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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
Westminster House |
10 Westminster Road |
Macclesfield |
Cheshire |
SK10 1BX |
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 |
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 |
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 |
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 |
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 |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
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 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
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 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
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 |
15. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Rooms 1/10, 1/11 And 1/13, Spitfire House Turnhouse Business Park, Edinburgh, Scotland, EH12 0AL |
Nature of business: |
% |
Class of shares: | holding |
31.12.23 | 31.12.22 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( | ) |
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 |
Amounts owed by group undertakings | 1,682,093 | - |
Other debtors | 19,366 | 16,293 |
Directors' current accounts | - | 78,436 | - | 78,436 |
VAT | 143,135 | 242,719 |
Prepayments and accrued income | 452,896 | 657,754 |
6,124,050 | 7,988,861 |
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 |
Amounts owed to group undertakings | - | - |
Corporation tax | (140,885 | ) | 362,646 | ( | ) |
Social security and other taxes | 386,381 | 116,858 |
Pension creditor | 8,074 | 18,093 | 6,364 | 18,093 |
Other creditors | 436,523 | - |
Directors' current accounts | - | 21,181 | - | 21,181 |
Accrued expenses | 563,025 | 992,741 |
4,520,108 | 8,222,043 |
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 |
Between one and five years |
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 |
Provided during year |
Balance at 31 December 2023 |
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: | £ | £ |
Ordinary A | £0.01 | 176 | 176 |
Ordinary B | £0.01 | 20 | 20 |
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. |