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Company No: 03007622 (England and Wales)

M O HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

M O HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

M O HOLDINGS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
M O HOLDINGS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 61,412 41,003
Investment property 4 560,000 560,000
Investments 5 44,904 42,968
666,316 643,971
Current assets
Debtors
- due within one year 6 743,553 952,539
- due after more than one year 6 4,599 0
Cash at bank and in hand 6,626 58,592
754,778 1,011,131
Creditors: amounts falling due within one year 7 ( 1,076,540) ( 1,326,766)
Net current liabilities (321,762) (315,635)
Total assets less current liabilities 344,554 328,336
Creditors: amounts falling due after more than one year 8 0 ( 11,111)
Provision for liabilities 9 ( 14,707) ( 4,668)
Net assets 329,847 312,557
Capital and reserves
Called-up share capital 10 40,000 40,000
Other reserves 241,096 239,586
Profit and loss account 48,751 32,971
Total shareholders' funds 329,847 312,557

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of M O Holdings Limited (registered number: 03007622) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M Ogden
Director

17 October 2024

M O HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
M O HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

M O Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £1.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 4 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 15 15

3. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 February 2023 61,649 20,896 2,043 159,507 244,095
Additions 0 0 0 51,632 51,632
Disposals 0 ( 20,896) 0 0 ( 20,896)
At 31 January 2024 61,649 0 2,043 211,139 274,831
Accumulated depreciation
At 01 February 2023 57,992 1,741 2,043 141,316 203,092
Charge for the financial year 1,925 0 0 10,143 12,068
Disposals 0 ( 1,741) 0 0 ( 1,741)
At 31 January 2024 59,917 0 2,043 151,459 213,419
Net book value
At 31 January 2024 1,732 0 0 59,680 61,412
At 31 January 2023 3,657 19,155 0 18,191 41,003

4. Investment property

Investment property
£
Valuation
As at 01 February 2023 560,000
As at 31 January 2024 560,000

Valuation

A full market valuation of investment property was completed by directors at the statement of financial position date.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 261,148 261,148

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 February 2023 40,076
Disposals ( 76)
At 31 January 2024 40,000
Carrying value at 31 January 2024 40,000
Carrying value at 31 January 2023 40,076

Listed investments Total
£ £
Cost or valuation before impairment
At 01 February 2023 2,892 2,892
Movement in fair value 2,012 2,012
At 31 January 2024 4,904 4,904
Carrying value at 31 January 2024 4,904 4,904
Carrying value at 31 January 2023 2,892 2,892

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 15,474 9,166
Amounts owed by group undertakings 36,698 341,521
Prepayments 33,982 30,156
Other debtors 657,399 571,696
743,553 952,539
Debtors: amounts falling due after more than one year
Other debtors 4,599 0

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 11,111 33,333
Trade creditors 84,140 74,134
Accruals and deferred income 69,633 64,272
Taxation and social security 85,964 164,850
Other creditors 825,692 990,177
1,076,540 1,326,766

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 11,111

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 4,668) ( 6,871)
(Charged)/credited to the Profit and Loss Account ( 10,039) 2,203
At the end of financial year ( 14,707) ( 4,668)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 15,354) ( 5,282)
Other timing differences 144 154
Fair value movement 503 460
( 14,707) ( 4,668)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
40,000 Ordinary shares of £ 1.00 each 40,000 40,000

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 11,959 5,782
between one and five years 31,283 0
43,243 5,782

Other financial commitments

**Debenture**

On 13 May 2015, the company together with Abingdon Freight Forwarding Agency Limited, Chain Supply Managament and Logistics Limited and Sandrair International Limited (each "a Chargor"), entered into a debenture in favour of Barclays Bank Plc ("the Bank") to secure all present and future liabilities and obligations of each chargor to the Bank, whether actual or contingent and whether owed jointly or severally or in any other capacity. The assets of the Chargors in respect of which they granted to the Bank a fixed and floating charge to secure their respective liabilities and obligations.

**VAT**

The company is included in a group registration for VAT with Sandrair International Limited, its subsidiary. The members of the VAT group are jointly and severally liable for any amounts due and at 31 January 2024. There is no contingent liability for the current year on the basis that the subsidiary's accounts are showing a VAT debtor balance.

Pensions

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,527 1,642

12. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Included in other creditors is a balance owed to a director. This balance is unsecured and interest free and repayable on demand with no fixed repayment terms. 0 3,624

Other related party transactions

2024 2023
£ £
Included within other creditors is a balance due to companies with common directors. This balance is unsecured and interest free and repayable on demand with no fixed repayment terms. 824,165 985,303
Included within amounts owed by group undertakings is a balance owed by subsidiaries. This balance is unsecured and interest free and repayable on demand with no fixed repayment terms. 36,698 341,521
Included within other debtors is a balance due from companies with a common director. This balance is unsecured and interest free and repayable on demand with no fixed repayment terms. 561,666 553,427

13. Director's benefits: advances, credits and guarantees

2024 2023
£ £
Included in the other debtors is a balance owed by a director. This balance is unsecured, and interest is charged at HMRC's approved rate with no fixed repayment terms. 76,345 0

The loan was repaid in full on 30 May 2024.