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REGISTERED NUMBER: 01566007 (England and Wales)










Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023


for



Maltacourt Limited


Maltacourt Limited (Registered number: 01566007)







Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2023





Page



Company Information  

1



Group Strategic Report  

2



Report of the Directors  

3



Report of the Independent Auditors  

5



Consolidated Income Statement  

8



Consolidated Other Comprehensive Income  

9



Consolidated Balance Sheet  

10



Company Balance Sheet  

11



Consolidated Statement of Changes in Equity  

12



Company Statement of Changes in Equity  

13



Consolidated Cash Flow Statement  

14



Notes to the Consolidated Cash Flow Statement

15



Notes to the Consolidated Financial Statements

16




Maltacourt Limited


Company Information

for the Year Ended 31 December 2023









DIRECTORS:

Mr A Williams


Mr B J Beech


Mr D B Willmer


Mr J E Phillips


Janssen Group Of Companies B.V







REGISTERED OFFICE:

Room 501


The Heath Business & Technical Park


Runcorn


Cheshire


WA7 4QX







REGISTERED NUMBER:

01566007 (England and Wales)







AUDITORS:

Harts Limited


Chartered Accountants and Statutory Auditors


Westminster House


10 Westminster Road


Macclesfield


Cheshire


SK10 1BX


Maltacourt Limited (Registered number: 01566007)


Group Strategic Report

for the Year Ended 31 December 2023


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


REVIEW OF BUSINESS

The results of the group show a profit before tax of £122,304 (2022: £3,643,269).


During the period ending 31 December 2023, market conditions stabilised with pricing across the various modes softening in line with increased 'normalisation' of conditions, coupled with subdued customer demand, heightening inflation and large inventory build ups across market putting additional pressures on margin and costs. Maltacourt recognise a large a number of exceptional costs that impacted published profitability due to the transition change of the business in the second half of the year.


Despite the external conditions, the shareholders are pleased with the underlying results which culminated in Maltacourt becoming part of the Logicall Group of Companies BV, following the retirement of major shareholder Matt Beech. As part of the broader Group, the business has been able to leverage enhanced procurement, greater global geographical presence as well as lean on additional market expertise to continue to offer customers market leading supply chain solutions.


The opportunity to become part of the Logicall Group of Companies, facilitated an enhancement of the Directorial team to ensure the leadership structure of the business was aligned culturally and commercial to support its ever growing and diverse client base.


The business also recognises the additional costs incurred this year in the creation and distribution of a management participant scheme, which facilitated key management entering into a share ownership scheme.


PRINCIPAL RISKS AND UNCERTAINTIES

The market continues to be volatile and ongoing pressure on margin and costs is expected moving into 2024. The market is not as opportunistic as previous years and in the absence of any 'black swan' events, supply chains will normalise increasing market pressures. However, Maltacourt are committed to maximising the opportunities with the wider group of businesses and re-aligning its focus on sustainable growth.


FUTURE DEVELOPMENTS

Despite a more conservative 2023, as part of the Logicall Group, 2024 is expected to present a year of opportunity for the business as it consolidates with its various linked companies across Europe and Asia to enhance its service offering. Growth remains a strong ambition of the Board linked with maximising the synergies within the wider organisational ecosystem to deliver a stronger EBITDA return to the shareholders. The management team will continue to explore all avenues in growing the business both organically and exponentially through continued targeting of niche markets where Maltacourt already has strong market positioning.


KEY PERFORMANCE INDICATORS

Significant increase in costs is consistent with the broader economic impacts, increased cost of living and rising inflation, although the Directors note a large proportion of these costs relate to exceptional items, which are not expected to impact the business moving forward; including a £706,000 bad debt relating to an international warehouse client who had overstocked on COVID related PPE. Despite this, margin at a gross level remained robust, testament to our work in niche markets and at the difficult end of supply chains which require a higher focus to service and time. The businesses key financial performance indicators during the year were as follows:



2023


2022



Year on year turnover growth / (decline)


(£24,409,109)


£52,602,059



Gross margin


21.1%


14.5%




ON BEHALF OF THE BOARD:






Mr A Williams - Director



19 June 2024


Maltacourt Limited (Registered number: 01566007)


Report of the Directors

for the Year Ended 31 December 2023


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


PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of international freight forwarding, supply chain management and logistics.

DIVIDENDS

The total distribution for the company for the year-end 31 December 2023 is £74,478.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.


Mr A Williams

Mr B J Beech

Mr D B Willmer


Other changes in directors holding office are as follows:


Mr M P Beech - resigned 14 June 2023

Mr M P Coffey - resigned 31 July 2023

Mr K MacCulloch - resigned 26 September 2023

Mr M S Wilde - resigned 31 July 2023

Mr J E Phillips - appointed 18 October 2023

Janssen Group Of Companies B.V - appointed 14 June 2023


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.


Company law requires the directors to prepare financial statements for each financial year.  Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.  In preparing these financial statements, the directors are required to:


-

select suitable accounting policies and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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


Maltacourt Limited (Registered number: 01566007)


Report of the Directors

for the Year Ended 31 December 2023



AUDITORS

The auditors,  Harts Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






Mr A Williams - Director



19 June 2024


Report of the Independent Auditors to the Members of

Maltacourt Limited


Opinion

We have audited the financial statements of Maltacourt Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information

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


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Report of the Independent Auditors to the Members of

Maltacourt Limited



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.


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

-

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

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


In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


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:


The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.


Our approach was as follows:


We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company  and determined that the most significant are those that relate to the reporting framework (UK GAAP and  the Companies Act 2006). In addition the Company has to comply with laws and regulations relating to its operations and health and safety.


We understood how Maltacourt Limited. is complying with those frameworks by making inquiries of management and confirmation to identify any non-compliance with laws and regulations.


We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by discussion with directors to understand where it's considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud.


To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify and unusual or unexpected relationships; investigated the rationale behind significant or unusual transactions; and tested journal entries to identify unusual transactions.


Report of the Independent Auditors to the Members of

Maltacourt Limited



There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Material misstatement that arises due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


Based on this understanding we designed our audit procedures to identify non-compliance with such laws  and regulations that could materially impact the financial statements. Taking into accounts our understanding of  the Company, our procedures involved enquires of management and focussed testing as appropriate  with consideration to risk assessment.


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


Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





David Taylor BFP FCA (Senior Statutory Auditor)

for and on behalf of Harts Limited

Chartered Accountants and Statutory Auditors

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX


19 June 2024


Maltacourt Limited (Registered number: 01566007)


Consolidated Income Statement

for the Year Ended 31 December 2023



31.12.23


31.12.22


Notes

£   

£   



TURNOVER

4

30,376,123


54,785,232




Cost of sales

(23,962,911

)

(46,817,672

)


GROSS PROFIT

6,413,212


7,967,560




Administrative expenses

(7,038,483

)

(4,516,673

)


(625,271

)

3,450,887




Other operating income

725,433


555,998



OPERATING PROFIT

6

100,162


4,006,885




Exceptional item

8

-


(358,281

)


100,162


3,648,604




Interest receivable and similar income

1,641


935



101,803


3,649,539




Interest payable and similar expenses

9

20,501


(6,270

)


PROFIT BEFORE TAXATION

122,304


3,643,269




Tax on profit

10

(75,252

)

(730,104

)


PROFIT FOR THE FINANCIAL YEAR

47,052


2,913,165



Profit attributable to:

Owners of the parent

47,052


2,913,165




Maltacourt Limited (Registered number: 01566007)


Consolidated Other Comprehensive Income

for the Year Ended 31 December 2023



31.12.23


31.12.22


Notes

£   

£   



PROFIT FOR THE YEAR

47,052


2,913,165





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME FOR THE

YEAR

47,052


2,913,165




Total comprehensive income attributable to:

Owners of the parent

47,052


2,913,165




Maltacourt Limited (Registered number: 01566007)


Consolidated Balance Sheet

31 December 2023



31.12.23


31.12.22


Notes

£   

£   


FIXED ASSETS

Intangible assets

13

336,639


412,859



Tangible assets

14

381,027


363,539



Investments

15

-


-



717,666


776,398




CURRENT ASSETS

Stocks

16

-


6,113



Debtors

17

6,124,050


7,988,861



Cash at bank and in hand

1,322,042


3,475,329



7,446,092


11,470,303



CREDITORS

Amounts falling due within one year

18

(4,520,108

)

(8,222,043

)


NET CURRENT ASSETS

2,925,984


3,248,260



TOTAL ASSETS LESS CURRENT LIABILITIES

3,643,650


4,024,658




CREDITORS

Amounts falling due after more than one

year

19

(55,248

)

(71,513

)



PROVISIONS FOR LIABILITIES

22

(87,096

)

(424,413

)


NET ASSETS

3,501,306


3,528,732




CAPITAL AND RESERVES

Called up share capital

23

200


200



Share premium

24

31,631


31,631



Retained earnings

24

3,469,475


3,496,901



SHAREHOLDERS' FUNDS

3,501,306


3,528,732




The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2024 and were signed on its behalf by:






Mr A Williams - Director



Maltacourt Limited (Registered number: 01566007)


Company Balance Sheet

31 December 2023



31.12.23


31.12.22


Notes

£   

£   


FIXED ASSETS

Intangible assets

13

-


-



Tangible assets

14

248,449


197,756



Investments

15

1,580,109


1,580,109



1,828,558


1,777,865




CURRENT ASSETS

Debtors

17

5,601,503


7,606,096



Cash at bank

1,187,823


3,315,281



6,789,326


10,921,377



CREDITORS

Amounts falling due within one year

18

(3,847,507

)

(7,891,314

)


NET CURRENT ASSETS

2,941,819


3,030,063



TOTAL ASSETS LESS CURRENT LIABILITIES

4,770,377


4,807,928




PROVISIONS FOR LIABILITIES

22

(57,589

)

(395,855

)


NET ASSETS

4,712,788


4,412,073




CAPITAL AND RESERVES

Called up share capital

23

200


200



Share premium

24

31,631


31,631



Retained earnings

24

4,680,957


4,380,242



SHAREHOLDERS' FUNDS

4,712,788


4,412,073




Company's profit for the financial year

375,193


3,023,626




The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2024 and were signed on its behalf by:






Mr A Williams - Director



Maltacourt Limited (Registered number: 01566007)


Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2023



Called up



share


Retained


Share


Total


capital


earnings


premium


equity

£   

£   

£   

£   


Balance at 1 January 2022

200


715,395


31,631


747,226




Changes in equity

Dividends

-


(131,659

)

-


(131,659

)


Total comprehensive income

-


2,913,165


-


2,913,165



Balance at 31 December 2022

200


3,496,901


31,631


3,528,732




Changes in equity

Dividends

-


(74,478

)

-


(74,478

)


Total comprehensive income

-


47,052


-


47,052



Balance at 31 December 2023

200


3,469,475


31,631


3,501,306




Maltacourt Limited (Registered number: 01566007)


Company Statement of Changes in Equity

for the Year Ended 31 December 2023



Called up



share


Retained


Share


Total


capital


earnings


premium


equity

£   

£   

£   

£   


Balance at 1 January 2022

200


1,488,275


31,631


1,520,106




Changes in equity

Dividends

-


(131,659

)

-


(131,659

)


Total comprehensive income

-


3,023,626


-


3,023,626



Balance at 31 December 2022

200


4,380,242


31,631


4,412,073




Changes in equity

Dividends

-


(74,478

)

-


(74,478

)


Total comprehensive income

-


375,193


-


375,193



Balance at 31 December 2023

200


4,680,957


31,631


4,712,788




Maltacourt Limited (Registered number: 01566007)


Consolidated Cash Flow Statement

for the Year Ended 31 December 2023



31.12.23


31.12.22


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

(1,490,596

)

3,729,907



Interest paid

20,501


(6,270

)


Tax paid

(557,819

)

(619,245

)


Net cash from operating activities

(2,027,914

)

3,104,392




Cash flows from investing activities

Purchase of tangible fixed assets

(102,357

)

(222,764

)


Sale of tangible fixed assets

-


250



Interest received

1,641


935



Net cash from investing activities

(100,716

)

(221,579

)



Cash flows from financing activities

Loan repayments in year

(16,434

)

(206,249

)


Amount introduced by directors

78,436


5,200



Amount withdrawn by directors

(21,181

)

(75,435

)


Government grants received

9,000


3,500



Equity dividends paid

(74,478

)

(131,659

)


Net cash from financing activities

(24,657

)

(404,643

)



(Decrease)/increase in cash and cash equivalents

(2,153,287

)

2,478,170



Cash and cash equivalents at beginning of

year

2

3,475,329


997,159




Cash and cash equivalents at end of year

2

1,322,042


3,475,329




Maltacourt Limited (Registered number: 01566007)


Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2023


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


31.12.23


31.12.22

£   

£   



Profit before taxation

122,304


3,643,269




Depreciation charges

161,087


118,697




Loss on disposal of fixed assets

-


1,623




Case settlement / reorganisation cost

(358,281

)

358,281




Government grants

(9,000

)

(3,500

)



Finance costs

(20,501

)

6,270




Finance income

(1,641

)

(935

)


(106,032

)

4,123,705




Decrease in stocks

6,113


-




Decrease/(increase) in trade and other debtors

1,786,375


(4,394,797

)



(Decrease)/increase in trade and other creditors

(3,177,052

)

4,000,999




Cash generated from operations

(1,490,596

)

3,729,907




2.

CASH AND CASH EQUIVALENTS



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



Year ended 31 December 2023


31.12.23


1.1.23

£   

£   



Cash and cash equivalents

1,322,042


3,475,329




Year ended 31 December 2022


31.12.22


1.1.22

£   

£   



Cash and cash equivalents

3,475,329


997,159





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.1.23

Cash flow

At 31.12.23

£   

£   

£   



Net cash



Cash at bank and in hand

3,475,329


(2,153,287

)

1,322,042



3,475,329


(2,153,287

)

1,322,042




Debt


Debts falling due within 1 year

(16,434

)

169


(16,265

)



Debts falling due after 1 year

(71,513

)

16,265


(55,248

)


(87,947

)

16,434


(71,513

)



Total

3,387,382


(2,136,853

)

1,250,529




Maltacourt Limited (Registered number: 01566007)


Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2023


1.

STATUTORY INFORMATION



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


2.

STATEMENT OF COMPLIANCE



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


3.

ACCOUNTING POLICIES



Basis of preparing the financial statements


The financial statements have been prepared under the historical cost convention.



Basis of consolidation


The financial statements consolidate the financial statements of Maltacourt Limited and all of its subsidiary undertakings.



The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.



The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.



Turnover


Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts.



Revenue from contractual completed services rendered is accounted for in net turnover at the fair value of the consideration received or receivable, net of allowances and rebates.



For warehousing activities revenues are recognised when the product is received at the warehouse or when the value added activities has taken place as agreed upon so herewith the contractual performance obligation has been met; for international shipments (both by plain or ship) transfer occurs when the goods have been loaded by the carrier.



When the outcome of a transaction can be estimated reliably, turnover from services is recognised by reference to the stage of completion at the balance sheet date.  Stage of completion is measured by reference to finalisation of work completed.



Costs of outsourced work and other external costs


This concerns costs that are directly attributable to net turnover. This concerns mainly: cost of charter, sea freight and ferry.



Goodwill


Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.  



Intangible assets

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


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Freehold property

-

10% on cost


Plant and machinery

-  

25% on reducing balance and 15% on reducing balance


Fixtures and fittings

-  

25% on reducing balance and 15% on reducing balance


Motor vehicles

-    

25% on reducing balance, 20% on cost and 20% on reducing balance


Maltacourt Limited (Registered number: 01566007)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


3.

ACCOUNTING POLICIES - continued



Stocks

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


Financial instruments

The company has elected to apply the provisions of Selection 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contracted provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Impairment of financial assets:

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment is recognised in profit or loss.

Derecognition of financial assets:

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities:

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

Basic financial liabilities:

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially as transaction price and subsequently measured at amortised cost using the effective interest method.


Maltacourt Limited (Registered number: 01566007)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


3.

ACCOUNTING POLICIES - continued


Derecognition of financial liabilities:

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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


Deferred tax

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

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

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


Hire purchase and leasing commitments

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


Pension costs and other post-retirement benefits


The group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.


4.

TURNOVER



The turnover and profit before taxation are attributable to the one principal activity of the group.



An analysis of turnover by class of business is given below:



31.12.23


31.12.22

£   

£   



Rendering of services

30,376,123


54,785,232



30,376,123


54,785,232





An analysis of turnover by geographical market is given below:



31.12.23


31.12.22

£   

£   



United Kingdom

16,123,801


54,785,232




Europe

4,665,627


-




Rest of world

9,586,695


-



30,376,123


54,785,232




Maltacourt Limited (Registered number: 01566007)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


5.

EMPLOYEES AND DIRECTORS


31.12.23


31.12.22

£   

£   



Wages and salaries

3,437,689


2,153,016




Social security costs

425,314


226,337




Other pension costs

39,769


21,808



3,902,772


2,401,161





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


31.12.23


31.12.22



Management

12


13




Administration & operations

49


36




Warehouse & drivers

7


6



68


55





The average number of employees by undertakings that were proportionately consolidated during the year was 14 (2022 - 11 ) .



31.12.23


31.12.22

£   

£   



Directors' remuneration

1,443,771


565,274





Information regarding the highest paid director is as follows:


31.12.23


31.12.22

£   

£   



Emoluments etc

226,770


93,167




6.

OPERATING PROFIT



The operating profit is stated after charging/(crediting):



31.12.23


31.12.22

£   

£   



Hire of plant and machinery

10,487


(11,936

)



Depreciation - owned assets

84,869


42,477




Loss on disposal of fixed assets

-


1,623




Goodwill amortisation

76,220


76,220




Foreign exchange differences

64,937


(96,627

)



7.

AUDITORS' REMUNERATION


31.12.23


31.12.22

£   

£   



Fees payable to the company's auditors for the audit of the company's

financial statements

33,910


31,823




8.

EXCEPTIONAL ITEMS


31.12.23


31.12.22

£   

£   



Exceptional item

-


(358,281

)



Maltacourt Limited (Registered number: 01566007)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023



Included within the income statement there is an exceptional item of £358,280. This relates to a settlement agreement that has crystallized post year-end but relates to a case that was present at the year-end date.


9.

INTEREST PAYABLE AND SIMILAR EXPENSES



31.12.23


31.12.22

£   

£   



Bank interest

-


110




Bank loan interest

1,045


6,160




Interest on late tax

(21,546

)

-



(20,501

)

6,270




10.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


31.12.23


31.12.22

£   

£   



Current tax:


UK corporation tax

63,832


691,552




(Over) Under provision in prior year

(9,544

)

-




Total current tax

54,288


691,552





Deferred tax

20,964


38,552




Tax on profit

75,252


730,104





Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:



31.12.23


31.12.22

£   

£   



Profit before tax

122,304


3,643,269




Profit multiplied by the standard rate of corporation tax in the UK of

23.500 % (2022 - 19 %)  

28,741


692,221





Effects of:


Expenses not deductible for tax purposes

35,167


68,553




Capital allowances in excess of depreciation

-


(43,067

)



Adjustments to tax charge in respect of previous periods

(9,544

)

7,094




Group investment income  

-


(33,250

)



Deferred tax  

20,888


38,553




Total tax charge

75,252


730,104




11.

INDIVIDUAL INCOME STATEMENT



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



Maltacourt Limited (Registered number: 01566007)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


12.

DIVIDENDS


31.12.23


31.12.22

£   

£   



Ordinary A shares of £0.01 each


Interim

74,478


131,659




13.

INTANGIBLE FIXED ASSETS



Group


Goodwill

£   



COST


At 1 January 2023


and 31 December 2023

1,367,823




AMORTISATION


At 1 January 2023

954,964




Amortisation for year

76,220




At 31 December 2023

1,031,184




NET BOOK VALUE


At 31 December 2023

336,639




At 31 December 2022

412,859





Company


Goodwill

£   



COST


At 1 January 2023


and 31 December 2023

605,621




AMORTISATION


At 1 January 2023


and 31 December 2023

605,621




NET BOOK VALUE


At 31 December 2023

-




At 31 December 2022

-




Maltacourt Limited (Registered number: 01566007)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


14.

TANGIBLE FIXED ASSETS



Group


Fixtures



Freehold


Plant and


and


Motor



property


machinery


fittings


vehicles


Totals

£   

£   

£   

£   

£   



COST


At 1 January 2023

48,392


22,985


380,335


297,572


749,284




Additions

-


-


61,767


40,590


102,357




At 31 December 2023

48,392


22,985


442,102


338,162


851,641




DEPRECIATION


At 1 January 2023

35,218


21,538


280,017


48,972


385,745




Charge for year

4,839


358


25,267


54,405


84,869




At 31 December 2023

40,057


21,896


305,284


103,377


470,614




NET BOOK VALUE


At 31 December 2023

8,335


1,089


136,818


234,785


381,027




At 31 December 2022

13,174


1,447


100,318


248,600


363,539





Company


Fixtures



Plant and


and


Motor



machinery


fittings


vehicles


Totals

£   

£   

£   

£   



COST


At 1 January 2023

22,985


332,307


138,100


493,392




Additions

-


61,767


40,590


102,357




At 31 December 2023

22,985


394,074


178,690


595,749




DEPRECIATION


At 1 January 2023

21,538


274,098


-


295,636




Charge for year

358


18,950


32,356


51,664




At 31 December 2023

21,896


293,048


32,356


347,300




NET BOOK VALUE


At 31 December 2023

1,089


101,026


146,334


248,449




At 31 December 2022

1,447


58,209


138,100


197,756




Maltacourt Limited (Registered number: 01566007)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


15.

FIXED ASSET INVESTMENTS



Company


Shares in


group


undertakings

£   



COST


At 1 January 2023


and 31 December 2023

1,580,109




NET BOOK VALUE


At 31 December 2023

1,580,109




At 31 December 2022

1,580,109





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



Subsidiary



Maltacourt (Scotland) Limited


Registered office: Rooms 1/10, 1/11 And 1/13, Spitfire House Turnhouse Business Park, Edinburgh, Scotland, EH12 0AL  


Nature of business: Freight air transport


%


Class of shares:

holding



Ordinary

100.00



31.12.23


31.12.22

£   

£   



Aggregate capital and reserves

31,988


283,909




(Loss)/profit for the year

(116,921

)

140,759





16.

STOCKS



Group



31.12.23


31.12.22


£   

£   



Stocks

-


6,113




17.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company



31.12.23


31.12.22


31.12.23


31.12.22


£   

£   

£   

£   



Trade debtors

3,826,560


6,993,659


3,379,139


6,680,980




Amounts owed by group undertakings

1,682,093


-


1,682,093


-




Other debtors

19,366


16,293


20,687


16,065




Directors' current accounts

-


78,436


-


78,436




VAT

143,135


242,719


127,319


219,655




Prepayments and accrued income

452,896


657,754


392,265


610,960



6,124,050


7,988,861


5,601,503


7,606,096




Maltacourt Limited (Registered number: 01566007)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


18.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company



31.12.23


31.12.22


31.12.23


31.12.22


£   

£   

£   

£   



Bank loans and overdrafts (see note 20)

5,777


5,946


-


-




Other loans (see note 20)

10,488


10,488


-


-




Trade creditors

3,250,725


6,694,090


2,927,616


6,553,789




Amounts owed to group undertakings

-


-


54,537


112,432




Corporation tax

(140,885

)

362,646


(137,667

)

334,815




Social security and other taxes

386,381


116,858


175,270


102,737




Pension creditor

8,074


18,093


6,364


18,093




Other creditors

436,523


-


413,438


-




Directors' current accounts

-


21,181


-


21,181




Accrued expenses

563,025


992,741


407,949


748,267



4,520,108


8,222,043


3,847,507


7,891,314




19.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR




Group



31.12.23


31.12.22


£   

£   



Bank loans (see note 20)

32,332


38,109




Other loans (see note 20)

22,916


33,404



55,248


71,513




Maltacourt Limited (Registered number: 01566007)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


20.

LOANS



An analysis of the maturity of loans is given below:



Group



31.12.23


31.12.22


£   

£   



Amounts falling due within one year or on

demand:



Bank loans

5,777


5,946




Other loans

10,488


10,488



16,265


16,434




Amounts falling due between one and two

years:



Bank loans - 1-2 years

5,805


5,946




Other loans - 1-2 years

10,488


10,488



16,293


16,434




Amounts falling due between two and five

years:



Bank loans - 2-5 years

17,586


17,838




Other loans - 2-5 years

12,428


22,916



30,014


40,754




Amounts falling due in more than five years:



Repayable by instalments


Bank loans more 5 yr by instal

8,941


14,325




21.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Company


Non-cancellable operating

leases



31.12.23


31.12.22

£   

£   



Within one year

300,700


370,454




Between one and five years

64,440


344,570



365,140


715,024





The lease expense during the year was £463,021 (2022: £255,716).


Maltacourt Limited (Registered number: 01566007)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


22.

PROVISIONS FOR LIABILITIES



Group


Company



31.12.23


31.12.22


31.12.23


31.12.22


£   

£   

£   

£   



Deferred tax

87,096


66,132


57,589


37,574





Other provisions

-


358,281


-


358,281





Aggregate amounts

87,096


424,413


57,589


395,855





Group


Deferred


Other



tax


provisions


£   

£   



Balance at 1 January 2023

66,132


358,281




Charge to Income Statement during year

20,964


-




Balance at 31 December 2023

87,096


358,281





Company


Deferred



tax


£   



Balance at 1 January 2023

37,574




Provided during year

20,015




Balance at 31 December 2023

57,589





In the prior year there was an exceptional provision of £358,280. This related to a settlement agreement that crystallized in 2023 but related to a case that was present at the year-end date 31 December 2022.


23.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.12.23


31.12.22


value:

£   

£   



17,600

Ordinary A

£0.01

176


176




2,000

Ordinary B

£0.01

20


20




400

Ordinary C

£0.01

4


4



200


200




There are no restrictions on these shares.


Maltacourt Limited (Registered number: 01566007)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


24.

RESERVES



Group


Retained


Share



earnings


premium


Totals

£   

£   

£   




At 1 January 2023

3,496,901


31,631


3,528,532




Profit for the year

47,052


47,052




Dividends

(74,478

)

(74,478

)



At 31 December 2023

3,469,475


31,631


3,501,106





Company


Retained


Share



earnings


premium


Totals

£   

£   

£   




At 1 January 2023

4,380,242


31,631


4,411,873




Profit for the year

375,193


375,193




Dividends

(74,478

)

(74,478

)



At 31 December 2023

4,680,957


31,631


4,712,588





25.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:



31.12.23


31.12.22

£   

£   



Mr B J Beech


Balance outstanding at start of year

2,000


2,000




Amounts advanced

-


2,000




Amounts repaid

(2,000

)

(2,000

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

-


2,000





Mr D B Willmer


Balance outstanding at start of year

-


5,200




Amounts repaid

-


(5,200

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

-


-





Mr K MacCulloch


Balance outstanding at start of year

1,000


1,000




Amounts repaid

(1,000

)

-




Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

-


1,000




Maltacourt Limited (Registered number: 01566007)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


25.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued



Mr M P Coffey


Balance outstanding at start of year

43,020


-




Amounts advanced

-


43,020




Amounts repaid

(43,020

)

-




Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

-


43,020





Mr M S Wilde


Balance outstanding at start of year

32,416


-




Amounts advanced

-


32,416




Amounts repaid

(32,416

)

-




Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

-


32,416





Interest is charges on overdrawn directors loan balances at 2.5% per annum.