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Registered number: 11964595









MYRIAD TRANSPORT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
MYRIAD TRANSPORT LIMITED
 
 
COMPANY INFORMATION


Directors
I Haddock 
G Jones 
J Wilkie 
M Farrow (appointed 12 January 2022)




Registered number
11964595



Registered office
WMT LLP Chartered Accountants
4 Beaconsfield Road

St Albans

Hertfordshire

AL1 3RD




Independent auditors
WMT

4 Beaconsfield Road

St Albans

Hertfordshire

AL1 3RD





 
MYRIAD TRANSPORT 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 - 13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16 - 17
Consolidated Analysis of Net Debt
18
Notes to the Financial Statements
19 - 39


 
MYRIAD TRANSPORT LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

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

Business review
 
The Board of Directors are very pleased with the progress and the performance of the Business in this financial year. The principle activities remain the provision of logistics services and warehousing and both aspects have seen significant growth. Sales revenue is up a healthy 23% since the previous year. EBITDA is used as the key measurement tool and this is also showing a positive increase of 96%. This is against a backdrop of a slowing economy, rising inflation and significant interest rate rises.
The significant investment made in 2022 in additional vehicles and the geographical expansion of the business through the offering of new warehousing facilities successfully came on stream in the year. 

Principal risks and uncertainties
 
The process of risk management more generally is addressed through a framework of policies, procedures and internal controls. The policies are subject to Board approval, and compliance with regulatory, legal, ethical and moral standards is a high priority for the Group. The Board considers the major risks to be Labour shortages and increasing rates of pay, rising interest rates a general economic downturn.
Liquidity risk:
The Group manages its cash and borrowing requirements to minimise interest expense, whilst ensuring the Group has sufficient liquid resources to meet the operating needs of the business.  .
 
Interest rate risk:
The Group is exposed to cash flow interest rate risk on its ID facility.  While the Group notes that the Bank of England base rates are the highest seen since 2009, the Group reduces its exposure by effectively managing the working capital cycle.
 
Credit risk:
All customers who wish to trade on credit terms are subject to credit verification procedures.  Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.  Additionally, the Company insures the majority of its customers against defaulting on debts.
 
Economic risk:
While consumer confidence has an impact on the economy generally, much of the business is associated with the supply to the retail sector and, in particular, to the food retail sector which continues to remain a stable engine to the UK economy, with significant over-demand.  The Board are however mindful of the uncertainty around (i). Inflation, (ii) geopolitical instability and conflicts, resulting in  shortages of raw materials and (iii) supply chain disruptions.  
 
Security and disaster recovery:
The Group has excellent disaster recovery plans, and these have been successfully tested. The Group continues to invest in its systems and software to minimise technology debt and maintain high levels of system, network and data security.

Page 1

 
MYRIAD TRANSPORT LIMITED
 

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

Financial key performance indicators
 
Financial key performance indicators
The Board monitors the performance of the Group by reference to a range of KPIs including the following:
• Revenue
• Gross Margin
• EBITDA
• Cash

Other key performance indicators
 
 The Board monitors the performance of the Group by reference to a range of non- financial KPIs including the following:
• The health, safety and wellbeing of all our employees and operatives 
• Measurement of service levels through bespoke client SLA’s 
• Securing term contract arrangements with key customers
• Working with financially strong and ethical clients


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



J Wilkie
Director

Date: 15 March 2024

Page 2

 
MYRIAD TRANSPORT 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.

Principal activity

The principal activity of the Company is that of a holding company.

Results and dividends

The profit for the year, after taxation, amounted to £717,617 (2022 - £225,068).

Directors

The directors who served during the year were:

I Haddock 
G Jones 
J Wilkie 
M Farrow (appointed 12 January 2022)

Future developments

The Directors intend to continue with their present management policies for the foreseeable future which is expected to deliver improved profitability, cash retention and balance sheet strength.

Page 3

 
MYRIAD TRANSPORT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

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 auditorsWMTwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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



J Wilkie
Director

Date: 15 March 2024

Page 4

 
MYRIAD TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MYRIAD TRANSPORT LIMITED
 

Opinion


We have audited the financial statements of Myriad Transport 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

 
MYRIAD TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MYRIAD TRANSPORT 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.


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.

Page 6

 
MYRIAD TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MYRIAD TRANSPORT LIMITED (CONTINUED)



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:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. 
The following laws and regulations were identified as being of significance to the entity: 
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. 
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operational requirements, trade/export compliance, environmental regulations, health and safety legislation, employment law and data protection.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
Page 7

 
MYRIAD TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MYRIAD TRANSPORT LIMITED (CONTINUED)


are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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.





Graham Wintle (Senior Statutory Auditor)
for and on behalf of
WMT
Chartered Accountants and Statutory Auditors
4 Beaconsfield Road
St Albans
Hertfordshire
AL1 3RD

15 March 2024
Page 8

 
MYRIAD TRANSPORT LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
22,291,202
18,180,084

Cost of sales
  
(12,055,513)
(12,267,699)

Gross profit
  
10,235,689
5,912,385

Administrative expenses
  
(9,326,631)
(5,450,162)

Other operating income
 5 
73,922
8,502

Operating profit
 6 
982,980
470,725

Interest payable and similar expenses
 10 
(174,282)
(57,880)

Profit before taxation
  
808,698
412,845

Tax on profit
 11 
(91,081)
(187,777)

Profit for the financial year
  
717,617
225,068

  

  

Total comprehensive income for the year
  
717,617
225,068

Profit for the year attributable to:
  

Owners of the parent Company
  
717,617
225,068

  
717,617
225,068

The notes on pages 19 to 39 form part of these financial statements.

Page 9

 
MYRIAD TRANSPORT LIMITED
REGISTERED NUMBER: 11964595

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
908,219
1,135,775

Tangible assets
 14 
2,001,823
1,421,040

  
2,910,042
2,556,815

Current assets
  

Stocks
 16 
7,570
-

Debtors: amounts falling due after more than one year
 17 
230,107
159,035

Debtors: amounts falling due within one year
 17 
5,505,470
5,250,747

Cash at bank and in hand
 18 
522,498
521,084

  
6,265,645
5,930,866

Creditors: amounts falling due within one year
 19 
(6,800,675)
(7,007,232)

Net current liabilities
  
 
 
(535,030)
 
 
(1,076,366)

Total assets less current liabilities
  
2,375,012
1,480,449

Creditors: amounts falling due after more than one year
 20 
(1,120,834)
(764,774)

Provisions for liabilities
  

Deferred taxation
 23 
(180,645)
(159,759)

  
 
 
(180,645)
 
 
(159,759)

Net assets
  
1,073,533
555,916


Capital and reserves
  

Called up share capital 
 24 
211
211

Share premium account
 25 
49,982
49,982

Profit and loss account
 25 
1,023,340
505,723

Equity attributable to owners of the parent Company
  
1,073,533
555,916


Page 10

 
MYRIAD TRANSPORT LIMITED
REGISTERED NUMBER: 11964595
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Wilkie
Director

Date: 15 March 2024

The notes on pages 19 to 39 form part of these financial statements.

Page 11

 
MYRIAD TRANSPORT LIMITED
REGISTERED NUMBER: 11964595

COMPANY BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
1,288,500
1,288,500

  
1,288,500
1,288,500

Current assets
  

Debtors: amounts falling due within one year
 17 
31,647
-

Cash at bank and in hand
 18 
82
82

  
31,729
82

Creditors: amounts falling due within one year
 19 
(1,268,416)
(1,269,704)

Net current liabilities
  
 
 
(1,236,687)
 
 
(1,269,622)

Total assets less current liabilities
  
51,813
18,878

  

  

Net assets excluding pension asset
  
51,813
18,878

Net assets
  
51,813
18,878


Capital and reserves
  

Called up share capital 
 24 
211
211

Share premium account
 25 
49,982
49,982

Profit and loss account brought forward
  
(31,315)
(2,516)

Profit/(loss) for the year
  
232,935
(28,799)

Other changes in the profit and loss account

  

(200,000)
-

Profit and loss account carried forward
  
1,620
(31,315)

  
51,813
18,878


Page 12

 
MYRIAD TRANSPORT LIMITED
REGISTERED NUMBER: 11964595
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


J Wilkie
Director

Date: 15 March 2024

Page 13

 
MYRIAD TRANSPORT LIMITED
 

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


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

£
£
£
£
£


At 1 April 2021
200
49,982
280,655
330,837
330,837


Comprehensive income for the year

Profit for the year

-
-
225,068
225,068
225,068


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
225,068
225,068
225,068


Contributions by and distributions to owners

Shares issued during the year
11
-
-
11
11


Total transactions with owners
11
-
-
11
11



At 1 April 2022
211
49,982
505,723
555,916
555,916


Comprehensive income for the year

Profit for the year

-
-
717,617
717,617
717,617


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
717,617
717,617
717,617


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(200,000)
(200,000)
(200,000)


Total transactions with owners
-
-
(200,000)
(200,000)
(200,000)


At 31 March 2023
211
49,982
1,023,340
1,073,533
1,073,533


The notes on pages 19 to 39 form part of these financial statements.

Page 14

 
MYRIAD TRANSPORT LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
200
49,982
(2,516)
47,666


Comprehensive income for the year

Loss for the year

-
-
(28,799)
(28,799)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(28,799)
(28,799)


Contributions by and distributions to owners

Shares issued during the year
11
-
-
11


Total transactions with owners
11
-
-
11



At 1 April 2022
211
49,982
(31,315)
18,878


Comprehensive income for the year

Profit for the year

-
-
232,935
232,935


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
232,935
232,935


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(200,000)
(200,000)


Total transactions with owners
-
-
(200,000)
(200,000)


At 31 March 2023
211
49,982
1,620
51,813


The notes on pages 19 to 39 form part of these financial statements.

Page 15

 
MYRIAD TRANSPORT 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
717,617
225,068

Adjustments for:

Amortisation of intangible assets
238,742
239,235

Depreciation of tangible assets
491,225
166,555

Loss on disposal of tangible assets
11,707
3,730

Government grants
-
(8,502)

Interest paid
174,282
57,880

Taxation charge
91,081
226,123

(Increase)/decrease in stocks
(7,570)
5,691

(Increase) in debtors
(325,796)
(1,468,223)

(Decrease)/increase in creditors
(213,301)
1,617,841

Corporation tax (paid)
(59,374)
(118,678)

Net cash generated from operating activities

1,118,613
946,720


Cash flows from investing activities

Purchase of intangible fixed assets
(13,520)
(169,060)

Purchase of tangible fixed assets
(1,085,778)
(1,251,561)

Sale of tangible fixed assets
3,744
-

Government grants received
-
8,502

HP interest paid
(57,288)
(28,906)

Net cash from investing activities

(1,152,842)
(1,441,025)

Cash flows from financing activities

Issue of ordinary shares
-
11

Repayment of/new finance leases
352,637
980,735

Dividends paid
(200,000)
-

Interest paid
(116,994)
(28,974)

Net cash used in financing activities
35,643
951,772

Net increase in cash and cash equivalents
1,414
457,467

Cash and cash equivalents at beginning of year
521,084
63,617

Cash and cash equivalents at the end of year
522,498
521,084


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
522,498
521,084
Page 16

 
MYRIAD TRANSPORT LIMITED
 

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


2023
2022

£
£


522,498
521,084


The notes on pages 19 to 39 form part of these financial statements.

Page 17

 
MYRIAD TRANSPORT LIMITED
 

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




Unaudited At 1 April 2021
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

521,084

1,414

522,498

Finance leases

(1,166,644)

(352,637)

(1,519,281)


(645,560)
(351,223)
(996,783)

The notes on pages 19 to 39 form part of these financial statements.

Page 18

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Myraid Transport Ltd is a company limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the Company information page. The nature of the Company's operations and its principal activities are set out in the Directors’ report. 

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 the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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, being .

Page 19

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 20

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

Government grants received relate to the furlough scheme provided as part of the government support for Covid-19.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 21

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 22

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other 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.

 
2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
Plant and machinery
-
20%
Motor vehicles
-
25%
Fixtures and fittings
-
20%
Office equipment
-
20%

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 23

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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
Page 24

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

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:
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.

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.

 
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

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates.

Page 25

 
MYRIAD TRANSPORT 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
£
£

Logistic sales
22,291,202
18,180,084

22,291,202
18,180,084


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
22,291,202
18,180,084

22,291,202
18,180,084



5.


Other operating income

2023
2022
£
£

Government grants receivable
-
8,502

Sundry income
73,922
-

73,922
8,502



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
-
(1,283)

Page 26

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


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
20,000
20,000


8.


Employees

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


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


Wages and salaries
3,652,196
2,190,994
-
-

Social security costs
384,869
219,395
-
-

Cost of defined contribution scheme
78,349
56,124
-
-

4,115,414
2,466,513
-
-


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Employees
96
70
3
3


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
266,030
139,000

266,030
139,000


Page 27

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Finance leases and hire purchase contracts
57,288
28,906

Other interest payable
116,994
28,974

174,282
57,880


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
77,089
66,561

Adjustments in respect of previous periods
(6,894)
-


70,195
66,561


Total current tax
70,195
66,561

Deferred tax


Origination and reversal of timing differences
20,886
121,216

Total deferred tax
20,886
121,216


Taxation on profit on ordinary activities
91,081
187,777
Page 28

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 19% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
808,698
412,845


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
153,653
78,441

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,753
1,283

Capital allowances for year in excess of depreciation
(28,579)
257,295

Other timing differences leading to an increase (decrease) in taxation
(36,746)
(149,242)

Total tax charge for the year
91,081
187,777


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2023
2022
£
£


Dividends
200,000
-

200,000
-

Page 29

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Intangible assets

Group and Company





Computer software
Goodwill
Total

£
£
£



Cost


At 1 April 2022
41,567
2,324,557
2,366,124


Additions
13,520
-
13,520



At 31 March 2023

55,087
2,324,557
2,379,644



Amortisation


At 1 April 2022
6,249
1,224,100
1,230,349


Charge for the year on owned assets
8,620
232,456
241,076



At 31 March 2023

14,869
1,456,556
1,471,425



Net book value



At 31 March 2023
40,218
868,001
908,219



At 31 March 2022
35,318
1,100,457
1,135,775



All of the Group's intangible fixed assets are held in the Parent Company

Page 30

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Tangible fixed assets

Group






Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 April 2022
157,056
415,268
1,167,624
52,487
16,528


Additions
122,323
214,464
744,819
3,347
825


Disposals
-
-
(30,707)
(40,399)
-



At 31 March 2023

279,379
629,732
1,881,736
15,435
17,353



Depreciation


At 1 April 2022
32,862
232,199
68,501
43,339
11,022


Charge for the year on owned assets
20,757
82,229
365,320
2,800
1,976


Charge for the year on financed assets
-
-
16,462
-
-


Disposals
-
-
(17,912)
(37,743)
-



At 31 March 2023

53,619
314,428
432,371
8,396
12,998



Net book value



At 31 March 2023
225,760
315,304
1,449,365
7,039
4,355



At 31 March 2022
124,194
183,069
1,099,123
9,148
5,506
Page 31

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           14.Tangible fixed assets (continued)


Computer equipment
Total

£
£



Cost or valuation


At 1 April 2022
1,897
1,810,860


Additions
-
1,085,778


Disposals
(1,897)
(73,003)



At 31 March 2023

-
2,823,635



Depreciation


At 1 April 2022
1,897
389,820


Charge for the year on owned assets
-
473,082


Charge for the year on financed assets
-
16,462


Disposals
(1,897)
(57,552)



At 31 March 2023

-
821,812



Net book value



At 31 March 2023
-
2,001,823



At 31 March 2022
-
1,421,040




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


2023
2022
£
£

Short leasehold
225,760
124,194

225,760
124,194


Page 32

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
1,442,616
36,890

1,442,616
36,890


15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
1,288,500



At 31 March 2023
1,288,500





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

2Excel Logistics Limited
Unit A - B Fourth Dimension, Fourth Avenue, Letchworth Garden City, SG6 2TD
Haulage and logistics
ordinary
100%
Bee Line Transport & Distribution Limited
Unit A - B Fourth Dimension, Fourth Avenue, Letchworth Garden City, SG6 2TD
Haulage and logistics
ordinary
100%
Blackjay Ltd
5 Jardine House, Harrovian Business Village, Bessborough Road, Harrow on the Hill, Middlesex, HA1 3EX
Dormant
ordinary
100%

Page 33

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Subsidiary undertakings (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 undertakings were as follows:

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

2Excel Logistics Limited
2,207,349
542,925

Bee Line Transport & Distribution Limited
946,177
319,225

Blackjay Ltd
-
100


16.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
7,570
-

7,570
-


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

Page 34

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

17.


Debtors

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

Due after more than one year

Other debtors
230,107
159,035
-
-

230,107
159,035
-
-


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

Due within one year

Trade debtors
4,784,530
4,627,222
-
-

Amounts owed by group undertakings
-
-
31,647
-

Other debtors
66,567
71,696
-
-

Prepayments and accrued income
646,817
544,273
-
-

Tax recoverable
7,556
7,556
-
-

5,505,470
5,250,747
31,647
-



18.


Cash and cash equivalents

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

Cash at bank and in hand
522,498
521,084
82
82

522,498
521,084
82
82


Page 35

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

19.


Creditors: Amounts falling due within one year

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

Trade creditors
2,082,216
2,390,231
-
-

Amounts owed to group undertakings
-
-
-
2,080

Corporation tax
84,645
74,477
-
-

Other taxation and social security
346,394
263,323
-
-

Obligations under finance lease and hire purchase contracts
398,447
401,871
-
-

Other creditors
3,710,926
3,636,645
1,258,416
1,257,624

Accruals and deferred income
178,047
240,685
10,000
10,000

6,800,675
7,007,232
1,268,416
1,269,704


The hire purchase creditor is secured over the assets it relates to.


20.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
1,120,834
764,774

1,120,834
764,774


The hire purchase creditor is secured over the assets it relates to.




21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
398,447
398,102

Between 1-5 years
1,120,834
760,790

1,519,281
1,158,892

Page 36

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

22.


Financial instruments

Group
Group
2023
2022
£
£

Financial assets

Financial assets measured at fair value through profit or loss
522,498
979,133




Financial assets measured at fair value through profit or loss comprise of goodwill.


23.


Deferred taxation


Group



2023


£






At beginning of year
(159,759)


Charged to profit or loss
(20,886)



At end of year
(180,645)

Group
Group
2023
2022
£
£

Accelerated capital allowances
(409,268)
(159,759)

Short term timing differences
1,612
-

Losses and other deductions
227,011
-

(180,645)
(159,759)


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,860 (2022 - 1,860) Ordinary shares of £0.10 each
186
186
25 (2022 - 25) B Ordinary shares of £1.00 each
25
25

211

211


Page 37

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

25.


Reserves

Share premium account

The share premium relates to Ordinary shares that were issues above par.

Profit and loss account

The balance in the profit and loss account represents the total distributable reserves of the Company.


26.


Pension commitments

The Company's subsidiaries operate 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 £78,349 (2022: £56,124). Contributions totalling £14,551 (2022: £3,243) were payable to the fund at the balance sheet date and are included in creditors.


27.


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
998,778
753,618

Later than 1 year and not later than 5 years
3,105,056
2,098,631

Later than 5 years
3,283,333
-

7,387,167
2,852,249

28.


Related party transactions

The Group has taken advantage of the exemption in FRS 102 not to disclose transactions between Group companies. The following balances were outstanding at the year end between the Company and its subsidiary undertakings.


2023
2022
£
£

2Excel Logistics Limited
30,000
-
Bee Line Transport & Distribution Limited
(1,258,416)
(1,257,624)
(1,228,416)
(1,257,624)

Page 38

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

29.


Controlling party

The ultimate controlling party by virtue of his shareholding is J Wilkie.
In the post year end period in December 2023 the ultimate parent company was Myriad Transport EOT Trustees following a restructure of the group.  There is no ultimate controlling party.

 
Page 39