Company registration number 06967338 (England and Wales)
MUZTRANS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
MUZTRANS LTD
COMPANY INFORMATION
Directors
Ms L J Gunn
Mr T Mazloum
Mr N D Gunn
Company number
06967338
Registered office
2nd Floor (Right) Downe House
303 High Street
Orpington
Kent
United Kingdom
BR6 0NN
Auditor
Perrys Audit Limited
Chartered Accountants
4th Floor
399-401 Strand
London
United Kingdom
WC2R 0LT
MUZTRANS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Statement of income and retained earnings
5
Balance sheet
6
Statement of cash flows
7
Notes to the financial statements
8 - 16
Independent auditor's report
17 - 19
MUZTRANS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

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

Review of the business

Muztrans Ltd has been in existence and trading since 2009 and are a leading provider in the transport and logistics industry.

 

Overall, turnover for the business has decreased from £11.7m in the year to 30 September 2023 to £10.6m for the year ended 30 September 2024.

 

The company have a portfolio of vehicles available for spot hire, day hire or long/short term contract hire. The company is made up of experienced staff who are trained to the highest standard and the drivers with SPCS, Crane, ADR and banksman/signal certificates.

 

The company is committed to looking after customers and delivering the highest possible standards.

Principal risks and uncertainties

The principal risks are the continuing economic conditions and the competitive market that the company operates in. The directors are confident with their long standing experience that the Company will continue achieve strong results.

 

Predictions regarding an economic downturn in the UK and the recent, frequent increases in the base rate for interest may have an impact on the company’s position and resources in the coming year.

 

The directors consider that the company is in a strong position to deal with the above and has the structure to take any necessary decisions quickly to protect itself, the workforce and clients.

 

Exposure to liquidity, credit, price and cashflow risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company aims to mitigate liquidity risk by managing cash generation by its operations and by applying consistent procedures for collecting debtors as they fall due.

 

Cashflow risk is the risk of exposure to variability in cashflows that is attributable to a particular risk associated with a recognised asset or liability, such as future interest payments on a variable rate debt. The company manages this risk by ensuring that there are sufficient ongoing cash reserves to meet obligations.

 

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The key credit risk is potential non payment by a customer. However, historically bad debts have been low and the company will continue to maintain its strict internal controls to minimise such risk.

 

Development and Performance

Our success is built upon over 50 years' experience of the directors in the transport industry and the reliable service we provide to customers. We prioritise delivering the highest possible standards to customers as they are our most important asset.

MUZTRANS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Key performance indicators

          2024          2023          2022        

Turnover              £10.6m         £11.7m     £9.8m        

                         

Operating profit             £0.9m        £2.3m        £1.7m        

 

Operating profit margin             8.41%        20.18%        17.35%        

 

Shareholders funds          £1.6m         £2.2m        £1.7m        

On behalf of the board

Mr T Mazloum
Director
27 June 2025
MUZTRANS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company in the year under review was that of haulage contractors.

Results and dividends

The results for the year are set out on page 5.

Ordinary dividends were paid amounting to £1,169,489. The directors do not recommend payment of a final dividend.

Directors

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

Ms L J Gunn
Mr T Mazloum
Mr N D Gunn
Auditor

In accordance with the company's articles, a resolution proposing that Perrys Audit 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.

Medium-sized companies exemption

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

On behalf of the board
Mr T Mazloum
Director
27 June 2025
MUZTRANS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

The directors are responsible for preparing the annual 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). 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.

MUZTRANS LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
2024
2023
Notes
£
£
Turnover
2
10,629,122
11,662,734
Cost of sales
(7,939,664)
(7,752,937)
Gross profit
2,689,458
3,909,797
Administrative expenses
(1,795,336)
(1,555,875)
Operating profit
3
894,122
2,353,922
Interest payable and similar expenses
6
(65,016)
(69,033)
Profit before taxation
829,106
2,284,889
Tax on profit
7
(251,480)
(544,745)
Profit for the financial year
577,626
1,740,144
Retained earnings brought forward
2,199,330
1,660,107
Dividends
8
(1,169,489)
(1,200,921)
Retained earnings carried forward
1,607,467
2,199,330

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

MUZTRANS LTD (REGISTERED NUMBER: 06967338)
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 6 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
2,483,427
2,454,733
Current assets
Debtors
10
2,360,691
2,894,935
Cash at bank and in hand
356,654
668,179
2,717,345
3,563,114
Creditors: amounts falling due within one year
11
(2,257,603)
(2,443,212)
Net current assets
459,742
1,119,902
Total assets less current liabilities
2,943,169
3,574,635
Creditors: amounts falling due after more than one year
12
(761,441)
(846,519)
Provisions for liabilities
Deferred tax liability
15
574,161
528,686
(574,161)
(528,686)
Net assets
1,607,567
2,199,430
Capital and reserves
Called up share capital
16
100
100
Profit and loss reserves
1,607,467
2,199,330
Total equity
1,607,567
2,199,430

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 27 June 2025 and are signed on its behalf by:
Ms L J Gunn
Director
MUZTRANS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
1,832,494
3,164,630
Interest paid
(65,016)
(69,033)
Income taxes paid
(512,679)
(189,502)
Net cash inflow from operating activities
1,254,799
2,906,095
Investing activities
Purchase of tangible fixed assets
(849,815)
(732,593)
Proceeds from disposal of tangible fixed assets
82,201
30,500
Net cash used in investing activities
(767,614)
(702,093)
Financing activities
Payment of finance leases obligations
26,984
(127,312)
Dividends paid
(1,169,489)
(1,200,921)
Net cash used in financing activities
(1,142,505)
(1,328,233)
Net (decrease)/increase in cash and cash equivalents
(655,320)
875,769
Cash and cash equivalents at beginning of year
341,039
(534,730)
Cash and cash equivalents at end of year
(314,281)
341,039
Relating to:
Cash at bank and in hand
356,654
668,179
Bank overdrafts included in creditors payable within one year
(670,935)
(327,140)
MUZTRANS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
1
Accounting policies
Company information

Muztrans Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor (Right) Downe House, 303 High Street, Orpington, Kent, United Kingdom, BR6 0NN.

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 £1.

The financial statements have been prepared under the historical cost convention. 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 consideration received or receivable for the 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. The following criteria must also be met before turnover is recognised.

 

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contracts when all the following conditions are satisfied:

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:

Leasehold improvements
25% on reducing balance
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on 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
Financial instruments
MUZTRANS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 9 -
Other financial assets

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

Impairment of financial assets

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

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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

Derecognition of financial assets

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

Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.6
Taxation

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

MUZTRANS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.7
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
Turnover
2024
2023
£
£
Turnover analysed by class of business
Haulage contracting
10,629,122
11,662,734
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,890
10,375
Depreciation of owned tangible fixed assets
700,720
731,744
Loss/(profit) on disposal of tangible fixed assets
38,200
(23,976)
Operating lease charges
1,697,409
1,629,526
4
Employees

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

2024
2023
Number
Number
74
68

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,921,374
3,841,366
Social security costs
328,017
314,892
4,249,391
4,156,258
MUZTRANS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
37,976
31,896
6
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
65,016
69,033
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
206,005
512,679
Deferred tax
Origination and reversal of timing differences
45,475
32,066
Total tax charge
251,480
544,745

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
829,106
2,284,889
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
207,277
502,676
Tax effect of expenses that are not deductible in determining taxable profit
20,676
17,495
Permanent capital allowances in excess of depreciation
(31,498)
(2,407)
Tax at marginal rate
-
0
189
Profit/(loss) on sale of fixed assets
9,550
(5,274)
Deferred tax
45,475
32,066
Taxation charge for the year
251,480
544,745
MUZTRANS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
8
Dividends
2024
2023
£
£
Interim paid
1,169,489
1,200,921
9
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 October 2023
278,578
5,623,353
44,388
5,946,319
Additions
72,220
770,595
7,000
849,815
Disposals
(28,354)
(645,000)
-
0
(673,354)
At 30 September 2024
322,444
5,748,948
51,388
6,122,780
Depreciation and impairment
At 1 October 2023
74,254
3,385,006
32,326
3,491,586
Depreciation charged in the year
60,942
635,304
4,474
700,720
Eliminated in respect of disposals
(17,726)
(535,227)
-
0
(552,953)
At 30 September 2024
117,470
3,485,083
36,800
3,639,353
Carrying amount
At 30 September 2024
204,974
2,263,865
14,588
2,483,427
At 30 September 2023
204,324
2,238,347
12,062
2,454,733

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

2024
2023
£
£
Plant and equipment
1,861,743
1,581,911
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,933,447
2,758,343
Other debtors
427,244
135,855
Prepayments and accrued income
-
0
737
2,360,691
2,894,935
MUZTRANS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
11
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
13
670,935
327,140
Obligations under finance leases
14
635,791
523,729
Trade creditors
414,654
396,641
Corporation tax
206,005
512,679
Other taxation and social security
312,130
488,986
Other creditors
-
0
2,891
Accruals and deferred income
18,088
191,146
2,257,603
2,443,212
12
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
14
761,441
846,519
13
Loans and overdrafts
2024
2023
£
£
Debt factoring account
670,935
327,140
Payable within one year
670,935
327,140

The company's bank overdraft facility and factoring account is secured over the assets of the company.

14
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
635,791
523,729
In two to five years
761,441
846,519
1,397,232
1,370,248
MUZTRANS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
15
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
574,161
528,686
2024
Movements in the year:
£
Liability at 1 October 2023
528,686
Charge to profit or loss
45,475
Liability at 30 September 2024
574,161
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
3
3
3
3
Ordinary B of £1 each
97
97
97
97
100
100
100
100
17
Financial commitments, guarantees and contingent liabilities

The company's bank overdraft facility and factoring account is secured over the assets of the company.

MUZTRANS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
18
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
966,733
1,042,784
Between two and five years
3,691,619
4,350,194
In over five years
784,071
1,884,796
5,442,423
7,277,774
19
Related party transactions

Parkways Facilities Management Limited

A company in which the directors are also directors

 

During the year the company received services totaling £20,531 (2023 - £20,657) from Parkways Facilities Management Limited.

20
Ultimate controlling party

The directors control the company, by virtue of their shareholding.

21
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
577,626
1,740,144
Adjustments for:
Taxation charged
251,480
544,745
Finance costs
65,016
69,034
Loss/(gain) on disposal of tangible fixed assets
38,200
(23,976)
Depreciation and impairment of tangible fixed assets
700,720
731,744
Movements in working capital:
Decrease/(increase) in debtors
534,244
(249,379)
(Decrease)/increase in creditors
(334,792)
352,318
Cash generated from operations
1,832,494
3,164,630
MUZTRANS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
22
Analysis of changes in net debt
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
668,179
(311,525)
356,654
Bank overdrafts
(327,140)
(343,795)
(670,935)
341,039
(655,320)
(314,281)
Obligations under finance leases
(1,370,248)
(26,984)
(1,397,232)
(1,029,209)
(682,304)
(1,711,513)
MUZTRANS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MUZTRANS LTD
- 17 -
Opinion

We have audited the financial statements of Muztrans Ltd (the 'company') for the year ended 30 September 2024 which comprise the statement of income and retained earnings, the balance sheet, 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 annual 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.

MUZTRANS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MUZTRANS LTD (CONTINUED)
- 18 -

Opinions on other matters prescribed by the Companies Act 2006

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

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.

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.

MUZTRANS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MUZTRANS LTD (CONTINUED)
- 19 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.

 

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation, Health and Safety and ISO regulations. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and review of health and safety and various accreditations records.

 

We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 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.

Scott Jiggins
Senior Statutory Auditor
For and on behalf of Perrys Audit Limited
Chartered Accountants
Statutory Auditor
4th Floor
399-401 Strand
London
United Kingdom
WC2R 0LT
27 June 2025
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