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Company Registration number: 12521524

S R Keedwell Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 October 2023

 

S R Keedwell Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 4

Director's Report

5 to 6

Statement of Director's Responsibilities

7

Independent Auditor's Report

8 to 12

Consolidated Profit and Loss Account

13

Consolidated Statement of Comprehensive Income

14

Consolidated Balance Sheet

15

Balance Sheet

16

Consolidated Statement of Changes in Equity

17

Statement of Changes in Equity

18

Consolidated Statement of Cash Flows

19

Notes to the Financial Statements

20 to 41

 

S R Keedwell Holdings Limited

Company Information

Director

S R Keedwell

Registered office

Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

Auditors

Bishop Fleming LLP
10 Temple Back
Bristol
BS1 6FL

 

S R Keedwell Holdings Limited

Strategic Report for the Year Ended 31 October 2023

The director presents his strategic report for the year ended 31 October 2023.

Principal activity

The principal activity of the company is an investment company. The principal activities of the group are road haulage and associated activites.

Fair review of the business

The results for the year and the year-end position, together with comparatives are summarised as follows:

The Group's key financial and other performance indicators during the year were as follows:

 

Unit

2023

2022

Revenue

£m

48.7

53.4

Gross profit

£m

6.1

9

Gross profit margin

%

12.5

16.8

Net profit before tax

£m

1.3

3.6

Net current assets

£m

14.5

14.3

Net assets

£m

28

27.5

The general haulage industry, and the group, remains highly capital intensive with relatively low gross and net profit margins. Over recent years the industry has seen both operating costs and pricing pressures increase, thereby further impacting the margins.

Revenue performance is monitored closely by management against gross margins and the return per vehicle, with the aim of ensuring strong utilisation of the vehicles but not at the cost of profits. As part of this the fleet size is constantly being reviewed, and the nature of the work undertaken is challenged.

In addition to this the board continues to monitor costs, with particular focus on employee and fuel costs compared with the cost of utilising subcontractors. The aim is to improve the gross profit margins. Control of these costs has been challenging this year due to increased wage demands from drivers, and general overhead increases.

As noted in the prior year, measures continue to be taken to improve operational efficiency and profitability by addressing vehicle utilisation, removing inefficient work patterns and a drive to improve customer rates. These continue to be key areas of focus for the board, and whilst accepting significant progress is still required, they are confident that the actions being taken will enable profitability to continue to improve. The year-end balance sheet position remains strong, with the group well positioned to address the challenging market.

Future developments

The external commercial environment is expected to remain competitive, and the cost of fuel remains significant. However, the board continues to focus on improving margins through a mix of pricing and cost controls. The board are focusing on areas where the business is more efficient, moving into more profitable sectors and are engaging with a number of significant local developments and remain confident that these will provide growth both in revenue and margin.

Since the year end the group’s 2024 trading has continued to improve. As a board we continue to monitor the technological changes within our industry, including fuel types and driverless vehicles and the changing employee environment, with particular focus on recruitment and retention of employees.

 

S R Keedwell Holdings Limited

Strategic Report for the Year Ended 31 October 2023

Principal risks and uncertainties

The management of the business and the execution of the group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to competition from both National and independent hauliers, fuel prices and the employment and retention of additional HGV drivers. Management monitor these closely ensuring their pricing remains appropriately competitive and that the group is attractive to employees in what is currently an employee market. Fuel price changes are passed on to customers where possible or absorbed.

A number of unforeseen risks have arisen in the past few years, including the Covid-19 pandemic, the effects of the Ukraine conflict and the high inflationary economic environment, and all have impacted the group’s trading. In order to address these challenges the directors continually assessed the risks in detail, concluding that the company remains well placed to navigate such issues. The costs and cash requirements are managed closely and the company seeks to ensure tight controls over the credit procedures and where applicable, government support has been obtained.


Section 172 Companies Act 2006

Section 172 of the Companies Act 2006 requires a director of a group to act in the way he or she considers, in good faith, would most likely promote the success of the group for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, amongst other matters to the:

• Likely consequences of any decision in the long term;
• Interest of the group’s employees;
• Need to foster the group’s business relationships with suppliers, customers and others;
• Impact of the group’s operations on the community and environment;
• Desirability of the group maintaining a reputation for high standards of business conduct, and
• Need to act fairly towards members of the group

My plan is designed to have a long-term beneficial impact on the group and to contribute to its success in delivering high quality and vast ranges of goods to its customers. I will continue to operate our business within the budgetary controls and in line with our regulatory targets.

Our employees are fundamental to the delivery of our plan. I aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations in the way we do business.

Our aim is to continue to engage with our customers which enables us to gain an understanding of their needs and expectations in order for us to deliver the highest quality service. We also aim to act responsibly and fairly in how we engage with our customers and our suppliers and co-operate with our regulators; all of whom are integral to the successful delivery of our plan.

Our plan took into account the impact of the group’s operations on the community and environment and our wider social responsibilities.

As director, my intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance.

The group is an owner managed business and so our responsibilities towards shareholders is directly interconnected with our responsibility as management.

 

S R Keedwell Holdings Limited

Strategic Report for the Year Ended 31 October 2023

Approved by the Board on 30 July 2024 and signed on its behalf by:


S R Keedwell
Director

   
 

S R Keedwell Holdings Limited

Director's Report for the Year Ended 31 October 2023

The director presents his report and the consolidated financial statements for the year ended 31 October 2023.

Director of the Group

The director who held office during the year was as follows:

S R Keedwell

Financial instruments

Objectives and policies

The group's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors, loans to participating interests and finance lease agreements. The main purpose of these instruments is to raise funds to finance the group's operations.

Price risk, credit risk, liquidity risk and cash flow risk

Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below.

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 overdrafts at floating rates of interest. The group makes use of money market facilities where funds are available.

In respect of loans and borrowings these comprise loans from the directors and the group having finance leased assets. The loans from the directors are interest free and payable on demand. The directors are aware of the group's required finance and have determined that these will only be repaid in whole or in part when finance is available. The interest charged on the finance leases is fixed and monthly repayments are also fixed. The group manages the liquidity risk by ensuring there are sufficient funds to meet the payments.

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.

Engagement with employees and employment of disabled persons

The group ensures that employees are made aware of factors that affect the performance of the group and that employees are provided with information on matters which concern them. Employees are also regularly consulted to ensure that their views are taken into account in decisions that affect their interests.

During the year, the group gave full and fair consideration to applications for employment from disabled persons having regard to their particular aptitudes, when related to any suitable opportunities available.

Group policy provides that existing employees who become disabled shall continue employment with the group, if at all possible, subject to any appropriate training.

Training, career development and promotion apply equally to all employees, taking into consideration their aptitudes and abilities.

 

S R Keedwell Holdings Limited

Director's Report for the Year Ended 31 October 2023

Environmental matters

Whilst the director is conscious and active in the group's requirement to further address the group's greenhouse gas (GHG) emissions and energy consumption, the company and its subsidiaries have taken the permitted exemptions and not provided the Streamlined Energy and Carbon Reporting information.

Future Developments

The future developments of the business are included within the strategic report.

Disclosure of information to the auditor

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Group's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.

Reappointment of auditors

The auditors Bishop Fleming LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved by the Board on 30 July 2024 and signed on its behalf by:


S R Keedwell
Director

   
 

S R Keedwell Holdings Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Group and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Group and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

S R Keedwell Holdings Limited

Independent Auditor's Report to the Members of S R Keedwell Holdings Limited

Opinion

We have audited the financial statements of S R Keedwell Holdings Limited (the 'parent Group') and its subsidiaries (the 'Group') for the year ended 31 October 2023, 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 Group's affairs as at 31 October 2023 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 company'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.

 

S R Keedwell Holdings Limited

Independent Auditor's Report to the Members of S R Keedwell Holdings Limited

Other information

The director is 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.

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.

 

S R Keedwell Holdings Limited

Independent Auditor's Report to the Members of S R Keedwell Holdings Limited

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.

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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's 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:

adequate accounting records have not been kept by the parent Group, or returns adequate for our audit have not been received from branches not visited by us; or

the parent Group financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Director's responsibilities statement set out on page 7, the director is 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 director determines 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 director is responsible for assessing the Group’s and the parent Group'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 director either intends to liquidate the Group or the parent Group or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

 

S R Keedwell Holdings Limited

Independent Auditor's Report to the Members of S R Keedwell Holdings Limited

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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we have considered the following:

The nature of the industry and sector, control environment and business performance;

Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Group; and

any matters we identified having obtained and reviewed the Group’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation. In addition we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Group’s ability to operate or avoid a material penalty. These included health and safety regulations; employment legislation; and data protection laws.

Our audit procedures performed to respond to the risks identified included, but were not limited to:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;

Challenging assumptions and judgments made by management in their significant accounting estimates

Discussions with management, including consideration of known or suspected instances of non compliance with laws and regulation and fraud;

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud;

 

S R Keedwell Holdings Limited

Independent Auditor's Report to the Members of S R Keedwell Holdings Limited

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the Group’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 Group’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 Group and the Group’s members as a body, for our audit work, for this report, or for the opinions we have formed.





Simon Morrison FCA (Senior Statutory Auditor)
For and on behalf of Bishop Fleming LLP, Statutory Auditor

10 Temple Back
Bristol
BS1 6FL

30 July 2024

 

S R Keedwell Holdings Limited

Consolidated Profit and Loss Account
for the Year Ended 31 October 2023

Note

2023
 £

2022
 £

Turnover

3

48,682,757

53,374,877

Cost of sales

 

(42,560,948)

(44,411,488)

Gross profit

 

6,121,809

8,963,389

Distribution costs

 

(96,669)

(101,528)

Administrative expenses

 

(6,043,851)

(6,112,076)

Other operating income

4

711,858

853,622

Operating profit

5

693,147

3,603,407

Other interest receivable and similar income

6

327,846

30,757

Interest payable and similar charges

7

(232,087)

(231,559)

Share of profit of equity accounted investees

 

539,197

196,419

Profit before tax

 

1,328,103

3,599,024

Taxation

11

(731,887)

(238,123)

Profit for the financial year

 

596,216

3,360,901

Profit/(loss) attributable to:

 

Owners of the company

 

493,854

3,296,772

Minority interests

 

102,362

64,129

 

596,216

3,360,901

 

S R Keedwell Holdings Limited

Consolidated Statement of Comprehensive Income
for the Year Ended 31 October 2023

2023
£

2022
£

Profit for the year

596,216

3,360,901

Total comprehensive income for the year

596,216

3,360,901

Total comprehensive income attributable to:

Owners of the Group

493,854

3,296,772

Minority interests

102,362

64,129

596,216

3,360,901

 

S R Keedwell Holdings Limited

(Registration number: 12521524)
Consolidated Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

16,753,207

13,496,497

Investment property

14

341,712

341,712

Investments

15

3,749,404

3,210,207

 

20,844,323

17,048,416

Current assets

 

Stocks

16

262,908

540,909

Debtors

17

12,464,925

13,669,778

Cash at bank and in hand

 

11,361,128

10,221,720

 

24,088,961

24,432,407

Creditors: Amounts falling due within one year

19

(9,449,315)

(10,170,397)

Net current assets

 

14,639,646

14,262,010

Total assets less current liabilities

 

35,483,969

31,310,426

Creditors: Amounts falling due after more than one year

19

(6,355,562)

(3,564,151)

Provisions for liabilities

20

(1,068,038)

(242,287)

Net assets

 

28,060,369

27,503,988

Capital and reserves

 

Called up share capital

10,000

10,000

Share premium reserve

11,676

11,676

Other reserves

3,700,000

3,700,000

Retained earnings

24,108,136

23,654,117

Equity attributable to owners of the company

 

27,829,812

27,375,793

Minority interests

 

230,557

128,195

Shareholders' funds

 

28,060,369

27,503,988

Approved and authorised by the director on 30 July 2024
 


S R Keedwell
Director

   
 

S R Keedwell Holdings Limited

(Registration number: 12521524)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

3,568,215

3,628,996

Investment property

14

341,712

341,712

Investments

15

10,149

10,149

 

3,920,076

3,980,857

Current assets

 

Debtors

17

94,039

45,225

Cash at bank and in hand

 

1,080,506

573,968

 

1,174,545

619,193

Creditors: Amounts falling due within one year

19

(36,326)

(110,203)

Net current assets

 

1,138,219

508,990

Net assets

 

5,058,295

4,489,847

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

5,048,295

4,479,847

Shareholders' funds

 

5,058,295

4,489,847

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes as it prepares group accounts. The company made a profit after tax for the financial year of £568,448 (2022 - profit of £216,601).

Approved and authorised by the director on 30 July 2024
 


S R Keedwell
Director

   
 

S R Keedwell Holdings Limited

Consolidated Statement of Changes in Equity
for the Year Ended 31 October 2023

Share capital
£

Share premium
£

Merger reserve
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 November 2022

10,000

11,676

3,700,000

23,654,117

27,375,793

128,195

27,503,988

Profit for the year

-

-

-

493,854

493,854

102,362

596,216

Dividends

-

-

-

(39,835)

(39,835)

-

(39,835)

At 31 October 2023

10,000

11,676

3,700,000

24,108,136

27,829,812

230,557

28,060,369

Share capital
£

Share premium
£

Merger reserve
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 November 2021

10,000

11,676

3,700,000

20,382,139

24,103,815

64,066

24,167,881

Profit for the year

-

-

-

3,296,772

3,296,772

64,129

3,360,901

Dividends

-

-

-

(24,794)

(24,794)

-

(24,794)

At 31 October 2022

10,000

11,676

3,700,000

23,654,117

27,375,793

128,195

27,503,988

 

S R Keedwell Holdings Limited

Statement of Changes in Equity
for the Year Ended 31 October 2023

Share capital
£

Retained earnings
£

Total
£

At 1 November 2022

10,000

4,479,847

4,489,847

Profit for the year

-

568,448

568,448

At 31 October 2023

10,000

5,048,295

5,058,295

Share capital
£

Retained earnings
£

Total
£

At 1 November 2021

10,000

4,263,246

4,273,246

Profit for the year

-

216,601

216,601

At 31 October 2022

10,000

4,479,847

4,489,847

 

S R Keedwell Holdings Limited

Consolidated Statement of Cash Flows
for the Year Ended 31 October 2023

Note

2023
 £

2022
 £

Cash flows from operating activities

Profit for the year

 

596,216

3,360,901

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

2,845,248

2,501,804

Loss/(profit) on disposal of tangible assets

36,621

(92,780)

Finance income

6

(327,846)

(30,757)

Finance costs

7

232,087

231,559

Share of profit/loss of equity accounted investees

 

(539,197)

(196,419)

Income tax expense

11

731,887

238,123

 

3,575,016

6,012,431

Working capital adjustments

 

Decrease/(increase) in stocks

16

278,001

(252,464)

Decrease/(increase) in trade debtors

17

1,484,716

(1,167,270)

(Decrease)/increase in trade creditors

19

(1,178,932)

1,921,250

Cash generated from operations

 

4,158,801

6,513,947

Income taxes paid

11

(196,950)

(824,182)

Net cash flow from operating activities

 

3,961,851

5,689,765

Cash flows from investing activities

 

Interest received

327,846

30,757

Acquisitions of tangible assets

(8,523,353)

(2,962,460)

Proceeds from sale of tangible assets

 

2,384,774

244,882

Net cash flows from investing activities

 

(5,810,733)

(2,686,821)

Cash flows from financing activities

 

Interest paid

7

(232,087)

(231,559)

Net payments to finance lease creditors

 

3,260,212

(152,282)

Dividends paid

(39,835)

(24,794)

Net cash flows from financing activities

 

2,988,290

(408,635)

Net increase in cash and cash equivalents

 

1,139,408

2,594,309

Cash and cash equivalents at 1 November 2022

 

10,221,720

7,627,411

Cash and cash equivalents at 31 October 2023

 

11,361,128

10,221,720

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

1

General information

The Group is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

The principal place of business is:
Commerce Way
Highbridge
Somerset
TA9 4AG

2

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 have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK 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.

These financial statements are presented in Sterling (£).

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October 2023.

A subsidiary is an entity controlled by the Group. Control is achieved where the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the Group and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

Judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these significant judgements and estimate have been made include:

1. The going concern basis of preparation
The director considers it appropriate to prepare the financial statements on a going concern basis. In forming this conclusion the director has assessed the group’s future trading and cash requirements.

As noted within the strategic report, the director continues to monitor revenue closely against gross margins and the return per vehicle, with the aim of ensuring strong utilisation of the vehicles but not at the cost of profits. As part of this the fleet size is constantly being reviewed, and the nature of the work undertaken challenged.

The director's trading and cash forecasts for the next 12 months seek to address the impact of the current and potential economic environment created by the pandemic and inflationary pressures. The director has concluded that impact on the group's operations and the funding requirements can be successfully navigated. The director has therefore prepared the financial statements on a going concern basis, concluding that the group will be able to meet its liabilities as they fall due for at least 12 months from the date of approving the financial statements.

2. Depreciation rates
The director assesses and adopts an appropriate depreciation rate for each class of asset based on the anticipated useful economic life and expected residual value of the assets. These are reassessed annually for changes in legislation and other factors that may limit the useful economic life and the potential residual value. The current year depreciation charge is £2,845,248 and so a change in the adopted rate may materially impact the result for the financial year. There has been no change in the current year.

3. Investments and debtors provision
Management assess the value of investments and the recoverability of debtors at each period end. The value of investments that is considered to be impaired and any debtors that are not considered to be recoverable are provided for.

Turnover recognition

Turnover represents the receipts or amounts receivable for the provision of haulage services, the rental of warehouse areas, the hire of haulage vehicles, tyre fitting and workshop repairs. Turnover is reported net of value added tax. Turnover for haulage services, tyre fitting and workshop repairs is recognised at the point of delivery. Turnover for warehouse rent and hire of haulage vehicles is recognised in the period to which it relates.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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.

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the Group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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:

Asset class

Depreciation method and rate

Freehold land and buildings

2% straight line

Long leasehold land and buildings

straight line over 99 years

Short leasehold and buildings

15% reducing balance

Plant and machinery

15-25% reducing balance

Fixtures, fittings and equipment

15-25% reducing balance

Motor vehicles

25% reducing balance

Lorries and trailers

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The valuation uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

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:

Asset class

Amortisation method and rate

Goodwill

Over useful economic life

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Other debtors and loans receivable are initially recognised at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest method less any provision for impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

When stock is utilised, the carrying amount of such stock is recognised as an expense in the period that it is utilised. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the impairment loss is recognised immediately in profit or loss.

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Short term trade creditors are measured at the transaction price, which is deemed to equate to amortised cost. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other creditors are initially recognised at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest method.

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.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

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. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

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

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Financial instruments

Classification
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company are as follows:

Financial assets – trade and other debtors, accrued income, amounts owed by group undertakings and other debtors are basic financial instruments, and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, amounts owed to group undertakings, bank loans, accrued expenses and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security and corporation tax creditors are not included in the financial instruments disclosure definition.

 

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Share premium account includes any premiums received on the issue of share capital. Transaction costs associated with the issuing of shares are deducted from the share premium.

Profit and loss account includes all current and prior period profits and losses.

The other reserve arises on consolidation, is non-distributable and relates to the fair value amount in excess of the nominal value of the ordinary shares issued as consideration for an acquisition.

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

3

Turnover

The analysis of the Group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Haulage

48,048,760

52,618,291

Warehouse rent

101,606

356,397

Hire

138,618

51,882

Workshop and tyre fitting

393,773

345,432

Interest received

-

2,875

48,682,757

53,374,877

4

Other operating income

The analysis of the Group's other operating income for the year is as follows:

2023
£

2022
£

Miscellaneous other operating income

711,858

853,622

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,845,248

2,501,804

Operating lease expense - plant and machinery

2,961,554

2,425,842

Operating lease expense - other

567

160

Loss/(profit) on disposal of property, plant and equipment

36,621

(92,780)

6

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

122,964

-

Other finance income

204,882

30,757

327,846

30,757

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

7

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

6,968

14,533

Interest on obligations under finance leases and hire purchase contracts

221,565

217,026

Interest expense on other finance liabilities

3,554

-

232,087

231,559

8

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2023
£

2022
£

Wages and salaries

15,797,256

15,901,383

Social security costs

1,246,982

1,292,857

Pension costs, defined contribution scheme

299,914

255,887

Other employee expense

27,724

22,427

17,371,876

17,472,554

The average number of persons employed by the Group (including the director) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

275

170

Administration and support

94

150

369

320

9

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

76,820

92,786

Contributions paid to money purchase schemes

-

(3,181)

76,820

89,605

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

10

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

6,150

11,500

Audit of the financial statements of subsidiaries of the company pursuant to legislation

50,400

30,000

56,550

41,500


 

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

(93,864)

162,594

Deferred taxation

Arising from origination and reversal of timing differences

825,751

75,529

Tax expense in the income statement

731,887

238,123

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 22.5% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

1,328,103

3,599,024

Corporation tax at standard rate

298,823

683,815

Tax increase/(decrease) from effect of capital allowances and depreciation

725,772

(489,695)

Tax increase from other short-term timing differences

-

35,551

Decrease from effect of joint-ventures and associates results reported net of tax

(121,319)

(37,320)

Tax decrease arising from group relief

(77,525)

(153,263)

Current tax credit due to overpayment

(93,864)

-

Deferred tax expense relating to changes in tax rates or laws

-

39,978

Other tax effects for reconciliation between accounting profit and tax expense (income)

-

159,057

Total tax charge

731,887

238,123

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

12

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

522,840

522,840

At 31 October 2023

522,840

522,840

Amortisation

At 1 November 2022

522,840

522,840

At 31 October 2023

522,840

522,840

Carrying amount

At 31 October 2023

-

-

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

13

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Lorries and trailers
 £

Total
£

Cost or valuation

At 1 November 2022

4,609,758

682,880

293,094

2,045,280

34,540,351

42,171,363

Additions

264,034

-

111,560

23,615

8,124,144

8,523,353

Disposals

-

-

(36,249)

-

(7,296,573)

(7,332,822)

At 31 October 2023

4,873,792

682,880

368,405

2,068,895

35,367,922

43,361,894

Depreciation

At 1 November 2022

674,652

428,653

171,036

1,496,435

25,904,090

28,674,866

Charge for the year

80,343

721

42,087

108,279

2,613,818

2,845,248

Eliminated on disposal

-

-

(18,586)

-

(4,892,841)

(4,911,427)

At 31 October 2023

754,995

429,374

194,537

1,604,714

23,625,067

26,608,687

Carrying amount

At 31 October 2023

4,118,797

253,506

173,868

464,181

11,742,855

16,753,207

At 31 October 2022

3,935,106

254,227

122,058

548,845

8,636,261

13,496,497

Included within the net book value of land and buildings above is £3,635,587 (2022 - £3,609,942) in respect of freehold land and buildings, £379,791 (2022 - £221,125) in respect of long leasehold land and buildings and £103,419 (2022 - £104,039) in respect of short leasehold land and buildings.
 

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2023
£

2022
£

Lorries and trailers

9,095,209

5,917,294

   

Restriction on title and pledged as security

Lorries and trailers with a carrying amount of £9,095,209 (2022 - £5,917,294) has been pledged as security for hire purchase contracts.

Company

Land and buildings
£

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 November 2022

3,792,744

-

30,900

3,823,644

Additions

-

25,104

-

25,104

At 31 October 2023

3,792,744

25,104

30,900

3,848,748

Depreciation

At 1 November 2022

182,802

-

11,846

194,648

Charge for the year

75,855

2,305

7,725

85,885

At 31 October 2023

258,657

2,305

19,571

280,533

Carrying amount

At 31 October 2023

3,534,087

22,799

11,329

3,568,215

At 31 October 2022

3,609,942

-

19,054

3,628,996

Included within the net book value of land and buildings above is £3,534,087 (2022 - £3,609,942) in respect of freehold land and buildings.
 

14

Investment properties

Group and company

2023
 £

At 1 November 2022 and 31 October 2023

341,712

Assets held as investment properties were acquired in 2005 and are carried at their purchase cost of £341,712, which the director considers to reflect their fair value at 31 October 2023.

There has been no valuation of investment property by an independent valuer. The properties are residential and the director is confident, having assessed the local market, that the carrying value is materially consistent with their fair value.

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

15

Investments

Group

Details of undertakings

2023
£

2022
£

Investments in associates

3,579,103

3,039,906

Investments in joint ventures

170,301

170,301

3,749,404

3,210,207

Aggregate financial information of associates

2023
£

As restated
2022
£

Group's share of profit or loss in associates

539,197

196,419

Details of the investments (including principal place of business of unincorporated entities) in which the Group 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

2023

2022

Associates

Jays Logistics (South West) Limited

Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX

Ordinary

50%

50%

England

Black-Ram Recycling Limited

Small Business Accountancy Company, 52 Clare Street, Bridgwater, Somerset, TA6 3EN

Ordinary

25%

25%

England

City West Commercials (Highbridge) Limited

Kings Weston Lane St Andrews Road, Avonmouth, Bristol, BS11 9BY

Ordinary

49%

49%

England

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

Associate undertakings

The principal activity of Jays Logistics (South West) Limited is road haulage.
 

 

The principal activity of Black-Ram Recycling Limited is tyre recycling. Its financial period end is 30 September.
 

 

The principal activity of City West Commercials (Highbridge) Limited is commercial vehicle repairs. Its financial period end is 31 December.
 

 

Joint venture undertakings

The principal activity of Avon Distribution Limited was road haulage, however due to operational changes it ceased its trade from 30 June 2020 and became dormant. Its financial period is 30 June.

Company

2023
£

2022
£

Investments in subsidiaries

10,099

10,099

Investments in associates

50

50

10,149

10,149

Subsidiaries

£

Cost or valuation

At 1 November 2022

10,099

Provision

Carrying amount

At 31 October 2023

10,099

At 31 October 2022

10,099

Associates

£

Cost

At 1 November 2022

50

Provision

Carrying amount

At 31 October 2023

50

At 31 October 2022

50

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) 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

     

2023

2022

Subsidiary undertakings

Walrow Tyre Services Limited

Goodwood House, Blackbrook Park Avenue, Taunton, Somerset

Ordinary

100%

100%

 

United Kingdom

     

R. T. Keedwell Holdings Limited

Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX

Ordinary

100%

100%

 

United Kingdom

     

Associates

Jays Logistics (South West) Limited

Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX

Ordinary

50%

50%

 

United Kingdom

     

Indirect subsidiary undertakings

Details of the indirect investments in which R. T. Keedwell Holdings holds 20% or more of the nominal value of any class of share capital are as follows:

Alberti Limited, 90% (2022 - 90%)

Ken Jones Transport (Goldcliff) Limited, 100% (2022 - 100%)

K & W Brick Haulage Limited, 100% (2022 - 100%)

R.T. Keedwell Limited, 100% (2022 - 100%)

R T Keedwell Group Limited, 100% (2022 - 100%)

Keedwell Konnect Limited, 90% (2022 - 90%)

Truck Tech Yorkshire Limited, 60% (2022 - 60%)

Junction 22 Trailers Limited, 100% (2022 - 100%)

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

Subsidiary undertakings

Walrow Tyre Services Limited

The principal activity of Walrow Tyre Services Limited is tyre and exhaust retail.

R. T. Keedwell Holdings Limited

The principal activity of R. T. Keedwell Holdings Limited is holding company.

16

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Other stocks

262,908

540,909

-

-

17

Debtors

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

10,053,062

11,981,142

86,647

30,744

Amounts owed by group undertakings

 

-

-

-

4,320

Amounts owed by associated undertakings

 

646,954

736,478

-

-

Other debtors

 

452,392

465,515

928

4,489

Prepayments

 

1,032,654

486,643

6,464

5,672

Corporation tax

11

279,863

-

-

-

   

12,464,925

13,669,778

94,039

45,225

18

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

1,113

1,599

1

1

Cash at bank

4,391,992

10,218,598

1,080,505

573,967

Short-term deposits

6,968,023

1,523

-

-

11,361,128

10,221,720

1,080,506

573,968

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

19

Creditors

   

Group

Company

Note

2023
 £

2022
 £

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

22

2,294,702

1,825,901

-

-

Trade creditors

 

4,276,080

5,367,929

6,945

41,786

Amounts owed to group undertakings

 

-

-

8,879

22,310

Social security and other taxes

 

1,229,452

1,742,834

5,311

977

Outstanding defined contribution pension costs

 

37,920

31,700

488

136

Other creditors

 

591,750

347,627

2,485

(5,250)

Accrued expenses

 

1,016,843

840,887

9,650

21,838

Corporation tax

11

-

10,951

-

25,838

Gross amount due to customers for contract work

 

2,568

2,568

2,568

2,568

 

9,449,315

10,170,397

36,326

110,203

Due after one year

 

Loans and borrowings

22

6,355,562

3,564,151

-

-

20

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 November 2022

242,287

242,287

Additional provisions

825,751

825,751

At 31 October 2023

1,068,038

1,068,038

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Tax depreciation

-

2,149,103

Provisions

6,163

-

Tax losses

1,074,902

-

1,081,065

2,149,103

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

2022

Asset
£

Liability
£

Tax depreciation

-

242,287

-

242,287

21

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 £299,914 (2022 - £255,887).

Contributions totalling £37,920 (2022 - £31,700) were payable to the scheme at the end of the year and are included in creditors.

22

Loans and borrowings

Current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Hire purchase contracts

2,294,702

1,825,901

-

-

Non-current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Hire purchase contracts

6,355,562

3,564,151

-

-

Hire purchase contracts are denominated in sterling with a nominal interest rate of between 1.5% and 6%. The carrying amount at year end is £8,650,264 (2022 - £5,390,052).

Hire purchase contracts are secured on the lorries and trailers they are financing and repayable in monthly instalments over 3 to 6 years from the date they are advanced. The group uses hire purchase contracts in order to acquire lorries and trailers. There are purchase options within the contracts, which are at the option of the lessee.

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

23

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

139,980

143,730

Later than one year and not later than five years

304,670

426,170

Later than five years

780,690

795,420

1,225,340

1,365,320

The amount of non-cancellable operating lease payments recognised as an expense during the year was £139,980 (2022 - £143,730).

24

Commitments

Group

Capital commitments

At the year-end, the Group had committed to expanding their haulage fleet.
The total amount contracted for but not provided in the financial statements was £2,080,000 (2022 - £Nil).

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

25

Contingent liabilities

Group

The Group has provided an unlimited guarantee in favour of Barclays Bank PLC covering the liabilities of all companies within the S R Keedwell Holdings Limited group (excluding Walrow Tyre Services Limited) and West Trucks (Highbridge) Limited. The amount is £Nil (2022 - £Nil). The bank has secured this debt against the freehold property owned by the Group and an unlimited debenture over all assets of the company.

26

Analysis of changes in net debt

Group

At 1 November 2022
£

Financing cash flows
£

New finance leases
£

At 31 October 2023
£

Cash and cash equivalents

Cash

10,221,720

1,139,408

-

11,361,128

Borrowings

Lease liabilities

(5,390,052)

2,426,286

(5,501,000)

(8,464,766)

 

4,831,668

3,565,694

(5,501,000)

2,896,362

Company

At 1 November 2022
£

Financing cash flows
£

At 31 October 2023
£

Cash and cash equivalents

Cash

573,968

506,538

1,080,506

 

573,968

506,538

1,080,506

27

Related party transactions

Group

Key management compensation

2023
£

2022
£

Salaries and other short term employee benefits

220,469

168,266

 

S R Keedwell Holdings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

Summary of transactions with associates

During the year the group entered into transactions with its associates. Total sales made by the group to associates were £2,435,086 (2022 - £3,445,658) and purchases made by the group from associates totalled £21,622 (2022 - £71,442).

The group maintains interest free loan and trading accounts with its associates which are repayable on demand. At the balance sheet date the amount due from its associates was £272,140 (2022 - £513,345).

 

Summary of transactions with other related parties

During the year the group entered into transactions with companies which the director holds significant influence over. The group made sales to these companies totalling £2,024,473 (2022 - £217,828) and made purchases from these companies totalling £739,895 (2022 - £738,844). The group also received management charges of £24,000 (2022 - £24,000) from one of these companies.

Sales and purchase ledger accounts are maintained with these companies and transactions are carried out under standard trading terms. At the balance sheet date the group was owed £150,507 (2022 - £396,197) from these companies.

The group's director is a trustee of a Pension Scheme for which the group has paid rent to of £146,000 (2022 - £146,000).

 

Company

Summary of transactions with subsidiaries

The company has taken advantage of the exemption in FRS 102 paragraph 33.1A from disclosing transactions and balances with wholly owned subsidaries.
 

28

Parent and ultimate parent undertaking

The ultimate controlling party is The R T Keedwell Discretionary Will Trust.