Registration number:
Michel Hurel Transport U.K. Limited
for the Year Ended 31 December 2025
Michel Hurel Transport U.K. Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Michel Hurel Transport U.K. Limited
Company Information
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Directors |
A Pratley A Beveridge B Hallo Léon Vincent SAS |
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Company secretary |
A Pratley |
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Registered office |
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Auditors |
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Michel Hurel Transport U.K. Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the group is that of international transport and forwarding agents.
Fair review of the business
Michel Hurel Transport U.K. Limited and its subsidiary (“the MHT group”) provide international transport and forwarding services predominately to customers operating in the oil and gas, chemical and engineering industries. The company is wholly owned by Leon Vincent Overseas (“LVO”). The support of LVO has and continues to improve the contribution of overseas agents to the work of the MHT group.
The financial objectives of The MHT Group are to increase turnover, gross profit and the net value of the MHT group to its owners. A reduction in marine activity during 2025 resulted in reduced sales for the period against the previous year.
Turnover has decreased to £15,765,157 (2024: £17,376,673)
Gross Profit decreased to £3,224,322 (2024 £3,379,551)
EBITDA has increased to £872,167 (2024: £578,196)
A focus on reducing administrative costs during 2025 has positively impacted EBITDA. The reduction in turnover and gross profit was caused by fluctuations in project and marine work although it should be noted that the impact on gross profit was less significant. However, the directors expect improved results in 2026 against these figures. The MHT group remains cash positive, which continues to facilitate the growth of our business.
At the end of the year the MHT group had total reserves of £4.6m after dividend.
Principal risks and uncertainties
In the course of its normal operating activities the company is exposed to a number of risks and uncertainties.
General economic risk
The group operates on a global stage and is subject to general economic risks which it seeks to manage at all times. While these risks to the UK economy exist which management considers as likely to happen the geographic spread of the MHT groups’ work mitigates this risk. The risk of a severe economic downturn is low. Management continues to concentrate growth both geographically but also to alternative industries for the group such as construction, electronics and projects to spread the risks against individual industries.
Political risks to shipping
Changes to the global political landscape create risks for our business. The routing of international shipping around Africa to avoid the Red Sea affects availability and transit times. We have and continue to mitigate this by using multiple shipping lines and methods. The US/Israeli-Iran conflict has increased shipping costs in early 2026 which are being borne by the customer base.
Michel Hurel Transport U.K. Limited
Strategic Report for the Year Ended 31 December 2025
Currency risks
The group purchases materials and services in foreign currencies. At present these risks are mitigated by monitoring exchange rate movements. We do not currently see a sufficient advantage to using currency instruments. While the risk of currency fluctuations is likely the revenue structures of the MHT Group adjust with the movements and so reduce the impact of such fluctuations.
Information & IT risk
The company operates up-to-date IT controls and procedures to protect its data and prevent unauthorised access, misuse or damage. MHT group management have evaluated our safeguards as robust using the latest hardware and software security systems to reduce the likelihood of a breach to low and furthermore maintaining backups to enable system restoration within a short timeframe.
Future Developments
MHT group management continues to focus on business growth through diversification of the geographical regions in which the group operates. Opportunities exist especially in Asia as an area with which we have not previously operated to any significant level. In addition to this the MHT Group is working to expand its’ customer base to industries beyond its’ historic activities in the transportation of chemicals and oil and gas equipment.
Approved and authorised by the
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Michel Hurel Transport U.K. Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the for the year ended 31 December 2025.
Directors of the group
The directors who held office during the year were as follows:
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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Michel Hurel Transport U.K. Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Michel Hurel Transport U.K. Limited
Independent Auditor's Report to the Members of Michel Hurel Transport U.K. Limited
Opinion
We have audited the financial statements of Michel Hurel Transport U.K. Limited (the 'parent company') and its subsidiary (the 'group') for the year ended 31 December 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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 December 2025 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
Michel Hurel Transport U.K. Limited
Independent Auditor's Report to the Members of Michel Hurel Transport U.K. Limited
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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 Responsibilities for the audit of the financial statements
Michel Hurel Transport U.K. Limited
Independent Auditor's Report to the Members of Michel Hurel Transport U.K. Limited
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.
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:
Michel Hurel Transport U.K. Limited
Independent Auditor's Report to the Members of Michel Hurel Transport U.K. Limited
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:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our cumulative audit and commercial knowledge and experience of the group and the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, Taxation Legislation, General Data Protection Rules (GDPR), Anti-Bribery Act, Employment Law and Health & Safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and analysing legal costs to ascertain if there have been instances of non-compliance with laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we
will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Michel Hurel Transport U.K. Limited
Independent Auditor's Report to the Members of Michel Hurel Transport U.K. Limited
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.
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For and on behalf of
Blacklands Way
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY
Michel Hurel Transport U.K. Limited
Consolidated Profit and Loss Account for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
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(70,573) |
34,231 |
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Profit before tax |
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|
|
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Tax on profit |
( |
( |
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Profit for the financial year |
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|
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Profit attributable to: |
|||
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Owners of the company |
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The above results were derived from continuing operations.
Michel Hurel Transport U.K. Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2025
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2025 |
2024 |
|
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Profit for the year |
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Foreign currency translation gains/(losses) |
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( |
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Total comprehensive income for the year |
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Total comprehensive income attributable to: |
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Owners of the company |
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Michel Hurel Transport U.K. Limited
(Registration number: 01993017)
Consolidated Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
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Fixed assets |
|||
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
|||
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Debtors |
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Cash at bank and in hand |
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|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
33,334 |
33,334 |
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Share premium reserve |
15,245 |
15,245 |
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Other reserves |
15,584 |
(22,692) |
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Retained earnings |
4,559,463 |
4,033,190 |
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Equity attributable to owners of the company |
4,623,626 |
4,059,077 |
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Shareholders' funds |
4,623,626 |
4,059,077 |
Approved and authorised by the
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Michel Hurel Transport U.K. Limited
(Registration number: 01993017)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
|
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Fixed assets |
|||
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Tangible assets |
|
|
|
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Investments |
|
|
|
|
|
|
||
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Current assets |
|||
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Debtors |
|
|
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Cash at bank and in hand |
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|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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|
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Capital and reserves |
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Called up share capital |
33,334 |
33,334 |
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Share premium reserve |
15,245 |
15,245 |
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Retained earnings |
4,196,889 |
3,756,676 |
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Shareholders' funds |
4,245,468 |
3,805,255 |
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss accounts and related notes. The company made a profit after tax for the financial year of £440,213 (2024 - profit of £355,759).
Approved and authorised by the
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Michel Hurel Transport U.K. Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2025
Equity attributable to the parent company
|
Share capital |
Share premium |
Foreign currency translation reserve |
Retained earnings |
Total |
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At 1 January 2025 |
|
|
( |
|
|
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Profit for the year |
- |
- |
- |
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Other comprehensive income |
- |
- |
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- |
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Total comprehensive income |
- |
- |
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At 31 December 2025 |
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Share capital |
Share premium |
Foreign currency translation reserve |
Retained earnings |
Total |
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At 1 January 2024 |
|
|
|
|
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Profit for the year |
- |
- |
- |
|
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Other comprehensive income |
- |
- |
( |
- |
( |
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Total comprehensive income |
- |
- |
( |
|
|
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Dividends |
- |
- |
- |
( |
( |
|
At 31 December 2024 |
33,334 |
15,245 |
(22,692) |
4,033,190 |
4,059,077 |
Michel Hurel Transport U.K. Limited
Statement of Changes in Equity for the Year Ended 31 December 2025
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Share capital |
Share premium |
Retained earnings |
Total |
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At 1 January 2025 |
|
|
|
|
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Profit for the year |
- |
- |
|
|
|
At 31 December 2025 |
|
|
|
|
|
Share capital |
Share premium |
Retained earnings |
Total |
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At 1 January 2024 |
|
|
|
|
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Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2024 |
33,334 |
15,245 |
3,756,676 |
3,805,255 |
Michel Hurel Transport U.K. Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
|
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Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
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Changes in fair value of investments |
- |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
|
Finance income |
( |
( |
|
|
Finance costs |
- |
|
|
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Income tax expense |
|
|
|
|
|
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||
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Working capital adjustments |
|||
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Increase in trade debtors |
( |
( |
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|
Increase in trade creditors |
|
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
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Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
|
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
- |
( |
|
|
Proceeds from bank borrowing draw downs |
( |
|
|
|
Dividends paid |
- |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Effect of exchange rate fluctuations on cash held |
|
( |
|
|
Cash and cash equivalents at 31 December |
1,835,035 |
1,923,163 |
|
Michel Hurel Transport U.K. Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Under section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its own Profit and Loss Account.
The financial statements are presented in Sterling (£) and rounded to the nearest pound.
Basis of consolidation
The consolidated financial statements include the financial statements of the company and its subsidiary undertaking, MHT Forwarding SAS, a company incorporated in France.
Going concern
The accounts are prepared on the going concern basis. The company has contracts and client relationships and therefore the Directors conclude that the going concern basis is appropriate.
Michel Hurel Transport U.K. Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Judgements
No significant judgements have had to be made by management in preparing these financial statements. |
Key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:
Revenue recognition and amounts billable on contracts:
The company’s revenue recognition policies are set out below. Contracts are assessed individually and estimations are made regarding amounts not invoiced, based on the stage of completion of the service.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of freight forwarding and related services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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 it is probable will be recovered.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax payable.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Michel Hurel Transport U.K. Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
|
Land and buildings leasehold |
Over the period of the lease |
|
Fixtures, fittings & equipment |
10-25% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
10% straight line |
Investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Michel Hurel Transport U.K. Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Michel Hurel Transport U.K. Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Rendering of services |
|
|
|
Other revenue |
|
|
|
|
|
|
Operating profit |
Arrived at after charging
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Other interest receivable and similar income |
|
31 December |
31 March |
|
|
Interest income on bank deposits |
|
|
Michel Hurel Transport U.K. Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
- |
|
|
Interest expense on other finance liabilities |
- |
|
|
Foreign exchange losses/(gains) |
|
( |
|
|
( |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Other departments |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
507,038 |
730,110 |
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
Michel Hurel Transport U.K. Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
19,000 |
15,074 |
|
Taxation |
Tax charged in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
Corporation tax |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Double taxation relief |
( |
( |
|
Tax increase arising from overseas tax suffered/expensed |
- |
|
|
Tax increase from other tax effects |
|
|
|
Total tax charge |
|
|
Michel Hurel Transport U.K. Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Intangible assets |
Group
|
Goodwill |
Other intangible assets |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2025 |
|
|
|
|
At 31 December 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 January 2025 |
|
|
|
|
Amortisation charge |
|
- |
|
|
At 31 December 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2025 |
|
- |
|
|
At 31 December 2024 |
|
- |
|
Michel Hurel Transport U.K. Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2025 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2025 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2025 |
|
|
|
|
At 31 December 2024 |
|
|
|
Michel Hurel Transport U.K. Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Company
|
Land and buildings |
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2025 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2025 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2025 |
|
|
|
|
At 31 December 2024 |
|
|
|
Michel Hurel Transport U.K. Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Investments |
Group
|
2025 |
2024 |
|
|
Investments in associates |
|
|
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Investments in associates |
|
|
|
|
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
France |
|
|
|
|
Associates |
||||
|
|
Class A |
|
|
|
|
USA |
||||
|
|
Ordinary |
|
|
|
|
Tunisia |
||||
|
|
Ordinary |
|
|
|
|
Algeria |
||||
Michel Hurel Transport U.K. Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Subsidiary undertakings |
|
MHT Forwarding SAS The principal activity of MHT Forwarding SAS is |
|
Associates |
|
MH Transport LLC The principal activity of MH Transport LLC is |
|
Tradex International S.A.R.L The principal activity of Tradex International S.A.R.L is |
|
SARL Michel Algerie The principal activity of SARL Michel Algerie is |
Disposal of associate
During the year, the Group disposed of its 30% investment in MH Transport LLC.
|
Debtors |
|
Group |
Company |
|||
|
Current |
2025 |
2024 |
2025 |
2024 |
|
Trade debtors |
|
|
|
|
|
Amounts owed by related parties |
|
|
|
|
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
|
|
|
Accrued income |
- |
|
- |
- |
|
Income tax asset |
|
|
|
|
|
|
|
|
|
|
Michel Hurel Transport U.K. Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
- |
|
- |
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to related parties |
|
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Other payables |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
33,334 |
|
33,334 |
Rights, preferences and restrictions
|
Ordinary have the following rights, preferences and restrictions: |
Michel Hurel Transport U.K. Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
- |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Company
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
- |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
|
2025 |
2024 |
|||
|
£ |
£ |
|||
|
Final dividend of £Nil (2024 - £ |
- |
428,500 |
||
Michel Hurel Transport U.K. Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Related party transactions |
Company
Summary of transactions with other related parties
During the year, the Company incurred rent of £22,900 (2024: £22,900) payable to a company of which one of the directors of the Company is also a director.
During the year, the Company incurred expenses of £475 (2024: £475) payable to a company owned by a close family member of a director.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is