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REGISTERED NUMBER: 09456019 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MAURICE WARD NETWORKS UK LTD

MAURICE WARD NETWORKS UK LTD (REGISTERED NUMBER: 09456019)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Profit and Loss Account 10

Balance Sheet 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


MAURICE WARD NETWORKS UK LTD

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: Mr M Ward





REGISTERED OFFICE: Oriel House Unit F
Brooklands Close
Sunbury on Thames
Middlesex
TW16 7DX





REGISTERED NUMBER: 09456019 (England and Wales)





AUDITORS: Kings CAP Ltd
Statutory Auditor
4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE

MAURICE WARD NETWORKS UK LTD (REGISTERED NUMBER: 09456019)

STRATEGIC REPORT
for the Year Ended 31 December 2023

The director presents his strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The principal activity of the company continued to be the provision of freight transport by land, sea and air services.

Turnover for the year was £93,140,204 (2022: £118,611,019), which was broadly in line with expectations taking into account the effect of the pandemic on domestic and international transport services.

The company has continued to see recovery in capacity as countries lift restrictions. The Director is satisfied that he will support the company for at least one year from the date of signing the financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES
The Director of Maurice Ward Networks UK Ltd manages the principal risks of the company. The principal risks are:

Liquidity Risk
The director considers that exposure to liquidity risk is minimised as the existing reserves provide adequate collateral if the trading activity were to decline. The director is satisfied that the current level of trading activity will ensure that the company's cash flow requirements are met.

Competition Risk
The company is in competition with other providers. Such competitions can significantly impact the company's customer base as well as the level of prices and margins in our markets. In the logistics business, the key factors for success are quality, customer confidence and competitive prices. The company's current focus is to develop a model which meets the requirements of the key customers so as to provide high quality end to end service.

Risk Arising From Human Resources
It is the motivation and competence of employees that make a good impression on the company's customers and thus shape the company's long-term success. This risk therefore exists that the company may not be able to recruit and retain a sufficient number of suitable employees. Steps are taken to mitigate this risk such as providing a motivational work environment and suitable development programmes.

Economic Risk
The company trades globally and therefore is exposed to various countries Economic status. The director monitors each countries economic status and verifies all customers to mitigate this risk.


MAURICE WARD NETWORKS UK LTD (REGISTERED NUMBER: 09456019)

STRATEGIC REPORT
for the Year Ended 31 December 2023

SECTION 172(1) STATEMENT
We are required to include a separate statement in our strategic report that explains how the director has had regard to wider stakeholder needs when performing his duty under S172 of the Companies Act 2006.

As the director of the company I must act in a way that I consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard to the following:

The likely consequences of any decision in the long term
The strategy and governance of the company is set at a board and executive level. The strategy forms the basis of the forecast for the ensuing year as well as the long-term capital and investment plans for the future.

The interest of the company's employees
The company is structured in a way that the board and executives have regular contact with their staff and have a hands on approach.

The need to foster the company's business relationships with suppliers, customers and others
Relations with suppliers is paramount to a good supply chain. Outside of the wider group suppliers are paid within credit terms.

Customers are key to our success and ensuring they use the MW Group, customer relationships are well maintained and reflected in the repeating customer.

The impact of the company's operations on the community and the environment
The company's operations are worldwide, to mitigate environmental impact the company trades with fellow Group members within the relevant jurisdiction as far as possible.

The desirability of the company maintaining a reputation for high standards of business conduct
The company adhere's to relevant ISO standards to reflect their high standards and demonstrate strong business morals.

The need to act fairly between members of the company
The ultimate members of the company are family members and have an interest in the future success of the business and the group.

DEVELOPMENT AND PERFORMANCE
The freight transportation industry remains a highly competitive market to operate in due to the high number of low cost operators within the market. Maurice Ward Networks UK Ltd will continue to make necessary changes to remain competitive within the market.

ON BEHALF OF THE BOARD:





Mr M Ward - Director


11 September 2024

MAURICE WARD NETWORKS UK LTD (REGISTERED NUMBER: 09456019)

REPORT OF THE DIRECTOR
for the Year Ended 31 December 2023

The director presents his report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of providing freight transport by land, sea and air services.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTOR
Mr M Ward held office during the whole of the period from 1 January 2023 to the date of this report.

FINANCIAL RISK
The company's operations expose it to a variety of financial risks that mainly include the effects of changes in price risk and credit risk. Liquidity risk is not considered a significant risk as the company has no requirements for debt finance but maintains sufficient cash funds for operations.

The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring the cash flow requirements of the company. The company does not use derivative financial instruments to manage commodity and foreign currency costs and as such, no hedge accounting is applied.

Price Risk
The company is exposed to commodity price risk as a result of its operations. The company has a policy of entering into long-term pricing agreements with related entities to manage the exposure to commodity price risk. The director will revisit the appropriateness of this policy should the company's operations change in size or nature. The company has no exposure to equity securities price risk as it holds no listed or other equity investments.

Credit Risk
The company has implemented policies that require appropriate credit checks on customers before sales are made.

Credit risks arises from cash and cash equivalents, and deposits with banks and financial institutions, as well as credit exposures to customers. The utilization of credit limits is regularly monitored.

POLITICAL DONATIONS AND EXPENDITURE
The company made no political or charitable donations during the year (2022: £nil).

DIRECTOR'S RESPONSIBILITIES STATEMENT
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


MAURICE WARD NETWORKS UK LTD (REGISTERED NUMBER: 09456019)

REPORT OF THE DIRECTOR
for the Year Ended 31 December 2023

DIRECTOR'S RESPONSIBILITIES STATEMENT - continued
The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Kings CAP Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr M Ward - Director


11 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAURICE WARD NETWORKS UK LTD

Opinion
We have audited the financial statements of Maurice Ward Networks UK Ltd (the 'company') for the year ended 31 December 2023 which comprise the Profit and Loss Account, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Opinions 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAURICE WARD NETWORKS UK LTD


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 Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Director's Responsibilities Statement set out on pages four and five, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAURICE WARD NETWORKS UK LTD


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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was to ensure the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by way of discussions with the directors and from our commercial knowledge and experience in the sector. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment and health and safety legislation.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls we performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAURICE WARD NETWORKS UK LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Sara Brown (Senior Statutory Auditor)
for and on behalf of Kings CAP Ltd
Statutory Auditor
4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE

12 September 2024

MAURICE WARD NETWORKS UK LTD (REGISTERED NUMBER: 09456019)

PROFIT AND LOSS ACCOUNT
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 4 93,140,204 118,611,019

Cost of sales 92,414,614 117,999,329
GROSS PROFIT 725,590 611,690

Administrative expenses 446,363 294,823
OPERATING PROFIT 6 279,227 316,867

Interest receivable and similar income 197,297 7,852
PROFIT BEFORE TAXATION 476,524 324,719

Tax on profit 7 112,229 61,633
PROFIT FOR THE FINANCIAL YEAR 364,295 263,086

Retained earnings at beginning of year 557,423 294,337

RETAINED EARNINGS AT END OF
YEAR

921,718

557,423

MAURICE WARD NETWORKS UK LTD (REGISTERED NUMBER: 09456019)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 522 697

CURRENT ASSETS
Debtors 9 17,862,391 26,300,548
Cash at bank 11,528,785 5,544,759
29,391,176 31,845,307
CREDITORS
Amounts falling due within one year 10 27,689,258 31,288,580
NET CURRENT ASSETS 1,701,918 556,727
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,702,440

557,424

CREDITORS
Amounts falling due after more than one
year

11

780,721

-
NET ASSETS 921,719 557,424

CAPITAL AND RESERVES
Called up share capital 13 1 1
Retained earnings 921,718 557,423
SHAREHOLDERS' FUNDS 921,719 557,424

The financial statements were approved by the director and authorised for issue on 11 September 2024 and were signed by:





Mr M Ward - Director


MAURICE WARD NETWORKS UK LTD (REGISTERED NUMBER: 09456019)

CASH FLOW STATEMENT
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,079,908 3,107,840
Tax paid (73,901 ) -
Net cash from operating activities 5,006,007 3,107,840

Cash flows from investing activities
Interest received 197,297 7,852
Net cash from investing activities 197,297 7,852

Cash flows from financing activities
New loans in year 780,722 -
Net cash from financing activities 780,722 -

Increase in cash and cash equivalents 5,984,026 3,115,692
Cash and cash equivalents at beginning of
year

2

5,544,759

2,429,067

Cash and cash equivalents at end of year 2 11,528,785 5,544,759

MAURICE WARD NETWORKS UK LTD (REGISTERED NUMBER: 09456019)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 476,524 324,719
Depreciation charges 174 232
Finance income (197,297 ) (7,852 )
279,401 317,099
Decrease/(increase) in trade and other debtors 8,419,425 (5,551,533 )
(Decrease)/increase in trade and other creditors (3,618,918 ) 8,342,274
Cash generated from operations 5,079,908 3,107,840

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 11,528,785 5,544,759
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 5,544,759 2,429,067


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 5,544,759 5,984,026 11,528,785
5,544,759 5,984,026 11,528,785
Debt
Debts falling due after 1 year - (780,721 ) (780,721 )
- (780,721 ) (780,721 )
Total 5,544,759 5,203,305 10,748,064

MAURICE WARD NETWORKS UK LTD (REGISTERED NUMBER: 09456019)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Maurice Ward Networks UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis which assumes that the company will continue to trade. The company has seen significant recovery in the current year from the downward trends due to the pandemic and expects the company to continue with their current levels of trade. The director considers that the availability of continued financial support from related entities will ensure the required working capital be in place for the company to continue operations for the foreseeable future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

MAURICE WARD NETWORKS UK LTD (REGISTERED NUMBER: 09456019)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

MAURICE WARD NETWORKS UK LTD (REGISTERED NUMBER: 09456019)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements in accordance with FRS 102 requires management to make certain assumptions and estimates that may affect the amounts of the assets and liabilities included in the Statement of Financial Position, the amounts of income and expenses, and the disclosures relating to contingent liabilities. These estimate and underlying assumptions are reviewed on a ongoing basis. REvisions to accounting estimates and recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty:
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Impairment of Trade Debtors
Some customers are offered credit accounts based on a credit review and historical trading information available. The debtors ledger is reviewed frequently and provision is made where necessary.

Provisions
Potential liabilities which are regularly reviewed for probable obligations. In deciding on the necessity for a provision, management takes into account the probability of an unfavourable outcome and whether the amount of the obligations can be estimated with sufficient reliability.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.23 31.12.22
£    £   
Freight transport 93,140,204 118,611,019
93,140,204 118,611,019

5. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 85,000 94,404
Social security costs 4,219 5,396
Other pension costs 1,884 2,098
91,103 101,898

MAURICE WARD NETWORKS UK LTD (REGISTERED NUMBER: 09456019)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.23 31.12.22

Staff 2 3

31.12.23 31.12.22
£    £   
Director's remuneration - -

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Depreciation - owned assets 175 232
Auditors' remuneration 8,500 8,500
Foreign exchange differences 200,193 (28,730 )

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 112,229 61,633
Tax on profit 112,229 61,633

UK corporation tax was charged at 19%) in 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 476,524 324,719
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

112,078

61,697

Effects of:
Expenses not deductible for tax purposes 151 43
Utilisation of tax losses - (107 )
Total tax charge 112,229 61,633

MAURICE WARD NETWORKS UK LTD (REGISTERED NUMBER: 09456019)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

8. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2023
and 31 December 2023 1,739
DEPRECIATION
At 1 January 2023 1,042
Charge for year 175
At 31 December 2023 1,217
NET BOOK VALUE
At 31 December 2023 522
At 31 December 2022 697

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 17,471,406 26,084,018
Other debtors 390,985 197,798
Tax - 18,732
17,862,391 26,300,548

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 27,048,119 30,928,300
Taxation 81,229 61,633
Value added tax 27,308 36,698
Other creditors 366 2,996
Accruals 532,236 258,953
27,689,258 31,288,580

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Other loans (see note 12) 780,721 -

12. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due between one and two years:
Other loans - 1-2 years 780,721 -

MAURICE WARD NETWORKS UK LTD (REGISTERED NUMBER: 09456019)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1 Ordinary £1 1 1

The ordinary shares have full rights to receive notice of, attend and vote at general meetings. Each share carries full rights to dividends and capital distributions.

14. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Maurice Ward Group Two sro, a company registered in Czech Republic. The ultimate controlling party is Mr Anthony Ward.