Registration number:
Modular Movements Limited
for the Year Ended 30 November 2023
Modular Movements Limited
(Registration number: 09093879)
Balance Sheet as at 30 November 2023
Note |
2023 |
2022 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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|
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
|
|
|
Capital and reserves |
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Called up share capital |
2 |
2 |
|
Retained earnings |
799,780 |
1,421,070 |
|
Shareholders' funds |
799,782 |
1,421,072 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Modular Movements Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
General information |
The Company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The financial statements show the results of Modular Movements Limited as an individual entity and do not reflect the position of the Modular Group.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements have been prepared in sterling and are rounded to the nearest pound.
Audit Report
Reclassification of comparative amounts
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Government grants
Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Modular Movements Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20% per annum on a straight line basis |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Modular Movements Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to Company undertakings and undertakings in which the Company has a participating interest |
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- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
|
|
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HP and finance leases |
407,646 |
206,525 |
|
|
|
Creditors within one year include hire purchase and loans and borrowings which are secured of £1,735,768 (2022 - £1,153,162).
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
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HP and Finance Leases |
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|
Creditors due after one year include hire purchases which are secured of £1,097,521 (2022 - £745,248).
Modular Movements Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
Modular Movements Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
Directors' remuneration
The Directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
- |
Summary of transactions with entities with joint control or significant interest
The company has taken advantage of the exemption in section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with other members of the group in which any subsidiary which is a party to the transaction is wholly owned by the group.
Income and receivables from related parties
2023 |
Entities with joint control or significant influence |
Sale of goods |
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Amounts receivable from related party |
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2022 |
Entities with joint control or significant influence |
Sale of goods |
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Amounts receivable from related party |
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Expenditure with and payables to related parties
2023 |
Entities with joint control or significant influence |
Key management |
Purchase of goods |
|
- |
Amounts payable to related party |
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|
|
2022 |
Entities with joint control or significant influence |
Key management |
Purchase of goods |
|
- |
Amounts payable to related party |
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|
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Loans to related parties
2023 |
Entities with joint control or significant influence |
At end of period |
36,876 |
|
Modular Movements Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
2022 |
Entities with joint control or significant influence |
At end of period |
34,376 |
|
Parent and ultimate parent undertaking |
The company is a subsidiary of Modular Logistics Group Ltd. Modular Logistics Group Ltd is the head of the group which Modular Movements Limited belongs to for which group accounts are prepared. Consolidated group accounts can be obtained from the registered office address of Modular Logistics Group Limited, 44 Newdown Road, Scunthorpe, DN17 2TX.