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Registered number: 11964595









MYRIAD TRANSPORT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
MYRIAD TRANSPORT LIMITED
 
 
COMPANY INFORMATION


Directors
I Haddock 
G Jones 
J Wilkie 
M Farrow 




Registered number
11964595



Registered office
2nd Floor
4 Beaconsfield Road

St Albans

Hertfordshire

AL1 3RD




Independent auditors
WMT

4 Beaconsfield Road

St Albans

Hertfordshire

AL1 3RD





 
MYRIAD TRANSPORT LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10 - 11
Company Balance Sheet
12 - 13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16 - 17
Consolidated Analysis of Net Debt
18
Notes to the Financial Statements
19 - 38


 
MYRIAD TRANSPORT LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

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

Business review
 
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 5% 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 Owner 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 Group. The Board considers the major risks to be labour shortages and increasing rates of pay, and general economic pressures.
Liquidity risk:
The Group manages its cash and borrowing requirements to maximise interest income and minimise interest expense, whilst ensuring the Group has sufficient liquid resources to meet the operating needs of the business.  .
 
Interest rate risk:
The Group is exposed to normal interest rate risks on its ID facility.  While the Group notes that the Bank of England base rates are the highest seen since 2009, the Group 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 Group 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 Group has excellent disaster recovery plans, and these have been successfully tested. The Group continues to invest in its systems and software to minimise technology debt and maintain high levels of system, network and data security.

Page 1

 
MYRIAD TRANSPORT LIMITED
 

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

Financial key performance indicators
 
Financial key performance indicators
The Board monitors the performance of the Group 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 Group 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

 
MYRIAD TRANSPORT 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 Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company is that of a holding company.

Results and dividends

The profit for the year, after taxation, amounted to £159,142 (2023 - £717,617).

Directors

The directors who served during the year were:

I Haddock 
G Jones 
J Wilkie 
M Farrow 

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

 
MYRIAD TRANSPORT 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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

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

 
MYRIAD TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MYRIAD TRANSPORT LIMITED
 

Opinion


We have audited the financial statements of Myriad Transport Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
MYRIAD TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MYRIAD TRANSPORT 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 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 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

 
MYRIAD TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MYRIAD TRANSPORT 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 Group 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
Page 7

 
MYRIAD TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MYRIAD TRANSPORT LIMITED (CONTINUED)


are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness 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.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


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
4 Beaconsfield Road
St Albans
Hertfordshire
AL1 3RD

28 August 2024
Page 8

 
MYRIAD TRANSPORT LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
23,422,707
22,291,202

Cost of sales
  
(13,209,689)
(12,055,513)

Gross profit
  
10,213,018
10,235,689

Administrative expenses
  
(9,644,158)
(9,326,631)

Other operating income
 5 
-
73,922

Operating profit
  
568,860
982,980

Interest payable and similar expenses
 9 
(247,417)
(174,282)

Profit before taxation
  
321,443
808,698

Tax on profit
 10 
(162,301)
(91,081)

Profit for the financial year
  
159,142
717,617

  

Contribution to EOT
  
(806,015)
-

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

Total comprehensive income for the year
  
(646,873)
717,617

Profit for the year attributable to:
  

Owners of the parent Company
  
159,142
717,617

  
159,142
717,617

The notes on pages 19 to 38 form part of these financial statements.

Page 9

 
MYRIAD TRANSPORT LIMITED
REGISTERED NUMBER: 11964595

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
722,438
908,219

Tangible assets
 14 
1,622,666
2,001,823

  
2,345,104
2,910,042

Current assets
  

Stocks
 16 
6,833
7,570

Debtors: amounts falling due after more than one year
 17 
161,012
230,107

Debtors: amounts falling due within one year
 17 
5,987,984
5,505,470

Cash at bank and in hand
 18 
382,749
522,498

  
6,538,578
6,265,645

Creditors: amounts falling due within one year
 19 
(7,517,485)
(6,800,675)

Net current liabilities
  
 
 
(978,907)
 
 
(535,030)

Total assets less current liabilities
  
1,366,197
2,375,012

Creditors: amounts falling due after more than one year
 20 
(604,157)
(1,120,834)

Provisions for liabilities
  

Deferred taxation
 23 
(335,380)
(180,645)

  
 
 
(335,380)
 
 
(180,645)

Net assets
  
426,660
1,073,533


Capital and reserves
  

Called up share capital 
 24 
211
211

Share premium account
 25 
49,982
49,982

Profit and loss account
 25 
376,467
1,023,340

Equity attributable to owners of the parent Company
  
426,660
1,073,533


Page 10

 
MYRIAD TRANSPORT LIMITED
REGISTERED NUMBER: 11964595
    
CONSOLIDATED 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 19 to 38 form part of these financial statements.

Page 11

 
MYRIAD TRANSPORT LIMITED
REGISTERED NUMBER: 11964595

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
1,288,500
1,288,500

  
1,288,500
1,288,500

Current assets
  

Debtors: amounts falling due within one year
 17 
30,000
31,647

Cash at bank and in hand
 18 
82
82

  
30,082
31,729

Creditors: amounts falling due within one year
 19 
(1,270,777)
(1,268,416)

Net current liabilities
  
 
 
(1,240,695)
 
 
(1,236,687)

Total assets less current liabilities
  
47,805
51,813

  

  

Net assets excluding pension asset
  
47,805
51,813

Net assets
  
47,805
51,813


Capital and reserves
  

Called up share capital 
 24 
211
211

Share premium account
 25 
49,982
49,982

Profit and loss account brought forward
  
1,620
(31,315)

Loss/(profit) for the year
  
(4,008)
232,935

Other changes in the profit and loss account

  

-
(200,000)

Profit and loss account carried forward
  
(2,388)
1,620

  
47,805
51,813


Page 12

 
MYRIAD TRANSPORT LIMITED
REGISTERED NUMBER: 11964595
    
COMPANY 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

Page 13

 
MYRIAD TRANSPORT LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 April 2022
211
49,982
505,723
555,916
555,916


Comprehensive income for the year

Profit for the year
-
-
717,617
717,617
717,617


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
717,617
717,617
717,617


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(200,000)
(200,000)
(200,000)


Total transactions with owners
-
-
(200,000)
(200,000)
(200,000)



At 1 April 2023
211
49,982
1,023,340
1,073,533
1,073,533


Comprehensive income for the year

Profit for the year
-
-
159,142
159,142
159,142

Contribution to EOT
-
-
(806,015)
(806,015)
(806,015)


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


Total comprehensive income for the year
-
-
(646,873)
(646,873)
(646,873)


Total transactions with owners
-
-
-
-
-


At 31 March 2024
211
49,982
376,467
426,660
426,660


The notes on pages 19 to 38 form part of these financial statements.

Page 14

 
MYRIAD TRANSPORT LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
211
49,982
(31,315)
18,878


Comprehensive income for the year

Profit for the year
-
-
232,935
232,935


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
232,935
232,935


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(200,000)
(200,000)


Total transactions with owners
-
-
(200,000)
(200,000)



At 1 April 2023
211
49,982
1,620
51,813


Comprehensive income for the year

Loss for the year
-
-
(4,008)
(4,008)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(4,008)
(4,008)


Total transactions with owners
-
-
-
-


At 31 March 2024
211
49,982
(2,388)
47,805


The notes on pages 19 to 38 form part of these financial statements.

Page 15

 
MYRIAD TRANSPORT LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
159,142
717,617

Adjustments for:

Amortisation of intangible assets
193,749
238,742

Depreciation of tangible assets
529,341
491,225

Loss on disposal of tangible assets
-
11,707

Interest paid
247,417
174,282

Taxation charge
162,301
91,081

Decrease/(increase) in stocks
737
(7,570)

(Increase) in debtors
(440,515)
(325,796)

Increase/(decrease) in creditors
645,852
(213,301)

Corporation tax (paid)
(8,431)
(59,374)

Net cash generated from operating activities

1,489,593
1,118,613


Cash flows from investing activities

Purchase of intangible fixed assets
(7,968)
(13,520)

Purchase of tangible fixed assets
(152,091)
(1,085,778)

Sale of tangible fixed assets
1,907
3,744

HP interest paid
(84,419)
(57,288)

Net cash from investing activities

(242,571)
(1,152,842)

Cash flows from financing activities

Repayment of/new finance leases
(417,758)
352,637

Dividends paid
-
(200,000)

Interest paid
(162,998)
(116,994)

Contributions to EOT
(806,015)
-

Net cash used in financing activities
(1,386,771)
35,643

Net (decrease)/increase in cash and cash equivalents
(139,749)
1,414

Cash and cash equivalents at beginning of year
522,498
521,084

Cash and cash equivalents at the end of year
382,749
522,498


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
382,749
522,498

382,749
522,498

Page 16

 
MYRIAD TRANSPORT LIMITED
 

The notes on pages 19 to 38 form part of these financial statements.

Page 17

 
MYRIAD TRANSPORT LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024





At 1 April 2023
Cash flows
New finance leases
At 31 March 2024
£

£

£

£

Cash at bank and in hand

522,498

(139,749)

-

382,749

Finance leases

(1,519,281)

430,758

(13,000)

(1,101,523)


(996,783)
291,009
(13,000)
(718,774)

The notes on pages 19 to 38 form part of these financial statements.

Page 18

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Myraid Transport Ltd is a company limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is 2nd Floor 4 Beaconsfield Road, St. Albans, Hertfordshire, United Kingdom, AL1 3RD. The nature of the Company's operations and its principal activities continued to be that of a Holding company. 

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
 

Page 19

 
MYRIAD TRANSPORT 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 Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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 Group 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 Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 20

 
MYRIAD TRANSPORT 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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 the Group's share 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 Consolidated 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.

Page 21

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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.

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%
Fixtures and fittings
-
20%
Office equipment
-
20%

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.

 
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.

Page 22

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
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.

 
2.15

Financial instruments

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

The Group 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 Group's Balance Sheet when the Group 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 23

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


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

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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.

Derecognition of financial liabilities

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

 
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.

Page 24

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

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
£
£

Logistic sales
23,422,707
22,291,202

23,422,707
22,291,202


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Sundry income
-
73,922

-
73,922



6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
25,000
20,000

Page 25

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,878,037
3,631,666
-
-

Social security costs
365,807
384,869
-
-

Cost of defined contribution scheme
86,191
78,349
-
-

4,330,035
4,094,884
-
-


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
95
96
4
3


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
192,598
266,030

Group contributions to defined contribution pension schemes
12,000
-

204,598
266,030


During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.


9.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
84,419
57,288

Other interest payable
162,998
116,994

247,417
174,282

Page 26

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
56,540
77,089

Adjustments in respect of previous periods
(48,974)
(6,894)


7,566
70,195


Total current tax
7,566
70,195

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
162,301
91,081

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 19% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
321,443
808,698


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
61,074
153,653

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
10,300
2,753

Capital allowances for year in excess of depreciation
39,610
(28,579)

Other timing differences leading to an increase (decrease) in taxation
51,317
(36,746)

Total tax charge for the year
162,301
91,081


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Dividends

2024
2023
£
£


Dividends
-
200,000

-
200,000


12.


Exceptional items



13.


Intangible assets

Group and Company





Computer software
Goodwill
Total

£
£
£



Cost


At 1 April 2023
55,087
2,324,557
2,379,644


Additions
7,968
-
7,968



At 31 March 2024

63,055
2,324,557
2,387,612



Amortisation


At 1 April 2023
14,869
1,456,556
1,471,425


Charge for the year on owned assets
12,229
181,520
193,749



At 31 March 2024

27,098
1,638,076
1,665,174



Net book value



At 31 March 2024
35,957
686,481
722,438



At 31 March 2023
40,218
868,001
908,219



All of the Group's intangible fixed assets are held in the Parent Company.

Page 28

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Tangible fixed assets

Group






Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 April 2023
279,379
629,732
1,881,736
15,435
17,353


Additions
64,876
70,046
16,744
-
425


Disposals
-
(134,250)
-
(1,907)
-



At 31 March 2024

344,255
565,528
1,898,480
13,528
17,778



Depreciation


At 1 April 2023
53,619
314,428
432,371
8,396
12,998


Charge for the year on owned assets
24,299
80,259
408,255
3,386
(1,737)


Charge for the year on financed assets
-
-
14,879
-
-


Disposals
-
(134,250)
-
-
-



At 31 March 2024

77,918
260,437
855,505
11,782
11,261



Net book value



At 31 March 2024
266,337
305,091
1,042,975
1,746
6,517



At 31 March 2023
225,760
315,304
1,449,365
7,039
4,355
Page 29

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           14.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 April 2023
2,823,635


Additions
152,091


Disposals
(136,157)



At 31 March 2024

2,839,569



Depreciation


At 1 April 2023
821,812


Charge for the year on owned assets
514,462


Charge for the year on financed assets
14,879


Disposals
(134,250)



At 31 March 2024

1,216,903



Net book value



At 31 March 2024
1,622,666



At 31 March 2023
2,001,823




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


Page 30

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           14.Tangible fixed assets (continued)

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


2024
2023
£
£



Motor vehicles
1,039,465
1,442,616

1,039,465
1,442,616


15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1,288,500



At 31 March 2024
1,288,500





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

2Excel Logistics Limited
Unit A - B Fourth Dimension, Fourth Avenue, Letchworth Garden City, SG6 2TD
Haulage and logistics
Ordinary
100%
Bee Line Transport & Distribution Limited
Unit A - B Fourth Dimension, Fourth Avenue, Letchworth Garden City, SG6 2TD
Haulage and logistics
Ordinary
100%
Blackjay Ltd
2nd Floor 4 Beaconsfield Road, St. Albans, Hertfordshire, United Kingdom, AL1 3RD
Dormant
Ordinary
100%

Page 31

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

2Excel Logistics Limited
1,624,358
(582,990)

Bee Line Transport & Distribution Limited
1,060,706
114,529

Blackjay Ltd
100
-


16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
6,833
7,570

6,833
7,570


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 32

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
161,012
230,107
-
-

161,012
230,107
-
-


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
4,959,048
4,784,530
-
-

Amounts owed by group undertakings
-
-
30,000
31,647

Other debtors
22,553
66,567
-
-

Prepayments and accrued income
1,006,383
646,817
-
-

Tax recoverable
-
7,556
-
-

5,987,984
5,505,470
30,000
31,647



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
382,749
522,498
82
82

382,749
522,498
82
82


Page 33

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
2,823,591
2,082,216
-
-

Amounts owed to group undertakings
-
-
2,361
-

Corporation tax
56,684
84,645
-
-

Other taxation and social security
351,521
346,394
-
-

Obligations under finance lease and hire purchase contracts
497,366
398,447
-
-

Other creditors
3,541,769
3,710,926
1,258,416
1,258,416

Accruals and deferred income
246,554
178,047
10,000
10,000

7,517,485
6,800,675
1,270,777
1,268,416


The hire purchase creditor is secured over the assets it relates to.


20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
604,157
1,120,834

604,157
1,120,834


The hire purchase creditor is secured over the assets it relates to.




21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
497,366
398,447

Between 1-5 years
604,157
1,120,834

1,101,523
1,519,281

Page 34

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Financial instruments

Group
Group
Company
Company
2024
As restated 2023
2024
As restated 2023
£
£
£
£

Financial assets

Financial assets measured at amortised cost

5,596,089
5,652,588
30,082
31,729


Financial liabilities

Financial liabilities measured at amortised cost

(7,678,857)
(7,460,471)
(1,270,777)
(1,268,416)


Financial assets measured at amortised cost are comprosed of cash, trade debtors and other debtors. 


Financial liabilities measured at amortised cost are comprosed of finance leases, trade creditors and other creditors.


23.


Deferred taxation


Group



2024


£






At beginning of year
(180,645)


Charged to profit or loss
(154,735)



At end of year
(335,380)

Page 35

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
23.Deferred taxation (continued)

Company


2024






At end of year
-

The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(338,682)
(409,268)

Short term timing differences
3,302
1,612

Losses and other deductions
-
227,011

(335,380)
(180,645)


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,860 (2023 - 1,860) Ordinary shares of £0.10 each
186
186
25 (2023 - 25) B Ordinary shares of £1.00 each
25
25

211

211



25.


Reserves

Share premium account

The share premium relates to Ordinary shares that were issued above par.

Profit and loss account

The balance in the profit and loss account represents the total distributable reserves of the Company.

Page 36

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

26.


Prior year adjustment

The prior year balance in the fianncial instruments note has been restated as this was incorrectly recorded in 2023. This has been corrected in note 22.
The restatement only affects the financial instruments note disclosure and there is no impact to the statement of comprehensive income or the balance shet.


27.


Pension commitments

The Company's subsidiaries operate a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £86,191 (2023:£78,349). Contributions totalling £12,735 (2023: £14,551) were payable to the fund at the balance sheet date and are included in creditors.


28.


Commitments under operating leases

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


Group
Group
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
3,283,333

7,949,965
7,387,167

29.


Related party transactions

The Group has taken advantage of the exemption in FRS 102 not to disclose transactions between Group companies. The following balances were outstanding at the year end between the Company and its subsidiary undertakings.


2024
2023
£
£

2Excel Logistics Limited
(2,361)
1,647
Bee Line Transport & Distribution Limited
(1,258,416)
(1,258,416)
Blackjay Limited
30,000
30,000
(1,230,777)
(1,226,769)

Page 37

 
MYRIAD TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

30.


Controlling party

There is no ultimate controlling party from December 2023.  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. 

 
Page 38