Mobile People.Powered.Logistics Limited - Limited company accounts 18.2

REGISTERED NUMBER: 02347762 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 January 2019

for

Mobile People.Powered.Logistics Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Statement of Changes in Equity

6

Notes to the Financial Statements

7

DIRECTORS:

Mr D A Jolly

Mr I R Jolly

Mr M S A Marriott

SECRETARY:

Mr M S A Marriott

REGISTERED OFFICE:

MFS House

200 Park Lane

Birmingham

West Midlands

B35 6LJ

REGISTERED NUMBER:

02347762 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31 January 2019.

REVIEW OF BUSINESS

As predicted we saw a year of challenges namely margin driven by increased operating costs from Insurance and driver

salaries. We will see this continue to increase in 2019/20 but this will stabilise over the next 2 years as we implement

improved management compliance standards. We are expecting a challenging year again due to the continued

uncertainty over the Automotive sector but with new contracts starting in 2019/20 we will see a positive growth over the

previous year. The cost of implementation of these new contracts compounded the increase in our operating costs

towards the end of 2018/19. We are expecting a similar EBIT for the next financial year until we have a greater

consistency in the automotive sector. We will continue to focus on growing through securing new contracts to balance

the drop in the car industry. Our expectations for 2019/20 is a 15% growth on revenue and Nett GP which will position

us very nicely for the following year and improve our customer portfolio for non automotive clients.

We will focus more in 2019 on compliance and driver management so as a way of managing our costs thus protecting

our insurance renewals and reducing our operating costs will be a primary target to going forward.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2018 to the date of this

report.

Mr D A Jolly

Mr I R Jolly

Mr M S A Marriott

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mr M Marriott - Director

9 July 2019

TURNOVER

6,855,728

5,895,544

Cost of sales

5,716,251

4,804,983

GROSS PROFIT

1,139,477

1,090,561

Administrative expenses

750,503

679,776

OPERATING PROFIT

4

388,974

410,785

Income from fixed asset investments

6,500

3,000

Interest receivable and similar income

385

17

6,885

3,017

395,859

413,802

Interest payable and similar expenses

5

61,926

52,908

PROFIT BEFORE TAXATION

333,933

360,894

Tax on profit

6

78,040

60,127

PROFIT FOR THE FINANCIAL YEAR

255,893

300,767

FIXED ASSETS

Tangible assets

8

2,146,251

2,008,727

Investments

9

10,000

10,000

2,156,251

2,018,727

CURRENT ASSETS

Debtors

10

1,058,089

700,912

Prepayments and accrued income

370,146

223,957

Cash at bank and in hand

242,052

291,828

1,670,287

1,216,697

CREDITORS

Amounts falling due within one year

11

2,008,650

1,643,108

NET CURRENT LIABILITIES

(338,363

)

(426,411

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,817,888

1,592,316

CREDITORS

Amounts falling due after more than one year

12

(876,710

)

(883,180

)

PROVISIONS FOR LIABILITIES

15

(187,718

)

(116,958

)

NET ASSETS

753,460

592,178

CAPITAL AND RESERVES

Called up share capital

16

100

100

Revaluation reserve

17

167,617

40,257

Retained earnings

17

585,743

551,821

SHAREHOLDERS' FUNDS

753,460

592,178

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 9 July 2019 and were signed on its behalf by:

Mr M Marriott - Director

Mr I R Jolly - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 February 2017

100

520,539

41,402

562,041

Changes in equity

Dividends

-

(269,485

)

-

(269,485

)

Total comprehensive income

-

300,767

(1,145

)

299,622

Balance at 31 January 2018

100

551,821

40,257

592,178

Changes in equity

Dividends

-

(237,000

)

-

(237,000

)

Total comprehensive income

-

270,922

127,360

398,282

Balance at 31 January 2019

100

585,743

167,617

753,460

1.	STATUTORY INFORMATION

Mobile People.Powered.Logistics Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

at varying rates on cost

Motor vehicles

-

At varying rates

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 64 (2018 - 74 ) .

31.1.19

31.1.18

£

£

Directors' remuneration

16,080

13,400

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.1.19

31.1.18

£

£

Depreciation - owned assets

360,096

293,310

(Profit)/loss on disposal of fixed assets

(8,023

)

13,662

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.1.19

31.1.18

£

£

Bank interest

10,935

7,203

Bank loan interest

6,984

6,709

Hire purchase

44,007

38,996

61,926

52,908

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.1.19

31.1.18

£

£

Current tax:

UK corporation tax

46,597

53,283

Deferred tax

31,443

6,844

Tax on profit

78,040

60,127

7.

DIVIDENDS

31.1.19

31.1.18

£

£

Ordinary shares of £1 each

Interim

237,000

269,485

8.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 February 2018

660,000

86,470

115,806

1,924,765

2,787,041

Additions

-

60,015

6,144

267,815

333,974

Disposals

-

(41,120

)

-

(165,176

)

(206,296

)

Revaluations

165,000

-

-

-

165,000

At 31 January 2019

825,000

105,365

121,950

2,027,404

3,079,719

DEPRECIATION

At 1 February 2018

16,707

53,217

61,457

646,933

778,314

Charge for year

(1

)

19,765

15,355

324,977

360,096

Eliminated on disposal

-

(31,335

)

-

(156,901

)

(188,236

)

Charge written back

(15,029

)

-

-

-

(15,029

)

Revaluation adjustments

(1,677

)

-

-

-

(1,677

)

At 31 January 2019

-

41,647

76,812

815,009

933,468

NET BOOK VALUE

At 31 January 2019

825,000

63,718

45,138

1,212,395

2,146,251

At 31 January 2018

643,293

33,253

54,349

1,277,832

2,008,727

Cost or valuation at 31 January 2019 is represented by:

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2016

41,934

-

-

-

41,934

Valuation in 2019

165,000

-

-

-

165,000

Cost

618,066

105,365

121,950

2,027,404

2,872,785

825,000

105,365

121,950

2,027,404

3,079,719

If freehold land and buildings had not been revalued they would have been included at the following historical

cost:

31.1.19

31.1.18

£

£

Cost

618,065

-

Value of land in freehold land and buildings

250,000

-

Freehold land and buildings were valued on an open market basis on 26 January 2018 by Ian Parker MRICS Registered Valuer

.

At 31 January 2019 the net book value of fixed assets held on hire purchase contracts was £1,172,261 (2018-

£1,181,767). Depreciation charged on these assets was £251,184 (2018 - £126,545).

9.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 February 2018

and 31 January 2019

10,000

NET BOOK VALUE

At 31 January 2019

10,000

At 31 January 2018

10,000

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.19

31.1.18

£

£

Trade debtors

1,056,089

697,306

Other debtors

2,000

3,606

1,058,089

700,912

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.19

31.1.18

£

£

Bank loans and overdrafts (see note 13)

8,891

18,579

Hire purchase contracts

370,916

338,031

Trade creditors

937,777

597,600

Amounts owed to group undertakings

69,394

75,000

Tax

46,597

53,283

Social security and other taxes

32,621

29,473

VAT

82,754

41,168

Other creditors

3,506

1,701

Invoice financing

363,747

411,867

Accruals and deferred income

92,447

76,406

2,008,650

1,643,108

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.19

31.1.18

£

£

Bank loans (see note 13)

191,110

191,837

Hire purchase contracts

685,600

691,343

876,710

883,180

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

146,305

111,025

Hire purchase

37,300

-

183,605

111,025

13.

LOANS

An analysis of the maturity of loans is given below:

31.1.19

31.1.18

£

£

Amounts falling due within one year or on demand:

Bank loans

8,891

18,579

Amounts falling due between one and two years:

Bank loans - 1-2 years

11,239

19,207

Amounts falling due between two and five years:

Bank loans - 2-5 years

33,566

61,605

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

146,305

111,025

14.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.19

31.1.18

£

£

Bank loans

200,001

210,416

Hire purchase contracts

1,056,516

1,029,374

Invoice financing

363,747

411,867

1,620,264

1,651,657

The bank overdraft and loan are secured by a legal mortgage over the land and buildings together with a

debenture giving a fixed and floating charge over all other assets.

The Invoice financing is secured by a fixed charge on the purchased debts together with a floating charge over all

other assets.

15.	PROVISIONS FOR LIABILITIES

31.1.19

31.1.18

£

£

Deferred tax

Accelerated capital allowances

187,718

116,958

Deferred

tax

£

Balance at 1 February 2018

116,958

Provided during year

70,760

Balance at 31 January 2019

187,718

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.19

31.1.18

value:

£

£

100

Ordinary

£1

100

100

17.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 February 2018

551,821

40,257

592,078

Profit for the year

255,893

255,893

Dividends

(237,000

)

(237,000

)

Revaluation -freehold property

15,029

166,678

181,707

Deferred tax

-

(39,318

)

(39,318

)

At 31 January 2019

585,743

167,617

753,360

18.	ULTIMATE CONTROLLING PARTY

The controlling party is Mobile International Holdings Limited.

.