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REGISTERED NUMBER: 01976742 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

MONTAD LIMITED

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Statement of Financial Position 1

Notes to the Financial Statements 2 to 8


MONTAD LIMITED (REGISTERED NUMBER: 01976742)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

31.3.23 31.3.22
Notes £    £   
FIXED ASSETS
Intangible assets 5 17,555 22,645
Property, plant and equipment 6 2,015,073 293,443
2,032,628 316,088

CURRENT ASSETS
Inventories 17,673 92,903
Debtors 7 3,383,401 3,297,540
Cash at bank and in hand 53,795 34,369
3,454,869 3,424,812
CREDITORS
Amounts falling due within one year 8 (2,652,039 ) (1,920,301 )
NET CURRENT ASSETS 802,830 1,504,511
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,835,458

1,820,599

CREDITORS
Amounts falling due after more than one
year

9

(1,045,518

)

(139,339

)

PROVISIONS FOR LIABILITIES (163,101 ) (48,936 )
NET ASSETS 1,626,839 1,632,324

CAPITAL AND RESERVES
Called up share capital 25,000 25,000
Retained earnings 1,601,839 1,607,324
1,626,839 1,632,324

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:





J O'Reilly - Director


MONTAD LIMITED (REGISTERED NUMBER: 01976742)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

MONTAD LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01976742

Registered office: C/o DPC Accountants
Stone House
55 Stone Road Business Park
Stoke on Trent
Staffordshire
ST4 6SR

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on the going concern basis which assumes that the company will continue to trade for the foreseeable future, and continue to receive the support from the fellow group companies.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
(a) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

(i) Useful economic lives for tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the notes to the financial statements for the carrying amount of the property improvements, plant, fixtures and motor vehicles, and the accounting policies for the useful economic lives for each class of assets.

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See the notes to the financial statements for the net carrying amount of the debtors.

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

REVENUE RECOGNITION
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

The company offers transport and logistic services across the UK and Europe. Revenue is recognised in the accounting period in which the services are rendered when the outcome of the contract can be estimate reliably. Turnover is recognised once the goods have been picked up and delivered to the relevant destination.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% reducing balance
Fixtures and fittings - 20% reducing balance
Motor vehicles - Straight line over 6 years

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

STOCKS
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


MONTAD LIMITED (REGISTERED NUMBER: 01976742)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates for monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

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

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

IMPAIRMENT OF FIXED ASSETS
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 102 (2022 - 91 ) .

4. AUDITORS' REMUNERATION
31.3.23 31.3.22
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

6,750

7,050

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022
and 31 March 2023 25,444
AMORTISATION
At 1 April 2022 2,799
Charge for year 5,090
At 31 March 2023 7,889
NET BOOK VALUE
At 31 March 2023 17,555
At 31 March 2022 22,645

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 29,050 27,072 295,256 351,378
Additions - 6,838 1,803,350 1,810,188
At 31 March 2023 29,050 33,910 2,098,606 2,161,566
DEPRECIATION
At 1 April 2022 20,492 13,809 23,634 57,935
Charge for year 1,710 4,021 82,827 88,558
At 31 March 2023 22,202 17,830 106,461 146,493
NET BOOK VALUE
At 31 March 2023 6,848 16,080 1,992,145 2,015,073
At 31 March 2022 8,558 13,263 271,622 293,443

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 2,440,894 2,059,001
Other debtors 942,507 1,238,539
3,383,401 3,297,540

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 193,023 144,624
Hire purchase contracts 554,357 82,158
Trade creditors 1,366,980 918,822
Amounts owed to group undertakings 282,429 223,710
Taxation and social security 96,644 359,551
Other creditors 158,606 191,436
2,652,039 1,920,301

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 1,045,518 139,339

10. SECURED DEBTS

The company has an unlimited cross guarantee dated 29 January 2019 between Montad Limited, Cargo Express Limited, Cargo Express Holdings and O'Reilly Holdings Limited.

Hire purchase creditors are secured on the assets which they relate to.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Helen Tidyman (Senior Statutory Auditor)
for and on behalf of DPC Accountants Ltd

12. CAPITAL COMMITMENTS
31.3.23 31.3.22
£    £   
Contracted but not provided for in the
financial statements - 1,807,172

13. OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £1,375,000 (2022: £461,875

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


14. RELATED PARTY DISCLOSURES

(i) All transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material.

(ii) During the year the following transactions took place between the company and its parent undertaking.

The parent undertaking charged the company for hire of vehicles and equipment, property rental and management charges totalling £777,593. Payments made to the parent undertaking totalled £777,593. At the balance sheet date the company owed £211,510 to the parent undertaking.

15. POST BALANCE SHEET EVENTS

Following the year end the company received an exceptional one off settlement in relation to a claim for relocation of business operations in previous accounting periods. Due to the material nature of this settlement, it has been included within the financial statements.

There were no other significant post balance sheet events up to the date of approval of the financial statements by the board.

16. ULTIMATE CONTROLLING PARTY

The company's parent undertaking is Cargo Express Limited. Its principal place of business is 4 Pennine Way, Saltley, Birmingham, B8 1JW and its registered office is c/o DPC, Stone House, Stone Road, Stoke-on-Trent, ST4 6SR.

The company's ultimate controlling party is O'Reilly Holdings Limited. Its principal place of business is 4 Pennine Way, Saltley, Birmingham, B8 1JW and its registered office is c/o DPC, Stone House, Stone Road, Stoke-on-Trent, ST4 6SR.

17. GOING CONCERN

The financial statements have been prepared on the going concern basis which assumes that the company will continue to trade for the foreseeable future, and continue to receive the support from the fellow group companies.