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REGISTERED NUMBER: 04366311















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

M F LOGISTICS (UK) LIMITED

M F LOGISTICS (UK) LIMITED (REGISTERED NUMBER: 04366311)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Profit and Loss Account 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Financial Statements 12


M F LOGISTICS (UK) LIMITED

COMPANY INFORMATION
for the Year Ended 31 January 2024







DIRECTORS: Mr M W Hitchen
Mr S E Rogerson
Mrs M Rogerson
Mr S A Rogerson
Miss A J Rogerson
Mr C S McCullough





REGISTERED OFFICE: Amethyst House
Meadowcroft Way
Leigh
Lancashire
WN7 3XZ





REGISTERED NUMBER: 04366311





AUDITORS: Xeinadin Audit Limited
100 Barbirolli Square
Manchester
M2 3BD

M F LOGISTICS (UK) LIMITED (REGISTERED NUMBER: 04366311)

STRATEGIC REPORT
for the Year Ended 31 January 2024


The directors present their strategic report of the Company for the year ended 31st January 2024.

REVIEW OF BUSINESS
Principal activity
The principal activity of the company remains focused on providing freight services and road haulage for goods moving across the Irish Sea. Our continued emphasis is on offering reliable and efficient transportation solutions, ensuring the timely delivery of goods in a competitive market.

Business review
The directors acknowledge that 2024 has been a year marked by both opportunities and challenges. While the company experienced strong turnover growth in 2023, trading in 2024 has shown a slight decline compared to last year.

Despite these challenges, the company continues to benefit from a large and diverse customer base. Our long standing relationships with key clients have been instrumental in maintaining a solid foundation for our business.

The directors have consistently sought to expand our operations by exploring new markets and contract opportunities. The directors have placed a strong emphasis on customer relationships in 2024, ensuring that service levels remain high despite the challenging market conditions.

Financial Key Performance Indicators
2024 2023
£'000 £'000
Revenue 14,787 15,473
Gross Profit 3,640 4,345
EBITDA 1,313 2,132
Profit Before Tax 1,195 1,902
Net Assets 3,295 2,629

PRINCIPAL RISKS AND UNCERTAINTIES
Principal risks
The main risks and uncertainties anticipated over the next 12 months are primarily driven by the current state of the economy, with ongoing inflationary pressures and rising costs posing significant challenges.

Financial Risks
Key financial risks include market volatility, which may impact revenue streams and investment returns, along with fluctuating interest rates that could raise borrowing costs. Additionally, foreign exchange rate fluctuations present a risk to international operations, potentially affecting profitability. The company conducts regular reviews of the financial landscape to ensure resilience in the face of economic uncertainties.

Credit Risk
Appropriate credit checks are carried out on all potential customers before liabilities are incurred. Individual exposures are monitored continuously to minimise the risk of bad debts.

Liquidity Risk
The company regularly forecasts cash flow to ensure sufficient liquidity is available to meet operational requirements. This is supported by maintaining appropriate banking facilities.

Non- Financial Risks
Non-financial risks are monitored regularly by the directors, who also review prospects and sales forecasts to ensure strategic oversight of the company's performance and market positioning.

ON BEHALF OF THE BOARD:





Mr S A Rogerson - Director


31 October 2024

M F LOGISTICS (UK) LIMITED (REGISTERED NUMBER: 04366311)

REPORT OF THE DIRECTORS
for the Year Ended 31 January 2024


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

DIVIDENDS
During the year, the company paid dividends of £192,000 (2023: £390,000).

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

Mr M W Hitchen
Mr S E Rogerson
Mrs M Rogerson
Mr S A Rogerson
Miss A J Rogerson
Mr C S McCullough

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditor, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr S A Rogerson - Director


31 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
M F LOGISTICS (UK) LIMITED


Opinion
We have audited the financial statements of M F Logistics (UK) Limited (the 'company') for the year ended 31 January 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement 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 January 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
M F LOGISTICS (UK) 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
M F LOGISTICS (UK) 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:

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 have considered the following:
- The nature of the industry and sector, control environment and business performance including the company's
remuneration policies, key drivers for directors remuneration, bonus levels and performance targets;
- Results of the enquiries of management about their own identification and assessment of the risks of
irregularities;
- Any matters we have 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.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income and provisions. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified
Our procedures to respond to risks identified included the following:
- 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;
- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; 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.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
M F LOGISTICS (UK) LIMITED


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.

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.




Julian Beressi (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
100 Barbirolli Square
Manchester
M2 3BD

31 October 2024

M F LOGISTICS (UK) LIMITED (REGISTERED NUMBER: 04366311)

PROFIT AND LOSS ACCOUNT
for the Year Ended 31 January 2024

2024 2023
Notes £    £    £    £   

TURNOVER 4 14,787,465 15,473,261

Cost of sales 11,147,443 11,127,968
GROSS PROFIT 3,640,022 4,345,293

Distribution costs 206,598 140,079
Administrative expenses 2,149,121 2,102,550
2,355,719 2,242,629
OPERATING PROFIT 6 1,284,303 2,102,664


Interest payable and similar expenses 7 89,184 199,772
PROFIT BEFORE TAXATION 1,195,119 1,902,892

Tax on profit 8 337,451 398,401
PROFIT FOR THE FINANCIAL YEAR 857,668 1,504,491

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

857,668

1,504,491

M F LOGISTICS (UK) LIMITED (REGISTERED NUMBER: 04366311)

BALANCE SHEET
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 9,403 10,971
Tangible assets 11 60,909 63,326
Investment property 12 342,243 330,537
412,555 404,834

CURRENT ASSETS
Debtors 13 4,375,836 4,167,422
Cash at bank and in hand 809,966 868,129
5,185,802 5,035,551
CREDITORS
Amounts falling due within one year 14 2,281,660 2,779,931
NET CURRENT ASSETS 2,904,142 2,255,620
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,316,697

2,660,454

CREDITORS
Amounts falling due after more than one
year

15

(5,789

)

(18,488

)

PROVISIONS FOR LIABILITIES 18 (15,635 ) (12,361 )
NET ASSETS 3,295,273 2,629,605

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 3,295,173 2,629,505
3,295,273 2,629,605

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





Mr S A Rogerson - Director


M F LOGISTICS (UK) LIMITED (REGISTERED NUMBER: 04366311)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 January 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2022 100 1,515,014 1,515,114
Profit for the year - 1,504,491 1,504,491
Total comprehensive income - 1,504,491 1,504,491
Dividends - (390,000 ) (390,000 )
Balance at 31 January 2023 100 2,629,505 2,629,605
Profit for the year - 857,668 857,668
Total comprehensive income - 857,668 857,668
Dividends - (192,000 ) (192,000 )
Balance at 31 January 2024 100 3,295,173 3,295,273

M F LOGISTICS (UK) LIMITED (REGISTERED NUMBER: 04366311)

CASH FLOW STATEMENT
for the Year Ended 31 January 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 24 668,805 1,565,736
Interest paid (89,184 ) (199,772 )
Tax paid (409,075 ) (182,203 )
Net cash from operating activities 170,546 1,183,761

Cash flows from investing activities
Purchase of tangible fixed assets (24,500 ) -
Purchase of investment property (11,706 ) (2,564 )
Net cash from investing activities (36,206 ) (2,564 )

Cash flows from financing activities
Capital repayments in year (19,107 ) (20,697 )
Amount introduced by directors 18,604 -
Amount withdrawn by directors - (119,150 )
Equity dividends paid (192,000 ) (390,000 )
Net cash from financing activities (192,503 ) (529,847 )

(Decrease)/increase in cash and cash equivalents (58,163 ) 651,350
Cash and cash equivalents at beginning
of year

25

868,129

216,779

Cash and cash equivalents at end of
year

25

809,966

868,129

M F LOGISTICS (UK) LIMITED (REGISTERED NUMBER: 04366311)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024


1. STATUTORY INFORMATION

M F Logistics (UK) Limited is a private company, limited by share capital, incorporated in England and Wales, registration number 04366311. The address of the registered office and principal place of business is Amethyst House, Meadowcroft Way, Leigh, Lancashire, WN7 3XZ.

The financial statements are prepared in sterling, which is the functional currency of the monetary amounts in these financial statements are rounded to the nearest £.

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.

Turnover
Turnover from the provision of haulage services is recognised in the profit and loss account, net of discounts, when the significant risks and rewards of ownership of the goods being moved have been transferred to the buyer. In general this occurs when the goods have been collected.

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 ten years.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Computer equipment-20% on cost
Motor vehicles-20% - 33% on cost

At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Investment property
Investment property is shown at most recent valuation.Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.Any deficit in excess of the revaluation reserve is charged to the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 balance sheet date.


M F LOGISTICS (UK) LIMITED (REGISTERED NUMBER: 04366311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets that are held by the Company under leases which transfer to the Company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statements of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability, finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs . Contingent rentals are recognised as expenses in the periods in which they are incurred.

Operating lease payments are recognised as an expense on straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

M F LOGISTICS (UK) LIMITED (REGISTERED NUMBER: 04366311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies above, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period,or in the period of the revision and future periods if the revision affects both current and future periods.

Provisions
The company accounts for provisions in accordance with FRS 102.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Transportation of goods 14,787,465 15,473,261
14,787,465 15,473,261

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 9,117,721 8,980,815
Europe 5,669,744 6,492,446
14,787,465 15,473,261

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,592,547 2,062,438
Social security costs 301,186 203,824
Other pension costs 46,273 239,638
2,940,006 2,505,900

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

Distribution 46 46
Administrative 19 18
65 64

M F LOGISTICS (UK) LIMITED (REGISTERED NUMBER: 04366311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024


5. EMPLOYEES AND DIRECTORS - continued

2024 2023
£ £   
Directors' remuneration 830,053 547,995
Directors' pension contributions 4,993 7,230
835,046 555,225
Information regarding the highest paid director is as follows:

2024 2023
£ £   
Emoluments etc. 343,235 119,945

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 231,456 145,748
Other operating leases 39,045 34,000
Depreciation - owned assets 26,917 27,278
Computer software amortisation 1,568 1,568
Auditors' remuneration 22,400 22,400
Auditors' remuneration for non audit work 25,670 13,405

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 6,371 9,418
Other interest paid 82,813 190,354
89,184 199,772

8. 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 334,177 409,074

Deferred tax 3,274 (10,673 )
Tax on profit 337,451 398,401

M F LOGISTICS (UK) LIMITED (REGISTERED NUMBER: 04366311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024


8. 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 1,195,119 1,902,892
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

298,780

361,549

Effects of:
Expenses not deductible for tax purposes 69,054 78,547
Capital allowances in excess of depreciation - (1,624 )
Depreciation in excess of capital allowances 533 -
Non-trade deficit (20,703 ) (36,167 )
Change in rate (13,487 ) (3,904 )
Deferred tax movement 3,274 -
Total tax charge 337,451 398,401

9. DIVIDENDS

20242023
£   £   

Interim192,000390,000
192,000390,000

10. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 February 2023
and 31 January 2024 15,675
AMORTISATION
At 1 February 2023 4,704
Amortisation for year 1,568
At 31 January 2024 6,272
NET BOOK VALUE
At 31 January 2024 9,403
At 31 January 2023 10,971

M F LOGISTICS (UK) LIMITED (REGISTERED NUMBER: 04366311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024


11. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2023 13,737 80,680 134,057 228,474
Additions - 24,500 - 24,500
At 31 January 2024 13,737 105,180 134,057 252,974
DEPRECIATION
At 1 February 2023 13,737 28,357 123,054 165,148
Charge for year - 20,628 6,289 26,917
At 31 January 2024 13,737 48,985 129,343 192,065
NET BOOK VALUE
At 31 January 2024 - 56,195 4,714 60,909
At 31 January 2023 - 52,323 11,003 63,326

12. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023 330,537
Additions 11,706
At 31 January 2024 342,243
NET BOOK VALUE
At 31 January 2024 342,243
At 31 January 2023 330,537

The property was valued on 7th April 2014 at open market value by La Costa Property Solutions in Marbella. The directors are of the opinion that there has been no significant change in the valuation since that date.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,708,850 3,154,184
Other debtors 471,146 667,842
Directors' current accounts 70,035 88,639
Tax 32,985 32,082
Prepayments and accrued income 92,820 224,675
4,375,836 4,167,422

M F LOGISTICS (UK) LIMITED (REGISTERED NUMBER: 04366311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 16) 12,699 19,107
Trade creditors 1,191,105 1,322,271
Tax 334,177 409,074
Social security and other taxes 222,651 36,473
VAT 68,227 58,709
Other creditors 255,631 552,459
Accrued expenses 197,170 381,838
2,281,660 2,779,931

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 16) 5,789 18,488

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 12,699 19,107
Between one and five years 5,789 18,488
18,488 37,595

Non-cancellable operating leases
2024 2023
£    £   
Within one year 26,215 11,315
Between one and five years 54,837 21,206
81,052 32,521

17. SECURED DEBTS

The company has a factoring facility through Aldermore Bank PLC. Any borrowings under this facility are secured on the trade debtors of the company by a fixed charge dated 30 January 2017. At 31 January 2024 there was an amount owed to the company of £609,253 which is included within debtors (2023 - £779,314).

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 15,635 12,361

M F LOGISTICS (UK) LIMITED (REGISTERED NUMBER: 04366311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024


18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 February 2023 12,361
Provided during year 3,274
Balance at 31 January 2024 15,635

19. CALLED UP SHARE CAPITAL

2023 2022
£    £   
Allotted, called up and fully paid
40 "A" Ordinary shares of £1 each 40 40
20 "B" Ordinary shares of £1 each 20 20
20 "C" Ordinary shares of £1 each 20 20
20 "D" Ordinary shares of £1 each 20 20
100 100

20. RESERVES
Retained
earnings
£   

At 1 February 2023 2,629,505
Profit for the year 857,668
Dividends (192,000 )
At 31 January 2024 3,295,173

21. CONTINGENCIES

HMRC have opened an enquiry and raised assessments on company tax returns relating to prior years but the assessments have been appealed and the collection of tax postponed. It is not possible to predict with certainty the outcome of this enquiry. The company has engaged the services of a tax litigation specialist who is actively in negotiation with HMRC to minimise the liability, these negotiations are on a without prejudice basis.

No provision has been made or no financial effect or timing has been stated as to do so would be impractical, detrimental to the company and would prejudice the outcome of the negotiations. The directors are of the opinion that due to the complexity of the matter no accurate assessments or even a reliable estimate is available at this stage of the negotiations. Should the claim be successful the liability would be material but it would not affect the company's ability to continue as a going concern.

M F LOGISTICS (UK) LIMITED (REGISTERED NUMBER: 04366311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024


22. RELATED PARTY DISCLOSURES

The company has made the following transactions with companies, which are related parties by virtue of common control.

MF Solutions (NW) Limited
Debtor at date of balance sheet £471,146 (2023: £667,743)

SBSA Management Limited
Creditor at date of balance sheet £180,000 (2023: £465,400)

At year end, directors loan account balances were as follows:
Mr S E Rogerson owed the company £84,698 (2023: owed the company £25,975)
Mr S A Rogerson owed by the company £16,244 (2023: owed the company £64,718)
Mrs J Rogerson owed the company £1,581 (2023: owed by the company £2,055)

Director loan balances overdue at the reporting date have been cleared within 9 months of the reporting date.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are members of the Rogerson family by virtue of their shareholdings in the company.

24. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 1,195,119 1,902,892
Depreciation charges 28,485 28,846
Finance costs 89,184 199,772
1,312,788 2,131,510
Increase in trade and other debtors (227,017 ) (844,885 )
(Decrease)/increase in trade and other creditors (416,966 ) 279,111
Cash generated from operations 668,805 1,565,736

25. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 809,966 868,129
Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 868,129 216,779


M F LOGISTICS (UK) LIMITED (REGISTERED NUMBER: 04366311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024


26. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank and in hand 868,129 (58,163 ) 809,966
868,129 (58,163 ) 809,966
Debt
Finance leases (37,595 ) 19,107 (18,488 )
(37,595 ) 19,107 (18,488 )
Total 830,534 (39,056 ) 791,478