Company registration number 05664133 (England and Wales)
MAXIM LOGISTICS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
MAXIM LOGISTICS GROUP LIMITED
COMPANY INFORMATION
Director
A Lawrence
Company number
05664133
Registered office
2 Darwin Road
Willowbrook Industrial Estate
Corby
Northamptonshire
NN17 5XZ
Auditor
Moore
Oakley House
Headway Business Park
3 Saxon Way West
Corby
Northamptonshire
NN18 9EZ
MAXIM LOGISTICS GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of income and retained earnings
8
Group balance sheet
9
Company balance sheet
10
Group statement of cash flows
11
Company statement of cash flows
12
Notes to the financial statements
13 - 30
MAXIM LOGISTICS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -
The director presents the strategic report for the year ended 31 August 2024.
Review of the business
Turnover for the year ended 31 August 2024 was £13,229,732 an increase of 0.7% on last year (2023 £13,137,263). Operating profit was £963,962 (2023 £1,236,233). Net profit before tax for the year was £764,568 (2023 £1,072,298).
Principal risks and uncertainties
Financial risks and management objectives and policies
The company uses various financial instruments. These include loans, cash and invoice discounting facilities and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.
The existence of these financial instruments exposes the company to a number of financial risks which are described in more detail below.
The main risks arising from the company's financial instruments are interest rate risk and credit risk. The director reviews and agrees policies for managing each of these risks and they are summarised below.
Interest rate risk
The company finances its operations through bank borrowings. The company's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.
Credit risk
The company's principal financial assets are cash and trade debtors. The principal credit risk arises from its trade debtors.
In order to manage credit risk the director sets limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the financial controller on a regular basis in conjunction with debt aging and collection history.
Development and performance
The company has developed long standing relationships with its customers through delivering consistently high levels of service which has led to organic growth, with a healthy pipeline of new customers. Retaining a strong margin is key during this period of growth.
The business will continue its investment in new vehicles and improvements in its IT infrastructure over the next 12 months.
In an environment that is subject to increasing legislation there is also to be an increased emphasis on both food safety though the supply chain and Health and Safety within the workplace, with investment planned to increase supply chain robustness and to make the workplace a safer environment for all of our employees.
Financial key performance indicators
The director has monitored the progress of overall company strategy and the individual strategic elements by reference to certain key performance indicators:
- Turnover for the year amounted to £13,229,732 (2023 £13,137,263)
- Operating profit for the year was £963,962 (2023 £1,236,233)
- EBITDA for the year was a profit of £2,125,109 (2023 £2,136,509)
MAXIM LOGISTICS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
A Lawrence
Director
23 May 2025
MAXIM LOGISTICS GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
The director presents his annual report and financial statements for the year ended 31 August 2024.
Principal activities
The principal activity of the company and group continued to be that of a haulage contractor and of warehousing and storage.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £80,000. The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
A Lawrence
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
A Lawrence
Director
23 May 2025
MAXIM LOGISTICS GROUP LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MAXIM LOGISTICS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAXIM LOGISTICS GROUP LIMITED
- 5 -
Opinion
We have audited the financial statements of Maxim Logistics Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 August 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
MAXIM LOGISTICS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAXIM LOGISTICS GROUP LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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 director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
MAXIM LOGISTICS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAXIM LOGISTICS GROUP LIMITED
- 7 -
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company, and considered that the most significant are health and safety compliance, the Companies Act 2006 and UK taxation legislation.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Amanda Etty (Senior Statutory Auditor)
For and on behalf of Moore
23 May 2025
Chartered Accountants
Statutory Auditor
Oakley House
Headway Business Park
3 Saxon Way West
Corby
Northamptonshire
NN18 9EZ
MAXIM LOGISTICS GROUP LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,229,732
13,137,263
Cost of sales
(9,811,521)
(9,556,046)
Gross profit
3,418,211
3,581,217
Administrative expenses
(2,454,249)
(2,344,984)
Operating profit
4
963,962
1,236,233
Interest receivable and similar income
7
25,236
12,891
Interest payable and similar expenses
8
(224,630)
(176,826)
Profit before taxation
764,568
1,072,298
Tax on profit
9
(269,425)
(285,312)
Profit for the financial year
495,143
786,986
Retained earnings brought forward
6,858,820
6,746,834
Dividends
(80,000)
(675,000)
Retained earnings carried forward
7,273,963
6,858,820
Profit for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
MAXIM LOGISTICS GROUP LIMITED
GROUP BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
591,632
724,990
Tangible assets
12
14,251,347
12,454,369
14,842,979
13,179,359
Current assets
Stocks
15
22,222
24,144
Debtors
16
2,825,925
2,061,680
Cash at bank and in hand
852,987
1,471,809
3,701,134
3,557,633
Creditors: amounts falling due within one year
17
(2,603,867)
(2,637,951)
Net current assets
1,097,267
919,682
Total assets less current liabilities
15,940,246
14,099,041
Creditors: amounts falling due after more than one year
18
(3,566,801)
(2,410,164)
Provisions for liabilities
Deferred tax liability
21
1,229,050
959,625
(1,229,050)
(959,625)
Net assets
11,144,395
10,729,252
Capital and reserves
Called up share capital
23
866,662
866,662
Revaluation reserve
3,003,770
3,003,770
Profit and loss reserves
7,273,963
6,858,820
Total equity
11,144,395
10,729,252
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved and signed by the director and authorised for issue on 23 May 2025
23 May 2025
A Lawrence
Director
Company registration number 05664133 (England and Wales)
MAXIM LOGISTICS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
591,632
724,990
Tangible assets
12
14,251,347
12,454,369
Investments
13
944,100
944,100
15,787,079
14,123,459
Current assets
Stocks
15
22,222
24,144
Debtors
16
2,825,925
2,061,680
Cash at bank and in hand
852,987
1,471,809
3,701,134
3,557,633
Creditors: amounts falling due within one year
17
(3,547,967)
(3,582,051)
Net current assets/(liabilities)
153,167
(24,418)
Total assets less current liabilities
15,940,246
14,099,041
Creditors: amounts falling due after more than one year
18
(3,566,801)
(2,410,164)
Provisions for liabilities
Deferred tax liability
21
1,229,050
959,625
(1,229,050)
(959,625)
Net assets
11,144,395
10,729,252
Capital and reserves
Called up share capital
23
866,662
866,662
Revaluation reserve
3,003,770
3,003,770
Profit and loss reserves
7,273,963
6,858,820
Total equity
11,144,395
10,729,252
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £495,143 (2023 - £786,986 profit).
The financial statements were approved and signed by the director and authorised for issue on 23 May 2025
23 May 2025
A Lawrence
Director
Company registration number 05664133 (England and Wales)
MAXIM LOGISTICS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,823,441
2,856,577
Interest paid
(224,630)
(176,826)
Income taxes paid
(227,476)
(393,822)
Net cash inflow from operating activities
1,371,335
2,285,929
Investing activities
Purchase of tangible fixed assets
(51,672)
(166,137)
Proceeds from disposal of tangible fixed assets
41,469
17,666
Repayment of loans
(394,643)
-
Interest received
25,236
12,891
Net cash used in investing activities
(379,610)
(135,580)
Financing activities
Repayment of bank loans
(250,448)
(418,279)
Payment of finance leases obligations
(1,280,099)
(664,730)
Dividends paid to equity shareholders
(80,000)
(675,000)
Net cash used in financing activities
(1,610,547)
(1,758,009)
Net (decrease)/increase in cash and cash equivalents
(618,822)
392,340
Cash and cash equivalents at beginning of year
1,471,809
1,079,469
Cash and cash equivalents at end of year
852,987
1,471,809
MAXIM LOGISTICS GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,823,441
2,856,577
Interest paid
(224,630)
(176,826)
Income taxes paid
(227,476)
(393,822)
Net cash inflow from operating activities
1,371,335
2,285,929
Investing activities
Purchase of tangible fixed assets
(51,672)
(166,137)
Proceeds from disposal of tangible fixed assets
41,469
17,666
Repayment of loans
(394,643)
Interest received
25,236
12,891
Net cash used in investing activities
(379,610)
(135,580)
Financing activities
Repayment of bank loans
(250,448)
(418,279)
Payment of finance leases obligations
(1,280,099)
(664,730)
Dividends paid to equity shareholders
(80,000)
(675,000)
Net cash used in financing activities
(1,610,547)
(1,758,009)
Net (decrease)/increase in cash and cash equivalents
(618,822)
392,340
Cash and cash equivalents at beginning of year
1,471,809
1,079,469
Cash and cash equivalents at end of year
852,987
1,471,809
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
1
Accounting policies
Company information
Maxim Logistics Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2 Darwin Road, Willowbrook Industrial Estate, Corby, Northamptonshire, NN17 5XZ.
The group consists of Maxim Logistics Group Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Maxim Logistics Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 August 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
The company recognises revenue from the following major sources:
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
Haulage and warehouse rent receivable
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is being amortised over 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% per annum on cost
Plant and equipment
25% reducing balance per annum
Fixtures and fittings
10% - 33% straight line per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
(Continued)
- 19 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
11,382,875
11,049,600
Europe
1,846,857
2,087,663
13,229,732
13,137,263
2024
2023
£
£
Other revenue
Interest income
25,236
12,891
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
13,650
10,960
Depreciation of owned tangible fixed assets
1,027,789
766,918
Loss/(profit) on disposal of tangible fixed assets
4,351
(10,244)
Amortisation of intangible assets
133,358
133,358
Operating lease charges
534,055
666,568
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
16
18
16
18
Management
2
2
2
2
Others
113
119
113
119
Total
131
139
131
139
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
5
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,764,116
4,780,651
4,764,116
4,780,651
Social security costs
493,337
478,428
493,337
478,428
Pension costs
138,372
202,382
138,372
202,382
5,395,825
5,461,461
5,395,825
5,461,461
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
13,117
115,069
Company pension contributions to defined contribution schemes
-
75,434
13,117
190,503
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
25,236
12,891
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
25,236
12,891
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
154,087
139,135
Other finance costs:
Interest on finance leases and hire purchase contracts
70,543
37,691
Total finance costs
224,630
176,826
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
227,476
Adjustments in respect of prior periods
(46)
Total current tax
227,430
Deferred tax
Origination and reversal of timing differences
269,425
57,882
Total tax charge
269,425
285,312
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
764,568
1,072,298
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
191,142
268,075
Tax effect of expenses that are not deductible in determining taxable profit
78,283
74,137
Adjustments in respect of prior years
(92)
Under/(over) provided in prior years
46
Capital allowances super deduction relief
(27,554)
Effect of change in corporation tax rate
(29,300)
Taxation charge
269,425
285,312
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
80,000
675,000
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
2,667,169
Amortisation and impairment
At 1 September 2023
1,942,179
Amortisation charged for the year
133,358
At 31 August 2024
2,075,537
Carrying amount
At 31 August 2024
591,632
At 31 August 2023
724,990
Company
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
2,667,169
Amortisation and impairment
At 1 September 2023
1,942,179
Amortisation charged for the year
133,358
At 31 August 2024
2,075,537
Carrying amount
At 31 August 2024
591,632
At 31 August 2023
724,990
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 September 2023
10,986,936
4,823,288
562,726
16,372,950
Additions
2,821,415
49,172
2,870,587
Disposals
(425,371)
(425,371)
At 31 August 2024
10,986,936
7,219,332
611,898
18,818,166
Depreciation and impairment
At 1 September 2023
612,415
2,985,230
320,936
3,918,581
Depreciation charged in the year
199,739
743,453
84,597
1,027,789
Eliminated in respect of disposals
(379,551)
(379,551)
At 31 August 2024
812,154
3,349,132
405,533
4,566,819
Carrying amount
At 31 August 2024
10,174,782
3,870,200
206,365
14,251,347
At 31 August 2023
10,374,521
1,838,058
241,790
12,454,369
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 September 2023
10,986,936
4,823,288
562,726
16,372,950
Additions
2,821,415
49,172
2,870,587
Disposals
(425,371)
(425,371)
At 31 August 2024
10,986,936
7,219,332
611,898
18,818,166
Depreciation and impairment
At 1 September 2023
612,415
2,985,230
320,936
3,918,581
Depreciation charged in the year
199,739
743,453
84,597
1,027,789
Eliminated in respect of disposals
(379,551)
(379,551)
At 31 August 2024
812,154
3,349,132
405,533
4,566,819
Carrying amount
At 31 August 2024
10,174,782
3,870,200
206,365
14,251,347
At 31 August 2023
10,374,521
1,838,058
241,790
12,454,369
The company has chosen to adopt a revaluation policy for the valuation of their land and buildings. Valuations will be carried out with sufficient regularity.
The land and buildings were valued on 25 January 2021 by Aitchison Raffety, qualified valuers. The valuation was on an open market basis.
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
12
Tangible fixed assets
(Continued)
- 24 -
Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £7,282,138 (2023 - £7,433,896), being cost £8,531,099 (2023 - £8,531,099) and depreciation £1,248,960 (2023 - £1,097,203).
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
944,100
944,100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023 and 31 August 2024
944,100
Carrying amount
At 31 August 2024
944,100
At 31 August 2023
944,100
14
Subsidiaries
Details of the company's subsidiaries at 31 August 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
D Maxim Logistics Limited
England and Wales
Dormant
Ordinary shares
100.00
David Maxim Haulage Limited
England and Wales
Dormant
Ordinary shares
100.00
Logistics Investments Limited
England and Wales
Dormant
Ordinary shares
100.00
Maxim Logistics Limited
England and Wales
Dormant
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
D Maxim Logistics Limited
100,000
David Maxim Haulage Limited
100
Logistics Investments Limited
30,000
Maxim Logistics Limited
814,000
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
22,222
24,144
22,222
24,144
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,904,707
1,697,179
1,904,707
1,697,179
Other debtors
548,062
65,456
548,062
65,456
Prepayments and accrued income
373,156
299,045
373,156
299,045
2,825,925
2,061,680
2,825,925
2,061,680
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
277,918
247,991
277,918
247,991
Obligations under finance leases
20
721,421
619,617
721,421
619,617
Trade creditors
1,100,163
595,731
1,100,163
595,731
Amounts owed to group undertakings
944,100
944,100
Corporation tax payable
227,476
227,476
Other taxation and social security
360,557
531,271
360,557
531,271
Other creditors
21,521
328,156
21,521
328,156
Accruals and deferred income
122,287
87,709
122,287
87,709
2,603,867
2,637,951
3,547,967
3,582,051
The company has an invoice discounting facility which is secured on the book debts of the company. The invoice financing is secured by a fixed and floating charge over the assets of the company, held by RBS Invoice Finance Limited. There was no liability under the facility at the current or prior year end.
Loan amounts are secured by charges over the property.
There is also a debenture in place with regards to banking facilities over property and assets of the company.
Obligations under finance leases of £721,421 (2023 £619,617) are secured upon the assets to which they relate
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
1,660,042
1,940,417
1,660,042
1,940,417
Obligations under finance leases
20
1,906,759
469,747
1,906,759
469,747
3,566,801
2,410,164
3,566,801
2,410,164
Obligations under finance leases of £1,906,759 (2023 £469,747) are secured upon the assets to which they relate.
Amounts included above which fall due after five years are as follows:
Payable by instalments
476,285
515,488
476,285
515,488
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,937,960
2,188,408
1,937,960
2,188,408
Payable within one year
277,918
247,991
277,918
247,991
Payable after one year
1,660,042
1,940,417
1,660,042
1,940,417
All the aforementioned bank loans are repayable by monthly instalments with an interest rate of 1.25% per annum over the Bank of England base rate.
The bank loans are secured over 1 and 2 Darwin Road by HSBC Bank Plc.
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
721,421
619,617
721,421
619,617
In two to five years
1,906,759
469,747
1,906,759
469,747
2,628,180
1,089,364
2,628,180
1,089,364
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. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
750,918
481,493
Investment property
478,132
478,132
1,229,050
959,625
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
750,918
481,493
Investment property
478,132
478,132
1,229,050
959,625
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 September 2023
959,625
959,625
Charge to profit or loss
269,425
269,425
Liability at 31 August 2024
1,229,050
1,229,050
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
138,372
202,382
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
866,662
866,662
866,662
866,662
24
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
149,525
356,714
149,525
356,714
Between two and five years
49,618
201,082
49,618
201,082
199,143
557,796
199,143
557,796
25
Directors' transactions
Dividends totalling £80,000 (2023 - £675,000) were paid in the year in respect of shares held by the company's directors.
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan
-
(328,155)
817,001
(94,202)
394,644
(328,155)
817,001
(94,202)
394,644
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
495,143
786,986
Adjustments for:
Taxation charged
269,425
285,312
Finance costs
224,630
176,826
Investment income
(25,236)
(12,891)
Loss/(gain) on disposal of tangible fixed assets
4,351
(10,244)
Amortisation and impairment of intangible assets
133,358
133,358
Depreciation and impairment of tangible fixed assets
1,027,789
766,918
Movements in working capital:
Decrease in stocks
1,922
33,804
(Increase)/decrease in debtors
(369,602)
785,011
Increase/(decrease) in creditors
61,661
(88,503)
Cash generated from operations
1,823,441
2,856,577
27
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
495,143
786,986
Adjustments for:
Taxation charged
269,425
285,312
Finance costs
224,630
176,826
Investment income
(25,236)
(12,891)
Loss/(gain) on disposal of tangible fixed assets
4,351
(10,244)
Amortisation and impairment of intangible assets
133,358
133,358
Depreciation and impairment of tangible fixed assets
1,027,789
766,918
Movements in working capital:
Decrease in stocks
1,922
33,804
(Increase)/decrease in debtors
(369,602)
785,011
Increase/(decrease) in creditors
61,661
(88,503)
Cash generated from operations
1,823,441
2,856,577
MAXIM LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 30 -
28
Analysis of changes in net debt - group
1 September 2023
Cash flows
New finance leases
31 August 2024
£
£
£
£
Cash at bank and in hand
1,471,809
(618,822)
-
852,987
Borrowings excluding overdrafts
(2,188,408)
250,448
-
(1,937,960)
Obligations under finance leases
(1,089,364)
1,280,099
(2,818,915)
(2,628,180)
(1,805,963)
911,725
(2,818,915)
(3,713,153)
29
Analysis of changes in net debt - company
1 September 2023
Cash flows
New finance leases
31 August 2024
£
£
£
£
Cash at bank and in hand
1,471,809
(618,822)
-
852,987
Borrowings excluding overdrafts
(2,188,408)
250,448
-
(1,937,960)
Obligations under finance leases
(1,089,364)
1,280,099
(2,818,915)
(2,628,180)
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