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Registration number: 01993017

Michel Hurel Transport U.K. Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

Michel Hurel Transport U.K. Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Consolidated Profit and Loss Account

9

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 27

 

Michel Hurel Transport U.K. Limited

Company Information

Directors

A Pratley

A Beveridge

B Hallo

Léon Vincent SAS

Company secretary

A Pratley

Registered office

3 Vineyard Chambers
Abingdon
Oxon
OX14 3PX

Auditors

UHY Ross Brooke
Suite I Windrush Court
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY

 

Michel Hurel Transport U.K. Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the group is that of international transport and forwarding agents.

Fair review of the business

Michel Hurel Transport U.K. Limited and its subsidiary (“the group”) provides international transport and forwarding services.
The Group is cash positive and delivers a profitable trading position from existing business.
Turnover for the year was £14.1m with operating profits of £1.5m.
At the end of the year the group had total reserves of £4.2m.

Principal risks and uncertainties

In the course of its normal operating activities the company is exposed to a number of risks and uncertainties.

General economic risk
The group operates on a global stage and is subject to general economic risks which it seeks to manage at all times.

Currency risks
The group purchases materials and services in foreign currencies. At present these risks are mitigated by closely monitoring exchange rate movements. We do not currently see sufficient advantage to use currency instruments.

Information & IT risk
The company operates up-to-date IT controls and procedures to protect its data and prevent unauthorised access, misuse or damage.

Approved and authorised by the Board on 18 December 2024 and signed on its behalf by:
 

.........................................
A Pratley
Company secretary and director

 

Michel Hurel Transport U.K. Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the for the year ended 31 December 2023.

Directors of the group

The directors who held office during the year were as follows:

A Pratley - Company secretary and director

A Beveridge

B Hallo

Léon Vincent SAS

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 18 December 2024 and signed on its behalf by:
 

.........................................
A Pratley
Company secretary and director

 

Michel Hurel Transport U.K. Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Michel Hurel Transport U.K. Limited

Independent Auditor's Report to the Members of Michel Hurel Transport U.K. Limited

Opinion

We have audited the financial statements of Michel Hurel Transport U.K. Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

 

Michel Hurel Transport U.K. Limited

Independent Auditor's Report to the Members of Michel Hurel Transport U.K. Limited

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Other matters

The company took advantage of the exemption not to prepare consolidated financial statements for the prior year ended 31 December 2022. Therefore, the comparative consolidated figures are unaudited.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, 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 is 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.

Auditor 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 an auditor’s report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Michel Hurel Transport U.K. Limited

Independent Auditor's Report to the Members of Michel Hurel Transport U.K. Limited

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our cumulative audit and commercial knowledge and experience of the group and the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, Taxation Legislation, General Data Protection Rules (GDPR), Anti-Bribery Act, Employment Law and Health & Safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and analysing legal costs to ascertain if there have been instances of non-compliance with laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we
will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Michel Hurel Transport U.K. Limited

Independent Auditor's Report to the Members of Michel Hurel Transport U.K. Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report 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.

......................................
Caroline Webster FCA (Senior Statutory Auditor)
For and on behalf of UHY Ross Brooke, Statutory Auditor

Suite I Windrush Court
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY

18 December 2024

 

Michel Hurel Transport U.K. Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

14,105,770

18,592,904

Cost of sales

 

(10,813,234)

(14,993,901)

Gross profit

 

3,292,536

3,599,003

Administrative expenses

 

(1,772,346)

(2,411,406)

Operating profit

4

1,520,190

1,187,597

Interest payable and similar expenses

5

(69,859)

85,584

Profit before tax

 

1,450,331

1,273,181

Tax on profit

9

(369,505)

(342,160)

Profit for the financial year

 

1,080,826

931,021

Profit attributable to:

 

Owners of the company

 

1,080,826

931,021

 

Michel Hurel Transport U.K. Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

1,080,826

931,021

Foreign currency translation (losses)/gains

(12,125)

19,440

Total comprehensive income for the year

1,068,701

950,461

Total comprehensive income attributable to:

Owners of the company

1,068,701

950,461

 

Michel Hurel Transport U.K. Limited

(Registration number: 01993017)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

10

224,483

252,544

Tangible assets

11

29,532

32,188

Investments

12

143,808

176,808

 

397,823

461,540

Current assets

 

Debtors

13

4,406,527

4,700,954

Cash at bank and in hand

 

1,838,252

928,508

 

6,244,779

5,629,462

Creditors: Amounts falling due within one year

14

(2,483,003)

(3,000,104)

Net current assets

 

3,761,776

2,629,358

Net assets

 

4,159,599

3,090,898

Capital and reserves

 

Called up share capital

16

33,334

33,334

Share premium reserve

15,245

15,245

Other reserves

7,315

19,440

Retained earnings

4,103,705

3,022,879

Equity attributable to owners of the company

 

4,159,599

3,090,898

Shareholders' funds

 

4,159,599

3,090,898

Approved and authorised by the Board on 18 December 2024 and signed on its behalf by:
 

.........................................
A Pratley
Company secretary and director

 

Michel Hurel Transport U.K. Limited

(Registration number: 01993017)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

11

19,279

20,252

Investments

12

743,695

776,695

 

762,974

796,947

Current assets

 

Debtors

13

3,777,063

3,915,504

Cash at bank and in hand

 

1,254,134

417,371

 

5,031,197

4,332,875

Creditors: Amounts falling due within one year

14

(1,916,175)

(2,238,857)

Net current assets

 

3,115,022

2,094,018

Net assets

 

3,877,996

2,890,965

Capital and reserves

 

Called up share capital

16

33,334

33,334

Share premium reserve

15,245

15,245

Retained earnings

3,829,417

2,842,386

Shareholders' funds

 

3,877,996

2,890,965

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss accounts and related notes. The company made a profit after tax for the financial year of £987,031 (2022 - profit of £691,737).

Approved and authorised by the Board on 18 December 2024 and signed on its behalf by:
 

.........................................
A Pratley
Company secretary and director

 

Michel Hurel Transport U.K. Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£

Share premium
£

Foreign currency translation reserve
£

Retained earnings
£

Total
£

At 1 January 2023

33,334

15,245

19,440

3,022,879

3,090,898

Profit for the year

-

-

-

1,080,826

1,080,826

Other comprehensive income

-

-

(12,125)

-

(12,125)

Total comprehensive income

-

-

(12,125)

1,080,826

1,068,701

At 31 December 2023

33,334

15,245

7,315

4,103,705

4,159,599

Share capital
£

Share premium
£

Foreign currency translation reserve
£

Retained earnings
£

Total
£

At 1 January 2022

33,334

15,245

-

2,091,858

2,140,437

Profit for the year

-

-

-

931,021

931,021

Other comprehensive income

-

-

19,440

-

19,440

Total comprehensive income

-

-

19,440

931,021

950,461

At 31 December 2022

33,334

15,245

19,440

3,022,879

3,090,898

 

Michel Hurel Transport U.K. Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2023

33,334

15,245

2,842,386

2,890,965

Profit for the year

-

-

987,031

987,031

At 31 December 2023

33,334

15,245

3,829,417

3,877,996

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2022

33,334

15,245

2,150,649

2,199,228

Profit for the year

-

-

691,737

691,737

At 31 December 2022

33,334

15,245

2,842,386

2,890,965

 

Michel Hurel Transport U.K. Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

1,080,826

931,021

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

38,424

45,335

Changes in fair value of investments

33,000

-

Loss from disposals of investments

33,000

-

Finance costs

5

1,185

6,042

Income tax expense

9

369,505

342,160

 

1,555,940

1,324,558

Working capital adjustments

 

Decrease/(increase) in trade debtors

13

294,427

(2,198,021)

(Decrease)/increase in trade creditors

14

(616,433)

868,136

Decrease in provisions

-

(5,050)

Cash generated from operations

 

1,233,934

(10,377)

Income taxes paid

9

(228,411)

(287,060)

Net cash flow from operating activities

 

1,005,523

(297,437)

Cash flows from investing activities

 

Acquisitions of tangible assets

(7,707)

(6,066)

Proceeds from disposal of investments in joint ventures and associates

 

(33,000)

-

Net cash flows from investing activities

 

(40,707)

(6,066)

Cash flows from financing activities

 

Interest paid

5

(1,185)

(6,042)

Proceeds from bank borrowing draw downs

 

(41,762)

(218,954)

Net cash flows from financing activities

 

(42,947)

(224,996)

Net increase/(decrease) in cash and cash equivalents

 

921,869

(528,499)

Cash and cash equivalents at 1 January

 

928,508

1,437,567

Effect of exchange rate fluctuations on cash held

 

(12,125)

19,440

Cash and cash equivalents at 31 December

 

1,838,252

928,508

 

Michel Hurel Transport U.K. Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 Vineyard Chambers
Abingdon
Oxon
OX14 3PX

These financial statements were authorised for issue by the Board on 18 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Under section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its own Profit and Loss Account.

The financial statements are presented in Sterling (£) and rounded to the nearest pound.

Basis of consolidation

The consolidated financial statements include the financial statements of the company and its subsidiary undertaking, MHT Forwarding SAS, a company incorporated in France.

Going concern

The accounts are prepared on the going concern basis. The company has contracts and client relationships and therefore the Directors conclude that the going concern basis is appropriate.

 

Michel Hurel Transport U.K. Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Judgements

No significant judgements have had to be made by management in preparing these financial statements.

Key sources of estimation uncertainty

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 the greatest level of uncertainty are addressed below:

Revenue recognition and amounts billable on contracts:
The company’s revenue recognition policies are set out below. Contracts are assessed individually and estimations are made regarding amounts not invoiced, based on the stage of completion of the service.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of freight forwarding and related services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Revenue from contracts for the provision of professional services is recognised by reference to the stage
of completion when the stage of completion, costs incurred and costs to complete can be estimated
reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual
hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated
reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be
recovered.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Michel Hurel Transport U.K. Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings leasehold

Over the period of the lease

Fixtures, fittings & equipment

10-25% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

 

Michel Hurel Transport U.K. Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Rendering of services

13,916,514

18,060,727

Other revenue

189,256

532,177

14,105,770

18,592,904

4

Operating profit

Arrived at after charging

2023
£

2022
£

Depreciation expense

10,363

17,274

Amortisation expense

28,061

28,061

Operating lease expense - plant and machinery

1,771

2,079

 

Michel Hurel Transport U.K. Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

712

5,139

Interest expense on other finance liabilities

473

903

Foreign exchange losses/(gains)

68,674

(91,626)

69,859

(85,584)

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

905,727

1,275,711

Social security costs

145,967

261,767

Other short-term employee benefits

8,731

9,238

Pension costs, defined contribution scheme

38,562

45,204

Other employee expense

15,696

12,576

1,114,683

1,604,496

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Other departments

12

10

12

10

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

289,480

517,133

Contributions paid to money purchase schemes

4,082

4,082

293,562

521,215

In respect of the highest paid director:

2023
£

2022
£

Remuneration

122,124

185,169

 

Michel Hurel Transport U.K. Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

17,735

13,330


 

9

Taxation

Tax charged in the consolidated profit and loss account

2023
£

2022
£

Current taxation

Corporation tax

369,505

342,160

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 23.5% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

1,450,331

1,273,181

Corporation tax at standard rate

340,828

241,904

Tax increase from effect of capital allowances and depreciation

6,585

6,280

Increase from effect of different UK tax rates on some earnings

274

-

Effect of expense not deductible in determining taxable profit (tax loss)

3,952

2,400

Double taxation relief

(62,674)

(55,626)

Tax increase arising from overseas tax suffered/expensed

3,004

22,157

Tax increase from other tax effects

77,536

125,045

Total tax charge

369,505

342,160

 

Michel Hurel Transport U.K. Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Intangible assets

Group

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

280,605

6,459

287,064

At 31 December 2023

280,605

6,459

287,064

Amortisation

At 1 January 2023

28,061

6,459

34,520

Amortisation charge

28,061

-

28,061

At 31 December 2023

56,122

6,459

62,581

Carrying amount

At 31 December 2023

224,483

-

224,483

At 31 December 2022

252,544

-

252,544

 

Michel Hurel Transport U.K. Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

3,621

145,951

149,572

Additions

-

7,707

7,707

At 31 December 2023

3,621

153,658

157,279

Depreciation

At 1 January 2023

2,031

115,353

117,384

Charge for the year

502

9,861

10,363

At 31 December 2023

2,533

125,214

127,747

Carrying amount

At 31 December 2023

1,088

28,444

29,532

At 31 December 2022

1,590

30,598

32,188

Company

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

3,621

113,617

117,238

Additions

-

4,783

4,783

At 31 December 2023

3,621

118,400

122,021

Depreciation

At 1 January 2023

2,031

94,955

96,986

Charge for the year

502

5,254

5,756

At 31 December 2023

2,533

100,209

102,742

Carrying amount

At 31 December 2023

1,088

18,191

19,279

At 31 December 2022

1,590

18,662

20,252

 

Michel Hurel Transport U.K. Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

12

Investments

Company

2023
£

2022
£

Investments in subsidiaries

599,887

599,887

Investments in associates

143,808

176,808

743,695

776,695

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

MHT Forwarding SAS

France

Ordinary Shares

100%

100%

Associates

MH Transport LLC

Class A

30%

30%

USA

Tradex International S.A.R.L

Ordinary

20%

20%

Tunisia

SARL Michel Algerie

Ordinary

47%

47%

Algeria

Subsidiary undertakings

MHT Forwarding SAS

The principal activity of MHT Forwarding SAS is that of international transport and forwarding agents.

Associates

MH Transport LLC

The principal activity of MH Transport LLC is that of international transport and forwarding agents.

Tradex International S.A.R.L

The principal activity of Tradex International S.A.R.L is that of international transport and forwarding agents.

SARL Michel Algerie

The principal activity of SARL Michel Algerie is that of international transport and forwarding agents.

 

Michel Hurel Transport U.K. Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

13

Debtors

 

Group

Company

Current

2023
£

2022
£

2023
£

2022
£

Trade debtors

3,254,794

3,734,219

2,690,970

3,124,945

Amounts owed by related parties

338,867

437,078

338,867

329,074

Other debtors

594,968

460,834

549,684

440,640

Prepayments

198,254

22,187

197,542

20,845

Accrued income

19,644

46,636

-

-

 

4,406,527

4,700,954

3,777,063

3,915,504

14

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

17

-

41,762

-

41,762

Trade creditors

 

646,324

996,552

425,400

769,454

Amounts due to related parties

599,887

614,828

793,601

613,447

Social security and other taxes

 

35,761

110,862

35,761

29,068

Other payables

 

205,863

305,541

142,983

268,265

Accruals

 

744,940

821,425

268,202

407,727

Income tax liability

9

250,228

109,134

250,228

109,134

 

2,483,003

3,000,104

1,916,175

2,238,857

15

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £38,562 (2022 - £45,204).

 

Michel Hurel Transport U.K. Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

16

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

33,334

33,334

33,334

33,334

       

Rights, preferences and restrictions

Ordinary have the following rights, preferences and restrictions:
Voting rights.

17

Loans and borrowings

Current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Bank borrowings

-

41,762

-

41,762

 

Michel Hurel Transport U.K. Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

18

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

23,167

24,006

Later than one year and not later than five years

91,600

91,877

Later than five years

5,725

51,525

120,492

167,408

The amount of non-cancellable operating lease payments recognised as an expense during the year was £23,966 (2022 - £24,006).

Company

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

23,167

24,006

Later than one year and not later than five years

91,600

91,877

Later than five years

5,725

51,525

120,492

167,408

The amount of non-cancellable operating lease payments recognised as an expense during the year was £23,966 (2022 - £24,006).

19

Parent and ultimate parent undertaking

The company's immediate parent is Léon Vincent SAS, incorporated in France.

 The ultimate parent is LVO Investissement, incorporated in France.