REGISTERED NUMBER: SC542324 (Scotland) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 31st March 2024 |
for |
T P Niven (Holdings) Limited |
REGISTERED NUMBER: SC542324 (Scotland) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 31st March 2024 |
for |
T P Niven (Holdings) Limited |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31st March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 | to | 6 |
Consolidated Income Statement | 7 |
Consolidated Other Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 | to | 25 |
T P Niven (Holdings) Limited |
Company Information |
for the Year Ended 31st March 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Dumfries Enterprise Park |
Heathhall |
Dumfries |
DUMFRIESSHIRE |
DG1 3SJ |
SOLICITORS: |
8/10 Bank Street |
Dumfries |
DG1 2NS |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Group Strategic Report |
for the Year Ended 31st March 2024 |
The director presents his strategic report of the company and the group for the year ended 31st March 2024. |
T P Niven Limited is a road haulage company operating exclusively within the United Kingdom and based in Dumfries & Galloway. The business has been in existence for about a century. |
In March 2020, TP Niven (Holdings) Limited assumed ownership of both TP NIven Limited and Niven Developments Limited, a company which is intended to develop property in future. |
The directors believe that the group is well placed to service its customers throughout the UK and particularly in South West Scotland. The management have lengthy experience in the haulage industry to the benefit of both the group and its customers. The subsidiary company is a member of the Palletline plc haulage group. |
REVIEW OF BUSINESS |
The directors are satisfied with the results. Turnover has grown again from £28.6 to £30.3m. Gross profits have increased from £4.1m to £5.6m and gross profit percentage has risen from 14.4% to 18.6% mainly due to savings on fuel. Bottom line profits before tax are up from £86,618 to £1.2m as a result. The directors consider this to have been a very good year of trading. |
Key Performance Indicators (KPI's) |
Given the straightforward nature of the business, the directors are of the opinion that there are no additional KPI's other than the measures of turnover, gross profit and net profit reported above that are necessary for an understanding of the development, performance or position of the business. |
PRINCIPAL RISKS AND UNCERTAINTIES |
There are three main areas of concern that may affect the group's business. The volatility in world oil prices can damage profitability if the directors are unable to successfully negotiate fuel surcharges with customers. Even if successful in applying surcharges, this could make the cost of haulage unaffordable to customers should fuel escalate drastically. Uncertainties still exist within the current economic climate and there is continual competitive pressure from within the haulage sector with companies looking to move into new areas of work as their traditional markets may have shrunk. |
ON BEHALF OF THE BOARD: |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Report of the Director |
for the Year Ended 31st March 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 31st March 2024. |
DIVIDENDS |
An interim dividend of 16.74p per share was paid on 31st March 2024. The director recommends that no final dividend be paid. |
The total distribution of dividends for the year ended 31st March 2024 will be £ 6,904 . |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director 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 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the 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 auditors are aware of that information. |
AUDITORS |
The auditors, Farries, Kirk & McVean, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
T P Niven (Holdings) Limited |
Opinion |
We have audited the financial statements of T P Niven (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 31st March 2024 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 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 group's and 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. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director 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 Report of the Director. |
We have nothing to report in respect of the following matters where 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. |
Report of the Independent Auditors to the Members of |
T P Niven (Holdings) Limited |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, 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 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 has no realistic alternative but to do so. |
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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- we have assessed the susceptibility of the company's financial statements to material misstatement as being low risk. The directors are very involved in the day to day management of the business and have a focus on controls to address potential fraud and error. |
- the nature of the company's activities are significantly regulated. We have assessed the main regulations around the company's activities as being those concerning operation of commercial fleet transport. The company's compliance scores with VOSA were verified with very satisfactory results. |
- we have discussed the legal and regulatory framework the company operates under with the directors. This has enabled us to gain an understanding of those applicable to the company and the procedures they operate to ensure compliance. |
- we have obtained an understanding of the company's policies and procedures on fraud risk through two way communication with the management and have no knowledge of any actual, suspected or alleged fraud. |
- the Senior Statutory Auditor is satisfied that the engagement audit staff were competent to and capable of recognising non-compliance with laws and regulation. No details of any non-compliance were communicated to us and no such potential instances were noted during the audit process. |
We have reached these conclusions following enquiries made of those charged with governance and senior staff and following audit testing procedures and review of financial statements. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
T P Niven (Holdings) Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
Dumfries Enterprise Park |
Heathhall |
Dumfries |
DUMFRIESSHIRE |
DG1 3SJ |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Consolidated |
Income Statement |
for the Year Ended 31st March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 30,286,190 | 28,626,615 |
Cost of sales | (24,664,293 | ) | (24,517,998 | ) |
GROSS PROFIT | 5,621,897 | 4,108,617 |
Administrative expenses | (4,221,531 | ) | (3,850,787 | ) |
1,400,366 | 257,830 |
Other operating income | 19,250 | 13,200 |
OPERATING PROFIT | 5 | 1,419,616 | 271,030 |
Income from fixed asset investments | 260 | - |
Interest receivable and similar income | 3,469 | 1,091 |
1,423,345 | 272,121 |
Interest payable and similar expenses | 6 | (238,095 | ) | (185,503 | ) |
PROFIT BEFORE TAXATION | 1,185,250 | 86,618 |
Tax on profit | 7 | (312,836 | ) | 23,414 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 872,414 | 110,032 |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 31st March 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 872,414 | 110,032 |
OTHER COMPREHENSIVE INCOME |
Purchase of own shares | (1,437,512 | ) | - |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(1,437,512 |
) |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(565,098 |
) |
110,032 |
Total comprehensive income attributable to: |
Owners of the parent | (565,098 | ) | 110,032 |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Consolidated Balance Sheet |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 7,253,717 | 5,318,097 |
Investments | 11 | 20,000 | 20,000 |
Investment property | 12 | - | 957,894 |
7,273,717 | 6,295,991 |
CURRENT ASSETS |
Stocks | 13 | 190,683 | 196,650 |
Debtors | 14 | 6,405,444 | 4,764,794 |
Cash at bank and in hand | 677 | 79,361 |
6,596,804 | 5,040,805 |
CREDITORS |
Amounts falling due within one year | 15 | (6,213,731 | ) | (4,469,619 | ) |
NET CURRENT ASSETS | 383,073 | 571,186 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,656,790 |
6,867,177 |
CREDITORS |
Amounts falling due after more than one year | 16 | (3,399,282 | ) | (2,141,314 | ) |
PROVISIONS FOR LIABILITIES | 20 | (586,763 | ) | (455,628 | ) |
NET ASSETS | 3,670,745 | 4,270,235 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 41,231 | 68,719 |
Capital redemption reserve | 22 | 27,488 | - |
Consolidation reserve | 22 | 1,279,795 | 1,279,795 |
Retained earnings | 22 | 2,322,231 | 2,921,721 |
SHAREHOLDERS' FUNDS | 3,670,745 | 4,270,235 |
The financial statements were approved by the director and authorised for issue on 30th August 2024 and were signed by: |
J C Niven - Director |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Company Balance Sheet |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Capital redemption reserve | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,471,904 | - |
The financial statements were approved by the director and authorised for issue on |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31st March 2024 |
Called up | Capital |
share | Retained | redemption | Consolidation | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1st April 2022 | 68,719 | 2,811,689 | - | 1,279,795 | 4,160,203 |
Changes in equity |
Total comprehensive income | - | 110,032 | - | - | 110,032 |
Balance at 31st March 2023 | 68,719 | 2,921,721 | - | 1,279,795 | 4,270,235 |
Changes in equity |
Issue of share capital | (27,488 | ) | - | - | - | (27,488 | ) |
Dividends | - | (6,904 | ) | - | - | (6,904 | ) |
Total comprehensive income | - | (592,586 | ) | 27,488 | - | (565,098 | ) |
Balance at 31st March 2024 | 41,231 | 2,322,231 | 27,488 | 1,279,795 | 3,670,745 |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Company Statement of Changes in Equity |
for the Year Ended 31st March 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st April 2022 |
Changes in equity |
Balance at 31st March 2023 |
Changes in equity |
Issue of share capital | ( |
) | - | - | ( |
) |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31st March 2024 |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Consolidated Cash Flow Statement |
for the Year Ended 31st March 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,578,559 | 1,699,875 |
Interest paid | (33,148 | ) | (25,447 | ) |
Interest element of hire purchase and finance lease rental payments paid |
(204,947 |
) |
(160,056 |
) |
Tax paid | (2,241 | ) | (19,058 | ) |
Net cash from operating activities | 1,338,223 | 1,495,314 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (189,526 | ) | (76,359 | ) |
Purchase of investment property | (244,342 | ) | (241,750 | ) |
Sale of tangible fixed assets | 255,163 | 174,600 |
Sale of investment property | 1,462,296 | - |
Interest received | 3,469 | 1,091 |
Dividends received | 260 | - |
Net cash from investing activities | 1,287,320 | (142,418 | ) |
Cash flows from financing activities |
Capital repayments in year | (1,926,914 | ) | (1,458,634 | ) |
Amount introduced by directors | 6,905 | - |
Amount withdrawn by directors | (33,078 | ) | (27,517 | ) |
Share buyback | (1,465,000 | ) | - |
Equity dividends paid | (6,904 | ) | - |
Net cash from financing activities | (3,424,991 | ) | (1,486,151 | ) |
Decrease in cash and cash equivalents | (799,448 | ) | (133,255 | ) |
Cash and cash equivalents at beginning of year | 2 | 79,361 | 212,616 |
Cash and cash equivalents at end of year | 2 | (720,087 | ) | 79,361 |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31st March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,185,250 | 86,618 |
Depreciation charges | 1,521,456 | 1,428,330 |
(Profit)/loss on disposal of fixed assets | (249,832 | ) | 9,355 |
Finance costs | 238,095 | 185,503 |
Finance income | (3,729 | ) | (1,091 | ) |
2,691,240 | 1,708,715 |
Decrease/(increase) in stocks | 5,967 | (33,780 | ) |
(Increase)/decrease in trade and other debtors | (1,640,650 | ) | 120,348 |
Increase/(decrease) in trade and other creditors | 522,002 | (95,408 | ) |
Cash generated from operations | 1,578,559 | 1,699,875 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 677 | 79,361 |
Bank overdrafts | (720,764 | ) | - |
(720,087 | ) | 79,361 |
Year ended 31st March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 79,361 | 212,616 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.4.23 | Cash flow | changes | At 31.3.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 79,361 | (78,684 | ) | 677 |
Bank overdrafts | - | (720,764 | ) | (720,764 | ) |
79,361 | (799,448 | ) | (720,087 | ) |
Debt |
Hire purchase and |
finance leases | (3,440,057 | ) | 1,926,914 | - | (5,046,082 | ) |
(3,440,057 | ) | 1,926,914 | - | (5,046,082 | ) |
Total | (3,360,696 | ) | 1,127,466 | - | (5,766,169 | ) |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31st March 2024 |
1. | STATUTORY INFORMATION |
T P Niven (Holdings) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are consolidated group financial statements prepared using merger accounting. The impact of this is the results and cashflows of the combining companies have been included in the financial statements from the beginning of the financial year in which the combination occurred. All subsidiaries have been included in the consolidation. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
Depreciation charges in accordance with the accounting policies stated below. |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. In accordance with the principles of revenue recognition, income is recognised as the right to consideration obtained through performance of contractual obligations, and is included in the financial statements when the group is legally entitled to the income. In practice the group recognises entitlement to income based on the load date of goods rather than delivery date. |
Tangible fixed assets |
Freehold property | - |
Tenant's improvements | - |
Plant & equipment | - |
Trailers | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less accumulated depreciation. Amounts written off each asset over the estimated useful life represent cost less residual value. The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end each reporting period. The value of land within land & buildings is not depreciated. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost, using the first in first out method, and net realisable value, after making allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group does not operate a pension scheme but does make contributions to money purchase schemes on behalf of employees. Such contributions are charged to the profit or loss in the period to which they relate. |
Invoice financing |
The group uses Invoice Financing through RBS Invoice Finance Limited to accelerate the receipt of funds due from debtors. No rights are transferred to the finance provider, all benefits and risks remain with the group and all finance is potentially repayable therefore linked presentation is not appropriate. Accordingly debtors are disclosed in full within the balance sheet and any associated finance is included within creditors due within one year. |
Provisions and contingencies |
Provisions are recognised when the group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
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 the sale of services performed in the ordinary course of business. |
Trade debtors are recognised initially at the transaction price and represent the full value of the services charged to customers, including any amounts charged on for third parties. |
Trade Creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts due to sub-contractors are recognised within Trade Creditors. |
Accounts payable 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. |
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 transactions 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 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. |
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. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Rendering services | 30,110,155 | 28,354,293 |
Sale & recharges of goods | 176,035 | 272,322 |
30,286,190 | 28,626,615 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 10,366,728 | 9,159,371 |
Social security costs | 965,339 | 887,353 |
Other pension costs | 256,920 | 179,150 |
11,588,987 | 10,225,874 |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 2 | 2 |
Management & administration | 12 | 13 |
Direct employees | 250 | 223 |
The average number of employees by undertakings that were proportionately consolidated during the year was 264 (2023 - 238 ) . |
2024 | 2023 |
£ | £ |
Directors' remuneration | 117,180 | 127,696 |
Directors' pension contributions to money purchase schemes | 62,765 | 2,334 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
The total remuneration in respect of key management personnel is the same as that of directors' remuneration. |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 510,119 | 437,338 |
Other operating leases | 756,425 | 617,463 |
Depreciation - owned assets | 307,050 | 258,670 |
Depreciation - assets on hire purchase contracts and finance leases | 1,214,404 | 1,169,662 |
(Profit)/loss on disposal of fixed assets | (249,832 | ) | 9,355 |
Auditors' remuneration | 13,780 | 12,730 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | - | 7 |
Factoring charges | 33,148 | 25,440 |
Hire purchase | 179,492 | 144,991 |
Leasing | 25,455 | 15,065 |
238,095 | 185,503 |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
7. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 181,700 | (16,111 | ) |
Corporation tax interest | - | 3 |
Total current tax | 181,700 | (16,108 | ) |
Deferred tax | 131,136 | (7,306 | ) |
Tax on profit | 312,836 | (23,414 | ) |
UK corporation tax has been charged at 25 % (2023 - 19 %). |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 1,185,250 | 86,618 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
296,313 |
16,457 |
Effects of: |
Expenses not deductible for tax purposes | 9,666 | 764 |
Income not taxable for tax purposes | (65 | ) | - |
Capital allowances in excess of depreciation | (96,307 | ) | (54,541 | ) |
Deferred tax | 131,136 | (7,306 | ) |
Interest | - | 3 |
Tax losses | (27,907 | ) | 21,209 |
Total tax charge/(credit) | 312,836 | (23,414 | ) |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Purchase of own shares | (1,437,512 | ) | - | (1,437,512 | ) |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
The parent company did not trade during the year and had no profit or loss in either the current or comparative financial period. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | 6,904 | - |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Tenant's | Plant & |
property | improvements | equipment |
£ | £ | £ |
COST |
At 1st April 2023 | 696,530 | 262,371 | 372,741 |
Additions | - | - | 152,254 |
Disposals | - | - | (5,801 | ) |
At 31st March 2024 | 696,530 | 262,371 | 519,194 |
DEPRECIATION |
At 1st April 2023 | 139,885 | 69,700 | 195,805 |
Charge for year | 12,859 | 16,333 | 32,524 |
Eliminated on disposal | - | - | (4,472 | ) |
At 31st March 2024 | 152,744 | 86,033 | 223,857 |
NET BOOK VALUE |
At 31st March 2024 | 543,786 | 176,338 | 295,337 |
At 31st March 2023 | 556,645 | 192,671 | 176,936 |
Motor | Computer |
Trailers | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2023 | 3,457,288 | 6,851,997 | 37,219 | 11,678,146 |
Additions | 830,500 | 2,731,669 | 8,042 | 3,722,465 |
Disposals | (184,149 | ) | (906,682 | ) | (1,303 | ) | (1,097,935 | ) |
At 31st March 2024 | 4,103,639 | 8,676,984 | 43,958 | 14,302,676 |
DEPRECIATION |
At 1st April 2023 | 2,022,354 | 3,906,227 | 26,078 | 6,360,049 |
Charge for year | 433,824 | 1,018,076 | 7,838 | 1,521,454 |
Eliminated on disposal | (158,461 | ) | (668,469 | ) | (1,142 | ) | (832,544 | ) |
At 31st March 2024 | 2,297,717 | 4,255,834 | 32,774 | 7,048,959 |
NET BOOK VALUE |
At 31st March 2024 | 1,805,922 | 4,421,150 | 11,184 | 7,253,717 |
At 31st March 2023 | 1,434,934 | 2,945,770 | 11,141 | 5,318,097 |
Included in cost of land and buildings is freehold land of £53,594 (2023 - £53,594) which is not depreciated. |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Plant & | Motor |
equipment | Trailers | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2023 | 183,682 | 2,219,950 | 5,257,621 | 7,661,253 |
Additions | 145,000 | 802,500 | 2,668,303 | 3,615,803 |
Transfer to ownership | (145,000 | ) | (222,881 | ) | (1,054,988 | ) | (1,422,869 | ) |
At 31st March 2024 | 183,682 | 2,799,569 | 6,870,936 | 9,854,187 |
DEPRECIATION |
At 1st April 2023 | 85,676 | 1,053,516 | 2,690,167 | 3,829,359 |
Charge for year | 9,211 | 331,433 | 873,760 | 1,214,404 |
Transfer to ownership | (72,147 | ) | (132,066 | ) | (720,531 | ) | (924,744 | ) |
At 31st March 2024 | 22,740 | 1,252,883 | 2,843,396 | 4,119,019 |
NET BOOK VALUE |
At 31st March 2024 | 160,942 | 1,546,686 | 4,027,540 | 5,735,168 |
At 31st March 2023 | 98,006 | 1,166,434 | 2,567,454 | 3,831,894 |
11. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 | 20,000 |
NET BOOK VALUE |
At 31st March 2024 | 20,000 |
At 31st March 2023 | 20,000 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: The Garage, Woodhead Road, Palnackie Castle, Douglas DG7 1PG |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: The Garage, Woodhead Road, Palnackie Castle, Douglas DG7 1PG |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1st April 2023 | 957,894 |
Additions | 244,342 |
Disposals | (1,202,236 | ) |
At 31st March 2024 | - |
NET BOOK VALUE |
At 31st March 2024 | - |
At 31st March 2023 | 957,894 |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Consumables | 190,683 | 196,650 |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Trade debtors | 6,126,482 | 4,558,278 |
Other debtors | 29,894 | 17,763 |
Tax | 18,352 | 18,352 |
Prepayments | 230,716 | 170,401 |
6,405,444 | 4,764,794 |
Confidential Invoice Financing is provided by arrangement with RBS Invoice Finance Limited. At 31st March, 2024 - £3,714,280 (2023 - £2,373,194) of the Trade debtors have been financed in such a manner. At 31st March 2024 there was a corresponding bank overdraft of £695,057 (2023 - £Nil). |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 720,764 | - |
Hire purchase contracts and finance leases (see note 18) | 1,646,800 |
1,298,743 |
Trade creditors | 2,287,619 | 1,834,252 |
Tax | 181,700 | 2,241 |
Social security and other taxes | 252,207 | 198,644 |
VAT | 525,563 | 553,095 | - | - |
Directors' current accounts | 1 | 26,171 | 1 | 1 |
Accrued expenses | 599,077 | 556,473 |
6,213,731 | 4,469,619 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Hire purchase contracts and finance leases (see note 18) | 3,399,282 |
2,141,314 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 720,764 | - |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts | Finance leases |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Net obligations repayable: |
Within one year | 1,422,370 | 1,226,743 | 224,430 | 72,000 |
Between one and five years | 2,917,836 | 2,044,167 | 481,446 | 97,147 |
4,340,206 | 3,270,910 | 705,876 | 169,147 |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 885,201 | 679,124 |
Between one and five years | 1,701,992 | 526,279 |
In more than five years | 379,283 | 141,075 |
2,966,476 | 1,346,478 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank overdrafts | 720,764 | - |
Hire purchase contracts and finance leases | 5,046,082 | 3,440,057 |
5,766,846 | 3,440,057 |
The hire purchase creditors are secured on the assets on which the finance is actually outstanding. |
The overdraft on the Confidential Invoice Financing account is secured on the related trade debtors. |
20. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 586,763 | 455,628 |
Group |
Deferred |
tax |
£ |
Balance at 1st April 2023 | 455,628 |
Charge to Income Statement during year | 131,135 |
Balance at 31st March 2024 | 586,763 |
The provision for deferred taxation arises as a result of accelerate capital allowances. Provision has been made at 25% being the future rate of Corporation Tax likely to apply as the provision unwinds. |
T P Niven (Holdings) Limited (Registered number: SC542324) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 41,231 | 68,719 |
During the year under review the company repurchased 27,488 of its own shares from a retiring director for £1,465,000. |
22. | RESERVES |
Group |
Capital |
Retained | redemption | Consolidation |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1st April 2023 | 2,921,721 | - | 1,279,795 | 4,201,516 |
Profit for the year | 872,414 | 872,414 |
Dividends | (6,904 | ) | (6,904 | ) |
Purchase of own shares | (1,465,000 | ) | 27,488 | - | (1,437,512 | ) |
At 31st March 2024 | 2,322,231 | 27,488 | 1,279,795 | 3,629,514 |
Company |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
Profit for the year |
Dividends | ( |
) | ( |
) |
Purchase of own shares | (1,465,000 | ) | 27,488 | (1,437,512 | ) |
At 31st March 2024 | 27,488 |
23. | PENSION COMMITMENTS |
The group makes payments to a money purchase scheme on behalf of its employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the group and amounted to £256,920 (2023 - £179,150). |
24. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements | 885,000 | 461,000 |
25. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £6,904 were paid to the directors . |
During the year under review, the group repurchased the entire share capital held by one of the directors for the sum of £1,465,000. At the same time, the group sold investment property to the same director for the same £1,465,000 value. This represented market value of the property at the time of the transaction. |