Mobile People.Powered.Logistics Limited - Limited company accounts 17.3

REGISTERED NUMBER: 02347762 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 January 2018

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 Marriott

SECRETARY:

Mr M 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 2018.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of freight transport by road.

REVIEW OF BUSINESS

Our financial year end in 2018 proved to the Directors that the current course and strategy is working for the continual

development of Mobile People.Powered.Logistics Limited.

Our revenue in the financial year grew by another 10% while net profit after corporation tax increased on the previous

year by 14% resulting in a positive step forward for the business.

The business also invested a further £500,000 in new vehicles to support the business strategy of developing its national

trucking operations which has been a core reason for the current growth levels.

The System Distribution product which specialises in the delivery of 1-4 pallet deliveries is expected to grow again in

2018/19 by double digit figures for revenue and profit.

The main focus in 2018 is to maintain margin and growth during what will be a challenging business environment.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2017 to the date of this

report.

Mr D A Jolly

Mr I R Jolly

Mr M Marriott

Other changes in directors holding office are as follows:

Mrs J P Jolly - resigned 16 June 2017

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

3 May 2018

TURNOVER

5,895,544

5,333,111

Cost of sales

4,804,983

4,605,971

GROSS PROFIT

1,090,561

727,140

Administrative expenses

679,776

391,762

OPERATING PROFIT

4

410,785

335,378

Income from fixed asset investments

3,000

5,375

Interest receivable and similar income

17

8

3,017

5,383

413,802

340,761

Interest payable and similar expenses

5

52,908

59,760

PROFIT BEFORE TAXATION

360,894

281,001

Tax on profit

6

60,127

17,539

PROFIT FOR THE FINANCIAL YEAR

300,767

263,462

FIXED ASSETS

Tangible assets

8

2,008,727

1,842,386

Investments

9

10,000

10,000

2,018,727

1,852,386

CURRENT ASSETS

Debtors

10

700,912

613,030

Prepayments and accrued income

223,957

85,009

Cash at bank and in hand

291,828

91,658

1,216,697

789,697

CREDITORS

Amounts falling due within one year

11

1,643,108

1,231,525

NET CURRENT LIABILITIES

(426,411

)

(441,828

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,592,316

1,410,558

CREDITORS

Amounts falling due after more than one year

12

(883,180

)

(738,403

)

PROVISIONS FOR LIABILITIES

15

(116,958

)

(110,114

)

NET ASSETS

592,178

562,041

CAPITAL AND RESERVES

Called up share capital

16

100

100

Revaluation reserve

17

40,257

41,402

Retained earnings

17

551,821

520,539

SHAREHOLDERS' FUNDS

592,178

562,041

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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 3 May 2018 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 2016

-

450,610

41,934

492,544

Changes in equity

Issue of share capital

100

-

-

100

Dividends

-

(193,533

)

-

(193,533

)

Total comprehensive income

-

263,462

(532

)

262,930

Balance at 31 January 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

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 monthly number of employees during the year was 74 (2017 - 59 ) .

31.1.18

31.1.17

£

£

Directors' remuneration

13,400

13,000

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.1.18

31.1.17

£

£

Depreciation - owned assets

293,310

245,946

Loss on disposal of fixed assets

13,662

14,521

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.1.18

31.1.17

£

£

Bank interest

7,203

9,205

Bank loan interest

6,709

8,491

Hire purchase

38,996

42,064

52,908

59,760

6.

TAXATION

Analysis of the tax charge

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

31.1.18

31.1.17

£

£

Current tax:

UK corporation tax

53,283

-

Deferred tax

6,844

17,539

Tax on profit

60,127

17,539

7.

DIVIDENDS

31.1.18

31.1.17

£

£

Ordinary shares of £1 each

Interim

269,485

193,533

8.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 February 2017

660,000

81,495

97,959

1,859,769

2,699,223

Additions

-

4,975

17,847

519,636

542,458

Disposals

-

-

-

(455,140

)

(455,140

)

At 31 January 2018

660,000

86,470

115,806

1,924,265

2,786,541

DEPRECIATION

At 1 February 2017

8,200

37,241

48,977

762,419

856,837

Charge for year

7,362

15,976

12,480

257,492

293,310

Eliminated on disposal

-

-

-

(373,478

)

(373,478

)

Revaluation adjustments

1,145

-

-

-

1,145

At 31 January 2018

16,707

53,217

61,457

646,433

777,814

NET BOOK VALUE

At 31 January 2018

643,293

33,253

54,349

1,277,832

2,008,727

At 31 January 2017

651,800

44,254

48,982

1,097,350

1,842,386

Cost or valuation at 31 January 2018 is represented by:

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2016

41,934

-

-

-

41,934

Cost

618,066

86,470

115,806

1,924,265

2,744,607

660,000

86,470

115,806

1,924,265

2,786,541

9.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 February 2017

and 31 January 2018

10,000

NET BOOK VALUE

At 31 January 2018

10,000

At 31 January 2017

10,000

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.18

31.1.17

£

£

Trade debtors

697,306

613,030

Other debtors

3,606

-

700,912

613,030

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.18

31.1.17

£

£

Bank loans and overdrafts (see note 13)

18,579

18,487

Hire purchase contracts

338,031

267,706

Trade creditors

597,600

445,969

Amounts owed to group undertakings

75,000

-

Tax

53,283

-

Social security and other taxes

29,473

22,028

VAT

41,168

132,410

Other creditors

1,701

21,512

Invoice financing

411,867

259,086

Accruals and deferred income

76,406

64,327

1,643,108

1,231,525

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.18

31.1.17

£

£

Bank loans (see note 13)

191,837

210,498

Hire purchase contracts

691,343

527,905

883,180

738,403

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

111,025

132,213

13.

LOANS

An analysis of the maturity of loans is given below:

31.1.18

31.1.17

£

£

Amounts falling due within one year or on demand:

Bank loans

18,579

18,487

Amounts falling due between one and two years:

Bank loans - 1-2 years

19,207

18,611

Amounts falling due between two and five years:

Bank loans - 2-5 years

61,605

59,674

31.1.18

31.1.17

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

111,025

132,213

14.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.18

31.1.17

£

£

Bank loans

210,416

228,985

Hire purchase contracts

1,029,374

795,611

Invoice financing

411,867

259,086

1,651,657

1,283,682

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

31.1.18

31.1.17

£

£

Deferred tax

Accelerated capital allowances

116,958

110,114

Deferred

tax

£

Balance at 1 February 2017

110,114

Provided during year

6,844

Balance at 31 January 2018

116,958

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.18

31.1.17

value:

£

£

100

Ordinary

£1

100

100

17.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 February 2017

520,539

41,402

561,941

Profit for the year

300,767

300,767

Dividends

(269,485

)

(269,485

)

Revaluation -freehold property

-

(1,145

)

(1,145

)

At 31 January 2018

551,821

40,257

592,078

The movement in retained earnings is as a result of profit for the year less dividends paid.

18.	ULTIMATE CONTROLLING PARTY

The controlling party is Mobile International Holdings Limited.

.