods
Tax on pronto on ordinary activities
F actors affecting the lax charge for the current year
## months to
## December ####
£ £
###,###
(#,###)
I ## ,###
(##,###)
(##,###)
(##,###)
##,###
Ligentia Group Limited
Directors’ report and financial statements
For the ## month period ended ## December ### I
I# months to
## June ####
£ £
###,###
###,###
###.###
The current tax charge for the year is higher (#### higher) than the standard rate of corporation tax in the UK
(##%) The differences are explained below
CIUTEVII IHJ FECOVICIIIGIIOI#
Profit on ordinary activities before tax
Current tax at ## #% (#### ## #%)
Efiecls of
Expenses not deductible for tax purposes
Depreciation for period in excess fol (less than) capital allowances
Utilisation of tax losses
UK tax not at standard rate
Goodwill amortisation
/\C#_muslin#T###'#ls in respect of prior periods
Total current tax (see above)
## months to
## December
####
£
# ##,###
# # ,###
##,###
##,###
(#,###)
(# #,###)
##,###
(#,###)
###,###
## months to
## June
####
£
###,###
###,###
##,###
(##,###)
(##,###)
( # #,###)
##,###
###,###
##

Ligentia Group Limited
Directors’ report and financial statements
For the ## month period need
Notes (continued)
## Intangible axed assets
Group
Cos!
At l July ####
On acquisition of subsidiary and minority interests
At ## December ####
Amortisation
At # July ####
Provided during the period
At ## December ####
Net book value
At ## December ####
A###June ####
## Fixed asset investments
Associate
Group £
Cost
At beginning of year
Share of pronto in the period ##,###
Investment in Parish Investment written-off -
Converted to investment in subsidiary undertaking (##l,###
###,###
At end of year -
On I January ####, the company acquired a further ## #% equity interests in Ligentia China
Ligentia China became a subsidiary of the Group Details of the acquisition are disclosed in note ##
Company
Cost
At beginning of year
Disposals
At end of year
d ## December ### I
Goodwill
£
#,###,###
I , I ## ,###
#,###,### ,
#
###,###
###,###
###,###
#,###,###
#,###,###
Trade ,
investments #
c #
###,###
(###,###)
) _
Upon acquisition,
Trade
investments
£ #
l
l
#,###,###
(###,###)
#,###,###
E#

Notes (continued)
## Fixed assets (continued)
Ligentia Group Limited
Directors’ report and financial statements
For the ## month period ended ## December ### I
At ## December ### # the company owned ###% of the allotted share capital of the following undertakings
Subsidiary undertakings Country of
incorporation
Ligentia informational Ltd England
Ligentia Logistics Ltd England
Ligentia Air Ltd England
Ligentia Asia Ltd Hong Kong
Ligentia China (Hong Kong) Ltd Hong Kong
Ligentia Information Consulting
(Shenzhen company Ltd)
Dolphin Logistics Ltd
Redfem Logistics Ltd
Dolphin Terminals Ltd
intersurvey Global Solutions Ltd
Dolphin Management Services (GB) Ltd
Dolphin informational Freight Services Ltd
Dolphin informational Freight Services (UK) Ltd
Oceanlink Logistics Ltd
Sportsensor Ltd
Redfem Transports Ltd
Redfem Sea and Air Transports Ltd
## Tangible assets
Group
Cost and valuation
At beginning of year
Additions
Acquisition oaf subsidiary
Disposals
At end of year
Accumulated depreciation
At beginning of year
Charged in period
Acquisition oaf subsidiary
On disposals
At end of year
Net book value
At ## December ####
At ## June ####
Freehold
property
£
###,###
##,###
China
England
England
England
England
England
England
England
England
England
England
England
Leasehold
Improvement
Fixtures and
lettings
£
###,###
###,###
##,###
(##,###)
Principal
activity
Logistics
Logistics
Logistics
Logistics
Logistics
Logistics
Dormant
Dormant
Donnant
Dormant
Dormant
Dormant
Dormant
Dormant
Dormant
Don-nan
Dpennant
Motor
vehicles
£
##,###
##,###
(##,###)
Class and percentage
Office and
computer
equipment
#
###,###
###,###
##,###
(###,###)
of shares held
Ordinary ###%
Ordinary ###%
Ordinary ###%
Ordinary ###%
Ordinary ##%
Ordinary ###%
Ordinary ###%
Ordinary ###%
Ordinary ###%
Ordinary ###%
Ordinary ###%
Ordinary ###%
Ordinary ###%
Ordinary ###%
Ordinary ###%
Ordinary ###%
Ordinary ###%
Total
£
#,###,###
###,###
##,###
(###,###)
###,###
###,###
##,###
###,###
##,###
##,###
##,###
###,###
##,###
(##,###)
##,###
##,###
(##,###)
###,###
###,###
##,###
(###,###)
#,###,###
###,###
###,###
##,###
(###,###)
###,###
###,###
##,###
###,###
###,###
###.###
###,###
##,###
###,###
# ,### ,###
###,###
###,###
##,###
###,###
#,###,###
Included within the net book value IS £##,### (#### £ml) relating to assets held under penance leases and hire
purchase agreements The depreciation charged to the financial statements in the year in respect of such assets
amounted to £##,### (#### £nil)
##

N#t€S (continued)
## Current asset investments
Shares at cost
## Debtors
Group
#i December
####
£
Trade debtors #,###,###
Amounts owed by group undertakings -
Other debtors #,###,###
Prepayments and accrued Income ###.###
Deferred tax asset ##,###
##,###,###
## Credltors: amounts falling due within one year
Group
## December
####
£
Bank loan and overdrafts
Trade creditors #,###,###
Amounts owed to group undertakings -
Corporatlon tax ###,###
Other taxation and social security ###,###
Accruals and deferred Income ###,###
Oblrgatrons under penance leases and hire
purchase contracts ##,###
#,###,###
Group
## June
####
£
I #,###,###
#,###,###
###,###
##,###,###
Group
# # .# rune
####
£
#,###,###
#,###,###
I ##,# I#
#,###,###
###,###
#,###
Lrgenna Group Lnmnted
Directors' report and financial statements
For the ## month period ended ## December ### l
Company
## December
####
£
# ,###.###
# ,###,###
#,###,###
Company
## December
####
£
#,###,###
##,###
Group and
company
£
###,###
Company
## June
####
£
#,###,###
#,###,###
Company
## June ####
£
###.###
#,###,###
#,###
##,###
##,###,###
##,###,###
#,###,###
#,###,###
The group has an volcano discount facruelty of £#m Included Waltham bank loans and overdrafts is £# #m
representing the amount drawn down against this factuality at the balance sheet date
#
# l

##
N#tee (continued)
## Creditors: amounts falling due after more than one year
Bank loan
Oblngatlons under penance leases and hire purchase contracts
Analysns ofdcbt as falling due:
Wrthm one year
Between one and two years
Between two and eve years
Afier more than eve years
Lngentla Group LlI‘I##led
Drrectors’ report and financial statements
For the ## month period ended ## December ####
Group
## December
####
£
###,###
##,###
###.###
Group
## December
####
£
#,###,###
##,###
##,###
#,###,###
Bank loans are secured by way of axed charges over the freehold properties
The maturer ofobllgatlons under penance leases and hire purchase contracts is as follows
Wlthm one year
Between one and two years
Between two and eve years
Deferred tax asset
Group and company
At ## June ####
Credrt to the pronto and loss for the year
At ## December ####
Group
## December
####
£
##,# I#
##,###
##,###
Group
## June
####
£
###,###
###,###
Group
## June
####
£
#,###,###
## ,## #
###,###
#,###,###
Group
## June
####
£
#,###
#,###
Deferred
taxation
£
##,###
##,###
The deferred tax asset unmanly relates to axed asset t#ming differences Due to uncertainty over their recoverable, tax losses
of£l##,### have not been recognised

Notes (construed)
## Called up share capital
Allaned, called up and fully nude
At I July Z###
##,### Ordmary shares of £# each
#,### Ordmary A shares of£l each
Issued ### the period
###,### Ordmary shares of£l each
##,### Ordmary A shares of‘£l each
At ## December ####
## Share premium
Group
At ## June #### and at ## December ####
## Reserves
Group
At beginning offend
Prot for the ###‘l##'#C#l pend
Echange fld_]#.#S##'#’#CI'l#S
Capltalrsed and Issued ###,### new shares
At end of period
Ligentia Group Limited
Dnrectors‘ report and financial statements
For the ## month period ended ## December ### #
#i December
Z###
£
##,###
# ,## #
###,###
# #,###
###,###
Capltal
Redemptwn
Reserve
£
#,###
#,###
## June
####
£
##,###
#,###
##,###
Share premium
£
#,###
Profit and
loss account
£
#,###,###
##,###
##,###
(###,###)
#,###,###
## #

LIgentIa Group LImIted
DIrectors‘ report and financial# statements
For the ## month period ended ## December ### #
N#tee (continued)
## Reserves (continued)
Company
At be Ginning offend
Ltoss for the financial period
DIvIdend received from subsidiary undertaking
CapIta#Ised and Issued ###,### new shares
At end of period
## FinancIal commitments
Operating leases
Profit and loss
account
£
(###)
(###,###)
#,###,###
(###,###)
#,###,###
At ## December ### # the company had annual commandments under non-cancellate ooperate leases as follows
Land and Land and
buildings Other bulldogs
Group ## December ## December ## June
#### #### ####
Other
## June
####
£ £ £ £
ExpIry date:
WIthIn one year ###,### ##,### ###,###
In the second to fifth year InclusIve ###,### #,### ###,###
#,###
##,###
## Related party transactions
The company and the group were under control of Mr RNR Jones throughout the current and previous years Mr
RNR Jones Is the ChIef Execuuve Officer and majority shareholder At ## December ### # an amount of £###,###
(#### £###,###) was owed by Mr RNR Jones which Is Included In other debtors In note ## The maximum balance
outstanding dung the year was £###,### (#### £###,###) The loan Is unsecured and non Interest bearing
Dunng the period consultancy services were purchased from two companies where Mr DV Dockray was a director
These purchases amounted to £##,### Mr Dockray re Signed as a director of the company on # July ### #
## ReconcI#IatIon ##' operating pronto to operating cash flows
## months to
## December
####
£
Operating pronto
DeprecIatIon, amorousness and ImpaIrrnent charges ###,###
Loss on sale of axed assets ##,###
(Increase)/decrease In debtors #,###,###
Increase/(decrease) In creditors (#,###,###)
###,###
Net cash ow fROM operating actives #,###,###
## months to
## June
####
£
###,###
###,###
#,###
(#,###,###)
#,###,###
(#,###,###)
##

N#t€S (continued)
## AnalysIs of cash ow
## months to
## December ####
£ £
Returns on Investment and servicing of penance
Interest received
Interest paid
Interest element of penance lease rental payments
CapIta# expenditure and financial Investment
Purchase of tangible#e axed assets
Proceeds from sale tangible#e axed assets
AcquIsItIons
Purchase of Subsidiary undertaking
Cash acquired with subsidiary
Fmancmg
Net (repayment) / receipt of loans
CapItal element ordnance leases
## AnalysIs of net debt
Cash In hand, at bank
Debt due within one year
Debt due after one year
Fmance leases
Total
## Post balance sheet events
##
(###,###)
(#.###)
(###,###)
#,###
(#Is,###)
I##,###
(s##,###)
(##,###)
At beginning
of period
£
###,###
(###,###)
(###,###)
(###,###)
(# ## ,###)
LIgentIa Group LImIted
DIrectors‘ report and financial statements
For the ## month period ended ## December ### #
## months to
## June ####
£ £
#,###
(##,###)
(###)
(###,###)
##,###
(###,###)
#,###,###
(##,###)
AcquIsItIon Non-cash
Cash ow
£
#,###,###
£
£
(##,###)
(###,###)
(###,###)
#,###,###
At end of
period
£
#,###,###
## #,###
(#,###,###)
( I ##,## I )
(#,###)
#,###,###
###,###
##,###
##,###
(###,###)
(##,###)
#,###,###
(#,###.###)
(###,###)
(##,###)
(#,###,###)
#,###,###
(###,###) (##,###)
(#,###,###)
On # January ####, there was a restructure of the UK group that c#prised
# The format Ion oaf new subsidiary company named LIgentIa Holdmgs LImIted
v The transfer of the shareholding In LIgentIa Intematlonal LImIted, LIgentIa LogIstIcs LImIted and LIgentIa AIr
LImIted, from LIgentIa Group LImIted to LIgentIa Holdlngs LImIted
# The transfer of the trade, assets and liabilities of LIgentIa AIr LImIted and LIgentIa LogIstIcs LImIted were
transferred to Llgentla #cremation# LImIted
##

LIgentIa Group LImIted
DIrectors‘ report and financial statements
For the ## month period ended ## December ####
N#tee (continued)
## Acquisttion of a subsidiary
On # January ####, the company acquired an additional ## #% equity Interest In Llgentla Chma (Hong Kong)
LImIted for a consideration of £###,# ##
The provisional fair value of net assets acquired In the transaction, and the good Will arising, are as follows
£
FIxed assets ##,###
Trade receivables #,###,###
DeposIts and prepayments ###,###
Cash and cash equivalents ###,###
Trade and other payables (#,###,###)
Bank borrowings (###,###)
Loan payables (##,###)
Current taxation (#,###)
Net alibi#Ities (###,###)
MInonty Interests #,###
Interests transferred from associated company (###,###)
GoodwIll recognised ###,###
ConsIderatIon ###,###
In the year preceding acquisition (year ended ## December ####) LIgentIa ChIna (Hong Kong) LImIted generated
prompts of£###,###
## AcquIsItIon of additional Interest In a subsidiary
On # July #### and I September ### l, the company acquired ##% and ##% of the Issued shares of LIgentIa ChIna
(Hong Kong) LImIted for a purchase consideration of£###,### The group holds ##% of the equity share capital of
LIgentIa ChIna (Hong Kong) LImIted at #i December #### The carrying amount of the minority Interests on the
dates acquisition#n were £#,### and £#,### respectively The group de Recognised minority Interests of£##,### and
resulted In an Increase In good Will of £###,### The effect of changes In the owners Hip Interest of LIgentIa Chma
(Hong Kong) LImIted on the equity attributable to owners of the company during the period #S summarised as
follows
£
Carrymg amount of Minority Interest acquired (##,###)
ConsIderatIon paid to minority Interests ###,###
GoodwIll recognised ###,###
##

LIgentia Group LImIted
DIrect#is‘ report and financial statements
For the ## month period ended ## December ### #
Notes (conundrum)
‘ #
# MinorIty interest
At Stan of period
ArIsIng on business acquisition
Profit In the period
AcquIsitIon of Minority Interest
As end of period
£
(#,###)
##,###
(##,###)
##,###