Company registration number 07308583 (England and Wales)
MULTEVO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
MULTEVO LIMITED
COMPANY INFORMATION
Directors
Mr N J Leadley
Mr N Carter
Company number
07308583
Registered office
Units 1-3
Off Charles Street
Duckworth Street
Darwen
Lancashire
BB3 1BF
Auditor
Thompson Wright Limited
Ebenezer House
Ryecroft
Newcastle-Under-Lyme
Staffordshire
ST5 2BE
Business address
Units 1-3
Off Charles Street
Duckworth Street
Darwen
Lancashire
BB3 1BF
Bankers
Lloyds Bank plc
Church Street
Blackburn
Lancashire
BB2 1JQ
MULTEVO LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Profit and loss account
11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 27
MULTEVO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The directors present the strategic report for the year ended 31 October 2024.

Review of the business

The Board of Directors are pleased to report another record-breaking year for the organisation. Over the past year, the business has earned multiple industry accolades, including recognition by the Financial Times as one of the fastest-growing companies in Europe.

A growing order book, spanning a diverse range of sectors and including partnerships with leading blue-chip contractors and local authorities, provides a strong foundation for continued growth. This momentum supports further development of our distinctive products and services, enables expansion of our operational capacity, and allows strategic investment in new markets.

Significant progress has also been made in enhancing our technology, infrastructure, and workforce. These developments ensure the organisation remains responsive to evolving customer needs and market demands.

Looking ahead, the Board remains committed to its vision of maintaining a dynamic, innovative, and versatile business. We aim to continue delivering high-quality projects across a broad range of sectors, while retaining the agility and disruptive edge that have been key to our success.

Principal risks and uncertainties

The execution of the company's strategy is subject to several risks.

The key risks identified by the directors include:

Safety and wellbeing of our employees

The safety and wellbeing of our employees remains a fundamental priority for the organisation. In line with our commitment to continuous improvement, additional resources have been allocated to strengthen our compliance and governance functions, with dedicated personnel now focused exclusively on proactively identifying and mitigating operational risks.

Multevo holds ISO45001 Health and Safety Management certification, and we are committed to embedding its principles across all levels of the business. Our bespoke Multevo app enables real-time safety management and auditing, ensuring risks are documented, reviewed, and addressed promptly across all workstreams. To further support this culture of accountability, individual and team-based KPIs have been refined — from operational staff to contract management — ensuring that safety performance is a shared responsibility and a measurable component of success.

Recognising the broader dimensions of employee wellbeing, we have also developed and launched a dedicated Employee Wellbeing App. This platform provides our workforce with access to tailored support services covering mental health, physical fitness, financial advice, sleep and stress management. By fostering a culture of care and openness, we aim to create a safe, supportive, and high-performing work environment for all.

Changing landscape in the political world

During the reporting period, the UK experienced its first change in government in 14 years, which initially introduced a degree of uncertainty across local authority markets. This shift led to a short-term slowdown in project approvals and funding cycles. However, infrastructure—particularly highways—remains a high priority across the political spectrum, and the new government’s manifesto signalled increased investment in this area.

Encouragingly, the company has already begun to see this commitment translate into tangible funding at the local level. Multevo’s ability to deliver measurable value through its “more for less” model aligns closely with the new administration’s emphasis on efficiency and effectiveness in public spending. This positions the business strongly as local authorities adapt to new strategic and budgetary priorities.

In parallel, the organisation continues to mitigate political risk by growing its private sector portfolio. This diversification strengthens revenue stability and ensures the company is not overly reliant on public sector cycles, maintaining resilience in the face of evolving government policy.

MULTEVO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

Procurement lag

 

One of the ongoing operational challenges faced by the business is the time lag between initial customer engagement and commencement of works—particularly within the public sector. Local authority procurement processes can be lengthy and complex, often requiring significant resource allocation to tender submissions, pre-qualification questionnaires and framework applications.

 

These processes, while essential for transparency and compliance, can place strain on internal teams and divert attention from core operational duties.

 

We recognise the importance of balancing resource between day-to-day delivery and business development. To mitigate this, the company has continued to invest in bid management expertise and support infrastructure to handle tender activity more efficiently and reduce disruption to operational output.

 

While procurement lead times remain outside the company’s direct control, early engagement with clients and robust planning help minimise delays in mobilisation and maintain the momentum of new workstreams.

 

Cash flow

 

The company recognises that sustaining growth at the current level places natural pressures on cash flow. To mitigate this, significant focus has been placed on building and maintaining strong relationships with our client base. Transparent and efficient processes for payment applications and invoicing have contributed to consistently prompt payments and healthy cash conversion cycles.

 

In addition, the company has contingency arrangements in place to access additional working capital if required, supporting its ability to meet future growth objectives without disruption. The organisation operates with minimal external finance — a position the board has deliberately and carefully cultivated. This low-leverage approach ensures the business remains financially resilient and well-positioned to navigate potential challenges while pursuing its strategic ambitions.

 

Rising costs

 

The company has historically faced challenges from rising costs in plant, materials, and fuel, which have placed pressure on operating margins. In response, Multevo has strategically expanded its operations and leveraged economies of scale to strengthen its procurement position.

 

Through the development of long-term partnerships with key supply chain providers, the business has secured favourable terms, including fixed pricing mechanisms that offer stability while maintaining flexibility for both expansion and contraction in demand.

 

Where appropriate, the company also seeks to mitigate future cost volatility through index-linked contracts, allowing tendered rates to reflect inflationary increases over the contract duration. This approach protects margins, supports long-term planning, and helps maintain commercial sustainability in a fluctuating market.

 

 

MULTEVO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

Key personnel

 

The company benefits from a robust and well-established organisational structure that supports both day-to-day operations and long-term strategic planning. A highly capable and experienced board of directors plays a pivotal role in managing key operational decisions, enabling the business owners to focus on forward-looking strategies and the continued evolution of the company.

 

Departments are led by senior managers with deep industry knowledge and operational expertise. These managers oversee specialist teams and sector leads, ensuring effective communication and delivery across all business areas. This tiered structure provides clarity, accountability, and the agility required to adapt to client needs and industry developments, while maintaining the company’s core values and high service standards.

Product quality and delivery

 

The company takes pride in delivering innovative, market-leading, and environmentally friendly solutions by leveraging top-tier brands.

 

It now offers several unique value propositions to clients, combining carbon reduction, enhanced productivity, and cost efficiency.

 

Long-term contracts with major clients provide strong stability for the business

Financial Instruments (Price risk, credit risk, liquidity risk, exchange rate risk and cash flow risk)

 

The company's principal financial instruments comprise bank balances, trade debtors, trade creditors and an invoice financing facility. The main purpose of these instruments is to finance to company's operations.

In respect of the bank balances, the liquidity risk is managed by maintaining a balance, and by holding the balance in such a way that it is readily accessible whilst attracting a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by controls over the credit offered to customers and regular monitoring of outstanding amounts. The amount for trade debtors in the accounts is stated net of any provision for bad debts.

The liquidity risk associated with trade creditors is managed by ensuring there are sufficient funds to meet amounts as they fall due.

 

Development and performance

 

The directors are pleased to report a strong trading period, full details of the profit and loss can be found on page 11, and details of the balance sheet can be found on page 13 of the financial statements.

 

Future developments

 

The organisation has recently secured sales, distribution, and aftercare/maintenance rights for the Mercedes-Benz Unimog product range. This significant addition complements the company’s long-standing exclusive distribution of the Multihog range, held for the past 14 years. The expanded product portfolio will be leveraged to enhance efficiencies within existing contracts and support continued growth across external markets.

 

To support this trajectory, the company is investing in the expansion of its headquarters in Lancashire. Development is underway on the one-acre commercial site, including a modern, on-site hub to accommodate office-based staff. In anticipation of future growth, the company has also secured additional adjacent land, further strengthening its operational capacity in the Northwest of England.

 

These strategic developments position the business for sustained growth, operational efficiency, and market expansion over the coming years.

MULTEVO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
Key performance indicators

 

We consider that our key financial indicators which communicate the financial performance and strength of the company are turnover, gross profit and net assets.

 

During the year covered by these accounts, the company's turnover has increased by 31.15% to £35,210,957 (31 October 2023: £26,848,540). Gross profit has increased to 17.62% (31 October 2023: 14.56%) and net assets have increased to £5,731,465 (31 October 2023: £3,582,635).

On behalf of the board

Mr N Carter
Director
16 June 2025
MULTEVO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -

The directors present their annual report and financial statements for the year ended 31 October 2024.

Principal activities

Multevo Limited continues to specialise in the provision of bespoke service delivery across the highways, municipal, construction, local authority and airport sectors.

The company is well established in the following core service areas, each of which offers sustainable growth potential:

In addition the company utilises a fleet of specialist vehicles, supported by exclusive UK distribution rights held for over a decade. Through this capability, Multevo offers a comprehensive range of services including vehicle sales, hire, maintenance, operator training and full turnkey delivery solutions.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £0.

Directors

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

Mr N J Leadley
Mr N Carter
Auditor

In accordance with the company's articles, a resolution proposing that Thompson Wright Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

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

On behalf of the board
Mr N Carter
Director
16 June 2025
MULTEVO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -

The directors are responsible for preparing the Strategic Report and Directors' Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MULTEVO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MULTEVO LIMITED
- 7 -
Opinion

We have audited the financial statements of Multevo Limited (the 'company') for the year ended 31 October 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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.

Other information

The other information comprises the information included in the strategic report and directors' report other than the financial statements and our auditor's report thereon. The directors are 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:

MULTEVO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MULTEVO LIMITED (CONTINUED)
- 8 -
Matters on which we are required to report by exception

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have 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.

MULTEVO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MULTEVO LIMITED (CONTINUED)
- 9 -

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

 

 

 

 

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

 

 

 

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

 

 

 

 

 

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

 

 

 

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

MULTEVO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MULTEVO LIMITED (CONTINUED)
- 10 -

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.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

 

Jeremy Bostock FCA, BFP BA (Hons)
Senior Statutory Auditor
For and on behalf of Thompson Wright Limited
16 June 2025
Chartered Accountants
Statutory Auditor
Ebenezer House
Ryecroft
Newcastle-Under-Lyme
Staffordshire
ST5 2BE
MULTEVO LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
35,210,957
26,848,540
Cost of sales
(29,005,814)
(22,938,251)
Gross profit
6,205,143
3,910,289
Administrative expenses
(3,210,309)
(2,641,215)
Other operating income
66,145
50,541
Operating profit
4
3,060,979
1,319,615
Interest receivable and similar income
7
6,840
5,165
Interest payable and similar expenses
8
(190,765)
(191,607)
Profit before taxation
2,877,054
1,133,173
Tax on profit
9
(728,224)
(316,109)
Profit for the financial year
2,148,830
817,064

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MULTEVO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
2024
2023
£
£
Profit for the year
2,148,830
817,064
Other comprehensive income
-
-
Total comprehensive income for the year
2,148,830
817,064
MULTEVO LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,138,144
1,037,331
Current assets
Stocks
12
117,249
84,473
Debtors
13
7,230,476
6,525,268
Cash at bank and in hand
1,550,121
352,532
8,897,846
6,962,273
Creditors: amounts falling due within one year
14
(3,957,050)
(3,994,935)
Net current assets
4,940,796
2,967,338
Total assets less current liabilities
6,078,940
4,004,669
Creditors: amounts falling due after more than one year
15
(66,666)
(166,666)
Provisions for liabilities
Deferred tax liability
17
280,809
255,368
(280,809)
(255,368)
Net assets
5,731,465
3,582,635
Capital and reserves
Called up share capital
18
100
100
Other non-distributable reserves
180,484
193,654
Profit and loss reserves
5,550,881
3,388,881
Total equity
5,731,465
3,582,635

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

The financial statements were approved by the board of directors and authorised for issue on 16 June 2025 and are signed on its behalf by:
Mr N Carter
Director
Company registration number 07308583 (England and Wales)
MULTEVO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
Share capital
Other non-distributable reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022
100
207,779
2,657,692
2,865,571
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
817,064
817,064
Dividends
10
-
-
(100,000)
(100,000)
Transfers
-
(14,125)
14,125
-
Balance at 31 October 2023
100
193,654
3,388,881
3,582,635
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
2,148,830
2,148,830
Transfers
-
(13,170)
13,170
-
Balance at 31 October 2024
100
180,484
5,550,881
5,731,465
MULTEVO LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
20
2,260,797
(216,890)
Interest paid
(190,765)
(191,607)
Income taxes paid
(565,443)
(270,634)
Net cash inflow/(outflow) from operating activities
1,504,589
(679,131)
Investing activities
Purchase of tangible fixed assets
(213,840)
(292,323)
Interest received
6,840
5,165
Net cash used in investing activities
(207,000)
(287,158)
Financing activities
Repayment of bank loans
(100,000)
(100,000)
Dividends paid
-
0
(100,000)
Net cash used in financing activities
(100,000)
(200,000)
Net increase/(decrease) in cash and cash equivalents
1,197,589
(1,166,289)
Cash and cash equivalents at beginning of year
352,532
1,518,821
Cash and cash equivalents at end of year
1,550,121
352,532
MULTEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 16 -
1
Accounting policies
Company information

Multevo Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 1-3, Off Charles Street, Duckworth Street, Darwen, Lancashire, BB3 1BF.

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 plant and machinery and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Turnover

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

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

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

Plant and machinery
7.5% - 15% Reducing Balance
Computer equipment
33.3% Straight Line
Motor vehicles
25% Reducing Balance

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

1.5
Impairment of fixed assets

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

MULTEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -

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

 

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

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

1.6
Stocks

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.

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

1.7
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.

1.8
Financial instruments

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

 

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

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MULTEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
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.

 

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.

1.9
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MULTEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Product and consumable sales
851,058
1,356,680
Plant and operator hire
674,722
554,537
Contracting sales
33,685,177
24,937,323
35,210,957
26,848,540
2024
2023
£
£
Other revenue
Interest income
6,840
5,165
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(13,145)
(18,236)
Fees payable to the company's auditor for the audit of the company's financial statements
10,450
9,750
Depreciation of owned tangible fixed assets
87,270
81,696
Loss on disposal of tangible fixed assets
25,757
4,389
MULTEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
5
Employees

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

2024
2023
Number
Number
Operational
36
46
Directors
2
2
Administration
60
52
Total
98
100

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,554,890
4,324,875
Social security costs
482,945
469,624
Pension costs
247,118
236,882
5,284,953
5,031,381

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

6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
187,665
207,563
Company pension contributions to defined contribution schemes
80,000
80,000
267,665
287,563

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

 

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

MULTEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
6
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
n/a
103,347
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
6,840
5,165
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest and charges on invoice finance arrangements
174,153
169,282
Loan interest payable
16,612
20,764
Other interest
-
0
1,561
190,765
191,607
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
702,783
215,443
Deferred tax
Origination and reversal of timing differences
25,441
100,666
Total tax charge
728,224
316,109
MULTEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
9
Taxation
(Continued)
- 22 -

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
2,877,054
1,133,173
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.52%)
719,264
255,168
Tax effect of expenses that are not deductible in determining taxable profit
8,960
6,946
Effect of change in corporation tax rate
-
0
53,998
Rounding
-
0
(3)
Taxation charge for the year
728,224
316,109
10
Dividends
2024
2023
£
£
Interim paid
-
0
100,000
11
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 November 2023
1,470,706
7,245
47,113
1,525,064
Additions
213,840
-
0
-
0
213,840
Disposals
(45,000)
-
0
-
0
(45,000)
At 31 October 2024
1,639,546
7,245
47,113
1,693,904
Depreciation and impairment
At 1 November 2023
448,687
7,245
31,801
487,733
Depreciation charged in the year
83,441
-
0
3,829
87,270
Eliminated in respect of disposals
(19,243)
-
0
-
0
(19,243)
At 31 October 2024
512,885
7,245
35,630
555,760
Carrying amount
At 31 October 2024
1,126,661
-
0
11,483
1,138,144
At 31 October 2023
1,022,019
-
0
15,312
1,037,331
MULTEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
11
Tangible fixed assets
(Continued)
- 23 -

Plant and machinery has been revalued as at 31 July 2017. The valuation was completed by the directors of the company using their knowledge of the market at the time. The original cost of the plant and machinery was £1,412,732 and the 2017 revaluation was £226,814. The revalued cost is £1,639,546.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Plant & Machinery
2024
2023
£
£
Cost
1,412,732
1,253,943
Accumulated depreciation
(449,050)
(408,190)
Carrying value
963,682
845,753
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
117,249
84,473
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,072,539
6,108,199
Other debtors
1,081,682
361,513
Prepayments and accrued income
76,255
55,556
7,230,476
6,525,268
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
100,000
100,000
Trade creditors
2,577,363
2,628,703
Corporation tax
352,783
215,443
Other taxation and social security
235,980
239,751
Other creditors
116,667
288,561
Accruals and deferred income
574,257
522,477
3,957,050
3,994,935
MULTEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
14
Creditors: amounts falling due within one year
(Continued)
- 24 -

The bank loan is secured by a fixed and floating charge over the assets of the company.

 

 

15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
66,666
166,666

The bank loan is secured by a fixed and floating charge over the assets of the company.

 

 

16
Loans and overdrafts
2024
2023
£
£
Bank loans
166,666
266,666
Payable within one year
100,000
100,000
Payable after one year
66,666
166,666

The long-term loans are secured by fixed charges over the assets of the company.

17
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
280,809
255,368
2024
Movements in the year:
£
Liability at 1 November 2023
255,368
Charge to profit or loss
25,441
Liability at 31 October 2024
280,809
MULTEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
MULTEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
19
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sale of goods
Purchase of goods
2024
2023
2024
2023
£
£
£
£
Entities under common control
12,000
12,000
1,182,600
844,900

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts owed to related parties
£
£
Entities under common control
213,600
741,200
Key management personnel
108,254
279,146

 

20
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit for the year after tax
2,148,830
817,064
Adjustments for:
Taxation charged
728,224
316,109
Finance costs
190,765
191,607
Investment income
(6,840)
(5,165)
Loss on disposal of tangible fixed assets
25,757
4,389
Depreciation and impairment of tangible fixed assets
87,270
81,696
Movements in working capital:
Increase in stocks
(32,776)
(29,530)
Increase in debtors
(705,208)
(2,407,474)
(Decrease)/increase in creditors
(175,225)
814,414
Cash generated from/(absorbed by) operations
2,260,797
(216,890)
MULTEVO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
21
Analysis of changes in net funds
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
352,532
1,197,589
1,550,121
Borrowings excluding overdrafts
(266,666)
100,000
(166,666)
85,866
1,297,589
1,383,455
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