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Registered number: NI648970










MOTIS GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
MOTIS GROUP LIMITED
 

COMPANY INFORMATION


Directors
Mr P Hutley 
Mr D McComb 
Mr P King 
Mr C Polwart 




Registered number
NI648970



Registered office
9 Downshire Place

Newry

Co. Down

Northern Ireland

BT34 1DZ




Independent auditors
AAB Group Accountants Limited

Dromalane Mill

The Quays

Newry

Co. Down

BT35 8QS




Bankers
Danske Bank
Donegall Square West

Belfast

Co. Antrim

Northern Ireland

BT1 6JS





CSOB

Moskenska 25

Praha 12

Czech Republic





Ulster Bank

86 Hill Street

Newry

Co. Down

Northern Ireland

BT34 1BT




Solicitors
A&L Goodbody
42-46 Fountain Street

Belfast

Co. Antrim

BT1 5EF





 
MOTIS GROUP LIMITED
 

CONTENTS



Page
Group strategic report
 
 
1 - 3
Directors' report
 
 
4 - 6
Independent auditors' report
 
 
7 - 10
Consolidated statement of comprehensive income
 
 
11
Consolidated balance sheet
 
 
12 - 13
Company balance sheet
 
 
14
Consolidated statement of changes in equity
 
 
15 - 16
Company statement of changes in equity
 
 
17 - 18
Consolidated statement of cash flows
 
 
19 - 20
Consolidated analysis of net debt
 
 
21
Notes to the financial statements
 
 
22 - 46


 
MOTIS GROUP LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The directors present the strategic report for the year ended 30 June 2024.

Business review
 
The group's principal activity during the year was that of the provision of shipping and services to the haulage industry.
The group achieved turnover of £90.7m for the year end 30 June 2024, representing an increase in turnover of 7.3% relative to turnover of £84.5m achieved for the year ended 30 June 2023. The gross profit margin for the year was 14.6% (2023: 17.4%).
During the year Motis Group Limited acquired 100% of the share capital of Dover Clearance Services Ltd (now known as Motis Freeflow Limited), a compnay registered in England and Wales.

Principal risks and uncertainties
 
The group uses financial instruments throughout its business.  The core risks associated with the group's financial instruments (i.e. its interest-bearing loans, cash, short-dated liquid investments and finance leases, on the operational level trade receivables and payables) are currency risk, liquidity and cashflow risk and credit risk.  The board reviews and agrees policies for the prudent management of these risks as follows:
Currency risk - The group trades in various currencies. Variances affecting operational activities in this regard are reflected in administrative expenses in the profit and loss account in the years in which they arise.  
Liquidity and cash flow risk - The group's objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities.  The group's policy is to ensure that sufficient resources are available either from cash balances, cash flows and near cash liquid investments to ensure all obligations can be met when they fall due.  To achieve this the group ensures that its liquid investments are in highly rated counterparties; when relevant it limits the maturity of cash balances and borrows the majority of its debt needs under term financing.  
Credit risk - The group has significant concentrations of credit risk.  Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually being monitored.
Inflation Rate Risk - As a result of the rising rate of inflation the group has seen the impact of this through rising costs mainly in relation to wages and salaries, and heat and light. The group have an economic policy in place to review costs regularly and to minimise the impact of these rising costs where possible.

Development and performance

The directors consider the results for the year to be satisfactory given the increase in turnover of the core activities of the business. The group continues to operate in a very competitive marketplace. It is anticipated, however, that the current levels of performance will be maintained or improved upon in 2025.
The group currently meets its day to day working capital requirements through a short term debt facility of £4,500,000 for invoice discounting with Close Brothers.
The directors have reviewed future cash forecasts for the group's activities and believe that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
The directors are committed to long term creation of shareholder value by increasing the group's market share through a continued combination of organic growth, including new branch openings, and acquisitions. While the upcoming year is likely to be challenging, early results are satisfactory and the directors expect another good year.

Page 1

 
MOTIS GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Financial key performance indicators
 
The group's key performance indicators are as follows:
Increase in Turnover: 7.3% (2023: 20.7%).
Operating Profit Margin: 3.1% (2023: 4.7%).
Shareholders' Equity: £7.0m (2023: £7.2m).

Other key performance indicators
 
The group's most important resource is its people; their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical and the group has invested increasingly in employment training and development and has introduced appropriate incentive and career progression arrangements.
The directors expect to implement an ongoing programme of staff recruitment to ensure that appropriate staff are in place to facilitate the anticipated growth in turnover levels. The group is committed to training and development of both existing and new employees.

Environment and Health & Safety

Environment
The group recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.
   
Health and safety
The group is committed to achieving the highest practicable standards in health and safety management and strives to make its offices a safe environment for employees and customers alike.

Page 2

 
MOTIS GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Directors' statement of compliance with duty to promote the success of the Group
 
The Directors of the group must act in accordance with their duties under the Companies Act 2006. These include a fundamental duty to promote the success of the company for the benefit of its members as a whole. This duty has been central to the board’s decision-making processes and outcomes for many years and will continue to play a significant part in the decision making. The information which follows below describes how, in performing their duties during the year, the Directors’ have had regard to the matters set out in Section 172 (1) (a) to (f) of the Act and constitutes the Board’s section 172 statement for 2024.
Customers – the directors maintain strong communication with its customers by having regular update meetings. These meetings facilitate a detailed review of their contracts to focus on maintaining strong relationships, which the directors feel is key to the continued success of the business.
Employees – the employees of the group are at the heart of everything the group does. The board have established and continue to promote a strong family culture in the group to ensure the employees feel valued and part of a stable working environment
Suppliers – The board recognises the key role suppliers play in ensuring the group delivers a quality service to customers. The directors maintains strong communication with their supply chain partners by having regular meetings as well as obtaining key information from routine business updates and presentations.
Community and environment – The group are actively involved with local schools and sports clubs by way of sponsorship and continue to actively support local charities.


This report was approved by the board on 9 April 2025 and signed on its behalf.





Mr P Hutley
Director

Page 3

 
MOTIS GROUP LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company and group continued to be that of the provision of shipping and services to the haulage industry.

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 judgments and accounting estimates that are reasonable and prudent;

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

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 year, after taxation, amounted to £1,891,282 (2023 - £2,662,354).

Ordinary dividends were paid amounting to £2,000,000. The directors do not recommend payment of a further dividend.

Directors

The directors who served during the year and up to the date of signing these financial statements  were:

Mr P Hutley 
Mr D McComb 
Mr P King 
Mr C Polwart 

Directors' insurance

The group maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the group.

Page 4

 
MOTIS GROUP LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

In line with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 and related government guidance ‘Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting requirements: March 2019’, the Group presents details of its carbon and energy usage.
In line with the associated regulations and guidance, the Group has only provided consolidated reporting for companies meeting the Companies Act definition of a ‘large’ company and where annual energy consumption is greater than 40,000kWh. In addition, under the associated regulations and guidance, reporting for foreign subsidiaries is not required.
Accordingly, the following report is based on the energy and carbon usage of Motis Ireland Limited.
ole1cd9.png

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting. Electricity and kerosene consumption was based on actual data, obtained from supplier invoices. The collected consumption data is then converted into greenhouse gas emissions associated with each activity using annually updated emission factors from the UK government.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £million of turnover, the recommended ratio for the sector. 



Page 5

 
MOTIS GROUP LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Future developments

The group plans to continue its present activities and current trading levels. Employees are kept as fully informed as practicable about developments within the business. It is policy of the group to offer opportunities to all employees having regards to their aptitudes and abilities in relation to jobs available.


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 auditorsAAB Group Accountants Ltd (previously FPM Accountants Limited)will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Political contributions

The company did not make any disclosable political donations in the year.

This report was approved by the board on 9 April 2025 and signed on its behalf.
 





Mr P Hutley
Director
Mr P King
Director

Page 6

 
MOTIS GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOTIS GROUP LIMITED
 

Opinion


We have audited the financial statements of Motis Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated statement of comprehensive income, 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 30 June 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 7

 
MOTIS GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOTIS 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 year 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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.


Page 8

 
MOTIS GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOTIS GROUP LIMITED (CONTINUED)


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:

We obtained an understanding of the legal and regulatory framework to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevent to the company - Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management.
Our procedures to respond to those risks identified included, but were not limited to:
- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims. 
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
 


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.


Page 9

 
MOTIS GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOTIS GROUP LIMITED (CONTINUED)


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.







Teresa Campbell (Senior statutory auditor)
for and on behalf of
AAB Group Accountants Limited
Statutory Auditors
Dromalane Mill
The Quays
Newry
Co. Down
BT35 8QS

9 April 2025
Page 10

 
MOTIS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 5 
90,684,824
84,500,918

Cost of sales
  
(77,461,211)
(69,756,967)

Gross profit
  
13,223,613
14,743,951

Administrative expenses
  
(11,303,726)
(10,484,200)

Exceptional administrative expenses
  
35,030
(1,101,193)

Other operating income
 6 
893,464
854,578

Operating profit
 7 
2,848,381
4,013,136

Interest receivable and similar income
 11 
4,494
64

Interest payable and similar expenses
 12 
(178,215)
(204,051)

Profit before taxation
  
2,674,660
3,809,149

Tax on profit
 13 
(783,378)
(1,146,795)

Profit for the financial year
  
1,891,282
2,662,354

  

Currency translation differences
  
4,390
(274)

Other comprehensive income for the year
  
4,390
(274)

Total comprehensive income for the year
  
1,895,672
2,662,080

Profit for the year attributable to:
  

Owners of the parent Company
  
1,891,282
2,662,354

  
1,891,282
2,662,354

The notes on pages 22 to 46 form part of these financial statements.

Page 11

 
MOTIS GROUP LIMITED
REGISTERED NUMBER: NI648970

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
1,135,858
195,221

Tangible assets
 16 
299,020
304,765

Investment property
 18 
6,275,517
5,398,826

  
7,710,395
5,898,812

Current assets
  

Stocks
 19 
3,491
3,781

Debtors: amounts falling due within one year
 20 
21,965,523
18,096,849

Cash at bank and in hand
 21 
1,301,970
4,777,551

  
23,270,984
22,878,181

Creditors: amounts falling due within one year
 22 
(23,450,653)
(20,775,321)

Net current (liabilities)/assets
  
 
 
(179,669)
 
 
2,102,860

Total assets less current liabilities
  
7,530,726
8,001,672

Creditors: amounts falling due after more than one year
 23 
(47,583)
(421,512)

Provisions for liabilities
  

Deferred taxation
 26 
(418,417)
(411,106)

  
 
 
(418,417)
 
 
(411,106)

Net assets excluding pension asset
  
7,064,726
7,169,054

Net assets
  
7,064,726
7,169,054


Capital and reserves
  

Called up share capital 
 27 
30,016
30,016

Revaluation reserve
  
459,189
459,189

Profit and loss account
  
6,575,521
6,679,849

Equity attributable to owners of the parent Company
  
7,064,726
7,169,054

  
7,064,726
7,169,054


Page 12

 
MOTIS GROUP LIMITED
REGISTERED NUMBER: NI648970

CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 April 2025.




Mr P Hutley
Mr P King
Director
Director

The notes on pages 22 to 46 form part of these financial statements.

Page 13

 
MOTIS GROUP LIMITED
REGISTERED NUMBER: NI648970

COMPANY BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 17 
780,014
30,014

  
780,014
30,014

Current assets
  

Debtors: amounts falling due within one year
 20 
3,860,002
2,360,002

  
3,860,002
2,360,002

Creditors: amounts falling due within one year
 22 
(4,610,000)
(2,360,000)

Net current (liabilities)/assets
  
 
 
(749,998)
 
 
2

Total assets less current liabilities
  
30,016
30,016

  

  

Net assets excluding pension asset
  
30,016
30,016

Net assets
  
30,016
30,016


Capital and reserves
  

Called up share capital 
 27 
30,016
30,016

Profit for the year
  
2,000,000
1,500,000

Other changes in the profit and loss account

  

(2,000,000)
(1,500,000)

  
 
 
30,016
 
 
30,016


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 April 2025.




Mr P Hutley
Mr P King
Director
Director

The notes on pages 22 to 46 form part of these financial statements.

Page 14

 
MOTIS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 July 2023
30,016
459,189
6,679,849
7,169,054


Comprehensive income for the year

Profit for the year
-
-
1,891,282
1,891,282

Currency translation differences
-
-
4,390
4,390
Total comprehensive income for the year
-
-
1,895,672
1,895,672


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,000,000)
(2,000,000)


Total transactions with owners
-
-
(2,000,000)
(2,000,000)


At 30 June 2024
30,016
459,189
6,575,521
7,064,726


The notes on pages 22 to 46 form part of these financial statements.

Page 15

 
MOTIS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 July 2022
30,016
495,924
5,540,392
6,066,332


Comprehensive income for the year

Profit for the year
-
-
2,662,354
2,662,354

Currency translation differences
-
-
(274)
(274)
Total comprehensive income for the year
-
-
2,662,080
2,662,080


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,500,000)
(1,500,000)

Transfer to/from profit and loss account
-
(36,735)
36,735
-

Consolidation of Motis Poland Limited
-
-
(59,358)
(59,358)


Total transactions with owners
-
(36,735)
(1,522,623)
(1,559,358)


At 30 June 2023
30,016
459,189
6,679,849
7,169,054


The notes on pages 22 to 46 form part of these financial statements.

Page 16

 
MOTIS GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2023
30,016
-
30,016


Comprehensive income for the year

Profit for the year
-
2,000,000
2,000,000
Total comprehensive income for the year
-
2,000,000
2,000,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,000,000)
(2,000,000)


At 30 June 2024
30,016
-
30,016


The notes on pages 22 to 46 form part of these financial statements.

Page 17

 
MOTIS GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2022
30,016
-
30,016


Comprehensive income for the year

Profit for the year
-
1,500,000
1,500,000
Total comprehensive income for the year
-
1,500,000
1,500,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,500,000)
(1,500,000)


Total transactions with owners
-
(1,500,000)
(1,500,000)


At 30 June 2023
30,016
-
30,016


The notes on pages 22 to 46 form part of these financial statements.

Page 18

 
MOTIS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,891,282
2,662,354

Adjustments for:

Exceptional items
(35,030)
-

Amortisation of intangible assets
387,857
19,627

Depreciation of tangible assets
163,348
212,729

Impairments of fixed assets
-
1,113,185

Loss on disposal of tangible assets
(6,250)
13,554

Government grants
(43,562)
(41,886)

Interest paid
178,215
204,051

Interest received
(4,494)
(64)

Taxation charge
783,378
1,146,795

Decrease/(increase) in stocks
290
(1,187)

(Increase) in debtors
(3,196,059)
(1,143,168)

Increase in creditors
3,686,165
531,354

Share of operating profit/(loss)) in joint ventures
-
(20,392)

Corporation tax (paid)
(1,215,877)
(1,539,258)

Net cash generated from operating activities

2,589,263
3,157,694


Cash flows from investing activities

Purchase of intangible fixed assets
(11,249)
(11,377)

Purchase of tangible fixed assets
(157,240)
(102,784)

Sale of tangible fixed assets
7,799
3,969

Purchase of investment properties
(876,691)
(205,434)

Government grants received
43,562
41,886

Purchase of fixed asset investments (Net of cash received on acquistion)
(1,989,102)
13,568

Sale of fixed asset investments
-
122,699

Interest received
4,494
64

HP interest paid
(1,981)
(1,981)

Net cash from investing activities

(2,980,408)
(139,390)

Cash flows from financing activities

Repayment of loans
(319,970)
(180,000)

Repayment of/new finance leases
(18,929)
(17,070)

Loans due from/(repaid to) directors
(573,693)
(248,528)

Dividends paid
(2,000,000)
(1,500,000)

Interest paid
(176,234)
(202,070)

Net cash used in financing activities
(3,088,826)
(2,147,668)
Page 19

 
MOTIS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023

£
£



Net (decrease)/increase in cash and cash equivalents
(3,479,971)
870,636

Cash and cash equivalents at beginning of year
4,777,551
3,907,189

Foreign exchange gains and losses
4,390
(274)

Cash and cash equivalents at the end of year
1,301,970
4,777,551


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,301,970
4,777,551

1,301,970
4,777,551


The notes on pages 22 to 46 form part of these financial statements.

Page 20

 
MOTIS GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024





At 1 July 2023
Cash flows
Acquisition and disposal of subsidiaries
At 30 June 2024
£

£

£

£

Cash at bank and in hand

4,777,551

(1,486,479)

(1,989,102)

1,301,970

Debt due after 1 year

(389,981)

355,000

-

(34,981)

Debt due within 1 year

(180,000)

-

-

(180,000)

Finance leases

(49,530)

18,929

-

(30,601)


4,158,040
(1,112,550)
(1,989,102)
1,056,388

The notes on pages 22 to 46 form part of these financial statements.

Page 21

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Motis Group Limited (“the company”) is a private company limited by shares domiciled and incorporated in Northern Ireland. The registered office is 9 Downshire Place, Newry, Co. Down, Northern Ireland, BT34 1DZ. 
The group consists of Motis Group Limited and all of its subsidiaries.

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 judgment 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 comprehensive income in these financial statements.

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 comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 22

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 23

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.5

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

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

Page 24

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Borrowing costs

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

 
2.10

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.

 
2.11

Current and deferred taxation

The tax expense for the year 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.


 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 25

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
4
years
Software
-
4
years

 
2.14

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
- 20% Straight line
Plant and machinery
-
20%
- 25% Straight line
Motor vehicles
-
25%
Straight line
Fixtures and fittings
-
10%
- 25% Straight line
Computer equipment
-
33%
Straight line

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.

Page 26

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.15

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.16

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.17

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.18

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.19

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 weighted average 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.

Page 27

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.20

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.

 
2.21

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.

 
2.22

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.

 
2.23

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.

 
2.24

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.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

Page 28

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.24
Financial instruments (continued)

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 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.

Basic 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
Page 29

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.24
Financial instruments (continued)

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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.25

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.

Page 30

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.
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.
Useful economic lives of intangible assets
The annual amortisation of goodwill and intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The group has considered a 4 year useful life to be accurate when amortising goodwill and intangible assets.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 16 for the carrying amount of the property plant and equipment, and note 1 for the useful economic lives for each class of assets.
Bad debt provisions
The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 20 for the net carrying amount of the debtors and associated impairment provision.


4.


Liability limitation agreement

The directors, on behalf of the group have entered into a limited liability agreement with their auditors. The auditor’s liability is limited to an amount which is deemed fair and reasonable. This has been disclosed in line with company's legislation.


5.


Turnover

An analysis of the turnover by class of business and geographical market is not given as, in the opinion of the directors, this would be prejudicial to the group's interest.

Page 31

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Other operating income

2024
2023
£
£

Other operating income
828,971
792,022

Ground rent receivable
20,931
20,670

Government grants receivable
43,562
41,886

893,464
854,578



7.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
50,895
47,118

Other operating lease rentals
975,852
931,411

Amortisation on intangible assets
217,672
22,978

Depreciation on owned assets
134,506
195,855

Depreciation on assets under finance leases
19,247
16,874


8.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
65,007
58,480

Fees payable to the Company's auditors and their associates in respect of:

Taxation compliance services
10,393
12,870

Page 32

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
5,952,752
5,508,876

Social security costs
807,063
654,868

Cost of defined contribution scheme
71,326
59,907

6,831,141
6,223,651


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


        2024
        2023
            No.
            No.







Direct
73
70



Indirect
62
59

135
129


10.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
1,348,000
1,272,311

Group contributions to defined contribution pension schemes
29,200
26,749

1,377,200
1,299,060


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £392,000 (2023 - £368,667).

The total accrued pension provision of the highest paid director at 30 June 2024 amounted to £NIL (2023 - £NIL).


11.


Interest receivable

2024
2023
£
£


Other interest receivable
4,494
64

4,494
64

Page 33

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
29,562
48,871

Other loan interest payable
3,757
2,417

Finance leases and hire purchase contracts
1,981
1,981

Other interest payable
142,915
150,782

178,215
204,051


13.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
775,692
1,052,564

Adjustments in respect of previous periods
375
1,044


776,067
1,053,608


Total current tax
776,067
1,053,608

Deferred tax


Origination and reversal of timing differences
7,311
93,187

Total deferred tax
7,311
93,187


Tax on profit
783,378
1,146,795
Page 34

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
13.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,674,660
3,809,149


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
668,665
780,876

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
24,913
279,501

Capital allowances for year in excess of depreciation
84,628
15,477

Adjustments to tax charge in respect of prior periods
-
(6,855)

Non-taxable income
-
(8,587)

Capital gains
(2,139)
1,617

Changes in provisions leading to an increase / (decrease) in the tax charge
7,311
94,231

Group relief
-
(9,465)

Total tax charge for the year
783,378
1,146,795


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


14.


Exceptional items

2024
2023
£
£


Exceptional write off
(35,030)
1,101,193

(35,030)
1,101,193

During the year, a loan due by Motis Freeflow with a fair value of £35,030 was written off.
In the prior year, a review was performed on the recoverability of other debtor balances held, and it was determined that some balances were not recoverable. This resulted in an exceptional write off of the balances, amounting to £1,101,193.

Page 35

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Intangible assets

Group and Company





Patents
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 July 2023
-
51,749
404,289
456,038


Additions
5,649
5,600
1,317,245
1,328,494



At 30 June 2024

5,649
57,349
1,721,534
1,784,532



Amortisation


At 1 July 2023
-
-
260,817
260,817


Charge for the year on owned assets
927
1,874
385,056
387,857



At 30 June 2024

927
1,874
645,873
648,674



Net book value



At 30 June 2024
4,722
55,475
1,075,661
1,135,858



At 30 June 2023
-
51,749
143,472
195,221



Page 36

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2023
1,055,491
434,384
145,412
458,045
98,798
2,192,130


Additions
101,522
8,938
27,000
18,441
1,339
157,240


Acquisition of subsidiary
-
-
-
2,105
1,000
3,105


Disposals
-
(1,661)
(12,250)
(144)
-
(14,055)



At 30 June 2024

1,157,013
441,661
160,162
478,447
101,137
2,338,420



Depreciation


At 1 July 2023
1,013,195
366,887
77,328
350,975
78,980
1,887,365


Charge for the year on owned assets
20,244
32,612
27,859
67,008
15,625
163,348


Transfers intra group
-
-
-
526
667
1,193


Disposals
-
(114)
(12,250)
(142)
-
(12,506)



At 30 June 2024

1,033,439
399,385
92,937
418,367
95,272
2,039,400



Net book value



At 30 June 2024
123,574
42,276
67,225
60,080
5,865
299,020



At 30 June 2023
42,296
67,497
68,084
107,070
19,818
304,765

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


2024
2023
£
£



Motor vehicles
39,270
58,517

39,270
58,517

Page 37

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
30,014


Additions
750,000



At 30 June 2024
780,014






Net book value



At 30 June 2024
780,014



At 30 June 2023
30,014


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Motis Tolls Limited
N. Ireland
Ordinary
100%
Motis Ireland Limited
N. Ireland
Ordinary
100%
Motis Freight Services Limited
England
Ordinary
100%
Motis Pallet Services Limited
N. Ireland
Ordinary
100%
Motis Estates Limited
N. Ireland
Ordinary
100%
Hestia Property Services Limited
N. Ireland
Ordinary
100%
Anglo French Services Limited
Isle of Man
Ordinary
100%
Motis Limited
N. Ireland
Ordinary
100%
Sitom Limited
N. Ireland
Ordinary
100%
Tomis Limited
N. Ireland
Ordinary
100%
Motis Czech SRO
Czech Republic
Ordinary
100%
Motis Romania SRL
Romania
Ordinary
100%
Motis Poland S.P. ZO.O
Poland
Ordinary
100%
Motis CS Limited
N. Ireland
Ordinary
100%
Motis Freeflow Limited
England
Ordinary
100%

Page 38

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Investment property

Group


Freehold investment property

£



Valuation


At 1 July 2023
5,398,826


Additions at cost
876,691



At 30 June 2024
6,275,517

Investment property comprises land and buildings held at Cheriton Parc, Kent. The fair value of the
investment property has been arrived at using a combination of a valuation carried out at 30 June 2021
by Savills Chartered Surveyors (who are not connected with the company) and management’s own
assessment of the valuation based on their experience of the local market. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and taking account of relevant market rental yields. The directors are of the opinion that as at 30 June 2024 this is a fair valuation of the property. Additions in the year relate to works done to the existing investment properties.








19.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
3,491
3,781

3,491
3,781


Page 39

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
15,085,533
11,917,340
-
-

Amounts owed by group undertakings
-
-
3,860,000
2,360,000

Other debtors
3,740,370
3,379,530
2
2

Prepayments and accrued income
1,954,872
1,629,324
-
-

Tax recoverable
1,184,748
1,170,655
-
-

21,965,523
18,096,849
3,860,002
2,360,002


Trade debtors are stated after provisions for impairment of £8,661,295 (2023: £8,277,964). Trade debtors are secured on an Invoice Discounting facility held with Close Brothers Commercial Finance.
Amounts owed from group undertakings are unsecured, interest free and repayable on demand.


21.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
1,301,970
4,777,551

1,301,970
4,777,551


Page 40

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
180,000
180,000
-
-

Payments received on account
70,332
16,649
-
-

Trade creditors
18,601,068
16,431,020
-
-

Amounts owed to group undertakings
-
-
3,860,000
2,360,000

Corporation tax
434,976
898,419
-
-

Other taxation and social security
404,731
533,058
-
-

Obligations under finance lease and hire purchase contracts
17,999
17,999
-
-

Other creditors
1,668,635
895,158
750,000
-

Accruals and deferred income
2,072,912
1,803,018
-
-

23,450,653
20,775,321
4,610,000
2,360,000


There is a fixed and floating charge against land at Cheriton High Street, Folkstone.
There is a solicitors undertaking all monies in relation to land at Jordans Crew, Ardglass, Co. Down.
There is a debenture on all freehold and leasehold property of the group.
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


23.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
-
29,981

Other loans
34,981
360,000

Net obligations under finance leases and hire purchase contracts
12,602
31,531

47,583
421,512




Page 41

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

24.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Other loans
180,000
180,000


180,000
180,000

Amounts falling due 1-2 years

Other loans
34,981
360,000


34,981
360,000

Amounts falling due 2-5 years

Bank loans
-
29,981


-
29,981


214,981
569,981


The bank loan, secured against the investment property of the group, has a maturity date of March 2026. Bank loan interest is based on bank base rate plus a margin of 1.75%, with a minimum interest charge of 3.75% per annum.
The loans are repayable by instalments, the amount repayable within 1 year is £190,044 (2023: £180,000). The amount repayable between one and two years is £59,967 (2023: £360,000). The amount repayable between two and five years is £NIL (2023: £29,981). The balance outstanding greater than five years is £Nil (2023: £Nil).

Page 42

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

25.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
17,999
17,999

Between 1-5 years
12,602
31,531

30,601
49,530

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is four years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.


26.


Deferred taxation


Group



2024


£






At beginning of year
(411,106)


Charged to profit or loss
(7,311)



At end of year
(418,417)

Company








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

Group
Group
2024
2023
£
£

Accelerated capital allowances
(418,417)
(411,106)

(418,417)
(411,106)

Page 43

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

27.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30,016 (2023 - 30,016) Ordinary shares of £1.00 each
30,016
30,016

The options outstanding as at 30 June 2024 had an exercise price of £62.63 per share. These options have no vesting period.
The fair value of these options was based on a company valuation carried out when registering the new options with HMRC. 



28.
 

Business combinations

On 31 October 2023 Motis Group Limited acquired 100% of the share capital of Motis Freeflow Limited (a UK registered company) which was accounted for using the acquisition method of accounting. 

Acquisition of Motis Freeflow Limited

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value
£
£

Fixed Assets

Tangible
1,135
1,135

Intangible
595,238
595,238

596,373
596,373

Current Assets

Debtors
84,829
84,829

Cash at bank and in hand
31,707
31,707

Total Assets
712,909
712,909

Creditors

Due within one year
(585,017)
(585,017)

Total Identifiable net assets
127,892
127,892


Goodwill
622,108

Total purchase consideration
750,000

Page 44

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

28.Business combinations (continued)

Consideration

£


Cash
750,000

Deferred consideration
-

Total purchase consideration
750,000



The goodwill arising on acquisition is attributable to the valuation paid for the shares of Motis Freeflow Limited which is being amortised over its useful life which has been deemed to be 4 years.
The goodwill relating to the acquisition of Motis Freeflow Limited amounted to £622,108. 

The results of Motis Freeflow Limited since acquisition are as follows:

Current period since acquisition
£

Turnover
815,899

(Loss) for the period since acquisition
(71,534)


29.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group  in an independently administered fund. 
The pension cost charge represents contributions payable by the group  to the fund and amounted to £59,887 (2023 - £57,490).


30.


Commitments under operating leases

At 30 June 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
936,260
936,260

Later than 1 year and not later than 5 years
935,177
1,871,437

1,871,437
2,807,697

Page 45

 
MOTIS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

31.


Related party transactions

The company has availed of the FRS102 exemption to disclose related party transactions between group companies, which are 100% owned.
Transactions with Directors
Overdraft facilities are secured by personal guarantees to the sum of £235,000 collateralised by a charge over properties personally owned by the directors.
Dividends paid to the directors in the year total £2,000,000 (2023: £1,500,000).
There is a balance owing to the group from the directors as at 30 June 2024 of £3,159,729 (2023: £3,158,993). Advances of £2,000,736 and repayments of £2,000,000 occurred during the financial year.
During the year, Motis Ireland Limited availed of consultancy services provided by Crabtree Associates
and Strathgarry Associates. The services amounted to £60,000 (2023: £60,000) of consultancy costs in Motis Ireland Limited from Strathgarry Associates and £56,800 (2023: £56,800) of consultancy costs from Crabtree Associates. Strathgarry Associates is controlled by Patrick Hutley, while Crabtree Associates is controlled by David McComb. 
There are no key management personnel outside of the directors of the company. Directors remuneration
is disclosed in Note 10.


32.


Controlling party

The ultimate controlling parties are Mr. David McComb and Mr. Patrick Hutley.

Page 46