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Registered number:  14992830














J.M.D. HAULAGE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024


 
J.M.D. HAULAGE GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
J M Deveney (appointed 10 July 2023)
A Maguire (appointed 10 July 2023)




Registered number
14992830



Registered office
c/o Langtons
The Plaza

100 Old Hall Street

Liverpool

L3 9QJ




Independent auditors
Langtons Professional Services Limited
Chartered Accountants & Statutory Auditors

The Plaza

100 Old Hall Street

Liverpool

L3 9QJ





 
J.M.D. HAULAGE GROUP LIMITED
 

CONTENTS



Page
Group strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of income and retained earnings
8
Consolidated balance sheet
9
Company balance sheet
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13 - 14
Consolidated analysis of net debt
15
Notes to the financial statements
16 - 32


 
J.M.D. HAULAGE GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MAY 2024

Introduction
 
The directors present their report for the period ended 31st May 2024.
J.M.D. Haulage Group Limited serves as the ultimate holding company of J.M.D Haulage Contractors Limited.
Incorporated on 10th July 2023, the Company acquired 100% of the share capital in J.M.D. Haulage Contractors Limited on 11th July 2023.
The principal activity of the Company is that of a holding company.

Business review
 
J.M.D. Haulage Contractors Limited's trading results for the year ending 31st May 2024 shows profit before tax of £1,276,873.
Looking forward to the 2024/25 trading year the Directors are confident that the business is well placed to take advantage of the new business opportunities that the market now offers.
The directors plan to continue to develop the existing activities of the company.

Principal risks and uncertainties
 
The management of the business and the execution of the company's strategy are subject to the normal commercial risks of our market sector.
The key business risks affecting the company are considered to relate to Health and Safety, contractual liability and non payment, however, we believe we have effective strategies in place to control and minimise these risks.

Financial key performance indicators
 
The business produces a range of Key Performance Indicators to aid the effective management of the business.


This report was approved by the board on 24 February 2025 and signed on its behalf.




A Maguire
Director

Page 1

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MAY 2024

The directors present their report and the financial statements for the period ended 31 May 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the period, after taxation, amounted to £568,195.

Dividends totalling £294,704 were proposed and fully paid within the period.

Directors

The directors who served during the period were:

J M Deveney (appointed 10 July 2023)
A Maguire (appointed 10 July 2023)

Future developments

The directors are satisfied with the result for the period and are positive for the future, based on ongoing improvement initiatives within the business.

Page 2

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsLangtons Professional Services Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 February 2025 and signed on its behalf.
 





A Maguire
Director

Page 3

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.M.D. HAULAGE GROUP LIMITED
 

Opinion


We have audited the financial statements of J.M.D. Haulage Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 May 2024, which comprise the Consolidated statement of income and retained earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 May 2024 and of the Group's profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.M.D. HAULAGE GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which 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.


Page 5

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.M.D. HAULAGE GROUP LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 an Auditors' 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 Group 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are:
• to identify and assess the risks of material misstatement of the financial statements due to fraud;
•  to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due
 to fraud, through designing and implementing appropriate responses; and
•  to respond appropriately to fraud or suspected fraud identified during the audit.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK.
We understood how the Company is complying with those frameworks by making enquiries of management.
Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved:
 
Page 6

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.M.D. HAULAGE GROUP LIMITED (CONTINUED)


• enquiries of management; and
•  journal entry testing, with a focus on journals indicating large or unusual transactions based on our
 understanding of the business.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud.
We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings.
Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.


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 Auditors' report.


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 2006Our 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 Auditors' 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.





Eifion Roberts (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants
Statutory Auditors
  
The Plaza
100 Old Hall Street
Liverpool
L3 9QJ

24 February 2025
Page 7

 
J.M.D. HAULAGE GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 31 MAY 2024

2024
Note
£

  

Turnover
 4 
12,646,086

Cost of sales
  
(10,316,085)

Gross profit
  
2,330,001

Administrative expenses
  
(1,400,555)

Operating profit
 5 
929,446

Interest receivable and similar income
 9 
89,160

Interest payable and similar expenses
 10 
(250,613)

Profit before tax
  
767,993

Tax on profit
 11 
(199,798)

Profit after tax
  
568,195

  

  

Profit/(loss) for the period attributable to the owners of the parent
  
568,195

Dividends declared and paid
  
(294,704)

Retained earnings at the end of the period
  
273,491

Non-controlling interest at the end of the year
  

There were no recognised gains and losses for 2024 other than those included in the consolidated statement of income and retained earnings.

The notes on pages 16 to 32 form part of these financial statements.

Page 8

 
J.M.D. HAULAGE GROUP LIMITED
REGISTERED NUMBER: 14992830

CONSOLIDATED BALANCE SHEET
AS AT 31 MAY 2024

2024
Note
£

Fixed assets
  

Tangible assets
 13 
6,573,636

  
6,573,636

Current assets
  

Stocks
 15 
297,757

Debtors: amounts falling due within one year
 16 
1,993,166

Cash at bank and in hand
 17 
3,740,833

  
6,031,756

Creditors: amounts falling due within one year
 18 
(2,146,028)

Net current assets
  
 
 
3,885,728

Total assets less current liabilities
  
10,459,364

Creditors: amounts falling due after more than one year
 19 
(4,141,379)

Provisions for liabilities
  

Deferred taxation
 22 
(1,180,005)

  
 
 
(1,180,005)

Net assets
  
5,137,980


Capital and reserves
  

Called up share capital 
 23 
102

Share premium account
 24 
4,864,387

Profit and loss account
 24 
273,491

Equity attributable to owners of the parent Company
  
5,137,980

  
5,137,980


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 February 2025.




A Maguire
Director

The notes on pages 16 to 32 form part of these financial statements.

Page 9

 
J.M.D. HAULAGE GROUP LIMITED
REGISTERED NUMBER: 14992830

COMPANY BALANCE SHEET
AS AT 31 MAY 2024

2024
Note
£

Fixed assets
  

Investments
 14 
4,864,489

  
4,864,489

  

Total assets less current liabilities
  
 
4,864,489

  

  

Net assets
  
4,864,489


Capital and reserves
  

Called up share capital 
 23 
102

Share premium account
 24 
4,864,387

  
4,864,489


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 February 2025.




A Maguire
Director

The notes on pages 16 to 32 form part of these financial statements.

Page 10

 
J.M.D. HAULAGE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MAY 2024


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


Comprehensive income for the period

Profit for the period
-
-
568,195
568,195
568,195
Total comprehensive income for the period
-
-
568,195
568,195
568,195


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(294,704)
(294,704)
(294,704)

Shares issued during the period
102
4,864,387
-
4,864,489
4,864,489


Total transactions with owners
102
4,864,387
(294,704)
4,569,785
4,569,785


At 31 May 2024
102
4,864,387
273,491
5,137,980
5,137,980

The notes on pages 16 to 32 form part of these financial statements.

Page 11

 
J.M.D. HAULAGE GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MAY 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


Comprehensive income for the period

Profit for the period
-
-
294,704
294,704
Total comprehensive income for the period
-
-
294,704
294,704


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(294,704)
(294,704)

Shares issued during the period
102
4,864,387
-
4,864,489


Total transactions with owners
102
4,864,387
(294,704)
4,569,785


At 31 May 2024
102
4,864,387
-
4,864,489

The notes on pages 16 to 32 form part of these financial statements.

Page 12

 
J.M.D. HAULAGE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MAY 2024

2024
£

Cash flows from operating activities

Profit for the financial period
568,195

Adjustments for:

Depreciation of tangible assets
1,306,273

Profit on disposal of tangible assets
(53,010)

Interest paid
250,613

Interest received
(89,160)

Taxation charge
199,798

(Increase)/decrease in stocks
(119,585)

(Increase)/decrease in debtors
(295,251)

Increase in creditors
129,908

Net cash generated from operating activities

1,897,781


Cash flows from investing activities

Purchase of tangible fixed assets
(3,713,154)

Sale of tangible fixed assets
1,706,971

Interest received
89,160

HP interest paid
(233,958)

Net cash from investing activities

(2,150,981)
Page 13

 
J.M.D. HAULAGE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024


2024

£



Cash flows from financing activities

Issue of ordinary shares
102

Repayment of/new finance leases
644,136

Dividends paid
(294,704)

Interest paid
(16,655)

Net cash used in financing activities
332,879

Net increase in cash and cash equivalents
79,679

Cash acquired on acquisition of subsidiary
3,656,738

Cash and cash equivalents at the end of period
3,736,417


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
3,740,833

Bank overdrafts
(4,416)

3,736,417


The notes on pages 16 to 32 form part of these financial statements.

Page 14

 
J.M.D. HAULAGE GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MAY 2024





Cash flows
Acquisition and disposal of subsidiaries
New finance leases
At 31 May 2024
£

£

£

£

Cash at bank and in hand

84,095

3,656,738

-

3,740,833

Bank overdrafts

37,164

(41,580)

-

(4,416)

Finance leases

3,672,547

(4,639,108)

(4,316,683)

(5,283,244)


3,793,806
(1,023,950)
(4,316,683)
(1,546,827)

The notes on pages 16 to 32 form part of these financial statements.

Page 15

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

1.


General information

J.M.D Haulage Group Limited is a private limited liability company, limited by shares, incorporated in England and Wales. The registered office is The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ and the company number is 14992830.
These consolidated financial statements present information about the company and its subsidiary J.M.D. Haulage Contractors Limited

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The presentation currency of these financial statements is the pound sterling: the financial statements are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 11 July 2023.

Page 16

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 17

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 18

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below.

Depreciation is provided on the following basis:

Long-term leasehold property
-
20 years straight line
Plant and machinery
-
25% on reducing balance
Motor vehicles
-
25% on reducing balance
Computer equipment
-
20% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 19

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for
Page 20

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

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 profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 21

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.18

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors have made judgements regarding the depreciation of fixed assets and the value of bad debts.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the company.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
£

Other operating lease rentals
261,545


6.


Auditors' remuneration

During the period, the Group obtained the following services from the Company's auditors:


2024
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
2,000

Page 22

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Company
2024
2024
£
£


Wages and salaries
4,366,146
-

Social security costs
443,581
-

Cost of defined contribution scheme
178,005
-

4,987,732
-


The average monthly number of employees, including the directors, during the period was as follows:


        2024
            No.






Drivers
112



Administration
22

134

The Company has no employees other than the director, who did not receive any remuneration.


8.


Directors' remuneration

2024
£

Directors' emoluments
16,422

Group contributions to defined contribution pension schemes
30,000

46,422


During the period retirement benefits were accruing to 1 director in respect of defined contribution pension schemes.

Page 23

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

9.


Interest receivable

2024
£


Other interest receivable
89,160

89,160


10.


Interest payable and similar expenses

2024
£


Finance leases and hire purchase contracts
233,958

Other interest payable
16,655

250,613


11.


Taxation


2024
£



Total current tax
-

Deferred tax


Origination and reversal of timing differences
199,798

Total deferred tax
199,798


Tax on profit
199,798
Page 24

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than the standard rate of corporation tax in the UK of 25%. The differences are explained below:

2024
£


Profit on ordinary activities before tax
767,993


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
191,998

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,039

Fixed asset differences
761

Total tax charge for the period
199,798


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
£


Dividends
294,704

294,704

Page 25

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

13.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£
£



Cost or valuation


Additions
13,520
3,684,849
-
14,785
3,713,154


Acquisition of subsidiary
115,366
9,007,154
111,651
93,300
9,327,471


Disposals
-
(3,498,975)
-
-
(3,498,975)



At 31 May 2024

128,886
9,193,028
111,651
108,085
9,541,650



Depreciation


Charge for the period on owned assets
9,619
374,993
5,227
16,978
406,817


Charge for the period on financed assets
-
899,456
-
-
899,456


Acquisition of subsidiary
47,609
3,348,299
84,393
26,454
3,506,755


Disposals
-
(1,845,014)
-
-
(1,845,014)



At 31 May 2024

57,228
2,777,734
89,620
43,432
2,968,014



Net book value



At 31 May 2024
71,658
6,415,294
22,031
64,653
6,573,636




The net book value of land and buildings may be further analysed as follows:


2024
£

Long leasehold
71,658

71,658


Page 26

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

           13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
£



Plant and machinery
5,191,293

5,191,293


14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


Additions
4,864,489



At 31 May 2024
4,864,489





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

J.M.D. Haulage Contractors Limited
A Ordinary B Ordinary
100%

The aggregate of the share capital and reserves as at 31 May 2024 and the profit or loss for the period ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

J.M.D. Haulage Contractors Limited
5,137,980
944,556

Page 27

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

15.


Stocks

Group
Company
2024
2024
£
£

Work in progress and fuel stock
297,757
-

297,757
-



16.


Debtors

Group
Company
2024
2024
£
£


Trade debtors
1,495,603
-

Other debtors
383,403
-

Prepayments and accrued income
114,160
-

1,993,166
-



17.


Cash and cash equivalents

Group
Company
2024
2024
£
£

Cash at bank and in hand
3,740,833
-

Less: bank overdrafts
(4,416)
-

3,736,417
-


Page 28

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

18.


Creditors: Amounts falling due within one year

Group
Company
2024
2024
£
£

Bank overdrafts
4,416
-

Trade creditors
498,699
-

Corporation tax
113
-

Other taxation and social security
122,637
-

Obligations under finance lease and hire purchase contracts
1,141,865
-

Other creditors
83,265
-

Accruals and deferred income
295,033
-

2,146,028
-



19.


Creditors: Amounts falling due after more than one year

Group
Company
2024
2024
£
£

Net obligations under finance leases and hire purchase contracts
4,141,379
-

4,141,379
-



The following liabilities were secured:
Group
2024
£


Bank overdrafts
4,416

Net obligations under finance leases and hire purchase contracts
5,283,244

5,287,660

Details of security provided:

Bank overdrafts and net obligations under finance leases and hire purchase contracts are secured on the assets concerned. 



Page 29

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
2024
£

Within one year
1,419,243

Between 1-5 years
4,370,656

5,789,899


21.


Financial instruments

Group
2024
£

Financial assets

Financial assets measured at fair value through profit or loss
3,740,833




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


22.


Deferred taxation


Group



2024


£






Charged to profit or loss
199,798


Arising on business combinations
980,207



At end of year
1,180,005

Page 30

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
 
22.Deferred taxation (continued)

Company


2024






At end of year
-
The deferred taxation balance is made up as follows:

Group
Company
2024
2024
£
£

Accelerated capital allowances
1,599,476
-

Tax losses carried forward
(412,788)
-

Short term timing differences
(6,683)
-

1,180,005
-


23.


Share capital

2024
£
Allotted, called up and fully paid


500 A Ordinary shares of £0.20 each
100
10 B Ordinary shares of £0.20 each
2

102


1 A Ordinary share of £0.20 each was issued upon incorporation.
On 11th July 2023, a share for share exchange took place with J.M.D Haulage Contractors Limited.


24.


Reserves

Share premium account

Share premium arising on share for share exchange with J.M.D Haulage Contractors Limited.

Profit and loss account

Includes all current and prior period retained profits and losses less dividends paid.

Page 31

 
J.M.D. HAULAGE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

25.


Pension commitments

The Company operates a defined contributions pension scheme.
The assets of the scheme are held separately from those of the Company in an independently administered fund.
The pension cost charge represents contributions payable by the Company to the fund and amounted to £148,005
Contributions totalling £4,041 were payable to the fund at the reporting date and are included in creditors.
During the year, the company made contributions to the directors personal pension plans.
Contributions paid in respect of the directors in aggregate is £30,000.


26.


Commitments under operating leases

At 31 May 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
2024
£

Not later than 1 year
162,147

Later than 1 year and not later than 5 years
751,681

913,828

27.


Related party transactions

The directors operate a current account with the company to which all transactions of a private nature are charged.
At 31st May 2024, an amount of £289,954 is included in other debtors.


28.


Controlling party

At the balance sheet date, the company is under the control of its directors.

 
Page 32