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REGISTERED NUMBER: 01976742 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MONTAD LIMITED

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditors 5 to 8

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12 to 21


MONTAD LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: D O'Reilly
J O'Reilly



REGISTERED OFFICE: C/o DPC Accountants
Stone House
55 Stone Road Business Park
Stoke on Trent
Staffordshire
ST4 6SR



BUSINESS ADDRESS: 4 Pennine Way
Saltley
Birmingham
West Midlands
B8 1JW



REGISTERED NUMBER: 01976742 (England and Wales)



AUDITORS: Sumer Auditco Limited
Chartered Accountants & Statutory Auditors
Stone House
Stone Road Business Park
Stoke-on-Trent
ST4 6SR



BANKERS: Handelsbanken
Island Reach
Festival Way
Festival Park
Stoke on Trent
ST1 5SW

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

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 retail sector will remain challenging in the short term, as a result we have decided not to renew the lease at our Telford warehouse. The consolidation within our Birmingham facility will offer an opportunity to streamline our operations and focus on more strategically located facilities that better serve our broader client base.

Despite the challenges in the domestic market, our international sectors have shown robust growth and diversification. We have expanded our services to support international events, including major exhibitions and the Paris Olympics. These large-scale events have provided us with a platform to demonstrate our logistics capabilities on a global stage, offering comprehensive solutions that include air freight, sea freight, customs management, and on-site logistics support. Our involvement in these high-profile events has not only driven revenue growth but also enhanced our reputation as a leading provider of international logistics solutions.

To further strengthen our position, both internationally and domestically, we have continued to invest in our fleet and infrastructure. We have added new vehicles equipped with the latest technology and amenities to ensure the highest level of service for our customers. These investments have allowed us to expand our range of services, offering more customised and efficient solutions that meet the evolving needs of our diverse client base.

In addition to these operational changes, we have also focused on enhancing our digital capabilities. Recognising the increasing importance of technology in logistics, we have invested in advanced software systems that improve our ability to manage and track shipments, optimise routes, and provide real-time updates to our clients. These enhancements have not only improved efficiency but also positioned us as a forward-thinking company committed to innovation.

In conclusion, while 2024 has presented its share of challenges, our strategic initiatives and investments have positioned us to navigate these uncertainties effectively.

PRINCIPAL RISKS AND UNCERTAINTIES
The continued volatility in the retail sector remains a primary risk, as ongoing economic pressures and shifting consumer behaviours could further impact our clients' investment decisions. Additionally, geopolitical tensions, particularly in regions critical to our fuel supply, present ongoing risks related to fuel cost fluctuations.

KEY PERFORMANCE INDICATORS
Turnover of the company has increased by 3.6% during the year.

Gross profit margin decreased to 15.5% (2023: 16.6%) and operating profit margin has decreased to 1.9% (2023: 3.1%) and the company posted a pre-tax profit of £169,283 (2023 £351,158).

ON BEHALF OF THE BOARD:





J O'Reilly - Director


23 September 2024

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

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.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £8,000

FUTURE DEVELOPMENTS
Likely future developments in the business of the entity have been disclosed in the strategic report.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

D O'Reilly
J O'Reilly

Other changes in directors holding office are as follows:

K Myatt - resigned 3 August 2023

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 in relation to future developments of the company.

The strategic report can be found on page 2 of these financial statements.

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). 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.

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


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.

AUDITORS
The auditors is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





J O'Reilly - Director


23 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MONTAD LIMITED


Opinion
We have audited the financial statements of MONTAD 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 and 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
MONTAD 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 three, 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
MONTAD 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.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

Based on this approach, we were able to assess the company risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or irregularities. Our procedures to identify any potential fraud or irregularities are as follows:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- obtaining an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MONTAD LIMITED

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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.




Helen Tidyman (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Chartered Accountants & Statutory Auditors
Stone House
Stone Road Business Park
Stoke-on-Trent
ST4 6SR

23 September 2024

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

REVENUE 12,223,508 11,800,732

Cost of sales (10,325,978 ) (9,838,847 )
GROSS PROFIT 1,897,530 1,961,885

Administrative expenses (1,679,047 ) (1,599,063 )
218,483 362,822

Other operating income 7,822 -
OPERATING PROFIT 4 226,305 362,822


Interest payable and similar expenses 5 (57,022 ) (11,664 )
PROFIT BEFORE TAXATION 169,283 351,158

Tax on profit 6 (44,195 ) (114,143 )
PROFIT FOR THE FINANCIAL YEAR 125,088 237,015

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

125,088

237,015

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 8 12,467 17,555
Property, plant and equipment 9 1,768,067 2,015,073
1,780,534 2,032,628

CURRENT ASSETS
Inventories 10 29,617 17,674
Debtors 11 3,245,723 3,383,400
Cash at bank and in hand 55,434 53,795
3,330,774 3,454,869
CREDITORS
Amounts falling due within one year 12 (2,753,218 ) (2,652,039 )
NET CURRENT ASSETS 577,556 802,830
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,358,090

2,835,458

CREDITORS
Amounts falling due after more than one
year

13

(491,868

)

(1,045,518

)

PROVISIONS FOR LIABILITIES 17 (207,295 ) (163,101 )
NET ASSETS 1,658,927 1,626,839

CAPITAL AND RESERVES
Called up share capital 18 23,750 25,000
Capital redemption reserve 19 1,250 -
Retained earnings 19 1,633,927 1,601,839
SHAREHOLDERS' FUNDS 1,658,927 1,626,839

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





J O'Reilly - Director


MONTAD LIMITED (REGISTERED NUMBER: 01976742)

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 25,000 1,607,324 - 1,632,324

Changes in equity
Dividends - (242,500 ) - (242,500 )
Total comprehensive income - 237,015 - 237,015
Balance at 31 March 2023 25,000 1,601,839 - 1,626,839

Changes in equity
Purchase of own shares (1,250 ) (85,000 ) 1,250 (85,000 )
Dividends - (8,000 ) - (8,000 )
Total comprehensive income - 125,088 - 125,088
Balance at 31 March 2024 23,750 1,633,927 1,250 1,658,927

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

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


1. STATUTORY INFORMATION

MONTAD 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.

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


The principal activity of the company is that of freight transport by road.

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.

Going concern
The financial statements have been prepared on the going concern basis which assumes that the company will continue to trade for the foreseeable future, and continue to receive the support from the fellow group companies.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirement of paragraph 33.7.

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.

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

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


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(a) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

(i) Useful economic lives for tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the notes to the financial statements for the carrying amount of the property improvements, plant, fixtures and motor vehicles, and the accounting policies for the useful economic lives for each class of assets.

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See the notes to the financial statements for the net carrying amount of the debtors.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

The company offers transport and logistic services across the UK and Europe. Revenue is recognised in the accounting period in which the services are rendered when the outcome of the contract can be estimate reliably. Turnover is recognised once the goods have been picked up and delivered to the relevant destination.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% reducing balance
Fixtures and fittings - 20% reducing balance
Motor vehicles - Straight line over 6 years

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


MONTAD LIMITED (REGISTERED NUMBER: 01976742)

NOTES TO THE 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 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
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates for monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

Pension costs and other post-retirement benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

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


3. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 3,993,579 3,707,434
Social security costs 429,960 401,988
Other pension costs 96,827 88,039
4,520,366 4,197,461

The average number of employees during the year was as follows:
31.3.24 31.3.23

Staff 112 102

31.3.24 31.3.23
£    £   
Directors' remuneration - 8,784

4. OPERATING PROFIT

The operating profit is stated after charging:

31.3.24 31.3.23
£    £   
Hire of vehicles 616,065 879,909
Other operating leases 95,750 94,092
Depreciation - owned assets 249,505 88,558
Computer software amortisation 5,088 5,090
Auditors' remuneration 9,822 6,750
Foreign exchange differences 23 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Hire purchase interest 57,022 11,664

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax - (22 )

Deferred tax 44,195 114,165
Tax on profit 44,195 114,143

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

NOTES TO THE 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:

31.3.24 31.3.23
£    £   
Profit before tax 169,283 351,158
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

42,321

66,720

Effects of:
Expenses not deductible for tax purposes 1,874 5,210
Depreciation in excess of capital allowances 61,960 -
Utilisation of tax losses (106,155 ) -
Changes in taxation rate 44,195 42,213
Total tax charge 44,195 114,143

7. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary A shares of £1 each
Final 8,000 242,500

8. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 April 2023
and 31 March 2024 25,444
AMORTISATION
At 1 April 2023 7,889
Amortisation for year 5,088
At 31 March 2024 12,977
NET BOOK VALUE
At 31 March 2024 12,467
At 31 March 2023 17,555

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

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


9. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 29,050 33,910 2,098,606 2,161,566
Additions - 2,499 - 2,499
At 31 March 2024 29,050 36,409 2,098,606 2,164,065
DEPRECIATION
At 1 April 2023 22,202 17,830 106,461 146,493
Charge for year 1,369 3,299 244,837 249,505
At 31 March 2024 23,571 21,129 351,298 395,998
NET BOOK VALUE
At 31 March 2024 5,479 15,280 1,747,308 1,768,067
At 31 March 2023 6,848 16,080 1,992,145 2,015,073

10. INVENTORIES
31.3.24 31.3.23
£    £   
Stocks 29,617 17,674

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 2,359,691 2,440,893
VAT - 400,834
Prepayments 886,032 541,673
3,245,723 3,383,400

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 14) 178,443 193,023
Hire purchase contracts (see note 15) 519,931 554,357
Trade creditors 1,064,291 1,366,980
Amounts owed to group undertakings 449,392 282,429
Social security and other taxes 97,517 96,644
VAT 308,547 -
Other creditors 72,499 98,153
Directors' loan accounts - 591
Accruals and deferred income 62,598 59,862
2,753,218 2,652,039

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

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


13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 15) 491,868 1,045,518

14. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 178,443 193,023

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Gross obligations repayable:
Within one year 574,415 611,380
Between one and five years 516,295 1,124,429
1,090,710 1,735,809

Finance charges repayable:
Within one year 54,484 57,023
Between one and five years 24,427 78,911
78,911 135,934

Net obligations repayable:
Within one year 519,931 554,357
Between one and five years 491,868 1,045,518
1,011,799 1,599,875

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 2023
Within one year 500,000 500,000
Between one and five years 375,000 875,000
In more than five years - -
875,000 1,375,000

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

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


16. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank overdrafts 178,443 193,023
Hire purchase contracts 1,011,799 1,599,875
1,190,242 1,792,898

The company's bankers hold a fixed and floating charge over all the property and undertaking of
the company.

The company has an unlimited cross guarantee dated 29 January 2019 between Montad Limited, Cargo Express Limited, Cargo Express Holdings and O'Reilly Holdings Limited.

Hire purchase creditors are secured on the assets which they relate to.

17. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax
Accelerated capital allowances 437,997 451,522
Tax losses carried forward (230,702 ) (288,421 )
207,295 163,101

Deferred
tax
£   
Balance at 1 April 2023 163,101
Provided during year 44,194
Balance at 31 March 2024 207,295

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
23,750 Ordinary A £1 23,750 25,000

19. RESERVES

Retained earnings - This reserve records retained earnings and accumulated losses.

20. POST BALANCE SHEET EVENTS

There were no significant post balance sheet events up to the date of approval of the financial statements by the board.

MONTAD LIMITED (REGISTERED NUMBER: 01976742)

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


21. ULTIMATE CONTROLLING PARTY

The company's parent undertaking is Cargo Express Limited. Its principal place of business is 4 Pennine Way, Saltley, Birmingham, B8 1JW and its registered office is c/o DPC, Stone House, Stone Road, Stoke-on-Trent, ST4 6SR.

There is no one ultimate controlling party.

22. GOING CONCERN

The financial statements have been prepared on the going concern basis which assumes that the company will continue to trade for the foreseeable future, and continue to receive the support from the fellow group companies.