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Registration number: 09093879

Modular Movements Limited

Filleted Financial Statements

for the Year Ended 30 November 2023

 

Modular Movements Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Modular Movements Limited

(Registration number: 09093879)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

4,835,044

5,108,391

Cash at bank and in hand

 

214,181

91,202

 

5,049,225

5,199,593

Creditors: Amounts falling due within one year

5

(3,151,922)

(3,033,273)

Total assets less current liabilities

 

1,897,303

2,166,320

Creditors: Amounts falling due after more than one year

5

(1,097,521)

(745,248)

Net assets

 

799,782

1,421,072

Capital and reserves

 

Called up share capital

6

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 Board on 27 August 2024 and signed on its behalf by:
 

.........................................
M J Swan
Director

 

Modular Movements Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
44 Newdown Road
South Park Industrial Estate
Scunthorpe
North Lincolnshire
DN17 2TX

These financial statements were authorised for issue by the Board on 27 August 2024.

2

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

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 27 August 2024 was Neal Watford ACA, who signed for and on behalf of Forrester Boyd.

Reclassification of comparative amounts

The prior period includes a reclassification of costs between sales and cost of sales of £917,816 being the recognition of the sale of Group assets between the entity and its Parent Company.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 6 (2022 - 5).

4

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

2,567,311

2,903,461

Amounts owed by related parties

8

1,973,597

1,388,914

Prepayments

 

163,552

161,192

Other debtors

 

130,584

654,824

   

4,835,044

5,108,391

 

Modular Movements Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

1,328,122

946,637

Trade creditors

 

631,617

1,019,060

Amounts owed to Company undertakings and undertakings in which the Company has a participating interest

8

345,388

-

Taxation and social security

 

124,701

295,546

Accruals and deferred income

 

307,339

561,060

Other creditors

 

7,109

4,445

HP and finance leases

 

407,646

206,525

 

3,151,922

3,033,273

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

 

HP and Finance Leases

1,097,521

745,248

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

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

7

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

1,018,131

352,118

Later than one year and not later than five years

1,642,609

991,434

2,660,740

1,343,552

The amount of non-cancellable operating lease payments recognised as an expense during the year was £921,897 (2022 - £214,553).

8

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

19,971

-

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

203,186

Amounts receivable from related party

10,662

2022

Entities with joint control or significant influence
£

Sale of goods

88,099

Amounts receivable from related party

10,466

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Key management
£

Purchase of goods

2,103,578

-

Amounts payable to related party

190,125

481

2022

Entities with joint control or significant influence
£

Key management
£

Purchase of goods

1,655,445

-

Amounts payable to related party

86,455

376

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

9

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.