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REGISTERED NUMBER: 07606519 (England and Wales)




















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2023

for

March (Holdings) Limited

March (Holdings) Limited (Registered number: 07606519)






Contents of the Consolidated Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditors 5 to 8

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16 to 28


March (Holdings) Limited

Company Information
for the year ended 31 March 2023







DIRECTORS: Mr M B Chapman
Mrs L A Chapman
Mrs L Miller
Mr D Chapman





SECRETARY: Mr G S Allard





REGISTERED OFFICE: 8 High View Close
Vantage Business Park
Leicester
Leicestershire
LE4 9LJ





REGISTERED NUMBER: 07606519 (England and Wales)





AUDITORS: Clifford Roberts
Chartered Accountants &
Statutory Auditors
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL

March (Holdings) Limited (Registered number: 07606519)

Group Strategic Report
for the year ended 31 March 2023

The directors present their strategic report of the company and the group for the year ended 31 March 2023.

REVIEW OF BUSINESS
The Group's principal activity continues to be that of a palletised freight network throughout the UK. Group turnover for the year under review is £14,109,858 compared to £13,655,027 for the year ended 31 March 2022, an increase of 3.3%. Consolidated profit before taxation for the year is £4,975,294 compared to £4,465,771 for the prior year.

At the year end the group had consolidated shareholders funds of £21,726,703 including distributable reserves of £21,724,251. The directors therefore believe the company's position to be satisfactory and are optimistic for the future, especially as the company's current assets exceed its current liabilities by £21,114,277.

PRINCIPAL RISKS AND UNCERTAINTIES
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review by the directors and management. Compliance with regulation, legal and ethical standards is a high priority for the group.

The group has developed a framework for identifying the risks it faces and the directors have assessed the main risks to the business as being its dependency on the performance of the UK economy. The company provides services to businesses primarily in the UK and is therefore dependent on the performance of the UK economy. The directors are confident of the continued growth and long term stability of the business, particularly with pallet numbers increasing.

The group finances its business through its shareholder funds and so the impact of any fluctuation in the bank interest rate is insignificant.

FUTURE DEVELOPMENTS
The group continues to grow in respect of the number of pallets moved on a nightly basis. The group will continue to develop its internal systems and IT infrastructure in the coming year which will maintain United Pallet Network (UK) Limited's, a subsidiary company, position as a market leader within our sector.

KEY PERFORMANCE INDICATORS
We have made significant progress throughout the year in relation to the key elements of our strategy, the board monitors the progress by reference to the following KPI's:

2023 2022

Increase in turnover 3.3% 33.0%

Gross profit percentage 75.3% 74.4%

Operating profit percentage 41.8% 40.4%

Liquidity ratio 6.2 5.0

All of the above ratios are defined in UK Generally Accepted Accounting Practice.

ON BEHALF OF THE BOARD:





Mr M B Chapman - Director


25 July 2023

March (Holdings) Limited (Registered number: 07606519)

Report of the Directors
for the year ended 31 March 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of palletised freight network.

DIVIDENDS
No interim dividends were paid during the year ended 31st March, 2023

The directors recommend final dividends per share as follows:

Ordinary A £0.01 shares £1.71
Ordinary C £0.01 shares £5.61
Ordinary D £0.01 shares £164.47
Ordinary E £0.01 shares £17.13

The total distribution of dividends for the year ended 31st March, 2023 will be £1,925,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

Mr M B Chapman
Mrs L A Chapman
Mrs L Miller
Mr D Chapman

DISCLOSURE IN THE STRATEGIC REPORT
The disclosures relating to events occurring after the year end, likely future developments and research and development activities are disclosed within the strategic report in accordance with s.414C(11) CA 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

March (Holdings) Limited (Registered number: 07606519)

Report of the Directors
for the year ended 31 March 2023


AUDITORS
The auditors, Clifford Roberts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr M B Chapman - Director


25 July 2023

Report of the Independent Auditors to the Members of
March (Holdings) Limited

Opinion
We have audited the financial statements of March (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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
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 group's and the parent 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
March (Holdings) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
March (Holdings) Limited


Auditors' 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 a Report of the Auditors 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:

- We obtained an understanding of the legal and regulatory framework applicable to the company and
the sector in which they operate. We determined that the following laws and regulations were most
significant: the Companies Act 2006, UK Generally Accepted Accounting Practice and UK corporate
taxation laws.
- We obtained an understanding of how the company is complying with those legal and regulatory
frameworks by making inquiries to the management and by observing the oversight of management,
the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud
prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which
could persuade individuals not to commit fraud in the first instance . We corroborated our inquiries
through our review of all relevant available audit information.
- We assessed and understood the susceptibility of the company's financial statements to material
misstatement, including how fraud might occur. Based on this understanding we designed our audit
procedures to identify non-compliance with such laws and regulations. The audit procedures
performed by the engagement team included:
> Identifying and assessing the design and effectiveness of controls management has in place to
prevent and detect fraud;
> Understanding of how senior management considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
> Challenging assumptions and judgements made by management in its significant accounting
estimates;
> Performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness, evaluating the business rationale of significant
transactions outside the normal course of business and reviewing accounting estimates for bias;
and,
> Assessing the extent of compliance with relevant laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
March (Holdings) Limited


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 a Report of the Auditors 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.




Adam Billingham BA (Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of Clifford Roberts
Chartered Accountants &
Statutory Auditors
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL

25 July 2023

March (Holdings) Limited (Registered number: 07606519)

Consolidated
Statement of Comprehensive
Income
for the year ended 31 March 2023

2023 2022
Notes £    £   

TURNOVER 4 14,109,858 13,655,027

Cost of sales 3,484,438 3,491,277
GROSS PROFIT 10,625,420 10,163,750

Administrative expenses 4,727,856 4,696,870
5,897,564 5,466,880

Other operating income - 48,553
OPERATING PROFIT 6 5,897,564 5,515,433

Interest receivable and similar income 273,687 9,784
6,171,251 5,525,217

Interest payable and similar expenses 7 6,351 5,200
PROFIT BEFORE TAXATION 6,164,900 5,520,017

Tax on profit 8 1,189,606 1,054,246
PROFIT FOR THE FINANCIAL YEAR 4,975,294 4,465,771

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

4,975,294

4,465,771

Profit attributable to:
Owners of the parent 4,975,294 4,465,771

Total comprehensive income attributable to:
Owners of the parent - -

March (Holdings) Limited (Registered number: 07606519)

Consolidated Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 646,636 905,850
Investments 13 - -
646,636 905,850

CURRENT ASSETS
Stocks 14 90,930 52,115
Debtors 15 4,546,240 3,964,393
Cash at bank and in hand 20,547,038 18,226,399
25,184,208 22,242,907
CREDITORS
Amounts falling due within one year 16 4,069,981 4,449,631
NET CURRENT ASSETS 21,114,227 17,793,276
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,760,863

18,699,126

CREDITORS
Amounts falling due after more than one
year

17

(7

)

(7

)

PROVISIONS FOR LIABILITIES 20 (34,153 ) (22,711 )
NET ASSETS 21,726,703 18,676,408

CAPITAL AND RESERVES
Called up share capital 21 2,432 2,432
Other reserves 22 20 20
Retained earnings 22 21,724,251 18,673,956
SHAREHOLDERS' FUNDS 21,726,703 18,676,408

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2023 and were signed on its behalf by:





Mr M B Chapman - Director


March (Holdings) Limited (Registered number: 07606519)

Company Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 3,042 3,227
Investments 13 3,380 3,380
6,422 6,607

CURRENT ASSETS
Debtors 15 82,781 71,722
Cash at bank 17,728,295 14,326,470
17,811,076 14,398,192
CREDITORS
Amounts falling due within one year 16 504,195 132,694
NET CURRENT ASSETS 17,306,881 14,265,498
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,313,303

14,272,105

CREDITORS
Amounts falling due after more than one
year

17

7

7
NET ASSETS 17,313,296 14,272,098

CAPITAL AND RESERVES
Called up share capital 21 2,432 2,432
Retained earnings 22 17,310,864 14,269,666
SHAREHOLDERS' FUNDS 17,313,296 14,272,098

Company's profit for the financial year 4,966,198 2,999,198

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2023 and were signed on its behalf by:





Mr M B Chapman - Director


March (Holdings) Limited (Registered number: 07606519)

Consolidated Statement of Changes in Equity
for the year ended 31 March 2023

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   

Balance at 1 April 2021 2,432 14,833,185 20 14,835,637

Changes in equity
Dividends - (625,000 ) - (625,000 )
Total comprehensive income - 4,465,771 - 4,465,771
Balance at 31 March 2022 2,432 18,673,956 20 18,676,408

Changes in equity
Dividends - (1,925,000 ) - (1,925,000 )
Total comprehensive income - 4,975,294 - 4,975,294
Balance at 31 March 2023 2,432 21,724,250 20 21,726,702

March (Holdings) Limited (Registered number: 07606519)

Company Statement of Changes in Equity
for the year ended 31 March 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2021 2,432 11,895,468 11,897,900

Changes in equity
Dividends - (625,000 ) (625,000 )
Total comprehensive income - 2,999,198 2,999,198
Balance at 31 March 2022 2,432 14,269,666 14,272,098

Changes in equity
Dividends - (1,925,000 ) (1,925,000 )
Total comprehensive income - 4,966,198 4,966,198
Balance at 31 March 2023 2,432 17,310,864 17,313,296

March (Holdings) Limited (Registered number: 07606519)

Consolidated Cash Flow Statement
for the year ended 31 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,754,193 4,302,170
Interest paid (6,351 ) (5,200 )
Tax paid (1,023,527 ) (741,744 )
Net cash from operating activities 3,724,315 3,555,226

Cash flows from investing activities
Purchase of tangible fixed assets (41,868 ) (103,034 )
Sale of tangible fixed assets - 44,958
Interest received 273,687 9,784
Net cash from investing activities 231,819 (48,292 )

Cash flows from financing activities
Amount introduced by directors 600,000 429,130
Amount withdrawn by directors (310,495 ) (465,969 )
Equity dividends paid (1,925,000 ) (625,000 )
Net cash from financing activities (1,635,495 ) (661,839 )

Increase in cash and cash equivalents 2,320,639 2,845,095
Cash and cash equivalents at
beginning of year

2

18,226,399

15,381,304

Cash and cash equivalents at end of
year

2

20,547,038

18,226,399

March (Holdings) Limited (Registered number: 07606519)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 6,164,900 5,520,017
Depreciation charges 298,192 307,700
Loss on disposal of fixed assets 2,889 10,337
Finance costs 6,351 5,200
Finance income (273,687 ) (9,784 )
6,198,645 5,833,470
Increase in stocks (38,815 ) (41,801 )
Increase in trade and other debtors (582,629 ) (418,131 )
Decrease in trade and other creditors (823,008 ) (1,071,368 )
Cash generated from operations 4,754,193 4,302,170

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 20,547,038 18,226,399
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 18,226,399 15,381,304


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 18,226,399 2,320,639 20,547,038
18,226,399 2,320,639 20,547,038
Total 18,226,399 2,320,639 20,547,038

March (Holdings) Limited (Registered number: 07606519)

Notes to the Consolidated Financial Statements
for the year ended 31 March 2023

1. COMPANY INFORMATION

The entity is a limited company incorporated within the UK. Its registered office is:

8 High View Close
Vantage Business Park
Leicester
Leicestershire
LE4 9LJ

The principal place of business is:

Common Lane
Fradley Park
Lichfield
Staffordshire
WS13 8NQ

The group carries out the principal activity of a palletised freight network within the UK.

2. STATUTORY INFORMATION

March (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the historic cost convention expect for the modification to fair value basis for certain financial instruments as specified in the accounting policies below.

Both this year and the prior year the financial statements have been prepared under FRS102. The financial statements are presented in Sterling (£).

The group financial statements consolidate the financial statements of March (Holdings) Limited and all its subsidiary undertakings drawn up to 31 March each year.

March (Holdings) Limited (Registered number: 07606519)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

3. ACCOUNTING POLICIES - continued

Basis of consolidation
The company has accounted for the group reconstruction as a merger on the basis that the group was created via a share for share exchange not via a purchase. In normal acquisitions of subsidiaries and businesses, the acquisition would be accounted for under the purchase method, whereby the cost of the business combination is measured at the aggregate of the fair value of assets given, liabilities incurred or assumed and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination.

Any excess of the cost of the business combination over the acquirer's interests in the net fair value of identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination the excess is recognised separately on the face of the consolidated balance sheet.

The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group. Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of the subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

There are no sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover represents the invoiced amount of goods sold, stated net of value added tax. The turnover and pre-tax profit is attributable to the Hub charges which are recognised at the point the service is provided and membership fees which have been deferred over the period of the membership.

March (Holdings) Limited (Registered number: 07606519)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 25% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on cost and 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer software - 25% on cost and 25% on reducing balance

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affect asset is estimated and compared with the carrying amount. If estimated recoverable amount is lower, the carry amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment subsequently reverses, the carrying amount of the asset is increased to revised the estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

March (Holdings) Limited (Registered number: 07606519)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Trade debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Trade creditors
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.

Provisions for liabilities
Provisions are recognised when the group has a present legal or constructive obligation as a result of a past event, it is probable that the group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking in to account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost int he profit or loss in the period it arises.

The group recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

4. TURNOVER

The group classifies its revenue as all generated from within the UK and all funds generated by one class of business.

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,123,984 4,308,342
Social security costs 473,493 467,093
Other pension costs 79,246 85,354
4,676,723 4,860,789

The average number of employees during the year was as follows:
2023 2022

Directors 4 4
Key Management 4 3
Administration 29 30
Warehouse 71 70
108 107

March (Holdings) Limited (Registered number: 07606519)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

5. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 140,726 509,270
Directors' pension contributions to money purchase schemes 2,044 1,797

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 361,179 357,416
Other operating leases 5,670 5,159
Depreciation - owned assets 298,193 307,321
Loss on disposal of fixed assets 2,889 10,337
Key management personnel compensation in total 714,152 655,948
Auditors Remuneration 4,500 3,400
Auditors Remuneration - Other Services 6,950 7,200
Grant income - 48,553

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other finance cost payable 6,351 5,200

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 1,210,951 1,049,114
Overprovision prior year (32,788 ) -
Total current tax 1,178,163 1,049,114

Deferred tax 11,443 5,132
Tax on profit 1,189,606 1,054,246

March (Holdings) Limited (Registered number: 07606519)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 6,164,900 5,520,017
Profit multiplied by the standard rate of corporation tax in the UK of
19 % (2022 - 19 %)

1,171,331

1,048,803

Effects of:
Expenses not deductible for tax purposes 777 25,841
Depreciation in excess of capital allowances 38,238 24,708
Adjustments to tax charge in respect of previous periods (32,788 ) (52,202 )
Profit & Loss on disposal 548 1,964
Tax Losses C/fwd 57 -
Deferred tax movement timing 4,271 5,132
Deferred tax movement tax rate change 7,172 -
Total tax charge 1,189,606 1,054,246

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


10. DIVIDENDS

2023 2022
£ £

Ordinary A shares of £0.01 each - Final 300,000 200,000
Ordinary C shares of £0.01 each - Final 300,000 200,000
Ordinary D shares of £0.01 each - Final 1,200,000 90,000
Ordinary E shares of £0.01 each - Final 125,000 135,000
1,925,000 625,000

March (Holdings) Limited (Registered number: 07606519)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

11. INTANGIBLE FIXED ASSETS

Company
Computer
software
£   
COST
At 1 April 2022
and 31 March 2023 200,000
AMORTISATION
At 1 April 2022
and 31 March 2023 200,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2022 1,079,539 224,411 142,801
Additions - 14,945 26,136
Disposals - - (10,421 )
At 31 March 2023 1,079,539 239,356 158,516
DEPRECIATION
At 1 April 2022 435,549 79,992 55,928
Charge for year 265,917 3,796 20,672
Eliminated on disposal - - (7,532 )
At 31 March 2023 701,466 83,788 69,068
NET BOOK VALUE
At 31 March 2023 378,073 155,568 89,448
At 31 March 2022 643,990 144,419 86,873

March (Holdings) Limited (Registered number: 07606519)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

12. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles software Totals
£    £    £   
COST
At 1 April 2022 49,400 34,207 1,530,358
Additions - 787 41,868
Disposals - - (10,421 )
At 31 March 2023 49,400 34,994 1,561,805
DEPRECIATION
At 1 April 2022 20,769 32,270 624,508
Charge for year 7,158 650 298,193
Eliminated on disposal - - (7,532 )
At 31 March 2023 27,927 32,920 915,169
NET BOOK VALUE
At 31 March 2023 21,473 2,074 646,636
At 31 March 2022 28,631 1,937 905,850

Company
Fixtures
and Computer
fittings software Totals
£    £    £   
COST
At 1 April 2022 3,136 1,313 4,449
Additions - 787 787
At 31 March 2023 3,136 2,100 5,236
DEPRECIATION
At 1 April 2022 981 241 1,222
Charge for year 539 433 972
At 31 March 2023 1,520 674 2,194
NET BOOK VALUE
At 31 March 2023 1,616 1,426 3,042
At 31 March 2022 2,155 1,072 3,227

March (Holdings) Limited (Registered number: 07606519)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 3,380
NET BOOK VALUE
At 31 March 2023 3,380
At 31 March 2022 3,380

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

United Pallet Network (UK) Limited
Registered office: 8 High View Close, Vantage Park, Leicester, LE4 9LJ
Nature of business: Transport Hub
%
Class of shares: holding
Ordinary A/B/C 100.00
2023 2022
£    £   
Aggregate capital and reserves 4,416,993 4,391,194
Profit for the year 4,025,799 3,879,362

March (Property & Developments) Limited
Registered office: 8 High View Close, Vantage Park, Leicester, LE4 9LJ
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 100 16,429
Profit/(loss) for the year 358 (3,334 )

March (Estates) Limited
Registered office: 8 High View Close, Vantage Park, Leicester, LE4 9LJ
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (535 ) (237 )
Loss for the year (298 ) (337 )


March (Holdings) Limited (Registered number: 07606519)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

14. STOCKS

Group
2023 2022
£    £   
Stocks 90,930 52,115

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 3,382,032 3,282,084 2,725 -
Amounts owed by group undertakings - - 20,724 50,734
Other debtors 232,081 51,472 - -
Tax - 782 - -
Prepayments and accrued income 932,127 630,055 59,332 20,988
4,546,240 3,964,393 82,781 71,722

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 1,141,566 1,042,617 - 1,087
Amounts owed to group undertakings - - - 1,349
Tax 740,951 587,097 102,712 64,641
Social security and other taxes 121,762 139,356 - -
Net wages 10,341 423 - -
VAT 629,632 480,874 49,838 3,807
Other creditors 68,329 476,167 - -
Directors' current accounts 347,896 58,391 347,896 58,391
Accruals and deferred income 1,009,504 1,664,706 3,749 3,419
4,069,981 4,449,631 504,195 132,694

There is a fixed charge over all assets present assets and a first floating charge over all assets or undertakings of a subsidiary company, both present and future, in favour of HSBC UK Bank PLC. The subsidiary is included within the consolidated financial statements.

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Other creditors 7 7 7 7

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

March (Holdings) Limited (Registered number: 07606519)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 1,407,323 1,434,453
Between one and five years 2,399,473 3,422,584
In more than five years 495,104 818,913
4,301,900 5,675,950

19. FINANCIAL RISK MANAGEMENT

The company has some exposure to credit, network, liquidity and market risks. These risks are limited by the company's financial management policies and practices described below.

Credit risk
The company offer credit terms to its customers which allows payment of the debt at a future specified time. The company mitigates this risk by maintaining strong customer relationships and regular analysis its sales ledger for troubled customers, but as an ultimate failsafe the group and its members are able to take advantage of the safeguard fund.

Liquidity risk
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities. Currently based on the cash reserves this is not deemed a significant risk.

Market risk
There is a market risk associated with the fluctuation in demand for the products and services provided. Most of this is mitigated by monitoring the markets and implementing strategies to deal with the identified risks.

Network coverage risk
The company is exposed to the risk of member either leaving the network or going into liquidation which impacts on network coverage. This is mitigated by continually reviewing the members area coverage and if required consolidation of that area, a continual drive to recruit new members, particularly in specific regions and the network support charge which helps fund areas in need of coverage.

The company holds no derivative financial instruments at the year end.

20. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 34,153 22,711

Group
Deferred
tax
£   
Balance at 1 April 2022 22,711
Provided during year 11,442
Balance at 31 March 2023 34,153

March (Holdings) Limited (Registered number: 07606519)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid
Number: Class: Nominal 2023 2022
Value: £ £
175,104 A Ordinary £0.01 1,751 1,751
53,504 C Ordinary £0.01 535 535
7,296 D Ordinary £0.01 73 73
7,296 E Ordinary £0.01 73 73
2,432 2,432

Called Up Share Capital - represents the nominal value of shares that have been issued. Each issued share capital ranks equally in respect of voting, dividends and repayment of capital.

22. RESERVES

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1 April 2022 18,673,957 20 18,673,977
Profit for the year 4,975,294 - 4,975,294
Dividends (1,925,000 ) - (1,925,000 )
At 31 March 2023 21,724,251 20 21,724,271

Company
Retained
earnings
£   

At 1 April 2022 14,269,666
Profit for the year 4,966,198
Dividends (1,925,000 )
At 31 March 2023 17,310,864

Retained Earnings - includes all current and prior period retained profits and losses.

Other Reserve - this includes the share capital not eliminated on consolidation, which is not deemed to be minority interest.

March (Holdings) Limited (Registered number: 07606519)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2023

23. RELATED PARTY DISCLOSURES

During the year the company traded with related parties, all balance outstanding at the year end were trading balances and the payment of these outstanding items to fall within the normal terms of business.





Sales


Purchases

Sales
Ledger

Purchase
Ledger
Other
Credit
Balances

Dividends
paid
£ £ £ £ £ £

Control/significant
influence over entity

-

-

-

-

347,896

1,925,000
The entity has
significant influence
over


15,048,847


683,852


3,363,463


114,887


-


-
Other related parties - - - - - -
15,048,847 683,852 3,363,463 114,887 347,896 1,925,000
.