Company registration number 07281569 (England and Wales)
CSH TRANSPORT HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
CSH TRANSPORT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mrs C T Haworth
Mr S Haworth
Company number
07281569
Registered office
CSH House
Sett End Road North
Shadsworth Business Park
Blackburn
Lancashire
BB1 2NW
Auditor
GBAC Limited
Old Linen Court
83-85 Shambles Street
Barnsley
South Yorkshire
S70 2SB
Bankers
National Westminster Bank PLC
PO Box No 2
St James Street
Accrington
Lancashire
BB5 1NB
CSH TRANSPORT HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group income statement
7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 34
CSH TRANSPORT HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -

The directors present the strategic report for the year ended 30 September 2023.

Review of the business

The group income statement for the year is set out on page 7.

 

Turnover has increased during the year by 2.5% to £9,151,317. The directors consider the profit on ordinary activities before taxation of £865,736 to be satisfactory.

 

The early part of the year included difficulties caused by the post pandemic recovery, HGV driver shortages and supply pressures on vehicles and trailers. These issues resulted in transportation pricing pressures which were largely accepted in the market.

As the year progressed there were difficulties with inflation and increases in fuel costs resulting from the crisis in Ukraine and Russian oil and gas supplies. Although the company has strong strategies in place to counter these price increases this may lead to lower demand in the coming year.

Given the difficulties in the transportation sector the directors were extremely satisfied with the outcome for the year as a whole and their long established relationships with major customers provides confidence for the future outlook in an uncertain market.

Principal risks and uncertainties

Risk Management

 

The group's financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors, and HP finance. The main purpose of these instruments is to raise funds and finance the group's operations. The group keeps it's exposure to price risk to a minimum by negotiating HP finance facilities on a regular basis. In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of the bank overdraft.

 

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Key performance indicators

The key financial highlights are as follows:-

 

 

2023

2022

2021

2020

 

 

£

£

£

£

 

Turnover

9,151,317

8,924,629

8,015,813

6,925,319

 

Turnover growth (percent)

2.54

11.34

15.75

9.64

Gross profit margin (percent)

26.51

25.03

28.10

29.93

 

Profit/(loss) before tax

865,736

631,240

978,399

646,736

 

On behalf of the board

Mrs C T Haworth
Director
5 February 2024
CSH TRANSPORT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 30 September 2023.

Principal activities

The principal activity of the company continued to be that of a holding company. The principal activity of the group was that of haulage contractors.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £5,000. The directors do not recommend payment of a further dividend.

Directors

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

Mrs C T Haworth
Mr S Haworth
Auditor

The auditor, GBAC Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mrs C T Haworth
Director
5 February 2024
CSH TRANSPORT HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CSH TRANSPORT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CSH TRANSPORT HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of CSH Transport Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 auditors' report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

CSH TRANSPORT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CSH TRANSPORT HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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 obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, application of cumulative audit knowledge and experience of the sector.

 

We determined the principal laws and regulations relevant to the company in this regard to be those arising from the Companies Act 2006, Local tax laws and regulations, Anti Money Laundering Legislation, Bribery Act 2010, Road Vehicles (Authorised Weight) Regulations 1998 and Road Traffic Act 1988.

We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company with those laws and regulations. These procedures included, but were not limited to; a review of general ledger transactions and discussions with management.

We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, including the potential for management bias identified in relation to the provisions and estimates and and we addressed this by challenging the assumptions and judgements made by management when auditing that significant accounting estimate.

CSH TRANSPORT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CSH TRANSPORT HOLDINGS LIMITED
- 6 -

As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/audit-assurance-ethics/auditors-responsibilities-for-the-audit. This description forms part of our auditors' 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 auditors' 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.

Emma Dawson (Senior Statutory Auditor)
For and on behalf of GBAC Limited
5 February 2024
Statutory Auditor
Old Linen Court
83-85 Shambles Street
Barnsley
South Yorkshire
S70 2SB
CSH TRANSPORT HOLDINGS LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
2023
2022
Notes
£
£
Revenue
3
9,151,317
8,924,629
Cost of sales
(6,725,134)
(6,664,912)
Gross profit
2,426,183
2,259,717
Administrative expenses
(1,381,293)
(1,921,237)
Operating profit
4
1,044,890
338,480
Investment income
7
1,843
-
0
Finance costs
8
(180,997)
(67,240)
Other gains and losses
9
-
360,000
Profit before taxation
865,736
631,240
Tax on profit
10
(109,280)
(301,958)
Profit for the financial year
756,456
329,282
Profit for the financial year is all attributable to the owners of the parent company.
CSH TRANSPORT HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
2023
2022
£
£
Profit for the year
756,456
329,282
Other comprehensive income
-
-
Total comprehensive income for the year
756,456
329,282
Total comprehensive income for the year is all attributable to the owners of the parent company.
CSH TRANSPORT HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2023
30 September 2023
- 9 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
12
3,002,254
3,108,042
Investment property
13
5,453,454
5,449,056
8,455,708
8,557,098
Current assets
Inventories
17
9,018
7,350
Trade and other receivables
18
2,398,895
2,335,997
Cash and cash equivalents
29,933
36,467
2,437,846
2,379,814
Current liabilities
19
(4,632,570)
(4,937,889)
Net current liabilities
(2,194,724)
(2,558,075)
Total assets less current liabilities
6,260,984
5,999,023
Non-current liabilities
20
(1,788,275)
(2,271,686)
Provisions for liabilities
Deferred tax liability
23
855,159
861,243
(855,159)
(861,243)
Net assets
3,617,550
2,866,094
Equity
Called up share capital
25
100
100
Other reserves
665,980
665,980
Retained earnings
2,951,470
2,200,014
Total equity
3,617,550
2,866,094
The financial statements were approved by the board of directors and authorised for issue on 5 February 2024 and are signed on its behalf by:
05 February 2024
Mr S Haworth
Director
Company registration number 07281569 (England and Wales)
CSH TRANSPORT HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
30 September 2023
- 10 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
12
90,244
106,169
Investment property
13
5,453,454
5,449,056
Investments
14
1,627,973
1,627,973
7,171,671
7,183,198
Current assets
Trade and other receivables
18
214,293
645,374
Cash and cash equivalents
29,603
36,467
243,896
681,841
Current liabilities
19
(2,239,877)
(2,917,854)
Net current liabilities
(1,995,981)
(2,236,013)
Total assets less current liabilities
5,175,690
4,947,185
Non-current liabilities
20
(1,450,923)
(1,500,000)
Provisions for liabilities
Deferred tax liability
23
244,554
248,536
(244,554)
(248,536)
Net assets
3,480,213
3,198,649
Equity
Called up share capital
25
100
100
Other reserves
665,980
665,980
Retained earnings
2,814,133
2,532,569
Total equity
3,480,213
3,198,649

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £286,564 (2022 - £420,698 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 February 2024 and are signed on its behalf by:
05 February 2024
Mr S Haworth
Director
Company registration number 07281569 (England and Wales)
CSH TRANSPORT HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 11 -
Share capital
Other reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 October 2021
100
427,658
2,114,054
2,541,812
Year ended 30 September 2022:
Profit and total comprehensive income
-
-
329,282
329,282
Dividends
11
-
-
(5,000)
(5,000)
Transfers
-
238,322
(238,322)
-
Balance at 30 September 2022
100
665,980
2,200,014
2,866,094
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
756,456
756,456
Dividends
11
-
-
(5,000)
(5,000)
Balance at 30 September 2023
100
665,980
2,951,470
3,617,550
CSH TRANSPORT HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 12 -
Share capital
Other reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 October 2021
100
427,658
2,355,193
2,782,951
Year ended 30 September 2022:
Profit and total comprehensive income for the year
-
-
420,698
420,698
Dividends
11
-
-
(5,000)
(5,000)
Transfers
-
238,322
(238,322)
-
Balance at 30 September 2022
100
665,980
2,532,569
3,198,649
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
286,564
286,564
Dividends
11
-
-
(5,000)
(5,000)
Balance at 30 September 2023
100
665,980
2,814,133
3,480,213
CSH TRANSPORT HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,774,452
906,485
Interest paid
(180,997)
(67,240)
Income taxes refunded/(paid)
70,853
(93,630)
Net cash inflow from operating activities
1,664,308
745,615
Investing activities
Purchase of property, plant and equipment
(184,467)
(302,109)
Proceeds from disposal of property, plant and equipment
97,805
52,500
Purchase of investment property
(4,398)
(1,139,056)
Interest received
1,843
-
0
Net cash used in investing activities
(89,217)
(1,388,665)
Financing activities
Repayment of borrowings
(647,451)
(327,535)
Repayment of bank loans
(74,075)
1,600,000
Payment of finance leases obligations
(842,826)
(910,738)
Net cash (used in)/generated from financing activities
(1,564,352)
361,727
Net increase/(decrease) in cash and cash equivalents
10,739
(281,323)
Cash and cash equivalents at beginning of year
(391,156)
(109,833)
Cash and cash equivalents at end of year
(380,417)
(391,156)
Relating to:
Cash at bank and in hand
29,933
36,467
Bank overdrafts included in creditors payable within one year
(410,350)
(427,623)
CSH TRANSPORT HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
30
262,794
(241,750)
Interest paid
(98,405)
(17,408)
Income taxes paid
-
0
(28,496)
Net cash inflow/(outflow) from operating activities
164,389
(287,654)
Investing activities
Purchase of property, plant and equipment
-
0
(106,169)
Purchase of investment property
(4,398)
(1,139,056)
Net cash used in investing activities
(4,398)
(1,245,225)
Financing activities
Repayment of borrowings
(92,780)
(36,088)
Repayment of bank loans
(74,075)
1,600,000
Net cash (used in)/generated from financing activities
(166,855)
1,563,912
Net (decrease)/increase in cash and cash equivalents
(6,864)
31,033
Cash and cash equivalents at beginning of year
36,467
5,434
Cash and cash equivalents at end of year
29,603
36,467
CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 15 -
1
Accounting policies
Company information

CSH Transport Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is CSH House, Sett End Road North, Shadsworth Business Park, Blackburn, Lancashire BB1 2NW.

 

The group consists of CSH Transport Holdings Ltd and it's subsidiary.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company CSH Transport Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 September 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 16 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
Revenue

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

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

1.6
Property, plant and equipment

Property, plant and equipment 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 land and buildings
10 years straight line
Plant and equipment
5 and 10 years straight line
Fixtures and fittings
10 years straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Property rented to a group entity is accounted for at fair value with changes in fair value recognised in profit or loss.

1.8
Non-current investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. 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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of non-current assets

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

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 18 -

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

 

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

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

1.10
Inventories

Inventories are stated at cost.

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

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

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

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

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

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.

CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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 group 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.17
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 statement of financial position 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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Revenue
2023
2022
£
£
Revenue analysed by class of business
Haulage
8,888,148
8,654,942
Storage
263,169
269,687
9,151,317
8,924,629
2023
2022
£
£
Revenue analysed by geographical market
UK
9,151,317
8,924,629
2023
2022
£
£
Other revenue
Interest income
1,843
-
CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 22 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned property, plant and equipment
337,784
310,331
Depreciation of property, plant and equipment held under finance leases
430,077
534,765
Profit on disposal of property, plant and equipment
(8,115)
(52,500)
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
15,700
14,000
Audit of the financial statements of the company's subsidiaries
11,500
11,000
27,200
25,000
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Office and management
21
20
2
2
Drivers and mechanics
43
42
-
-
Total
64
62
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,594,013
2,454,266
-
0
-
0
Social security costs
270,466
264,261
-
-
Pension costs
60,821
59,032
-
0
-
0
2,925,300
2,777,559
-
0
-
0
CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 23 -
7
Investment income
2023
2022
£
£
Interest income
Other interest income
1,843
-
8
Finance costs
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
117,921
18,570
Other finance costs:
Interest on finance leases and hire purchase contracts
63,040
47,981
Other interest
36
689
Total finance costs
180,997
67,240
9
Other gains and losses
2023
2022
£
£
Changes in the fair value of investment properties
-
360,000
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
86,868
(99,349)
Adjustments in respect of prior periods
28,496
(27,048)
Total current tax
115,364
(126,397)
Deferred tax
Origination and reversal of timing differences
(6,084)
428,355
Total tax charge
109,280
301,958
CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
10
Taxation
(Continued)
- 24 -

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:

2023
2022
£
£
Profit before taxation
865,736
631,240
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
216,434
119,936
Tax effect of expenses that are not deductible in determining taxable profit
1,506
6,391
Tax effect of income not taxable in determining taxable profit
-
0
(68,400)
Tax effect of utilisation of tax losses not previously recognised
(101,744)
-
0
Unutilised tax losses carried forward
-
0
85,330
Adjustments in respect of prior years
28,496
(27,048)
Effect of change in corporation tax rate
(11,809)
-
Permanent capital allowances in excess of depreciation
(19,471)
(232,631)
Depreciation on assets not qualifying for tax allowances
3,981
-
0
Deferred taxation
(6,084)
428,355
Profit on sale of fixed assets
(2,029)
(9,975)
Taxation charge
109,280
301,958
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
5,000
5,000
CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 25 -
12
Property, plant and equipment
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
191,267
512,400
87,576
7,194,821
7,986,064
Additions
22,758
-
0
2,549
726,456
751,763
Disposals
-
0
-
0
-
0
(601,724)
(601,724)
Transfers
-
0
9,251
-
0
(9,251)
-
0
At 30 September 2023
214,025
521,651
90,125
7,310,302
8,136,103
Depreciation and impairment
At 1 October 2022
49,340
167,654
46,854
4,614,174
4,878,022
Depreciation charged in the year
17,804
52,332
5,934
691,791
767,861
Eliminated in respect of disposals
-
0
-
0
-
0
(512,034)
(512,034)
Transfers
-
0
9,251
-
0
(9,251)
-
0
At 30 September 2023
67,144
229,237
52,788
4,784,680
5,133,849
Carrying amount
At 30 September 2023
146,881
292,414
37,337
2,525,622
3,002,254
At 30 September 2022
141,927
344,746
40,722
2,580,647
3,108,042
Company
Plant and equipment
£
Cost
At 1 October 2022 and 30 September 2023
106,169
Depreciation and impairment
At 1 October 2022
-
0
Depreciation charged in the year
15,925
At 30 September 2023
15,925
Carrying amount
At 30 September 2023
90,244
At 30 September 2022
106,169
CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
12
Property, plant and equipment
(Continued)
- 26 -

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
40,678
48,529
-
0
-
0
Motor vehicles
1,720,449
2,286,750
-
0
-
0
1,761,127
2,335,279
-
-
13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 October 2022
5,449,056
5,449,056
Additions through external acquisition
4,398
4,398
At 30 September 2023
5,453,454
5,453,454

Investment property comprises 2 premises in Blackburn, Lancashire. The fair value of the investment properties has been arrived at on the basis of professional valuations by chartered surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,627,973
1,627,973
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2022 and 30 September 2023
1,627,973
Carrying amount
At 30 September 2023
1,627,973
At 30 September 2022
1,627,973
CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 27 -
15
Subsidiaries

Details of the company's subsidiaries at 30 September 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
CSH Transport and Forwading Limited
England and Wales
Ordinary shares
100.00
16
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,013,896
1,829,676
214,293
563,139
Carrying amount of financial liabilities
Measured at amortised cost
6,270,066
7,143,079
3,689,200
4,417,854
17
Inventories
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
9,018
7,350
-
-
18
Trade and other receivables
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade receivables
1,822,803
1,657,596
-
0
-
0
Corporation tax recoverable
-
0
99,349
-
0
28,496
Amounts owed by group undertakings
-
-
23,200
473,889
Other receivables
286,823
361,678
191,093
142,989
Prepayments and accrued income
289,269
217,374
-
0
-
0
2,398,895
2,335,997
214,293
645,374
CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 28 -
19
Current liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
485,352
527,623
75,002
100,000
Obligations under finance leases
22
951,092
792,288
-
0
-
0
Trade payables
802,618
719,670
58,943
93,737
Corporation tax payable
86,868
-
0
-
0
-
0
Other taxation and social security
63,911
66,496
1,600
-
Other payables
2,158,013
2,797,506
2,086,739
2,703,696
Accruals and deferred income
84,716
34,306
17,593
20,421
4,632,570
4,937,889
2,239,877
2,917,854
20
Non-current liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
1,450,923
1,500,000
1,450,923
1,500,000
Obligations under finance leases
22
337,352
771,686
-
0
-
0
1,788,275
2,271,686
1,450,923
1,500,000
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,108,118
1,199,572
1,108,118
1,199,572
21
Borrowings
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
1,525,925
1,600,000
1,525,925
1,600,000
Bank overdrafts
410,350
427,623
-
0
-
0
1,936,275
2,027,623
1,525,925
1,600,000
Payable within one year
485,352
527,623
75,002
100,000
Payable after one year
1,450,923
1,500,000
1,450,923
1,500,000

The long-term loans are secured by fixed charges over the properties owned by the company, in addition to a debenture over the assets of the company. There is also a cross guarantee in place between the company and it's subsidiary.

The bank loan is repayable over 15 and a half years, at an interest rate of 2.25% over base rate.

CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 29 -
22
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
951,092
792,288
-
0
-
0
In two to five years
337,352
771,686
-
0
-
0
1,288,444
1,563,974
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
633,166
639,250
Revaluations
221,993
221,993
855,159
861,243
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
22,561
26,543
Revaluations
221,993
221,993
244,554
248,536
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 October 2022
861,243
248,536
Credit to profit or loss
(6,084)
(3,982)
Liability at 30 September 2023
855,159
244,554
CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
23
Deferred taxation
(Continued)
- 30 -

The deferred tax liability, set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
60,821
59,032

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of property, plant and equipment
664,662
378,583
-
-
27
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Key management personnel
2,086,739
2,703,696
Company
Key management personnel
2,086,739
2,703,696

These amounts are interest free and are included within current liabilities.

CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
27
Related party transactions
(Continued)
- 31 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
191,093
89,250
Company
Other related parties
191,093
89,250

This loan is interest free and is included within other receivables.

28
Directors' transactions

Dividends totalling £5,000 (2022 - £5,000) were paid in the year in respect of shares held by the company's directors.

29
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
756,456
329,282
Adjustments for:
Taxation charged
109,280
301,958
Finance costs
180,997
67,240
Investment income
(1,843)
-
0
Gain on disposal of property, plant and equipment
(8,115)
(52,500)
Fair value gain on investment properties
-
0
(360,000)
Depreciation and impairment of property, plant and equipment
767,861
845,096
Movements in working capital:
Increase in inventories
(1,669)
-
Increase in trade and other receivables
(162,247)
(338,654)
Increase in trade and other payables
133,732
114,063
Cash generated from operations
1,774,452
906,485
CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 32 -
30
Cash generated from/(absorbed by) operations - company
2023
2022
£
£
Profit for the year after tax
286,564
420,698
Adjustments for:
Taxation charged
24,514
119,725
Finance costs
98,405
17,408
Investment income
(78,488)
(500,000)
Fair value gain on investment properties
-
0
(360,000)
Depreciation and impairment of property, plant and equipment
15,925
-
Movements in working capital:
Increase in trade and other receivables
(48,104)
(53,739)
(Decrease)/increase in trade and other payables
(36,022)
114,158
Cash generated from/(absorbed by) operations
262,794
(241,750)
CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 33 -
31
Analysis of changes in net debt - group
1 October 2022
Cash flows
Acquisitions and disposals
New finance leases
Other non-cash changes
30 September 2023
£
£
£
£
£
£
Cash at bank and in hand
36,467
(6,534)
-
-
-
29,933
Bank overdrafts
(427,623)
17,273
-
-
-
(410,350)
(391,156)
10,739
-
-
-
(380,417)
Borrowings excluding overdrafts
(4,329,190)
721,526
-
-
(5,000)
(3,612,664)
Obligations under finance leases
(1,563,974)
842,826
(567,296)
-
(1,288,444)
(6,284,320)
1,575,091
-
(567,296)
(5,000)
(5,281,525)
CSH TRANSPORT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 34 -
32
Analysis of changes in net debt - company
1 October 2022
Cash flows
Other non-cash changes
30 September 2023
£
£
£
£
Cash at bank and in hand
36,467
(6,864)
-
29,603
Borrowings excluding overdrafts
(3,829,807)
166,855
73,488
(3,589,464)
(3,793,340)
159,991
73,488
(3,559,861)
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