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Registered number: 06939313









2EXCEL LOGISTICS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
2EXCEL LOGISTICS LIMITED
 
 
COMPANY INFORMATION


Directors
J Wilkie 
M Farrow 
I Haddock 




Company secretary
G Jones



Registered number
06939313



Registered office
Unit A - B Fourth Dimension
Fourth Avenue

Letchworth Garden City

England

SG6 2TD




Independent auditors
WMT
Chartered Accountants and Statutory Auditors

2nd Floor

4 Beaconsfield Road

St Albans

Hertfordshire

AL1 3RD





 
2EXCEL LOGISTICS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10 - 11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 29


 
2EXCEL LOGISTICS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024



Introduction
 
The Directors present their strategic report and financial statements for the year ended 31 March 2024. 

Review of the business
 
Following a year which has seen many companies operating in the transport, warehousing and logistics arena facing significant pressures, the Board of Directors are very satisfied with the progress and the financial performance of the Business. The principle activities remain the provision of logistics services and warehousing and both aspects have sustained growth with sales revenue up 9% since the previous year.  This is against a continued backdrop of a slowing economy, stubborn inflation and continued high interest rates.
During December 2023 there was a group restructure which resulted in the Myriad Transport Group being operated under an Employee Ownership Trust arrangement.  Contributions totalling £806,015 were paid to the EOT during the financial year. 

Principal risks and uncertainties
 
The process of risk management more generally is addressed through a framework of policies, procedures and internal controls. The policies are subject to Board approval, and compliance with regulatory, legal, ethical and moral standards is a high priority for the Company. The Board considers the major risks to be labour shortages and increasing rates of pay, rising interest rates general economic pressures. 
Liquidity risk:  
The Company manages its cash and borrowing requirements to maximise interest income and minimise interest expense, whilst ensuring the Company has sufficient liquid resources to meet the operating needs of the business. 
Interest rate risk:                            
The Company is exposed to normal interest rate risks on its ID facility. While the Company notes that the Bank of England base rates are the highest seen since 2009, the Company reduces its exposure by effectively managing the working capital cycle. 
Credit risk:                          
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary. Additionally, the Company insures the majority of its customers against defaulting on debts.
Economic risk:                            
While consumer confidence has an impact on the economy generally, much of the business is associated with the supply to the retail sector and, in particular, to the food retail sector which continues to remain a stable engine to the UK economy, with significant over-demand. The Board are however mindful of the uncertainty around (i) inflation, (ii) geopolitical instability and conflicts, resulting in shortages of raw materials and (iii) supply chain disruptions. 
Security and disaster recovery:                        
The Company has excellent disaster recovery plans, and these have been successfully tested. The Company continues to invest in its systems and software to minimise technology debt and maintain high levels of system, network and data security.

Page 1

 
2EXCEL LOGISTICS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial key performance indicators
 
 
The Board monitors the performance of the Company by reference to a range of KPIs including the following:
• Revenue
• Gross Margin
• EBITDA
• Cash

Other key performance indicators
 

The Board monitors the performance of the Company by reference to a range of non- financial KPIs including the following:
• The health, safety and wellbeing of all our employees and operatives 
• Measurement of service levels through bespoke client SLA’s 
• Securing term contract arrangements with key customers
• Working with financially strong and ethical clients


This report was approved by the board and signed on its behalf.



J Wilkie
Director

Date: 28 August 2024

Page 2

 
2EXCEL LOGISTICS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £223,025 (2023 - £542,925).

There were no dividends declared during the year (2023 - £230,000).

Directors

The directors who served during the year were:

J Wilkie 
M Farrow 
I Haddock 

Future developments

The Directors intend to continue with their present management policies for the foreseeable future which is expected to deliver improved profitability, cash retention and balance sheet strength.

Page 3

 
2EXCEL LOGISTICS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsWMTwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





J Wilkie
Director

Date: 28 August 2024

Page 4

 
2EXCEL LOGISTICS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 2EXCEL LOGISTICS LIMITED
 

Opinion


We have audited the financial statements of 2Excel Logistics Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 March 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 5

 
2EXCEL LOGISTICS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 2EXCEL LOGISTICS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the 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 or the Directors' Report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' Responsibilities Statement set out on page 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
2EXCEL LOGISTICS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 2EXCEL LOGISTICS LIMITED (CONTINUED)


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 an Auditors' 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.


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:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. 
The following laws and regulations were identified as being of significance to the entity: 
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. 
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operational requirements, trade/export compliance, environmental regulations, health and safety legislation, employment law and data protection.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness
Page 7

 
2EXCEL LOGISTICS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 2EXCEL LOGISTICS LIMITED (CONTINUED)


of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our 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 Auditors' 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.





Graham Wintle (Senior Statutory Auditor)
  
for and on behalf of
WMT
 
Chartered Accountants and Statutory Auditors
  
2nd Floor
4 Beaconsfield Road
St Albans
Hertfordshire
AL1 3RD

28 August 2024
Page 8

 
2EXCEL LOGISTICS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
19,309,251
17,776,470

Cost of sales
  
(9,638,223)
(8,405,089)

Gross profit
  
9,671,028
9,371,381

Administrative expenses
  
(9,017,013)
(8,630,361)

Operating profit
  
654,015
741,020

Interest payable and similar expenses
 8 
(243,760)
(177,209)

Profit before tax
  
410,255
563,811

Tax on profit
 9 
(187,230)
(20,886)

Profit for the financial year
  
223,025
542,925

Other comprehensive income for the year
  

Contribution to EOT
  
(806,015)
-

Other comprehensive income for the year
  
(806,015)
-

Total comprehensive income for the year
  
(582,990)
542,925

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 13 to 29 form part of these financial statements.

Page 9

 
2EXCEL LOGISTICS LIMITED
REGISTERED NUMBER: 06939313

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
129,839
147,821

Tangible assets
 12 
1,588,566
1,949,713

  
1,718,405
2,097,534

Current assets
  

Stocks
 13 
6,833
7,570

Debtors
 14 
6,828,810
6,683,297

Cash at bank and in hand
 15 
144,972
353,193

  
6,980,615
7,044,060

Creditors: amounts falling due within one year
 16 
(6,144,762)
(5,651,566)

Net current assets
  
 
 
835,853
 
 
1,392,494

Total assets less current liabilities
  
2,554,258
3,490,028

Creditors: amounts falling due after more than one year
 17 
(594,519)
(1,102,034)

Provisions for liabilities
  

Deferred tax
 20 
(335,380)
(180,645)

  
 
 
(335,380)
 
 
(180,645)

Net assets
  
1,624,359
2,207,349


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
1,624,358
2,207,348

  
1,624,359
2,207,349


Page 10

 
2EXCEL LOGISTICS LIMITED
REGISTERED NUMBER: 06939313
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Wilkie
Director

Date: 28 August 2024

The notes on pages 13 to 29 form part of these financial statements.

Page 11

 
2EXCEL LOGISTICS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
1
1,894,423
1,894,424


Comprehensive income for the year

Profit for the year
-
542,925
542,925
Total comprehensive income for the year
-
542,925
542,925


Contributions by and distributions to owners

Dividends: Equity capital
-
(230,000)
(230,000)


Total transactions with owners
-
(230,000)
(230,000)



At 1 April 2023
1
2,207,348
2,207,349


Comprehensive income for the year

Profit for the year
-
223,025
223,025

Contribution to EOT
-
(806,015)
(806,015)
Total comprehensive income for the year
-
(582,990)
(582,990)


At 31 March 2024
1
1,624,358
1,624,359


The notes on pages 13 to 29 form part of these financial statements.

Page 12

 
2EXCEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

2Excel Logistics Ltd is a company limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is Unit A-B Fourth Dimension, Fourth Avenue, Letchworth Garden City, SG6 2TD. The nature of the Company's operations and its principal activities are the provision of logistics and road haulage services. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Myriad Transport LImited as at 31 March 2024 and these financial statements may be obtained from Companies House..

Page 13

 
2EXCEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
2EXCEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

 
2EXCEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
Plant and machinery
-
20%
Motor vehicles
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 16

 
2EXCEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 17

 
2EXCEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions 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 off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Page 18

 
2EXCEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

Page 19

 
2EXCEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
19,309,251
17,776,470

19,309,251
17,776,470


2024
2023
£
£

United Kingdom
19,309,251
17,776,470

19,309,251
17,776,470


All turnover arose within the United Kingdom.


5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
-
10,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 20

 
2EXCEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,670,119
3,404,350

Social security costs
340,567
359,663

Cost of defined contribution scheme
71,053
63,485

4,081,739
3,827,498


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
85
89


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
192,598
185,184

Company contributions to defined contribution pension schemes
12,000
-

204,598
185,184


During the year retirement benefits were accruing to 1 director (2023 - NIL) in respect of defined contribution pension schemes.


8.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
80,906
60,221

Other interest payable
162,854
116,988

243,760
177,209

Page 21

 
2EXCEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
32,495
-


32,495
-


Total current tax
32,495
-

Deferred tax


Origination and reversal of timing differences
154,735
20,886

Total deferred tax
154,735
20,886


Taxation on profit on ordinary activities
187,230
20,886

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 19% (2023 - 19%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
410,255
563,811


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
77,948
107,124

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
10,195
2,386

Capital allowances for year in excess of depreciation
39,437
(28,756)

Other differences leading to an increase (decrease) in the tax charge
59,650
(59,868)

Total tax charge for the year
187,230
20,886


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
2EXCEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Dividends

2024
2023
£
£


Dividends
-
230,000

-
230,000


11.


Intangible assets




Computer software
Goodwill
Total

£
£
£



Cost


At 1 April 2023
55,087
137,212
192,299


Additions
7,968
-
7,968



At 31 March 2024

63,055
137,212
200,267



Amortisation


At 1 April 2023
14,869
29,609
44,478


Charge for the year on owned assets
12,229
13,721
25,950



At 31 March 2024

27,098
43,330
70,428



Net book value



At 31 March 2024
35,957
93,882
129,839



At 31 March 2023
40,218
107,603
147,821



Page 23

 
2EXCEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 April 2023
279,379
629,732
1,818,447
2,727,558


Additions
64,876
70,046
16,744
151,666


Disposals
-
(134,250)
-
(134,250)



At 31 March 2024

344,255
565,528
1,835,191
2,744,974



Depreciation


At 1 April 2023
53,619
314,428
409,798
777,845


Charge for the year on owned assets
24,299
80,259
408,255
512,813


Disposals
-
(134,250)
-
(134,250)



At 31 March 2024

77,918
260,437
818,053
1,156,408



Net book value



At 31 March 2024
266,337
305,091
1,017,138
1,588,566



At 31 March 2023
225,760
315,304
1,408,649
1,949,713




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
266,337
225,760

266,337
225,760


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
-
1,408,649

-
1,408,649
Page 24

 
2EXCEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           12.Tangible fixed assets (continued)



13.


Stocks

2024
2023
£
£

Raw materials and consumables
6,833
7,570

6,833
7,570



14.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
161,012
230,107

161,012
230,107

Due within one year

Trade debtors
4,175,849
4,305,603

Amounts owed by group undertakings
1,476,165
1,485,633

Other debtors
22,553
63,698

Prepayments and accrued income
993,231
590,700

Tax recoverable
-
7,556

6,828,810
6,683,297



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
144,972
353,193

144,972
353,193


Page 25

 
2EXCEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,270,345
1,672,436

Amounts owed to group undertakings
202,386
1,647

Corporation tax
32,495
7,556

Other taxation and social security
311,082
331,877

Obligations under finance lease and hire purchase contracts
486,838
386,205

Other creditors
2,660,885
3,094,979

Accruals and deferred income
180,731
156,866

6,144,762
5,651,566


The following liabilities were secured:

2024
2023
£
£



Obligations under finance lease and hire purchase contracts
486,838
386,205

486,838
386,205

Details of security provided:

The HP creditors is secured upoin the asset to which it pertains.

Page 26

 
2EXCEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
594,519
1,102,034

594,519
1,102,034


The following liabilities were secured:

2024
2023
£
£



Obligations under finance lease and hire purchase contracts
594,519
1,102,034

594,519
1,102,034

Details of security provided:

The HP creditor is secured upon the asset to which it pertains.


18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
486,838
408,016

Between 1-5 years
594,519
1,080,223

1,081,357
1,488,239

Page 27

 
2EXCEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at amortised cost
6,627,906
6,200,896


Financial liabilities


Financial liabilities measured at amortised cost
(6,313,341)
(6,391,949)


Financial assets measured at fair value through profit or loss comprise...


Other financial liabilities measured at fair value through profit or loss comprise...


20.


Deferred taxation




2024


£






At beginning of year
(180,645)


Charged to profit or loss
(154,735)



At end of year
(335,380)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(338,682)
(409,268)

Short term timing differences
3,302
1,612

Losses and other deductions
-
227,011

(335,380)
(180,645)


21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £71,053 (2023: £63,485). Contributions totalling £12,078 (2023: £6,448) were payable to the fund at the balance sheet date and are included in creditors

Page 28

 
2EXCEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
1,501,685
998,778

Later than 1 year and not later than 5 years
4,493,448
3,105,056

Later than 5 years
1,954,832
3,238,333

7,949,965
7,342,167


23.


Related party transactions

The company has taken advantage of the exception available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.


24.


Controlling party

The ultimate parent company is Myriad Transport Limited, a company incorporated in England and Wales. Consolidated accounts are produced and are publicly available at Companies House. 
From December 2023 there is no ultimate controlling party. In the period before December 2023 and for the prior year the ultimate controlling party was J Wilkie by virtue of his majority shareholding at that point in  Myriad Transport Ltd.
The immediate parent company is Blackjay Ltd whose registered office is Unit G01, Ground Floor Metroline House, 118-122 College Road, Harrow, Middlesex HA1 1BQ. The company is a 100% owned subsidiary of Blackjay Ltd.

 
Page 29