Company Registration No. 07613158 (England and Wales)
MAZE LOGISTIC SOLUTIONS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
LB GROUP
19th Floor
1 Westfield Avenue
London
E20 1HZ
MAZE LOGISTIC SOLUTIONS LTD
COMPANY INFORMATION
Director
Mr R Jiggens
Company number
07613158
Registered office
Unit P
Camilla Court
Nacton Village
Ipswich
Suffolk
UK
IP10 0EU
Auditor
LB Group Limited (Stratford)
19th Floor
1 Westfield Avenue
London
E20 1HZ
MAZE LOGISTIC SOLUTIONS LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 8
Income statement
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 24
MAZE LOGISTIC SOLUTIONS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The director presents the strategic report for the year ended 31 July 2024.

Review of the business

Maze Logistic Solutions Ltd experienced a challenging yet productive year in 2024. Our turnover reached £19,314,495, slightly decreasing from £19,904,159 in 2023. Despite this reduction, gross profit remained robust at £2,057,396, representing a gross margin of 10.65% compared to 11.52% in the prior year. Operating profit for the year totalled £174,548, reflecting significant investment in administrative and operational improvements.

 

Key developments during the year included:

 

 

 

Principal risks and uncertainties

The company faces several risks and uncertainties inherent to the haulage sector:

 

  1. Economic Conditions: Fluctuations in operational costs and broader economic instability can impact profitability. Mitigation measures include flexible resource management and leveraging long-term supplier agreements.

     

  2. Regulatory Compliance: As a UK-based haulage company, compliance with transportation, environmental, and health & safety regulations is critical. Regular training and auditing ensure adherence.

     

  3. Client Credit Risks: Relying on prompt client payments introduces exposure to cash flow risks. To minimise potential issues, a robust credit control system and regular monitoring of receivables are in place.

     

  4. Fleet Management: Vehicle downtime and maintenance can disrupt operations. Adding newer vehicles during the year has reduced fleet-related risks and enhanced reliability.

Development and performance

The company prioritised operational efficiency and workforce development in 2024. Key achievements included:

 

 

 

 

While profit margins were narrower due to increased administrative expenses and rising operational costs, the company’s strategic investments are expected to yield long-term benefits, ensuring sustained growth and resilience.

Key performance indicators

Performance against KPIs for 2024 included:

 

 

 

 

MAZE LOGISTIC SOLUTIONS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Future outlook

Maze Logistic Solutions Ltd remains focused on growth and operational excellence. Strategic objectives for 2025 include:

 

 

 

 

The company is well-positioned to navigate future challenges, supported by a strong financial foundation, an experienced team, and a commitment to innovation.

On behalf of the board

Mr R Jiggens
Director
18 December 2024
MAZE LOGISTIC SOLUTIONS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 July 2024.

Principal activities

The principal activity of the company during the year was that of haulage services.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr J Simmonds
(Resigned 31 August 2023)
Mr S Snelling
(Resigned 31 August 2023)
Mr R Jiggens
Auditor

LB Group Limited (Stratford) were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr R Jiggens
Director
18 December 2024
MAZE LOGISTIC SOLUTIONS LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 4 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

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

MAZE LOGISTIC SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAZE LOGISTIC SOLUTIONS LTD
- 5 -
Opinion

We have audited the financial statements of Maze Logistic Solutions Ltd (the 'company') for the year ended 31 July 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

MAZE LOGISTIC SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAZE LOGISTIC SOLUTIONS LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

MAZE LOGISTIC SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAZE LOGISTIC SOLUTIONS LTD
- 7 -

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:

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

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

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

MAZE LOGISTIC SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAZE LOGISTIC SOLUTIONS LTD
- 8 -

Other matters

The financial statements of the company for the year ended 31 July 2023 were not audited.

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.

Mark Middleton
Senior Statutory Auditor
For and on behalf of LB Group Limited (Stratford)
19 December 2024
Chartered Accountants
Statutory Auditor
19th Floor
1 Westfield Avenue
London
E20 1HZ
MAZE LOGISTIC SOLUTIONS LTD
INCOME STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
2024
Unaudited 2023
Notes
£
£
Turnover
3
19,314,495
19,904,159
Cost of sales
(17,257,099)
(17,610,657)
Gross profit
2,057,396
2,293,502
Administrative expenses
(1,882,848)
(1,522,280)
Other operating income
-
0
1,617
Operating profit
4
174,548
772,839
Interest receivable and similar income
8
2,171
-
0
Interest payable and similar expenses
9
(93,224)
(38,965)
Profit before taxation
83,495
733,874
Tax on profit
10
(110,255)
(87,191)
(Loss)/profit for the financial year
(26,760)
646,683

The income statement has been prepared on the basis that all operations are continuing operations.

MAZE LOGISTIC SOLUTIONS LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
31 July 2024
- 10 -
2024
Unaudited 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,759,195
1,788,880
Current assets
Stocks
13
12,105
22,180
Debtors
14
4,658,513
3,797,241
Cash at bank and in hand
70,648
139,585
4,741,266
3,959,006
Creditors: amounts falling due within one year
15
(3,964,933)
(3,332,743)
Net current assets
776,333
626,263
Total assets less current liabilities
2,535,528
2,415,143
Creditors: amounts falling due after more than one year
16
(1,125,307)
(1,292,139)
Provisions for liabilities
Deferred tax liability
18
427,671
113,694
(427,671)
(113,694)
Net assets
982,550
1,009,310
Capital and reserves
Called up share capital
20
230
230
Profit and loss reserves
982,320
1,009,080
Total equity
982,550
1,009,310

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 18 December 2024 and are signed on its behalf by:
Mr R Jiggens
Director
Company registration number 07613158 (England and Wales)
MAZE LOGISTIC SOLUTIONS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
230
976,397
976,627
Year ended 31 July 2023:
Profit and total comprehensive income
-
646,683
646,683
Dividends
11
-
(614,000)
(614,000)
Balance at 31 July 2023 - Unaudited
230
1,009,080
1,009,310
Year ended 31 July 2024:
Loss and total comprehensive income
-
(26,760)
(26,760)
Balance at 31 July 2024
230
982,320
982,550
MAZE LOGISTIC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
1
Accounting policies
Company information

Maze Logistic Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit P, Camilla Court, Nacton Village, Ipswich, Suffolk, UK, IP10 0EU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Insieme Group. These consolidated financial statements are available from its registered office, 80 Compair Crescent, Ipswich, Suffolk, IP2 0EH.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for haulage services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

MAZE LOGISTIC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 13 -

Revenue from contracts for the provision of haulage 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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
3 years straight line
Motor vehicles
5 years straight line

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

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Fuel stock is calculated using the average price per litre.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

MAZE LOGISTIC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 14 -
1.7
Cash at bank and in hand

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

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

MAZE LOGISTIC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -
Classification of 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MAZE LOGISTIC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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

MAZE LOGISTIC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation / useful economic life

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is calculated based on estimated residual values of each asset at the end of their useful economic life. Calculation of these provisions requires judgements to be made, which include forecast consumer demand and the economic environment.

3
Turnover and other revenue
2024
Unaudited 2023
£
£
Turnover analysed by class of business
Haulage Services
19,314,495
19,904,159
2024
Unaudited 2023
£
£
Turnover analysed by geographical market
United Kingdom
19,314,495
19,904,159
2024
Unaudited 2023
£
£
Other revenue
Interest income
2,171
-
Grants received
-
1,617
4
Operating profit
2024
Unaudited 2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(1,617)
Depreciation of owned tangible fixed assets
18,397
17,748
Depreciation of tangible fixed assets held under finance leases
336,109
144,553
Operating lease charges
29,238
27,850
MAZE LOGISTIC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 18 -
5
Auditor's remuneration
2024
Unaudited 2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,000
-
0
For other services
All other non-audit services
23,609
15,463
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
Unaudited 2023
Number
Number
Drivers
37
33
Administration
24
20
Total
61
53

Their aggregate remuneration comprised:

2024
Unaudited 2023
£
£
Wages and salaries
2,701,731
2,396,773
Social security costs
282,898
252,064
Pension costs
78,303
112,857
3,062,932
2,761,694
7
Director's remuneration
2024
Unaudited 2023
£
£
Remuneration for qualifying services
21,747
82,108
Company pension contributions to defined contribution schemes
13,000
30,000
34,747
112,108
MAZE LOGISTIC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
8
Interest receivable and similar income
2024
Unaudited 2023
£
£
Interest income
Interest on bank deposits
2,171
-
0
9
Interest payable and similar expenses
2024
Unaudited 2023
£
£
Interest on bank overdrafts and loans
648
904
Interest on finance leases and hire purchase contracts
92,576
38,061
93,224
38,965
10
Taxation
2024
Unaudited 2023
£
£
Current tax
Adjustments in respect of prior periods
(203,721)
(464)
Deferred tax
Origination and reversal of timing differences
313,976
87,655
Total tax charge
110,255
87,191

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
Unaudited 2023
£
£
Profit before taxation
83,495
733,874
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (Unaudited 2023: 21.00%)
20,874
154,114
Tax effect of expenses that are not deductible in determining taxable profit
594
13,905
Unutilised tax losses carried forward
-
0
219,132
Group relief
(28,022)
-
0
Permanent capital allowances in excess of depreciation
6,554
(387,151)
Under/(over) provided in prior years
(203,721)
(464)
Deferred tax debit
313,976
87,655
Taxation charge for the year
110,255
87,191
MAZE LOGISTIC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
11
Dividends
2024
Unaudited 2023
£
£
Final paid
-
0
614,000
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
27,137
20,801
61,668
1,923,234
2,032,840
Additions
-
0
235
2,716
321,870
324,821
At 31 July 2024
27,137
21,036
64,384
2,245,104
2,357,661
Depreciation and impairment
At 1 August 2023
22,262
14,685
48,372
158,641
243,960
Depreciation charged in the year
1,219
1,539
9,173
342,575
354,506
At 31 July 2024
23,481
16,224
57,545
501,216
598,466
Carrying amount
At 31 July 2024
3,656
4,812
6,839
1,743,888
1,759,195
At 31 July 2023
4,875
6,116
13,296
1,764,593
1,788,880

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
Unaudited 2023
£
£
Motor vehicles
1,711,845
1,726,959

Assets held under hire purchase agreements are secured against the assets to which they relate.

13
Stocks
2024
Unaudited 2023
£
£
Fuel Stock
12,105
22,180
MAZE LOGISTIC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 21 -
14
Debtors
2024
Unaudited 2023
Amounts falling due within one year:
£
£
Trade debtors
2,607,094
3,160,455
Amounts owed by group undertakings
1,704,459
389,984
Other debtors
3,066
1,048
Prepayments and accrued income
343,894
245,754
4,658,513
3,797,241
15
Creditors: amounts falling due within one year
2024
Unaudited 2023
Notes
£
£
Bank loans and overdrafts
17
1,653,007
992,028
Obligations under finance leases
363,543
300,357
Trade creditors
1,492,471
1,555,718
Taxation and social security
214,161
119,132
Other creditors
26,328
31,053
Accruals and deferred income
215,423
334,455
3,964,933
3,332,743

Included within bank loans and overdrafts is an amount of £1,642,752 (2023: £982,028) in relation to an invoice discounting facility. This facility is secured by way of a fixed and floating charge held by RBS Invoice Financing Ltd dated 21 July 2016.

The director has provided a personal guarantee in relation to the RBS invoice discounting facility of £220,000.

 

National Westminster Bank Plc hold a fixed and floating charge dated 7 March 2013 over all of the company's assets.

 

James Robert Simmonds, Sally Simmonds and Stephen John Snelling hold a fixed and floating charge dated 31 August 2023 over all of the property or undertaking of the company.

 

James Robert Simmonds, Sally Simmonds and Stephen John Snelling hold a fixed and floating charge dated 19 October 2023 over all of the property or undertaking of the company.

 

Obligations under hire purchase liabilities are secured against the assets to which they relate.

MAZE LOGISTIC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
16
Creditors: amounts falling due after more than one year
2024
Unaudited 2023
Notes
£
£
Bank loans and overdrafts
17
10,510
20,765
Obligations under finance leases
1,114,797
1,271,374
1,125,307
1,292,139

National Westminster Bank Plc hold a fixed and floating charge dated 7 March 2013 over all of the company's assets.

 

James Robert Simmonds, Sally Simmonds and Stephen John Snelling hold a fixed and floating charge dated 31 August 2023 over all of the property or undertaking of the company.

 

James Robert Simmonds, Sally Simmonds and Stephen John Snelling hold a fixed and floating charge dated 19 October 2023 over all of the property or undertaking of the company.

 

Obligations under hire purchase liabilities are secured against the assets to which they relate.

17
Loans and overdrafts
2024
Unaudited 2023
£
£
Bank loans
20,765
30,765
Bank overdrafts
1,642,752
982,028
1,663,517
1,012,793
Payable within one year
1,653,007
992,028
Payable after one year
10,510
20,765

At the statement of financial position date RBS Invoice Financing Ltd held a fixed and floating charge dated 21 July 2016 over all property and undertakings of the company.

 

National Westminster Bank Plc hold a fixed and floating charge dated 7 March 2013 over all of the company's assets.

MAZE LOGISTIC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
Unaudited 2023
Balances:
£
£
Accelerated capital allowances
427,671
113,694
2024
Movements in the year:
£
Liability at 1 August 2023
113,694
Charge to profit or loss
211,335
Effect of change in tax rate - profit or loss
102,642
Liability at 31 July 2024
427,671
19
Retirement benefit schemes
2024
Unaudited 2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
78,303
112,857

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

20
Share capital
2024
Unaudited 2023
2024
Unaudited 2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Class A shares of £1 each
130
130
130
130
230
230
230
230
21
Reserves

Profit and loss reserves

The profit and loss reserve includes all current and prior retained profits and losses.

MAZE LOGISTIC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
22
Related party transactions

At the statement of financial position date the company was owed £273,826 (2023: £186,663) from Pro Customs Solutions Ltd. Pro Customs Solutions Ltd is considered to be a related party via common directorship.

 

At the statement of financial position date the company was owed £NIL (2023: £390) from Maze Financial Services Ltd. Maze Financial Services Ltd is considered to be a related party via common directorship.

23
Directors' transactions

Dividends totalling £0 (Unaudited 2023 - £0) were paid in the year in respect of shares held by the company's directors.

 

The director has provided a personal guarantee in relation to the RBS invoice discounting facility of £220,000.

24
Ultimate controlling party

The parent company of Maze Logistic Solutions Ltd is Insieme Group Ltd.

There are no ultimate controlling parties.

The results of Maze Logistic Solutions Ltd are consolidated within the group accounts of Insieme Group Ltd. The registered office of Insieme Group Ltd is 80 Compair Crescent, Ipswich, Suffolk, England, IP2 0EH and the financial statements of the group are available through Companies House for public inspection.

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