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Registered number: NI626249










TIVANAGH HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TIVANAGH HOLDINGS LIMITED
 

COMPANY INFORMATION


Director
Patrick Jonathan Derry 




Company secretary
Fiona Derry



Registered number
NI626249



Registered office
90 Charlestown Road

Portadown

Craigavon

BT63 5PP




Independent auditors
AAB Group Accountants Limited

Howard House

30 Northland Row

Dungannon

Co. Tyrone

BT71 6AP




Bankers
AIB
4/8 Market Street

Lurgan

Craigavon

BT66 6AQ




Solicitors
Tughans Solicitors
Marlborough House

30 Victoria Street

Belfast

BT1 3GS





 
TIVANAGH HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Director's report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated balance sheet
 
10
Company balance sheet
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14 - 15
Consolidated analysis of net debt
 
16
Notes to the financial statements
 
17 - 36


 
TIVANAGH HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The director presents the strategic report for the year ended 31 December 2023.

Business review
 
Turnover has increased by 1.6% to £22.5m (2022: £22.2m). Overall, a net profit before tax of £2.6m was achieved for the year ended 31 December 2023 compared to a net profit before tax of £2.9m reported for the year ended 31 December 2022. The group's asset base remains strong, with net assets of £7.9m at 31 December 2023 (2022: £6.0m). The group's directors are satisfied with the group's performance in the year and the emphasis going forward continues to be on securing turnover that will result in sustainable profitability and cash flow. 

Principal risks and uncertainties
 
The group uses financial instruments throughout its business.  The core risks associated with the group's financial instruments (i.e. its interest-bearing loans, cash, short-dated liquid investments and finance leases, on the operational level trade receivables and payables) are interest rate risk, credit risk, liquidity risk and currency risk.  The board reviews and agrees policies for the prudent management of these risks as follows:
Liquidity and cash flow risk - The group's objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities.  The group's policy is to ensure that sufficient resources are available either from cash balances, cash flows and near cash liquid investments to ensure all obligations can be met when they fall due. To achieve this the group ensures that its liquid investments are in highly rated counterparties; when relevant it limits the maturity of cash balances and borrows the majority of its debt needs under term financing.
Finance and Interest rate risk - The group's objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability.
Credit risk - The group has no significant concentrations of credit risk. Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually being monitored.
Currency risk - The group's main activities are conducted in the UK and Ireland, which are conducted in sterling and euro. This results in low levels of currency transaction risk, variances affecting operational activities in this regard are reflected in the profit and loss account in the years in which they arise. Currency transaction risk is managed primarily by natural hedging (where possible) and balancing our supplier invoice currency.
Inflation risk - As a result of the rising rate of inflation, the group has seen the impact of this through rising costs. The group have a policy in place to continually review costs and to minimise the impact of these rising costs where possible.

Financial key performance indicators
 
The group's key performance indicators are as follows:

2023
2022
Increase in sales

1.6%

27.4%
 
Gross profit margin

32.1%

31.8%
 
Shareholders' equity

£7.9m

£6.0m
 

Page 1

 
TIVANAGH HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board on 5 September 2024 and signed on its behalf.



Patrick Jonathan Derry
Director

Page 2

 
TIVANAGH HOLDINGS LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Principal activity

The principal activity of the company continued to be that of a holding company. The principal activities of the group continued to be that of refrigerated transport and refrigerated storage facilities.

Results and dividends

The profit for the year, after taxation, amounted to £1,864,237 (2022 - £2,328,093).

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who served during the year and up to the date of signing the financial statements was:

Patrick Jonathan Derry 

Auditors

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

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 company 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 for the group's financial statements and then 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;

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 company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

The directors plan is to continue to secure and retain contracts which ensures that the company will continue a steady pace of growth.

Page 3

 
TIVANAGH HOLDINGS LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the group since the year end.

This report was approved by the board on 5 September 2024 and signed on its behalf.
 





Patrick Jonathan Derry
Director

Page 4

 
TIVANAGH HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIVANAGH HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Tivanagh Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 of the parent company's affairs as at 31 December 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 Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

 
TIVANAGH HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIVANAGH HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters 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 company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, 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 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 director either intends to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
TIVANAGH HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIVANAGH HOLDINGS LIMITED (CONTINUED)


Auditors' 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 Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company – Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management.


As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.
Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
Page 7

 
TIVANAGH HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIVANAGH HOLDINGS LIMITED (CONTINUED)


identify during our audit.


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 2006Our 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.





Teresa Campbell (Senior statutory auditor)
for and on behalf of
AAB Group Accountants Limited
Statutory Auditors
Howard House
30 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

5 September 2024
Page 8

 
TIVANAGH HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
22,548,431
22,190,805

Cost of sales
  
(15,302,516)
(15,139,623)

Gross profit
  
7,245,915
7,051,182

Administrative expenses
  
(4,238,017)
(3,911,541)

Other operating income
 5 
149,331
145,731

Operating profit
 6 
3,157,229
3,285,372

Interest payable and similar expenses
 10 
(591,640)
(344,383)

Profit before taxation
  
2,565,589
2,940,989

Tax on profit
 11 
(701,352)
(612,896)

Profit for the financial year
  
1,864,237
2,328,093

Profit for the year attributable to:
  

Owners of the parent company
  
1,864,237
2,328,093

  
1,864,237
2,328,093

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 17 to 36 form part of these financial statements.

Page 9

 
TIVANAGH HOLDINGS LIMITED
REGISTERED NUMBER: NI626249

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
15,757,771
12,353,914

  
15,757,771
12,353,914

Current assets
  

Stocks
 16 
22,218
34,590

Debtors: amounts falling due within one year
 17 
7,006,294
6,302,055

Cash at bank and in hand
 18 
760,539
863,395

  
7,789,051
7,200,040

Creditors: amounts falling due within one year
 19 
(4,733,056)
(6,118,262)

Net current assets
  
 
 
3,055,995
 
 
1,081,778

Total assets less current liabilities
  
18,813,766
13,435,692

Creditors: amounts falling due after more than one year
 20 
(8,651,601)
(5,839,116)

Provisions for liabilities
  

Deferred taxation
 23 
(2,306,864)
(1,605,512)

  
 
 
(2,306,864)
 
 
(1,605,512)

Net assets
  
7,855,301
5,991,064


Capital and reserves
  

Called up share capital 
 24 
200
200

Profit and loss account
  
7,855,101
5,990,864

Equity attributable to owners of the parent company
  
7,855,301
5,991,064

  
7,855,301
5,991,064


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 September 2024.




Patrick Jonathan Derry
Director

The notes on pages 17 to 36 form part of these financial statements.

Page 10

 
TIVANAGH HOLDINGS LIMITED
REGISTERED NUMBER: NI626249

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
200
200

  
200
200

Current assets
  

Debtors: amounts falling due within one year
 17 
139,585
140,185

Cash at bank and in hand
 18 
112,602
14,613

  
252,187
154,798

Creditors: amounts falling due within one year
 19 
(268,851)
(168,851)

Net current liabilities
  
 
 
(16,664)
 
 
(14,053)

Total assets less current liabilities
  
(16,464)
(13,853)

  

  

Net assets excluding pension asset
  
(16,464)
(13,853)

Net liabilities
  
(16,464)
(13,853)


Capital and reserves
  

Called up share capital 
 24 
200
200

Profit and loss account brought forward
  
(14,053)
(13,183)

Loss for the year
  
(2,611)
(870)

Profit and loss account carried forward
  
(16,664)
(14,053)

  
(16,464)
(13,853)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 September 2024.


Patrick Jonathan Derry
Director

The notes on pages 17 to 36 form part of these financial statements.

Page 11

 
TIVANAGH HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
200
3,662,771
3,662,971


Comprehensive income for the year

Profit for the year
-
2,328,093
2,328,093



At 1 January 2023
200
5,990,864
5,991,064


Comprehensive income for the year

Profit for the year
-
1,864,237
1,864,237


At 31 December 2023
200
7,855,101
7,855,301


The notes on pages 17 to 36 form part of these financial statements.

Page 12

 
TIVANAGH HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
200
(13,183)
(12,983)


Comprehensive income for the year

Loss for the year
-
(870)
(870)



At 1 January 2023
200
(14,053)
(13,853)


Comprehensive income for the year

Loss for the year
-
(2,611)
(2,611)


At 31 December 2023
200
(16,664)
(16,464)


The notes on pages 17 to 36 form part of these financial statements.

Page 13

 
TIVANAGH HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,864,237
2,328,093

Adjustments for:

Depreciation of tangible assets
1,373,760
1,194,163

Gain on disposal of tangible assets
(152,905)
(175,311)

Government grants
(75,750)
(76,944)

Interest paid
591,640
344,383

Taxation charge
701,352
612,896

Decrease/(increase) in stocks
12,372
(6,538)

(Increase) in debtors
(908,169)
(1,904,693)

Increase in creditors
335,508
576,980

Net cash generated from operating activities

3,742,045
2,893,029


Cash flows from investing activities

Purchase of tangible fixed assets
(4,122,012)
(1,084,699)

Sale of tangible fixed assets
266,873
420,790

Government grants received
75,750
76,944

HP interest paid
(102,908)
(78,033)

Net cash from investing activities

(3,882,297)
(664,998)

Cash flows from financing activities

New secured loans
3,666,390
-

Repayment of loans
(456,039)
(569,861)

Other new loans
-
173,379

Repayment of other loans
(1,747,769)
(71,205)

Repayment of/new finance leases
(1,138,296)
(829,341)

Loans repaid from/(paid to) directors
203,917
(165,227)

Interest paid
(488,732)
(266,350)

Net cash used in financing activities
39,471
(1,728,605)

Net (decrease)/increase in cash and cash equivalents
(100,781)
499,426
Page 14

 
TIVANAGH HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash and cash equivalents at beginning of year
861,320
361,894

Cash and cash equivalents at the end of year
760,539
861,320


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
760,539
863,395

Bank overdrafts
-
(2,075)

760,539
861,320


The notes on pages 17 to 36 form part of these financial statements.

Page 15

 
TIVANAGH HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
New finance leases
At 31 December 2023
£

£

£

£

Cash at bank and in hand

863,395

(102,856)

-

760,539

Bank overdrafts

(2,075)

2,075

-

-

Debt due after 1 year

(4,175,151)

(3,214,517)

-

(7,389,668)

Debt due within 1 year

(2,493,396)

1,751,010

-

(742,386)

Finance leases

(2,539,813)

1,138,296

(769,560)

(2,171,077)


(8,347,040)
(425,992)
(769,560)
(9,542,592)

The notes on pages 17 to 36 form part of these financial statements.

Page 16

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Tivanagh Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in Northern Ireland. The registered office is 90 Charlestown Road, Portadown. Craigavon, BT63 5PP.
he principal activity of the company continued to be that of a holding company. The principal activities of the group continued to be that of refrigerated transport and refrigerated storage facilities.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
 
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 17

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Due to the ongoing performance and results of the group the parent company is deemed to be a going concern.

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 18

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Operating leases: the group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in profit or loss 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.

Page 19

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 20

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straightline
Plant and machinery
-
20%
Reducing Balance
Motor vehicles
-
20%
Reducing Balance
Fixtures and fittings
-
20%
Reducing Balance
Office equipment
-
20%
Reducing Balance
Other fixed assets
-
20%
Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 21

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the group's Balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 
Page 22

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

Page 23

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Haulage sales
20,121,220
20,113,232

Storage sales
2,427,211
2,077,573

22,548,431
22,190,805


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
14,913,634
14,594,773

Rest of Europe
7,634,797
7,596,032

22,548,431
22,190,805



5.


Other operating income

2023
2022
£
£

Other operating income
67,108
13,044

Government grants receivable
75,750
76,250

Insurance claims receivable
6,473
56,437

149,331
145,731


Page 24

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(9,701)
(3,926)

Other operating lease rentals
530,885
512,701

Depreciation of owned tangible fixed assets
631,199
612,029

Depreciation of tangible fixed assets held under finance leases
742,548
582,134

Profit on disposal of tangible fixed assets
(152,905)
(175,311)


7.


Auditors' remuneration

During the year, the group obtained the following services from the company's auditors:


2023
2022
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
1,850
1,750

Fees payable to the company's auditors in respect of:

The auditing of accounts of associates of the company
13,800
14,500

Page 25

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
2,782,008
2,347,133

Social security costs
235,679
204,226

Cost of defined contribution scheme
59,158
45,912

3,076,845
2,597,271


The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Warehouse and coldstore
47
54



Garage
8
8



Administration
36
28

91
90

The company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)

9.


Director's remuneration

2023
2022
£
£

Director's emoluments
45,970
44,500

45,970
44,500



10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
488,732
266,350

Finance leases and hire purchase contracts
102,908
78,033

591,640
344,383

Page 26

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
701,352
612,896

Total deferred tax
701,352
612,896


Tax on profit
701,352
612,896

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,565,589
2,940,989


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
602,913
558,788

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(4,358)
379

Capital allowances for year in excess of depreciation
(642,453)
(47,981)

Utilisation of tax losses
43,898
(147,304)

Depreciation on assets not qualifying for tax allowances
-
(363,882)

Deferred tax
701,352
612,896

Total tax charge for the year
701,352
612,896


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The loss after tax of the parent company for the year was £2,611 (2022 - loss £870).

Page 27

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2023
760,000



At 31 December 2023

760,000



Amortisation


At 1 January 2023
760,000



At 31 December 2023

760,000



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 28

 


 
TIVANAGH HOLDINGS LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


14.


Tangible fixed assets


Group







Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Lorries & trailers
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 January 2023
7,296,286
2,507,299
57,956
43,434
246,738
6,071,189
16,222,902


Additions
3,070,724
896,995
20,716
4,445
5,459
893,233
4,891,572


Disposals
-
-
(6,990)
-
-
(523,170)
(530,160)



At 31 December 2023

10,367,010
3,404,294
71,682
47,879
252,197
6,441,252
20,584,314



Depreciation


At 1 January 2023
359,167
1,102,183
13,322
19,237
101,435
2,273,644
3,868,988


Charge for the year on owned assets
149,179
257,832
11,987
5,367
27,271
179,563
631,199


Charge for the year on financed assets
-
53,427
-
-
2,580
686,541
742,548


Disposals
-
-
(6,001)
-
-
(410,191)
(416,192)



At 31 December 2023

508,346
1,413,442
19,308
24,604
131,286
2,729,557
4,826,543



Net book value



At 31 December 2023
9,858,664
1,990,852
52,374
23,275
120,911
3,711,695
15,757,771



At 31 December 2022
6,937,119
1,405,116
44,634
24,197
145,303
3,797,545
12,353,914

Page 29

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.Tangible fixed assets (continued)

Leasehold land and buildings with a carrying value of £9,858,664 (2022: £6,937,119) have been pledged as security for borrowings of the company.



The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
213,706
267,131

Furniture, fittings and equipment
10,312
12,902

Other fixed assets
2,817,687
2,750,973

3,041,705
3,031,006


15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
200



At 31 December 2023
200





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

DRT (NI) Limited
90 Charlestown Road, Portadown, Craigavon, Northern Ireland,
BT63 5PP
Ordinary
100%
Carn Coldstore Limited
90 Charlestown Road, Portadown, Craigavon, Northern Ireland,
BT63 5PP
Ordinary
100%

Page 30

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
22,218
34,590

22,218
34,590


The difference between purchase price or production cost of stocks and their replacement cost is not material.


17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
3,783,432
4,404,427
-
-

Amounts owed by group undertakings
-
-
139,585
140,185

Amounts owed by related undertakings
1,489,421
659,397
-
-

Other debtors
459,571
485,949
-
-

Prepayments and accrued income
1,273,870
752,282
-
-

7,006,294
6,302,055
139,585
140,185


Amounts owed by group and related undertakings are unsecured, interest free and repayable on demand. 
Included in other debtors is £nil (2022: £203,917) owed by the director.


18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
760,539
863,395
112,602
14,613

Less: bank overdrafts
-
(2,075)
-
-

760,539
861,320
112,602
14,613


Page 31

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
-
2,075
-
-

Bank loans
615,882
620,048
-
-

Other loans
125,579
1,873,348
-
-

Trade creditors
1,115,012
1,230,594
-
-

Amounts owed to group undertakings
-
-
218,651
118,651

Amounts owed to related undertakings
1,231,143
795,183
50,000
50,000

Other taxation and social security
158,321
247,502
-
-

Obligations under finance lease and hire purchase contracts
909,144
875,848
-
-

Other creditors
107,307
56,463
-
-

Accruals and deferred income
470,668
417,201
200
200

4,733,056
6,118,262
268,851
168,851


Amounts owed to group and related undertakings are unsecured, interest free and repayable on demand.
Other loans includes invoice discounting liabilities totalling £125,579 (2022: £1,873,348), which are secured by a fixed charge over book debts, restricted director's indemnity and a mortgage debenture incorporating a fixed and floating charge over all group assets present and future. 
Bank loans and overdrafts are secured by a fixed and floating charge over all company assets of DRT (NI) Limited present and future including a specific charge over leasehold and development at Carn Industrial  Estate, a legal charge over shareholding of DRT (NI) Limited and Carn Coldstore Limited, assignment over lease, assignment of life cover, unlimited cross company guarantee executed by DRT (NI) Limited, Carn Coldstore Limited, DRT (Drivers) Limited, DRT (Office) Limited & Tivanagh Holdings Limited supported by mortgage debentures incorporating a fixed and floating charge over all company assets present and future in the name of Carn Coldstore Limited, DRT (Drivers) Limited, DRT (Office) Limited & Tivanagh Holdings Limited and collateral warranties in respect of development at Carn Industrial Estate.  
Obligations under finance leases are secured upon the assets to which they relate. 


20.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
7,389,668
4,175,151

Net obligations under finance leases and hire purchase contracts
1,261,933
1,663,965

8,651,601
5,839,116




Page 32

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
615,882
620,048

Other loans
125,579
1,873,348


741,461
2,493,396


Amounts falling due 2-5 years

Bank loans
7,389,668
4,175,151


7,389,668
4,175,151


8,131,129
6,668,547



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
909,144
875,848

Between 1-5 years
1,261,933
1,663,965

2,171,077
2,539,813

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 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Page 33

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Deferred taxation


Group



2023


£






At beginning of year
(1,605,512)


Charged to profit or loss
(701,352)



At end of year
(2,306,864)

Company


The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
(2,399,168)
(1,656,157)

Tax losses carried forward
90,393
43,890

Other short term timing differences
1,911
6,755

(2,306,864)
(1,605,512)


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200 (2022 - 200) Ordinary shares of £1.00 each
200
200



25.


Capital commitments




At 31 December 2023 the group and company had capital commitments as follows:


Group
Group
2023
2022
£
£

Contracted for but not provided in these financial statements
644,358
1,350,906

644,358
1,350,906

Page 34

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group  in an independently administered fund. The pension cost charge represents contributions payable by the group  to the fund and amounted to £59,158 (2022 - £45,912). Contributions totalling £10,382 (2022 - £9,483) were payable to the fund at the balance sheet date and are included in creditors.


27.


Commitments under operating leases

At 31 December 2023 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
524,234
435,524

Later than 1 year and not later than 5 years
495,851
199,139

1,020,085
634,663

28.Director's personal guarantees

The director has provided a guarantee of £1,000,000 on assignment of life cover in relation to bank borrowings of the group and a restricted directors indemnity in relation to factored debts of the group.


29.


Related party transactions

During the year the group entered into the following transactions with companies that are deemed related parties by virtue of common shareholders and directors:


2023
2022
£
£

Sales to related undertakings
Kilmore Storage and Distribution Limited
30,050
67,660
Brennan Refridgerated Transport Limited
255,849
274,217
Coldspeed Refridgerated Transport Limited
678,703
549,319
Purchases from related undertakings
Brennan Refridgerated Transport Limited
234,363
168,868
Coldspeed Refridgerated Transport Limited
935,103
776,613
Derry Refridgerated Transport Limited
25,200
30,240
Management charge from related undertakings
DRT (Drivers) Ltd
4,370,689
4,048,003
DRT (Office) Ltd
44,412
326,503

Page 35

 
TIVANAGH HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

30.


Related party balances

The following amounts were outstanding at the reporting end date:


2023
2022
£
£

Amounts due to related undertakings


Kilmore Storage and Distribution Limited
76,510
50,480

Brennan Refridgerated Transport Limited
74,350
38,520

Coldspeed Refridgerated Transport Limited
335,198
231,169

Derry Refridgerated Transport Limited
49,215
18,975

DRT (Drivers) Ltd
667,268
437,441

DRT (Office) Ltd
28,602
18,598

1,231,143
795,183

2023
2022
£
£

Amounts due from related undertakings


Kilmore Storage and Distribution Limited
276,933
174,101

Brennan Refridgerated Transport Limited
203,985
88,538

Coldspeed Refridgerated Transport Limited
209,763
89,975

DRT (Office) Ltd
88,734
95,596

Kilmore Freight Limited
103,505
61,041

Derry Refridgerated Transport Limited
7,530
7,662

DRT (Drivers) Ltd
330,577
142,282

Derry Refridgerated Transport (DRT) Limited
268,394
-

1,489,421
659,195


31.


Controlling party

The ultimate controlling party is Patrick Derry by virtue of his shareholding in the parent company.

Page 36