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Registration number: 09225439

Modular Logistics Group Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 November 2023

 

Modular Logistics Group Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Notes to the Financial Statements

14 to 25

 

Modular Logistics Group Limited

Company Information

Directors

M L Peterson

A J Skelton

M J Swan

Registered office

44 Newdown Road
South Park Industrial Estate
Scunthorpe
North Lincolnshire
DN17 2TX

Auditors

Forrester Boyd
Chartered Accountants
26 South St. Mary's Gate
Grimsby
DN31 1LW

 

Modular Logistics Group Limited

Strategic Report for the Year Ended 30 November 2023

The Directors present their strategic report for the year ended 30 November 2023.

Principal activity

The principal activity of the Group is is that of renting and leasing trucks and other heavy vehciles

Fair review of the business

The Group has seen growth of 6% in the financial year with revenue reaching £13.5m for the period. Gross profit is relatively consistent at 15% and has been maintained despite increasing costs across large elements of the business due to the levels of inflation in the UK.

Despite this growth in £ gross profit the Group has suffered a large one off bad debt in the year which has seen a significant loss made. If this is excluded the profit before tax stands at just below £1.1m and highlights an excellent underlying trading position.

The Directors are confident that the Group will return to profitability in the next financial year with strong results at the 6 months stage of the year and also in its ability to cope with the bad debt incurred and the financial risks faced by Companies across the UK in a challenging economic climate.

The Group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£

13,550,892

12,743,682

Gross profit

£

2,026,314

2,019,922

Gross profit %

%

15

16

PBT (excluding exceptional bad debts)

£

1,089,102

1,351,414

Principal risks and uncertainties

The war in Ukraine together with high energy costs, increasing inflation and interest rates are challenges the business has faced over the last few financial years and continue to impact customer spending.

Currently however the Group is trading well and is well positioned to deal with any external pressures faced.

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

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

 

Modular Logistics Group Limited

Directors' Report for the Year Ended 30 November 2023

The Directors present their report and the for the year ended 30 November 2023.

Directors of the Group

The Directors who held office during the year were as follows:

M L Peterson

A J Skelton

M J Swan

Financial instruments

Objectives and policies

The Group uses basic financial instruments, comprising cash, a debt factoring facility and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Group's operations.

Price risk, credit risk, liquidity risk and cash flow risk

The Group's principal financial instruments comprise of bank balances and debt factoring balances, trade debtors, trade creditors and hire purchase agreements.

The liquidity risk is managed by maintaining a balance between the need for continuity of funding and flexibility through the use of the debt factoring facility and hire purchase arrangements for vehicle purchases. All business cash balances are held in such a way that achieves a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to business customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the consolidated balance sheet are net of allowances for trade debtors.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due

Disclosure of information to the auditor

Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

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

 

Modular Logistics Group Limited

Statement of Directors' Responsibilities

The Directors acknowledge their responsibilities for preparing the Annual Report 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 Group and the Company 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company 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 Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Modular Logistics Group Limited

Independent Auditor's Report to the Members of Modular Logistics Group Limited

Opinion

We have audited the financial statements of Modular Logistics Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 November 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the parent Company's affairs as at 30 November 2023 and of the Group's loss 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 auditor 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

 

Modular Logistics Group Limited

Independent Auditor's Report to the Members of Modular Logistics Group Limited

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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 4], the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Group 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.

Auditor Responsibilities for the audit of the financial statements

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

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

Discussions with management held, including consideration of known or suspected instances of non-compliance.

Enquiries of management and the company's solicitors of actual and potential litigation claims.

Challenging assumptions and judgements made within significant accounting estimates and judgements such as useful economic life of assets and bad debt provisions.

Identification of key laws and regulations central to the Company's operations and review of compliance with such laws including a review of vehicle operators licence status and correspondence to identify any disciplinary action or ongoing issues.

Testing of journal entries and potential override of systems.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Modular Logistics Group Limited

Independent Auditor's Report to the Members of Modular Logistics Group Limited

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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Neal Watford ACA (Senior Statutory Auditor)
For and on behalf of Forrester Boyd, Statutory Auditor

26 South St. Mary's Gate
Grimsby
DN31 1LW

27 August 2024

 

Modular Logistics Group Limited

Consolidated Profit and Loss Account for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

3

13,550,892

12,743,682

Cost of sales

 

(11,524,578)

(10,723,760)

Gross profit

 

2,026,314

2,019,922

Administrative expenses

 

(2,436,732)

(595,219)

Other operating income

4

-

5,011

Operating (loss)/profit

6

(410,418)

1,429,714

Other interest receivable and similar income

7

3,230

-

Interest payable and similar expenses

8

(134,653)

(78,300)

   

(131,423)

(78,300)

(Loss)/profit before tax

 

(541,841)

1,351,414

Tax on (loss)/profit

11

19,777

(258,718)

(Loss)/profit for the financial year

 

(522,064)

1,092,696

The Group has no recognised gains or losses for the year other than the results above.

 

Modular Logistics Group Limited

(Registration number: 09225439)
Consolidated Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

12

2,157,797

1,947,924

Current assets

 

Debtors

14

2,990,423

3,834,638

Cash at bank and in hand

 

279,551

208,359

 

3,269,974

4,042,997

Creditors: Amounts falling due within one year

16

(3,159,422)

(3,433,240)

Net current assets

 

110,552

609,757

Total assets less current liabilities

 

2,268,349

2,557,681

Creditors: Amounts falling due after more than one year

16

(1,097,521)

(835,018)

Provisions for liabilities

17

(356,250)

(242,021)

Net assets

 

814,578

1,480,642

Capital and reserves

 

Called up share capital

19

6

6

Retained earnings

20

814,572

1,480,636

Shareholders' funds

 

814,578

1,480,642

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

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

 

Modular Logistics Group Limited

(Registration number: 09225439)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

12

2,157,797

1,947,924

Investments

13

18,858

18,858

 

2,176,655

1,966,782

Current assets

 

Debtors

14

230,871

115,272

Cash at bank and in hand

 

18,499

115,193

 

249,370

230,465

Creditors: Amounts falling due within one year

16

(2,068,868)

(1,070,686)

Net current liabilities

 

(1,819,498)

(840,221)

Total assets less current liabilities

 

357,157

1,126,561

Creditors: Amounts falling due after more than one year

16

-

(835,018)

Provisions for liabilities

17

(356,250)

(242,021)

Net assets

 

907

49,522

Capital and reserves

 

Called up share capital

19

6

6

Retained earnings

901

49,516

Shareholders' funds

 

907

49,522

The company made a profit after tax for the financial year of £95,386 (2022 - profit of £333,228).

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

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

 

Modular Logistics Group Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 November 2023
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 December 2022

6

1,480,636

1,480,642

1,480,642

Loss for the year

-

(522,064)

(522,064)

(522,064)

Dividends

-

(144,000)

(144,000)

(144,000)

At 30 November 2023

6

814,572

814,578

814,578

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 December 2021

6

681,940

681,946

681,946

Profit for the year

-

1,092,696

1,092,696

1,092,696

Dividends

-

(294,000)

(294,000)

(294,000)

At 30 November 2022

6

1,480,636

1,480,642

1,480,642

 

Modular Logistics Group Limited

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

6

49,515

49,521

Profit for the year

-

95,386

95,386

Dividends

-

(144,000)

(144,000)

At 30 November 2023

6

901

907

Share capital
£

Retained earnings
£

Total
£

At 1 December 2021

6

10,288

10,294

Profit for the year

-

333,228

333,228

Dividends

-

(294,000)

(294,000)

At 30 November 2022

6

49,516

49,522

 

Modular Logistics Group Limited

Consolidated Statement of Cash Flows for the Year Ended 30 November 2023

Note

2023
£

2022
£

Cash flows from operating activities

(Loss)/profit for the year

 

(522,064)

1,092,696

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

595,678

445,345

Loss on disposal of tangible assets

5

1,661

7,510

Loss from disposals of investments

5

-

90

Finance income

7

(3,230)

-

Finance costs

8

134,653

78,300

Income tax expense

11

(19,777)

258,718

 

186,921

1,882,659

Working capital adjustments

 

Decrease/(increase) in trade debtors

14

847,445

(1,494,079)

(Decrease)/increase in trade creditors

16

(366,977)

379,705

Cash generated from operations

 

667,389

768,285

Income taxes paid

11

(47,346)

(96,026)

Net cash flow from operating activities

 

620,043

672,259

Cash flows from investing activities

 

Interest received

3,230

-

Proceeds from sale of tangible assets

 

139,899

14,775

Net cash flows from investing activities

 

143,129

14,775

Cash flows from financing activities

 

Interest paid

8

(134,653)

(78,300)

Proceeds from other borrowing draw downs

 

262,595

213,103

Payments to finance lease creditors

 

(675,922)

(483,276)

Dividends paid

(144,000)

(294,000)

Net cash flows from financing activities

 

(691,980)

(642,473)

Net increase in cash and cash equivalents

 

71,192

44,561

Cash and cash equivalents at 1 December

 

208,359

163,798

Cash and cash equivalents at 30 November

 

279,551

208,359

 

Modular Logistics Group 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 United Kingdom and the company registration number is 09225439.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 30 November 2023.

No Profit and Loss Account is presented for the Company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £95,386 (2022 - profit of £333,228).

A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.

Going concern

The financial statements have been prepared on a going concern basis.

 

Modular Logistics Group Limited

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

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 Group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the Group.

The Group 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 Group's activities.

Tax

The tax expense for the period comprises current and deferred 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.

The current 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 group operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the Group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

16.67% straight line basis

Furniture, fittings and equipment

16.67% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Modular Logistics Group Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 Group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the Group's Turnover for the year by class of business is as follows:

2023
£

2022
£

Transport and haulage

10,670,001

10,544,407

Storage revenue

927,540

372,506

Other miscellaneous services

1,953,351

1,826,769

13,550,892

12,743,682

 

Modular Logistics Group Limited

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

4

Other operating income

The analysis of the Group's other operating income for the year is as follows:

2023
£

2022
£

Government grants

-

5,011

5

Other gains and losses

The analysis of the Group's other gains and losses for the year is as follows:

2023
£

2022
£

Loss on disposal of Tangible assets

(1,661)

(7,510)

Loss from disposals of investments

-

(90)

(1,661)

(7,600)

6

Operating (loss)/profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

595,678

445,345

Operating lease expense - property

30,000

30,000

Operating lease expense - plant and machinery

199,221

(339,532)

Loss on disposal of property, plant and equipment

1,661

7,510

7

Other interest receivable and similar income

2023
£

2022
£

Other finance income

3,230

-

8

Interest payable and similar expenses

2023
£

2022
£

Interest on obligations under finance leases and hire purchase contracts

131,043

72,852

Interest expense on other finance liabilities

3,610

5,448

134,653

78,300

9

Staff costs

The aggregate payroll costs (including Directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

2,935,198

2,778,008

Social security costs

269,935

237,181

Pension costs, defined contribution scheme

41,491

38,659

3,246,624

3,053,848

 

Modular Logistics Group Limited

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

The average number of persons employed by the Group (including Directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

63

63

Administration and support

11

10

74

73

10

Directors' remuneration

The Directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

19,971

-

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

(134,006)

143,653

Deferred taxation

Arising from origination and reversal of timing differences

114,229

115,065

Tax (receipt)/expense in the income statement

(19,777)

258,718

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 23% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

(Loss)/profit before tax

(541,841)

1,351,414

Corporation tax at standard rate

(124,623)

256,769

Increase from effect of different UK tax rates on some earnings

66,098

-

Effect of expense not deductible in determining taxable profit (tax loss)

(810)

-

Tax increase from effect of capital allowances and depreciation

39,558

1,949

Total tax (credit)/charge

(19,777)

258,718

From 1 April 2023 the main rate of UK Corporation Tax increased from 19% to 25% meaning the effective rate of tax for the period ended 30 November 2023 equated to 23%

 

Modular Logistics Group Limited

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

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Capital allowances and depreciation

-

356,250

-

356,250

2022

Asset
£

Liability
£

Capital allowances and depreciation

-

242,021

-

242,021

Company

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Capital allowances and depreciation

-

356,250

-

356,250

2022

Asset
£

Liability
£

Capital allowances and depreciation

-

242,021

-

242,021

12

Tangible assets

Group

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

40,342

3,517,975

3,558,317

Additions

-

947,111

947,111

Disposals

-

(505,523)

(505,523)

At 30 November 2023

40,342

3,959,563

3,999,905

Depreciation

At 1 December 2022

21,106

1,589,287

1,610,393

Charge for the year

6,557

589,121

595,678

Eliminated on disposal

-

(363,963)

(363,963)

At 30 November 2023

27,663

1,814,445

1,842,108

Carrying amount

At 30 November 2023

12,679

2,145,118

2,157,797

At 30 November 2022

19,236

1,928,688

1,947,924

 

Modular Logistics Group Limited

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

Company

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

40,342

3,517,975

3,558,317

Additions

-

947,111

947,111

Disposals

-

(505,523)

(505,523)

At 30 November 2023

40,342

3,959,563

3,999,905

Depreciation

At 1 December 2022

21,106

1,589,287

1,610,393

Charge for the year

6,557

589,121

595,678

Eliminated on disposal

-

(363,963)

(363,963)

At 30 November 2023

27,663

1,814,445

1,842,108

Carrying amount

At 30 November 2023

12,679

2,145,118

2,157,797

At 30 November 2022

19,236

1,928,688

1,947,924

13

Investments

Company

2023
£

2022
£

Investments in subsidiaries

18,858

18,858

Subsidiaries

£

Cost or valuation

At 1 December 2022

18,858

Provision

At 1 December 2022 & 30 November 2023

-

Carrying amount

At 30 November 2023

18,858

At 30 November 2022

18,858

 

Modular Logistics Group Limited

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

Details of undertakings

Details of the investments in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Modular Movements Limited

United Kingdom

Ordinary shares

100%

100%

Mobile Home Movements Ltd

United Kingdom

Ordinary shares

100%

100%

14

Debtors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

2,567,311

2,909,461

-

6,000

Amounts owed by related parties

24

-

-

112,883

-

Other debtors

 

42,781

34,699

5,810

322

Prepayments

 

174,540

161,080

-

-

Accrued income

 

133,611

660,448

40,000

40,000

Income tax asset

11

72,180

68,950

72,180

68,950

   

2,990,423

3,834,638

230,873

115,272

15

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash at bank

279,551

208,359

18,499

115,192

16

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

21

1,791,308

1,520,027

55,059

573,014

Trade creditors

 

631,617

711,530

-

-

Amounts due to related parties

24

-

-

1,973,598

437,141

Social security and other taxes

 

333,524

358,774

32,239

31,005

Other payables

 

53,310

66,708

1,324

25,377

Accruals

 

320,059

568,475

6,650

4,150

Income tax liability

11

29,604

207,726

-

-

 

3,159,422

3,433,240

2,068,870

1,070,687

Due after one year

 

Loans and borrowings

21

1,097,521

835,018

-

835,018

 

Modular Logistics Group Limited

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

17

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 December 2022

242,021

242,021

Increase (decrease) in existing provisions

114,229

114,229

At 30 November 2023

356,250

356,250

Company

Deferred tax
£

Total
£

At 1 December 2022

242,021

242,021

Increase (decrease) in existing provisions

114,229

114,229

At 30 November 2023

356,250

356,250

18

Pension and other schemes

Defined contribution pension scheme

The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Group to the scheme and amounted to £41,491 (2022 - £38,659).

19

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

6

6

6

6

         

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Full voting and participation rights with no restriction on distribution of dividends or repayment of capital.

20

Reserves

Group

Called up share capital

Share capital comprises of the value of issued share capital at par in the parent company.

Retained earnings

The profit and loss account consists of profits made by the group attributable to the shareholders of the parent company.

Company

Called up share capital

Share capital comprises of the value of issued share capital at par in the company.

 

Modular Logistics Group Limited

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

Retained earnings

The profit and loss account consists of profits made by the group attributable to the shareholders of the company.

21

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

1,097,521

835,018

-

835,018

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

462,705

454,019

55,059

454,019

Other borrowings

1,328,603

1,066,008

-

118,995

1,791,308

1,520,027

55,059

573,014

Group

Other borrowings

Included within other borrowings is a debt factoring facility denominated in sterling . The carrying amount at the year end is £1,328,122 (2022 - £946,637).

The liability is secured by a fixed and floating charge over all property and other undertakings of the Group.

Hire purchase liabilities are denominated in sterling . The carrying amount at the year end is £1,560,226 (2022 - £1,289,037).

Hire purchase contracts are secured against the assets to which they relate.

22

Obligations under leases and hire purchase contracts

Group

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).

 

Modular Logistics Group Limited

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

23

Analysis of changes in net debt

Group

At 1 December 2022
£

Financing cash flows
£

New finance leases
£

At 30 November 2023
£

Cash and cash equivalents

Cash

208,359

71,192

-

279,551

Borrowings

Short term borrowings

946,637

381,485

-

1,328,122

Lease liabilities

1,289,037

(675,922)

947,111

1,560,226

2,235,674

(294,437)

947,111

2,888,348

 

2,444,033

(223,245)

947,111

3,167,899

24

Related party transactions

Group

Other transactions with Directors

Dividends paid to directors and close family members during the year total £144,000 (2022: £294,000).

Summary of transactions with entities with joint control or significant interest

Income and receivables from related parties

2023

Entities with joint control or significant influence
£

Directors & key
management
£

Sale of goods

298,303

-

Amounts receivable from related party

10,662

5,024

2022

Entities with joint control or significant influence
£

Directors & key
management
£

Sale of goods

88,099

-

Amounts receivable from related party

16,466

-

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Directors & key
management
£

Purchase of goods

2,416,740

-

Amounts payable to related party

190,125

-

 

Modular Logistics Group Limited

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

2022

Entities with joint control or significant influence
£

Directors & key
management
£

Purchase of goods

2,013,552

-

Amounts payable to related party

86,455

119,371

Loans to related parties

2023

Entities with joint control or significant influence
£

At end of period

36,876

2022

Entities with joint control or significant influence
£

At end of period

34,376

Company

Income and receivables from related parties

2023

Entities with joint control or significant influence
£

Key management
£

Sale of goods

95,117

-

Amounts receivable from related party

-

5,505

2022

Entities with joint control or significant influence
£

Amounts receivable from related party

6,000

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Purchase of goods

313,162

2022

Entities with joint control or significant influence
£

Key management
£

Purchase of goods

358,107

-

Amounts payable to related party

-

118,995