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REGISTERED NUMBER: 02725932 (England and Wales)










M. B. LOCKING LOGISTICS GROUP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024






M. B. LOCKING LOGISTICS GROUP LIMITED (REGISTERED NUMBER: 02725932)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024










Page

Balance Sheet 1 to 2

Notes to the Financial Statements 3 to 7


M. B. LOCKING LOGISTICS GROUP LIMITED (REGISTERED NUMBER: 02725932)

BALANCE SHEET
31ST DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 56,611 23,130
Tangible assets 5 1,025,708 1,077,692
Investments 6 1,000 1,000
1,083,319 1,101,822

CURRENT ASSETS
Stocks 1,002,237 830,454
Debtors 7 942,652 682,457
Cash at bank and in hand 2,189,279 2,193,661
4,134,168 3,706,572
CREDITORS
Amounts falling due within one year 8 1,797,273 1,480,049
NET CURRENT ASSETS 2,336,895 2,226,523
TOTAL ASSETS LESS CURRENT LIABILITIES 3,420,214 3,328,345

CREDITORS
Amounts falling due after more than one year 9 (263,553 ) (194,124 )

PROVISIONS FOR LIABILITIES (68,396 ) (67,993 )
NET ASSETS 3,088,265 3,066,228

CAPITAL AND RESERVES
Called up share capital 23,955 23,955
Share premium 17,190 17,190
Capital redemption reserve 88,057 88,057
Retained earnings 2,959,063 2,937,026
3,088,265 3,066,228

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

M. B. LOCKING LOGISTICS GROUP LIMITED (REGISTERED NUMBER: 02725932)

BALANCE SHEET - continued
31ST DECEMBER 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16th May 2025 and were signed on its behalf by:





P M Goldberg - Director


M. B. LOCKING LOGISTICS GROUP LIMITED (REGISTERED NUMBER: 02725932)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024


1. STATUTORY INFORMATION

M. B. Locking Logistics Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02725932

Registered office: Forge House
42-44 Burley Road
Leeds
West Yorkshire
LS3 1JX

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and valued added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Intangible assets
Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Intangible assets are amortised over their expected useful life as follows:

Computer software 25% reducing balance

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land and buildings- 2% straight line
Fixtures and fittings- 25% reducing balance
Motor vehicles- 25% reducing balance

M. B. LOCKING LOGISTICS GROUP LIMITED (REGISTERED NUMBER: 02725932)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiaries are measured at cost less any accumulated impairment losses. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the fist-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between functional currency and foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Hire purchase and leasing commitments
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position.They are depreciated over the shorter of their useful lives or the terms of the lease. All other lease agreements are classified as an operating lease.

Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

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

M. B. LOCKING LOGISTICS GROUP LIMITED (REGISTERED NUMBER: 02725932)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into transactions in ‘basic’ financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company’s balance sheet when it becomes party to the contractual provisions of the instrument.

Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses.

Basic financial assets classed as receivable within one year are not amortised. Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised.

Financial assets and liabilities are offset, with the net amount reported 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2023 - 45 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st January 2024 23,130
Additions 52,351
At 31st December 2024 75,481
AMORTISATION
Charge for year 18,870
At 31st December 2024 18,870
NET BOOK VALUE
At 31st December 2024 56,611
At 31st December 2023 23,130

M. B. LOCKING LOGISTICS GROUP LIMITED (REGISTERED NUMBER: 02725932)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st January 2024 936,486 622,382 1,558,868
Additions - 46,843 46,843
Disposals - (1,007 ) (1,007 )
At 31st December 2024 936,486 668,218 1,604,704
DEPRECIATION
At 1st January 2024 130,750 350,426 481,176
Charge for year 18,729 79,567 98,296
Eliminated on disposal - (476 ) (476 )
At 31st December 2024 149,479 429,517 578,996
NET BOOK VALUE
At 31st December 2024 787,007 238,701 1,025,708
At 31st December 2023 805,736 271,956 1,077,692

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st January 2024
and 31st December 2024 35,130
PROVISIONS
At 1st January 2024
and 31st December 2024 34,130
NET BOOK VALUE
At 31st December 2024 1,000
At 31st December 2023 1,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 871,625 606,469
Amounts owed by related undertaking 687 -
Other debtors 70,340 75,988
942,652 682,457

M. B. LOCKING LOGISTICS GROUP LIMITED (REGISTERED NUMBER: 02725932)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 20,571 48,683
Trade creditors 1,131,453 980,026
Amounts owed to group undertakings 1,000 1,000
Amounts owed to related undertaking - 970
Taxation and social security 301,646 178,695
Other creditors 342,603 270,675
1,797,273 1,480,049

The company's invoice discounting facility is secured by a first fixed charge over book debts.

The company's bank facilities are secured by a fixed second charge over book debts.

Included in other creditors is an amount owed to directors of £41,151 (2023 £90,000). This loan is unsecured and interest is payable at 10% plus Bank of England rate on this amount.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 4,210 24,781
Other creditors 259,343 169,343
263,553 194,124

Included in other creditors is an amount owed to directors of £259,343 (2023 £169,344). This loan is unsecured and interest is payable at 10% plus Bank of England rate on this amount.

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 20,571 48,683
Between one and five years 4,210 24,781
24,781 73,464

Non-cancellable operating leases
2024 2023
£    £   
Within one year 78,156 66,959
Between one and five years 95,591 98,060
173,747 165,019