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Registered number: 14123887









MOLFORD HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
MOLFORD HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Steven Munns (appointed 23 May 2022)
Peter Munns (appointed 23 May 2022)




Registered number
14123887



Registered office
Unit 14c
Raleigh House

Compass Point Business Park

St Ives

Cambridgeshire

PE27 5JL




Independent auditors
Whitings LLP
Chartered Accountants & Statutory Auditor

Raleigh House

14C Compass Point Business Park

Stocks Bridge Way

St Ives

Cambridgeshire

PE27 5JL





 
MOLFORD HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated balance sheet
10 - 11
Company balance sheet
12
Consolidated statement of changes in equity
13 - 14
Company statement of changes in equity
15 - 16
Consolidated statement of cash flows
17 - 18
Consolidated analysis of net debt
19
Notes to the financial statements
20 - 36


 
MOLFORD HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
We aim to present a balanced review of the Group's performance and development during the year that is consistent with the size and nature of our business and that also covers the principal risks and uncertainties faced by the Group.

Business review
 
On 24 August 2023 Molford New Co Limited changed its company name to Molford Holdings Limited.
S S Motors (Fuels) Limited ("the trading subsidiary company") operates as a supplier of domestic, agricultural and industrial fuels, based in Chatteris, Cambridgeshire. It also provides a boiler servicing, breakdown and replacement operations, including the replacement of fuel storage tanks.
The Directors acknowledge the reduction in profits acheived this year, this is largely attributable to price increases seen within the industry in which the Group operates which cannot be readily passed on to its customers. The Directors are pleased with the results acheived giving the challenging trading conditions experienced.

Principal risks and uncertainties
 
The key business risk and uncertainty affecting the Group is the volatility of oil prices, together with the risk of bad debts in the current economic climate. However, the demand for home heating oil remains strong and our experience of bad debts has been minimal.
Russia/Ukraine conflict
The conflict between Russia and Ukraine has led to increased prices in wholesale oil and concerns surrounding the supply and therefore availability of oil. The trading subsidiary, S S Motors (Fuels) Limited, draws its oil from a number of large suppliers, so is therefore not reliant on one supplier's ability to deliver the oil.
UK inflationary forecasts
The impact of inflation on the UK economy continues to be felt, seeing increased costs across the board, including the sector in which the Group operate. The Directors continue to monitor the situation and take appropriate action as required.
Environmental impacts
The UK Government and global community are taking active steps to acknowledge the carbon issues surrounding global warming and the Directors are aware of this and will consider taking appropriate steps as policies develop.

Financial key performance indicators
 
The Group sets financial key performance indicators for the Group through monitoring the performance by reviewing monthly management accounts. In addition, a range of financial key perfomance indicators are monitored relating to the Group's profitability, cash and working capital management and various other elements of the business.

Page 1

 
MOLFORD HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Other key performance indicators
 
The Group also measures its non-financial performance in a number of ways. These include quality and service level performance with key customers. Targets and objectives are also set in respect of Health and Safety and environment matters. We are able to report that the majority of these targets were achieved and where necessary appropriate action is being taken.


This report was approved by the board on 26 October 2023 and signed on its behalf.



Steven Munns
Director

Page 2

 
MOLFORD HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Commencement of trade and principal activity

The Company was formed on 23 May 2022 and was dormant until the acquisition of S S Motors (Fuels) Limited on 21 September 2022. At that point the Company commenced trading and the principal activity of the Company became the principal activity of the Group that of selling domestic heating oils, agricultural and commercial fuels.

Results and dividends

The profit for the year, after taxation, amounted to £609,857 (2022 - £1,386,125).

Dividends payable for the year amount to £348,626.
Under merger accounting, the first set of consolidated financial statements show a full year for both the current and comparative periods even though the Company has only been in existence since 23 May 2022. Futhermore the bottom half of the balance sheet show's the Company's share capital in the both the current and comparative period.

Directors

The directors who served during the year were:

Steven Munns (appointed 23 May 2022)
Peter Munns (appointed 23 May 2022)

Page 3

 
MOLFORD HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Future developments

The Group continues to develop its operations to maintain its competitive position in the marketplace.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsWhitings LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 October 2023 and signed on its behalf.
 





Steven Munns
Director

Page 4

 
MOLFORD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOLFORD HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Molford Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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's 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


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 or 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.


Page 5

 
MOLFORD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOLFORD HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the 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 Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept 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.


Page 6

 
MOLFORD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOLFORD HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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.


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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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:
• Enquiry of management around the actual and potential litigation and claims;
• Reviewing financial statements disclosures and testing supporting documentation to assess compliance with pplicable laws and regulations; and
• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and reviewing accounting estimates for bias.


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 Auditors' report.


Page 7

 
MOLFORD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOLFORD HOLDINGS LIMITED (CONTINUED)


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Haydon BA CA (Senior statutory auditor)
  
for and on behalf of
Whitings LLP
 
Chartered Accountants & Statutory Auditor
  
Raleigh House
14C Compass Point Business Park
Stocks Bridge Way
St Ives
Cambridgeshire
PE27 5JL

27 October 2023
Page 8

 
MOLFORD HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
15,898,282
13,650,412

Cost of sales
  
(14,496,687)
(11,288,894)

Gross profit
  
1,401,595
2,361,518

Administrative expenses
  
(532,651)
(619,768)

Fair value movements
  
(129,924)
-

Operating profit
  
739,020
1,741,750

Interest receivable and similar income
 8 
35,815
1,295

Profit before taxation
  
774,835
1,743,045

Tax on profit
 9 
(164,978)
(356,920)

Profit for the financial year
  
609,857
1,386,125

  

Total comprehensive income for the year
  
609,857
1,386,125

Profit for the year attributable to:
  

Owners of the parent Company
  
609,857
1,386,125

  
609,857
1,386,125

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
609,857
1,386,125

  
609,857
1,386,125

The notes on pages 20 to 36 form part of these financial statements.

Page 9

 
MOLFORD HOLDINGS LIMITED
REGISTERED NUMBER: 14123887

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
7,500
-

Tangible assets
 12 
767,704
752,598

Investments
 13 
6,096,453
-

  
6,871,657
752,598

Current assets
  

Stocks
 14 
216,770
307,498

Debtors: amounts falling due within one year
 15 
828,767
767,977

Cash at bank and in hand
 16 
1,896,624
8,179,871

  
2,942,161
9,255,346

Creditors: amounts falling due within one year
 17 
(1,769,087)
(2,234,094)

Net current assets
  
 
 
1,173,074
 
 
7,021,252

Total assets less current liabilities
  
8,044,731
7,773,850

Provisions for liabilities
  

Deferred taxation
 19 
(165,941)
(156,291)

  
 
 
(165,941)
 
 
(156,291)

Net assets excluding pension asset
  
7,878,790
7,617,559

Net assets
  
7,878,790
7,617,559

Page 10

 
MOLFORD HOLDINGS LIMITED
REGISTERED NUMBER: 14123887
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 20 
36,360
36,360

Other reserves
 21 
14,000
14,000

Profit and loss account
 21 
7,828,430
7,567,199

Equity attributable to owners of the parent Company
  
7,878,790
7,617,559

  
7,878,790
7,617,559


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 October 2023.




Steven Munns
Director

The notes on pages 20 to 36 form part of these financial statements.

Page 11

 
MOLFORD HOLDINGS LIMITED
REGISTERED NUMBER: 14123887

COMPANY BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 13 
6,132,453
36,000

  
6,132,453
36,000

Current assets
  

Debtors: amounts falling due within one year
 15 
728,517
-

Cash at bank and in hand
 16 
263,191
360

  
991,708
360

Creditors: amounts falling due within one year
 17 
(352,405)
-

Net current assets
  
 
 
639,303
 
 
360

Total assets less current liabilities
  
6,771,756
36,360

  

  

Net assets excluding pension asset
  
6,771,756
36,360

Net assets
  
6,771,756
36,360


Capital and reserves
  

Called up share capital 
 20 
36,360
36,360

Profit for the year
  
7,084,022
-

Other changes in the profit and loss account

  

(348,626)
-

Profit and loss account carried forward
  
6,735,396
-

  
6,771,756
36,360


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 October 2023.


Steven Munns
Director

The notes on pages 20 to 36 form part of these financial statements.

Page 12

 
MOLFORD HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 April 2022
36,360
14,000
7,567,199
7,617,559
7,617,559


Comprehensive income for the year

Profit for the year

-
-
609,857
609,857
609,857


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
609,857
609,857
609,857


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(348,626)
(348,626)
(348,626)


Total transactions with owners
-
-
(348,626)
(348,626)
(348,626)


At 31 March 2023
36,360
14,000
7,828,430
7,878,790
7,878,790


The notes on pages 20 to 36 form part of these financial statements.

Page 13

 
MOLFORD HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 April 2021
36,360
14,000
6,691,590
6,741,950
6,741,950


Comprehensive income for the year

Profit for the year

-
-
1,386,125
1,386,125
1,386,125


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
1,386,125
1,386,125
1,386,125


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(510,516)
(510,516)
(510,516)


Total transactions with owners
-
-
(510,516)
(510,516)
(510,516)


At 31 March 2022
36,360
14,000
7,567,199
7,617,559
7,617,559


The notes on pages 20 to 36 form part of these financial statements.

Page 14

 
MOLFORD HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
36,360
-
36,360


Comprehensive income for the year

Profit for the year

-
7,084,022
7,084,022


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
7,084,022
7,084,022


Contributions by and distributions to owners

Dividends: Equity capital
-
(348,626)
(348,626)


Total transactions with owners
-
(348,626)
(348,626)


At 31 March 2023
36,360
6,735,396
6,771,756


The notes on pages 20 to 36 form part of these financial statements.

Page 15

 
MOLFORD HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Total equity

£
£

At 1 April 2021
36,360
36,360


Other comprehensive income for the year
-
-


Total comprehensive income for the year
-
-


Total transactions with owners
-
-


At 31 March 2022
36,360
36,360


The notes on pages 20 to 36 form part of these financial statements.

Page 16

 
MOLFORD HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
609,857
1,386,125

Adjustments for:

Depreciation of tangible assets
172,124
159,735

Loss on disposal of tangible assets
(3,316)
(25,121)

Interest received
(35,815)
(1,295)

Taxation charge
164,978
356,920

Decrease/(increase) in stocks
90,728
(125,747)

(Increase)/decrease in debtors
(60,791)
85,829

(Decrease)/increase in creditors
(256,258)
91,686

Net fair value losses recognised in P&L
129,924
-

Corporation tax (paid)
(364,077)
(247,176)

Net cash generated from operating activities

447,354
1,680,956


Cash flows from investing activities

Purchase of intangible fixed assets
(7,500)
-

Purchase of tangible fixed assets
(191,313)
(337,693)

Sale of tangible fixed assets
7,400
28,000

Purchase of listed investments
(6,226,377)
-

Interest received
35,815
1,295

Net cash from investing activities

(6,381,975)
(308,398)

Cash flows from financing activities

Dividends paid
(348,626)
(510,516)

Net cash used in financing activities
(348,626)
(510,516)
Page 17

 
MOLFORD HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


2023
2022

£
£



Net (decrease)/increase in cash and cash equivalents
(6,283,247)
862,042

Cash and cash equivalents at beginning of year
8,179,871
7,317,829

Cash and cash equivalents at the end of year
1,896,624
8,179,871


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,896,624
8,179,871

1,896,624
8,179,871


The notes on pages 20 to 36 form part of these financial statements.

Page 18

 
MOLFORD HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

8,179,871

(6,283,247)

1,896,624

Debt due within 1 year

(248,063)

74,274

(173,789)


7,931,808
(6,208,973)
1,722,835

The notes on pages 20 to 36 form part of these financial statements.

Page 19

 
MOLFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Molford Holdings Limited is a private company limited by shares, incorporated in England & Wales with a registration number of 00891979. The registered office address is shown on the company information page.
The Company was formed as Molford New Co Limited on 23 May 2022 and was dormant until the acquisition of S S Motors (Fuels) Limited on 21 September 2022. At that point the Company commenced trading and the principal activity of the Company became the principal activity of the Group that of selling domestic heating oils, agricultural and commercial fuels.
On 24 August 2023 the name of the Company was changed from Molford New Co Limited to Molford Holdings Limited.
Under merger accounting, the first set of consolidated financial statements show a full year for both the current and comparative periods even though the Company has only been in existece since 23 May 2022. Futhermore the bottom half of the balance sheet show's the Company's share capital in the both the current and comparative period.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using merger accounting.  Assets and liabilities are recorded at their book value by the acquiring company and no goodwill is recognised. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which the relevant business commenced.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Page 20

 
MOLFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 21

 
MOLFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 22

 
MOLFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
4%
straight line
Plant and machinery
-
10%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
10%
reducing balance
Other fixed assets
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

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.

Page 23

 
MOLFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.14

Creditors

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

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.17

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
Page 24

 
MOLFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

at fair value with changes recognised in the Consolidated statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
Depreciation - as disclosed in accounting policy 2.9 'Tangible Fixed Assets', the company makes an estimation of each tangible fixed assets' useful life and respective residual value. Depreciation is thencharged to the Profit and Loss account over this useful life to reflect the reduction in value. Depreciation charged to the Profit and Loss account during the year is disclosed in note 5.

Page 25

 
MOLFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Fuel sales
14,953,629
12,718,418

Boiler maintenance sales
944,653
931,994

15,898,282
13,650,412


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
15,898,282
13,650,412

15,898,282
13,650,412



5.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
10,420
6,500

Page 26

 
MOLFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
437,749
470,294
-
-

Social security costs
65,203
66,035
-
-

Cost of defined contribution scheme
97,751
176,890
-
-

600,703
713,219
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
27
28

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)

7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
23,816
39,000

Group contributions to defined contribution pension schemes
-
80,000

23,816
119,000


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.


8.


Interest receivable

2023
2022
£
£


Other interest receivable
35,815
1,295

35,815
1,295

Page 27

 
MOLFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
155,328
278,578


155,328
278,578


Total current tax
155,328
278,578

Deferred tax


Origination and reversal of timing differences
7,334
54,008

Changes to tax rates
2,316
24,334

Total deferred tax
9,650
78,342


Tax on profit
164,978
356,920

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

Enter Text here - user input

2023
2022
£
£


Profit on ordinary activities before tax
774,835
1,743,045


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
147,219
331,179

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,985
1,407

130% Enhanced capital allowances
(11,227)
-

Revaluation of listed investments
24,685
-

Effect of change in rate used for deferred tax
2,316
24,334

Total tax charge for the year
164,978
356,920

Page 28

 
MOLFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
9.Taxation (continued)


Factors that may affect future tax charges

Future increases to the UK Corporation tax rates were substantively enacted to increase the main rate of corporation tax from 19% to a rate between 19% and 25% with effect from 1 April 2023. The deferred tax liabilities reflect these rates.


10.


Dividends

2023
2022
£
£


Ordinary A Shares final dividend
85,792
123,438


Ordinary B Shares final dividend
86,650
124,518


Ordinary C Shares final dividend
88,092
131,280


Ordinary D Shares final dividend
88,092
131,280

348,626
510,516


11.


Intangible assets

Group and Company





Computer software

£



Cost


Additions
7,500



At 31 March 2023

7,500






Net book value



At 31 March 2023
7,500



At 31 March 2022
-



Page 29

 
MOLFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Office equipment
Other fixed assets

£
£
£
£
£



Cost or valuation


At 1 April 2022
261,143
204,577
1,389,938
97,506
10,000


Additions
-
7,566
183,746
-
-


Disposals
-
-
(34,946)
-
-



At 31 March 2023

261,143
212,143
1,538,738
97,506
10,000



Depreciation


At 1 April 2022
157,477
88,273
879,532
81,952
3,333


Charge for the year on owned assets
10,446
12,186
145,934
1,555
2,000


Disposals
-
-
(30,862)
-
-



At 31 March 2023

167,923
100,459
994,604
83,507
5,333



Net book value



At 31 March 2023
93,220
111,684
544,134
13,999
4,667



At 31 March 2022
103,667
116,304
510,406
15,554
6,667
Page 30

 
MOLFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           12.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 April 2022
1,963,164


Additions
191,312


Disposals
(34,946)



At 31 March 2023

2,119,530



Depreciation


At 1 April 2022
1,210,567


Charge for the year on owned assets
172,121


Disposals
(30,862)



At 31 March 2023

1,351,826



Net book value



At 31 March 2023
767,704



At 31 March 2022
752,598




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
93,221
103,669

93,221
103,669


Page 31

 
MOLFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Fixed asset investments

Group





Listed investments

£



Cost or valuation


Additions
6,226,377


Revaluations
(129,924)



At 31 March 2023
6,096,453




Company





Investments in subsidiary companies
Listed investments
Total

£
£
£



Cost or valuation


At 1 April 2022
36,000
-
36,000


Additions
-
6,226,377
6,226,377


Revaluations
-
(129,924)
(129,924)



At 31 March 2023
36,000
6,096,453
6,132,453





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

S S Motors (Fuels) Limited
2 Honeysome Road, Chatteris, Cambridgeshire, PE16 6RZ
Ordinary
100%

S S Motors (Fuels) Limited was aquired on 21 September 2022 by way of a reconstruction so merger accounting has been used.  Under merger accounting, the first set of consolidated accounts show a full year for both the current and comparative periods.

Page 32

 
MOLFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Subsidiary undertaking (continued)

The aggregate of the share capital and reserves as at 31 March 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

S S Motors (Fuels) Limited
1,843,035
736,460


14.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
216,770
307,498

216,770
307,498


The difference between purchase price or production cost of stocks and their replacement cost is not material.


15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
586,521
532,688
-
-

Amounts owed by group undertakings
-
-
700,000
-

Other debtors
130,026
146,538
-
-

Prepayments and accrued income
112,220
88,751
28,517
-

828,767
767,977
728,517
-



16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,896,624
8,179,871
263,191
360

1,896,624
8,179,871
263,191
360


Page 33

 
MOLFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
1,279,976
1,388,692
-
-

Corporation tax
69,828
278,578
779
-

Other taxation and social security
17,507
23,478
-
-

Other creditors
352,379
520,870
348,626
-

Accruals and deferred income
49,397
22,476
3,000
-

1,769,087
2,234,094
352,405
-



18.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,896,624
8,179,871
263,191
360




Financial assets measured at fair value through profit or loss comprise cash held at bank and in hand.

Page 34

 
MOLFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

19.


Deferred taxation


Group



2023


£






At beginning of year
(156,291)


Charged to profit or loss
(9,650)



At end of year
(165,941)

The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
(165,941)
(156,291)

(165,941)
(156,291)


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



16,362 (2022 - 16,362) Ordinary A Shares shares of £1.00 each
16,362
16,362
16,362 (2022 - 16,362) Ordinary B Shares shares of £1.00 each
16,362
16,362
1,818 (2022 - 1,818) Ordinary C Shares shares of £1.00 each
1,818
1,818
1,818 (2022 - 1,818) Ordinary D Shares shares of £1.00 each
1,818
1,818

36,360

36,360



21.


Reserves

Capital redemption reserve

The capital redemption reserve represents the nominal value of shares re-purchased by the company in aprevious accounting period.

Profit and loss account

The profit and loss account represents all profits generated by the company, less distributions made fromprofits in the form of dividends paid.

Page 35

 
MOLFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

22.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £97,751 (2022 - £176,890) . Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date.


23.


Commitments under operating leases

At 31 March 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
8,400
-

Later than 1 year and not later than 5 years
17,500
-

25,900
-

24.


Related party transactions

During the year, the Directors received dividend of £172,442 combined (2022: £247,956 combined).
During the year, the wives of the Directors received dividends of £176,184 combined (2022: £262,560 combined) as a result of their shareholding in the Group.
At 31 March 2023, the Group owed the Directors £173,789 combined (2022: £248,063 combined).
At 31 March 2023, the Group owed the wives of the Directors £176,300 combined (2022: £266,489 combined).

 
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