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REGISTERED NUMBER: 03999464 (England and Wales)















MOODY DIRECT LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2024






MOODY DIRECT LIMITED (REGISTERED NUMBER: 03999464)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 15


MOODY DIRECT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: K Wild
D Tomlinson FCCA



SECRETARY: D Tomlinson FCCA



REGISTERED OFFICE: West Carr Road Industrial Estate
West Carr Road
Retford
Nottinghamshire
DN22 7SN



REGISTERED NUMBER: 03999464 (England and Wales)



AUDITORS: Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU



BANKERS: Barclays Bank plc
3 High Street
Doncaster
DN4 5HX

MOODY DIRECT LIMITED (REGISTERED NUMBER: 03999464)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The results of the year and financial position of the company are shown in the annexed financial statements.

The directors are pleased with the performance of the Company 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 company has worked hard to maintain margins and keep overheads under control.

During the course of the year the company invested heavily in upgrading its ERP IT system. 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 Company. In the latest unaudited management accounts 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 Company.

The directors continue to be very grateful to the many loyal and hardworking employees of the Company.


FINANCIAL KEY PERFORMANCE INDICATORS

2024 2023
£   's £   's
Turnover £21,650 £20,538
Gross Profit £4,946 £4,943

Gross Profit percentage 22.84% 24.07%

Net Profit Before Tax £1,350 £1,406

Net Current Assets £1,841 £1,932
Net Assets £2,352 £2,164

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 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.


MOODY DIRECT LIMITED (REGISTERED NUMBER: 03999464)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

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:





D Tomlinson FCCA - Secretary


16 September 2024

MOODY DIRECT LIMITED (REGISTERED NUMBER: 03999464)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of the retailing of equipment and parts and the provision of maintenance and project services for the dairy, food, ice cream, beverage, pharmaceutical, chemical, oil & gas, power generation and automotive industries.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £812,000

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

K Wild
D Tomlinson FCCA

Other changes in directors holding office are as follows:

P Gregory - resigned 27 March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the 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 directors are 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 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 company's auditors are aware of that information.

MOODY DIRECT LIMITED (REGISTERED NUMBER: 03999464)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, Xeinadin Audit Limited, will not be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



D Tomlinson FCCA - Secretary


16 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MOODY DIRECT LIMITED


Opinion
We have audited the financial statements of Moody Direct Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the 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 company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 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 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 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 LIMITED


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 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MOODY DIRECT 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:

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:

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and
regulations related to building regulations 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 on 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;
- Review of correspondence with regulators in so far as they are related to the financial statements;
- Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed.

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 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.




Andrew Cribb FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

20 September 2024

MOODY DIRECT LIMITED (REGISTERED NUMBER: 03999464)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 21,649,706 20,538,442

Cost of sales 16,704,146 15,595,125
GROSS PROFIT 4,945,560 4,943,317

Administrative expenses 3,604,764 3,527,458
OPERATING PROFIT 5 1,340,796 1,415,859

Interest receivable and similar income 13,759 -
1,354,555 1,415,859

Interest payable and similar expenses 6 4,805 9,553
PROFIT BEFORE TAXATION 1,349,750 1,406,306

Tax on profit 7 349,440 283,808
PROFIT FOR THE FINANCIAL YEAR 1,000,310 1,122,498

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,000,310

1,122,498

MOODY DIRECT LIMITED (REGISTERED NUMBER: 03999464)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - 20,237
Tangible assets 10 667,928 261,956
Investments 11 - -
667,928 282,193

CURRENT ASSETS
Stocks 12 2,552,019 2,772,193
Debtors 13 5,053,897 4,548,848
Cash at bank and in hand 473,376 277,539
8,079,292 7,598,580
CREDITORS
Amounts falling due within one year 14 6,237,804 5,666,594
NET CURRENT ASSETS 1,841,488 1,931,986
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,509,416

2,214,179

PROVISIONS FOR LIABILITIES 17 157,598 50,671
NET ASSETS 2,351,818 2,163,508

CAPITAL AND RESERVES
Called up share capital 18 220 220
Share premium 19 718,788 718,788
Retained earnings 19 1,632,810 1,444,500
SHAREHOLDERS' FUNDS 2,351,818 2,163,508

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 LIMITED (REGISTERED NUMBER: 03999464)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 220 1,138,002 718,788 1,857,010

Changes in equity
Dividends - (816,000 ) - (816,000 )
Total comprehensive income - 1,122,498 - 1,122,498
Balance at 31 March 2023 220 1,444,500 718,788 2,163,508

Changes in equity
Dividends - (812,000 ) - (812,000 )
Total comprehensive income - 1,000,310 - 1,000,310
Balance at 31 March 2024 220 1,632,810 718,788 2,351,818

MOODY DIRECT LIMITED (REGISTERED NUMBER: 03999464)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,798,015 2,284,647
Interest paid (4,805 ) (9,553 )
Tax paid (279,672 ) (324,080 )
Net cash from operating activities 1,513,538 1,951,014

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
Movement in invoice discounting facility - (830,966 )
Bank overdraft repayments in year - (46,525 )
Equity dividends paid (812,000 ) (816,000 )
Net cash from financing activities (812,000 ) (1,693,491 )

Increase in cash and cash equivalents 195,837 53,561
Cash and cash equivalents at beginning of
year

2

277,539

223,978

Cash and cash equivalents at end of year 2 473,376 277,539

MOODY DIRECT LIMITED (REGISTERED NUMBER: 03999464)

NOTES TO THE 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 1,349,750 1,406,306
Depreciation charges 138,339 121,809
Profit on disposal of fixed assets (4,614 ) -
Finance costs 4,805 9,553
Finance income (13,759 ) -
1,474,521 1,537,668
Decrease/(increase) in stocks 220,174 (813,124 )
(Increase)/decrease in trade and other debtors (505,049 ) 256,118
Increase in trade and other creditors 608,369 1,303,985
Cash generated from operations 1,798,015 2,284,647

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 473,376 277,539
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 277,539 270,503
Bank overdrafts - (46,525 )
277,539 223,978


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 277,539 195,837 473,376
277,539 195,837 473,376
Total 277,539 195,837 473,376

MOODY DIRECT LIMITED (REGISTERED NUMBER: 03999464)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Moody Direct Limited 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.

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 the going concern basis as in the directors opinion this is the most appropriate basis for their preparation. At the year end the company had net assets of £2.352m.

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 entities within the group.

Significant judgements and estimates
No significant judgements have had to be made by the directors in preparing these financial statements.

The directors have had to make assumptions in arriving at estimates in the following areas:

- when assessing the stage of completion of work in progress at the balance sheet to determine the turnover and profit to be attributed to the current financial year;

- in assessing and reviewing the useful economic lives of tangible and intangible fixed assets in order to determine depreciation and amortisation rates used remain appropriate;

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 2008 and the acquisition of an element of the trade of a related company in 2014, and payments made to acquire a business in 2016 all components are being amortised evenly over their estimated useful lives of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Plant and machinery - 10% - 25% on cost
Fixtures, fittings and IT - 10% - 25% on cost
Motor vehicles - 10% - 25% on cost

MOODY DIRECT LIMITED (REGISTERED NUMBER: 03999464)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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 the profit and loss account as incurred.

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.

MOODY DIRECT LIMITED (REGISTERED NUMBER: 03999464)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,942,507 3,440,106
Social security costs 431,716 402,681
Other pension costs 126,291 236,249
4,500,514 4,079,036

The average number of employees during the year was as follows:
2024 2023

Sales, Distribution, Engineering & Admin 94 90

4. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 90,688 66,803
Directors' pension contributions to money purchase schemes 6,767 85,785

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 12,932 22,035
Depreciation - owned assets 118,102 107,557
Profit on disposal of fixed assets (4,614 ) -
Goodwill amortisation 20,237 14,252
Auditors' remuneration 18,585 16,050
Auditors' remuneration for non audit work 5,880 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Loan interest 4,805 9,553

MOODY DIRECT LIMITED (REGISTERED NUMBER: 03999464)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. 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 242,513 251,306

Deferred tax 106,927 32,502
Tax on profit 349,440 283,808

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 1,349,750 1,406,306
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

337,438

267,198

Effects of:
Expenses not deductible for tax purposes (7,284 ) 15,327
Income not taxable for tax purposes (1,154 ) -
Depreciation in excess of capital allowances 2,462 -
Adjustments to tax charge in respect of previous periods 17,978 -
Super deduction on capital allowances - (11,626 )
allowances
Timing differences arising from tax rate changes. - 12,909
Total tax charge 349,440 283,808

8. DIVIDENDS
2024 2023
£    £   
'A' Ordinary shares of £1 each
Interim 812,000 816,000

MOODY DIRECT LIMITED (REGISTERED NUMBER: 03999464)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 356,324
AMORTISATION
At 1 April 2023 336,087
Amortisation for year 20,237
At 31 March 2024 356,324
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 20,237

10. TANGIBLE FIXED ASSETS
Fixtures,
Short Plant and fittings Motor
leasehold machinery and IT vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 3,850 660,198 382,906 248,168 1,295,122
Additions - 52,263 386,924 95,282 534,469
Disposals - - - (38,185 ) (38,185 )
At 31 March 2024 3,850 712,461 769,830 305,265 1,791,406
DEPRECIATION
At 1 April 2023 2,599 595,812 342,968 91,787 1,033,166
Charge for year 385 29,567 27,808 60,342 118,102
Eliminated on disposal - - - (27,790 ) (27,790 )
At 31 March 2024 2,984 625,379 370,776 124,339 1,123,478
NET BOOK VALUE
At 31 March 2024 866 87,082 399,054 180,926 667,928
At 31 March 2023 1,251 64,386 39,938 156,381 261,956

11. FIXED ASSET INVESTMENTS

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Moody Service Limited
Registered office: West Carr Road Industrial Estate, West Carr Road, Retford, Nottinghamshire, DN22 7SN
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

MOODY DIRECT LIMITED (REGISTERED NUMBER: 03999464)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. FIXED ASSET INVESTMENTS - continued

Daken Stainless Products Limited
Registered office: West Carr Road Industrial Estate, West Carr Road, Retford, Nottinghamshire, DN22 7SN
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Alfred & Company Limited
Registered office: West Carr Road Industrial Estate, West Carr Road, Retford, Nottinghamshire, DN22 7SN
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

The above companies were dissolved on 14 May 2024.

12. STOCKS
2024 2023
£    £   
Stocks 1,503,769 1,485,325
Work-in-progress 1,048,250 1,286,868
2,552,019 2,772,193

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,461,094 4,007,946
Other debtors 343,540 326,061
Accrued income 249,263 214,841
5,053,897 4,548,848

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,696,073 2,423,342
Tax 94,147 131,306
Social security and other taxes 111,052 125,968
VAT 279,163 316,143
Accruals and deferred income 2,057,369 2,669,835
6,237,804 5,666,594

MOODY DIRECT LIMITED (REGISTERED NUMBER: 03999464)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 304,638 263,768
Between one and five years 559,892 521,602
In more than five years 736,250 829,250
1,600,780 1,614,620

Included within the above figure is £1,201,250 (2022 £1,294,250) which relates to amounts due to Moody Direct (Investments) Ltd under a 15 year premises lease agreement dated 1st March 2022.

16. SECURED DEBTS

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.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 157,598 50,671

Deferred
tax
£   
Balance at 1 April 2023 50,671
Provided during year 106,927
Balance at 31 March 2024 157,598

Deferred tax arising from the timing differences between Net Book Value of Qualifying Fixed Assets per the Financial statements and Tax Written Down Value per the tax computations.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 'A' Ordinary £1 200 200
20 'B' Ordinary £1 20 20
220 220

MOODY DIRECT LIMITED (REGISTERED NUMBER: 03999464)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


19. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 1,444,500 718,788 2,163,288
Profit for the year 1,000,310 1,000,310
Dividends (812,000 ) (812,000 )
At 31 March 2024 1,632,810 718,788 2,351,598

20. ULTIMATE PARENT COMPANY

The company's issued share capital is wholly owned by Moody Direct (Holdings) Limited, a company registered in England and Wales.

The ultimate parent company and controlling party is Moody Direct (Investments) Limited, a company registered in England and Wales, and which owns 100% of the issued share capital in Moody Direct (Holdings) Limited. The consolidated group accounts of Moody Direct (Investments) Limited can be obtained from West Carr Road Industrial Estate, West Carr Road, Retford, Nottinghamshire, DN22 7SN.