REGISTERED NUMBER: 09882026 (England and Wales) |
MOODY DIRECT (INVESTMENTS) LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2024 |
REGISTERED NUMBER: 09882026 (England and Wales) |
MOODY DIRECT (INVESTMENTS) LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2024 |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Statement of Financial Position | 10 |
Company Statement of Financial Position | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Statement of Cash Flows | 14 |
Notes to the Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Financial Statements | 17 |
MOODY DIRECT (INVESTMENTS) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Sidings House |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
BANKERS: | Barclays Bank plc |
3 High Street |
Doncaster |
DN4 5HX |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The Company was incorporated on 20th November 2015 and the principal activity of the Company is that of a holding company and, more recently, that of owner of commercial property. |
On 8th March 2016 the Company acquired the entire share capital of Moody Direct (Holdings) Limited as a result of a management buyout. Moody Direct (Holdings) Ltd owns the entire issued share capital of Moody Direct Limited, which is the principal trading company within the Group. The principal trading activity of the Group is that of suppliers of engineering process and packaging solutions to a wide range of industries including dairy, food, beverage, pharmaceutical, chemical, oil & gas, power generation, and automotive. |
The directors are pleased with the performance of the Group in the year under review. Following a 18.5% increase in turnover in the prior year, turnover has increased by 5.4% during the year. |
The year under review coincided with the well publicised cost of living crisis. The Group has worked hard to maintain margins and keep overheads under control. |
The performance of the Group enabled the Company to make an additional payment, during the year, to reduce the balance owing on its Bank loan. |
During the course of the year the Group invested heavily in upgrading the ERP IT system utilised by its trading subsiduary, Moody Direct Ltd. The project upgrade succesfully went live towards the end of the financial year. |
Since the start of the new financial year on 1st April 2024, the Directors have been pleased with the performance of the Group. In the latest unaudited management accounts of Moody Direct Ltd, turnover has again increased, compared with the same period in the prior year, and the Company remains profitable. |
The directors continue to closely monitor profit margins, overheads and expenditure and remain optimistic for the future of the Group. |
The directors continue to be very grateful to the many loyal and hardworking employees of the Group. |
FINANCIAL KEY PERFORMANCE INDICATORS |
2024 | 2023 |
£ 's | £ 's |
Turnover | £21,650 | £20,538 |
Gross Profit | £4,945 | £4,960 |
Gross Profit percentage | 22.8% | 24.2% |
Net Profit Before Tax | £1,070 | £1,262 |
Net Current Assets | £1,942 | £1,868 |
Net Assets | £3,853 | ` | £3,332 |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Board regularly considers the main risks that the company faces and how to mitigate them. The most significant business risks are as follows: |
- that the company strategy and business model does not deliver positive results; |
- the the loss of key management or senior staff could threaten operational viability; |
- that unforeseen or unexpected events beyond the control of the company result in a significant worsening of market conditions; |
- that rationalisation in the company's traditional business sectors occurs at a rate where the company cannot react to the changing environment quickly enough. |
- that supply chain shortages restrict the company's ability to deliver its products and services |
- that inflation levels remain high and profit margins are squeezed if the company is unable to pass price increases onto customers in order to remain competitive. |
EMPLOYEE MATTERS |
The company continues to supplement staff competencies in key technical areas through internal skills development and external training courses. The company remains an equal opportunities employer and implements rigorous health and safety management processes. |
ENVIRONMENTAL MATTERS |
The company is committed to minimising the impact of its activities on the environment and to continually improve its environmental performance. |
ON BEHALF OF THE BOARD: |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2024 will be £ 192,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director 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 group's auditors are aware of that information. |
AUDITORS |
The auditors, Xeinadin Audit Limited, will not be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MOODY DIRECT (INVESTMENTS) LIMITED |
Opinion |
We have audited the financial statements of Moody Direct (Investments) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MOODY DIRECT (INVESTMENTS) LIMITED |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MOODY DIRECT (INVESTMENTS) LIMITED |
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: |
Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to the preparation of statutory accounts and corporation tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and FRS 102. |
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results. |
Audit procedures performed by the engagement team include: |
- Enquiring of and obtaining written representation from management in relation to known or suspected instances of non-compliance with laws and regulations and fraud; |
- Evaluation of management's controls designed to prevent and detect irregularities; |
- Identifying and, where relevant, testing journal entries posted by senior management or with unusual combinations; |
- Assessing and evaluating the business rationale of significant transactions outside the normal course of business; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed. |
- Review of board meeting minutes and meetings of those charged with governance |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through 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 |
MOODY DIRECT (INVESTMENTS) LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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. |
for and on behalf of |
Sidings House |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 21,649,706 | 20,538,442 |
Cost of sales | 16,704,280 | 15,578,695 |
GROSS PROFIT | 4,945,426 | 4,959,747 |
Administrative expenses | 3,860,511 | 3,666,792 |
1,084,915 | 1,292,955 |
Other operating income | 22,000 | 22,000 |
OPERATING PROFIT | 4 | 1,106,915 | 1,314,955 |
Interest receivable and similar income | 13,759 | - |
1,120,674 | 1,314,955 |
Interest payable and similar expenses | 5 | 50,718 | 53,161 |
PROFIT BEFORE TAXATION | 1,069,956 | 1,261,794 |
Tax on profit | 6 | 357,275 | 296,609 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
712,681 |
965,185 |
Profit attributable to: |
Owners of the parent | 712,681 | 965,185 |
Total comprehensive income attributable to: |
Owners of the parent | 712,681 | 965,185 |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 554,272 | 810,823 |
Tangible assets | 10 | 1,696,287 | 1,304,896 |
Investments | 11 | - | - |
Investment property | 12 | 326,666 | 326,666 |
2,577,225 | 2,442,385 |
CURRENT ASSETS |
Stocks | 13 | 2,552,019 | 2,772,193 |
Debtors | 14 | 5,253,897 | 4,548,848 |
Cash at bank and in hand | 476,010 | 288,737 |
8,281,926 | 7,609,778 |
CREDITORS |
Amounts falling due within one year | 15 | 6,340,277 | 5,742,258 |
NET CURRENT ASSETS | 1,941,649 | 1,867,520 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
4,518,874 |
4,309,905 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(491,861 |
) |
(911,027 |
) |
PROVISIONS FOR LIABILITIES | 20 | (174,300 | ) | (66,846 | ) |
NET ASSETS | 3,852,713 | 3,332,032 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 80,000 | 80,000 |
Share premium | 22 | 984,739 | 984,739 |
Capital redemption reserve | 22 | 20,000 | 20,000 |
Retained earnings | 22 | 2,767,974 | 2,247,293 |
SHAREHOLDERS' FUNDS | 3,852,713 | 3,332,032 |
The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by: |
D Tomlinson FCCA - Director |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Capital redemption reserve | 22 |
Retained earnings | 22 | 3,115,177 | 2,547,300 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 759,877 | 865,507 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 | 80,000 | 1,716,108 | 984,739 | 20,000 | 2,800,847 |
Changes in equity |
Dividends | - | (434,000 | ) | - | - | (434,000 | ) |
Total comprehensive income | - | 965,185 | - | - | 965,185 |
Balance at 31 March 2023 | 80,000 | 2,247,293 | 984,739 | 20,000 | 3,332,032 |
Changes in equity |
Dividends | - | (192,000 | ) | - | - | (192,000 | ) |
Total comprehensive income | - | 712,681 | - | - | 712,681 |
Balance at 31 March 2024 | 80,000 | 2,767,974 | 984,739 | 20,000 | 3,852,713 |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 | 80,000 | 3,115,177 | 3,215,177 |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,830,406 | 2,005,031 |
Interest paid | (50,718 | ) | (53,161 | ) |
Tax paid | (285,527 | ) | (324,080 | ) |
Net cash from operating activities | 1,494,161 | 1,627,790 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (534,469 | ) | (203,962 | ) |
Sale of tangible fixed assets | 15,009 | - |
Interest received | 13,759 | - |
Net cash from investing activities | (505,701 | ) | (203,962 | ) |
Cash flows from financing activities |
Loan repayments in year | (409,187 | ) | (48,965 | ) |
Movement in invoice discounting facility | - | (830,965 | ) |
Bank overdraft repayments in year | - | (46,525 | ) |
Amount withdrawn by directors | (200,000 | ) | - |
Equity dividends paid | (192,000 | ) | (434,000 | ) |
Net cash from financing activities | (801,187 | ) | (1,360,455 | ) |
Increase in cash and cash equivalents | 187,273 | 63,373 |
Cash and cash equivalents at beginning of year |
2 |
288,737 |
225,364 |
Cash and cash equivalents at end of year | 2 | 476,010 | 288,737 |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,069,956 | 1,261,794 |
Depreciation charges | 389,235 | 337,598 |
Profit on disposal of fixed assets | (4,614 | ) | - |
Finance costs | 50,718 | 53,161 |
Finance income | (13,759 | ) | - |
1,491,536 | 1,652,553 |
Decrease/(increase) in stocks | 220,174 | (813,124 | ) |
Increase in trade and other debtors | (505,049 | ) | (138,383 | ) |
Increase in trade and other creditors | 623,745 | 1,303,985 |
Cash generated from operations | 1,830,406 | 2,005,031 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 476,010 | 288,737 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 288,737 | 271,889 |
Bank overdrafts | - | (46,525 | ) |
288,737 | 225,364 |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 288,737 | 187,273 | 476,010 |
288,737 | 187,273 | 476,010 |
Debt |
Debts falling due within 1 year | (43,265 | ) | (9,980 | ) | (53,245 | ) |
Debts falling due after 1 year | (911,027 | ) | 419,166 | (491,861 | ) |
(954,292 | ) | 409,186 | (545,106 | ) |
Total | (665,555 | ) | 596,459 | (69,096 | ) |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Moody Direct (Investments) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on the going concern basis as in the directors opinion this is the most appropriate basis for their preparation. At the year end the group had net assets of £3.853m |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- The amount of revenue can be measured reliably; |
- It is probable that the Company will receive the consideration under the contract; |
- The stage of completion of the contact at the end of the reporting period can be measured reliably; and |
- The cost incurred and costs to complete the contract can be measured reliably. |
Goodwill |
The company's goodwill relates to amounts paid in connection with the acquisition of a business in 2016 and subsequent payments made to acquire the business. All components are being amortised evenly over their estimated useful lives of 10 years. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures, fittings and IT | - |
Motor vehicles | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 3,942,507 | 3,440,106 |
Social security costs | 431,716 | 407,799 |
Other pension costs | 126,291 | 231,131 |
4,500,514 | 4,079,036 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Sales, Distribution, Engineering & Admin |
The average number of employees by undertakings that were proportionately consolidated during the year was 94 (2023 - 90 ) . |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
2024 | 2023 |
£ | £ |
Directors' remuneration | 37,842 | 29,022 |
Directors' pension contributions to money purchase schemes | - | 80,667 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 12,932 | 22,035 |
Depreciation - owned assets | 132,683 | 106,592 |
Profit on disposal of fixed assets | (4,614 | ) | - |
Goodwill amortisation | 256,551 | 231,006 |
Auditors' remuneration | 18,585 | 16,050 |
Auditors' remuneration for non audit work | 5,880 | - |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 45,913 | 43,608 |
Loan interest | 4,805 | 9,553 |
50,718 | 53,161 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 249,821 | 257,160 |
Deferred tax | 107,454 | 39,449 |
Tax on profit | 357,275 | 296,609 |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | TAXATION - continued |
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: |
2024 | 2023 |
£ | £ |
Profit before tax | 1,069,956 | 1,261,794 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
267,489 |
239,741 |
Effects of: |
Expenses not deductible for tax purposes | 71,662 | 60,139 |
Income not taxable for tax purposes | (1,154 | ) | - |
Depreciation in excess of capital allowances | 2,655 | - |
Utilisation of tax losses | - | (7,689 | ) |
Adjustments to tax charge in respect of previous periods | 17,978 | - |
allowable expenditure |
Super deduction on capital allowances | - | (11,626 | ) |
Timing differences arising from tax rate changes. | - | 16,044 |
Marginal relief | (1,355 | ) | - |
Total tax charge | 357,275 | 296,609 |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim | 192,000 | 434,000 |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 2,365,994 |
AMORTISATION |
At 1 April 2023 | 1,555,171 |
Amortisation for year | 256,551 |
At 31 March 2024 | 1,811,722 |
NET BOOK VALUE |
At 31 March 2024 | 554,272 |
At 31 March 2023 | 810,823 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 April 2023 | 994,735 | 3,850 | 504,208 |
Additions | - | - | 52,263 |
Disposals | - | - | - |
At 31 March 2024 | 994,735 | 3,850 | 556,471 |
DEPRECIATION |
At 1 April 2023 | 17,242 | 2,599 | 379,722 |
Charge for year | 15,916 | 385 | 29,701 |
Eliminated on disposal | - | - | - |
At 31 March 2024 | 33,158 | 2,984 | 409,423 |
NET BOOK VALUE |
At 31 March 2024 | 961,577 | 866 | 147,048 |
At 31 March 2023 | 977,493 | 1,251 | 124,486 |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures, |
fittings | Motor |
and IT | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 254,016 | 222,692 | 1,979,501 |
Additions | 386,924 | 95,282 | 534,469 |
Disposals | - | (36,602 | ) | (36,602 | ) |
At 31 March 2024 | 640,940 | 281,372 | 2,477,368 |
DEPRECIATION |
At 1 April 2023 | 208,848 | 66,194 | 674,605 |
Charge for year | 26,935 | 59,746 | 132,683 |
Eliminated on disposal | - | (26,207 | ) | (26,207 | ) |
At 31 March 2024 | 235,783 | 99,733 | 781,081 |
NET BOOK VALUE |
At 31 March 2024 | 405,157 | 181,639 | 1,696,287 |
At 31 March 2023 | 45,168 | 156,498 | 1,304,896 |
Company |
Freehold |
property |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiary |
Registered office: West Carr Road Industrial Estate, West Carr Road, Retford, Nottinghamshire, DN22 7SN |
Nature of business: |
% |
Class of shares: | holding |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 | 326,666 |
NET BOOK VALUE |
At 31 March 2024 | 326,666 |
At 31 March 2023 | 326,666 |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | INVESTMENT PROPERTY - continued |
Company |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 1,503,769 | 1,485,325 |
Work-in-progress | 1,048,250 | 1,286,868 |
2,552,019 | 2,772,193 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 4,461,094 | 4,007,946 |
Other debtors | 343,540 | 326,061 |
Directors' current accounts | 200,000 | - | 200,000 | - |
Accrued income | 249,263 | 214,841 |
5,253,897 | 4,548,848 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 53,245 | 43,265 |
Trade creditors | 3,696,073 | 2,423,342 |
Tax | 101,454 | 137,160 |
Social security and other taxes | 111,052 | 125,968 |
VAT | 279,163 | 316,143 | - | - |
Other creditors | 5,500 | - |
Accrued expenses | 2,093,790 | 2,696,380 |
6,340,277 | 5,742,258 |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 17) | 491,861 | 911,027 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 53,245 | 43,265 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 58,356 | 46,303 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 433,505 | 864,724 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 211,638 | 170,783 |
Between one and five years | 187,892 | 149,587 |
399,530 | 320,370 |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans | 545,106 | 954,292 |
The loan and invoice discounting facilities provided by the company's bank are secured by cross guarantee and debentures, between Moody Direct (Investments) Limited, Moody Direct (Holdings) Limited and Moody Direct Limited, and by charges over the assets of Moody Direct (Investments) Limited and Moody Direct Limited. |
20. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 174,300 | 66,846 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 66,846 |
Provided during year | 107,454 |
Balance at 31 March 2024 | 174,300 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 80,000 | 80,000 |
22. | RESERVES |
Group |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2023 | 2,247,293 | 984,739 | 20,000 | 3,252,032 |
Profit for the year | 712,681 | 712,681 |
Dividends | (192,000 | ) | (192,000 | ) |
At 31 March 2024 | 2,767,974 | 984,739 | 20,000 | 3,772,713 |
MOODY DIRECT (INVESTMENTS) LIMITED (REGISTERED NUMBER: 09882026) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
22. | RESERVES - continued |
Company |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 2,547,300 | 2,567,300 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
At 31 March 2024 | 3,135,177 |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023: |
2024 | 2023 |
£ | £ |
K Wild |
Balance outstanding at start of year | - | - |
Amounts advanced | 100,000 | - |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 100,000 | - |
D Tomlinson FCCA |
Balance outstanding at start of year | - | - |
Amounts advanced | 100,000 | - |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 100,000 | - |
Included in other debtors is £200k (2023: £NIL) due from the Directors. The loans are interest free and have no formal repayment terms. |