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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: K Wild
D Tomlinson FCCA



REGISTERED OFFICE: C/O Moody Direct Limited
West Carr Road Industrial Estate
West Carr Road
Retford
Nottinghamshire
DN22 7SN



REGISTERED NUMBER: 09882026 (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 (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:





D Tomlinson FCCA - Director


16 September 2024

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.

K Wild
D Tomlinson FCCA

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:





D Tomlinson FCCA - Director


16 September 2024

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.




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 (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 712,681 965,185

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 10 961,577 977,493
Investments 11 2,318,634 2,318,634
Investment property 12 326,666 326,666
3,606,877 3,622,793

CURRENT ASSETS
Debtors 14 200,000 -
Cash at bank 2,634 11,198
202,634 11,198
CREDITORS
Amounts falling due within one year 15 102,473 75,664
NET CURRENT ASSETS/(LIABILITIES) 100,161 (64,466 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,707,038

3,558,327

CREDITORS
Amounts falling due after more than one
year

16

491,861

911,027
NET ASSETS 3,215,177 2,647,300

CAPITAL AND RESERVES
Called up share capital 21 80,000 80,000
Capital redemption reserve 22 20,000 20,000
Retained earnings 22 3,115,177 2,547,300
SHAREHOLDERS' FUNDS 3,215,177 2,647,300

Company's profit for the financial year 759,877 865,507

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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)

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 80,000 2,115,793 20,000 2,215,793

Changes in equity
Dividends - (434,000 ) - (434,000 )
Total comprehensive income - 865,507 - 865,507
Balance at 31 March 2023 80,000 2,547,300 20,000 2,647,300

Changes in equity
Dividends - (192,000 ) - (192,000 )
Total comprehensive income - 759,877 - 759,877
Balance at 31 March 2024 80,000 3,115,177 20,000 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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 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
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

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 94 90

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 994,735
DEPRECIATION
At 1 April 2023 17,242
Charge for year 15,916
At 31 March 2024 33,158
NET BOOK VALUE
At 31 March 2024 961,577
At 31 March 2023 977,493

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 2,318,634
NET BOOK VALUE
At 31 March 2024 2,318,634
At 31 March 2023 2,318,634

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

Subsidiary

Moody Direct (Holdings) Limited
Registered office: West Carr Road Industrial Estate, West Carr Road, Retford, Nottinghamshire, DN22 7SN
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00


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 326,666
NET BOOK VALUE
At 31 March 2024 326,666
At 31 March 2023 326,666

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 4,548,848 200,000 -

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 53,245 43,265
Trade creditors 3,696,073 2,423,342 - -
Tax 101,454 137,160 7,308 5,854
Social security and other taxes 111,052 125,968 - -
VAT 279,163 316,143 - -
Other creditors 5,500 - 5,500 -
Accrued expenses 2,093,790 2,696,380 36,420 26,545
6,340,277 5,742,258 102,473 75,664

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) 491,861 911,027 491,861 911,027

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 53,245 43,265
Amounts falling due between one and two years:
Bank loans - 1-2 years 58,356 46,303 58,356 46,303
Amounts falling due between two and five years:
Bank loans - 2-5 years 433,505 864,724 433,505 864,724

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 545,106 954,292 545,106 954,292

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: £    £   
80,000 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 20,000 2,567,300
Profit for the year 759,877 - 759,877
Dividends (192,000 ) - (192,000 )
At 31 March 2024 3,115,177 20,000 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.