IRIS Accounts Production v24.2.0.383 SC386352 director 1.4.23 31.3.24 31.3.24 road haulage. true false true true false false true false Ordinary 1.00000 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REGISTERED NUMBER: SC386352 (Scotland)















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31st March 2024

for

T P Niven Limited

T P Niven Limited (Registered number: SC386352)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4 to 5

Income Statement 6

Other Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12 to 20


T P Niven Limited

Company Information
for the Year Ended 31st March 2024







DIRECTOR: J C Niven



REGISTERED OFFICE: The Garage
Woodhead Road
Palnackie
Castle Douglas
Dumfriesshire
DG7 1PG



REGISTERED NUMBER: SC386352 (Scotland)



AUDITORS: Farries, Kirk & McVean
Chartered Accountants
Statutory Auditors
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ



SOLICITORS: JHS Law
8/10 Bank Street
Dumfries
DG1 2NS

T P Niven Limited (Registered number: SC386352)

Strategic Report
for the Year Ended 31st March 2024

The director presents his strategic report 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, albeit it was only incorporated in 2012.

The directors believe that the company is well placed to service its customers throughout the UK and particularly in South West Scotland. The management have lengthy experience in the industry to the benefit of both the company and its customers. The 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 £28.6m to £30.3m. However, 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 £74,822 to £907,404 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 company'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:





J C Niven - Director


30th August 2024

T P Niven Limited (Registered number: SC386352)

Report of the Director
for the Year Ended 31st March 2024

The director presents his report with the financial statements of the company for the year ended 31st March 2024.

DIVIDENDS
Interim dividends per share were paid as follows:
£21.32 - 12th December 2023
10p - 31st March 2024
£21.42

The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31st March 2024 will be £ 1,471,904 .

DIRECTORS
J C Niven has held office during the whole of the period from 1st April 2023 to the date of this report.

Other changes in directors holding office are as follows:

J T Niven - resigned 9th January 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company'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:





J C Niven - Director


30th August 2024

Report of the Independent Auditors to the Members of
T P Niven Limited

Opinion
We have audited the financial statements of T P Niven Limited (the 'company') for the year ended 31st March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31st March 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 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 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.

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.




Gerald McGill, BA CA (Senior Statutory Auditor)
for and on behalf of Farries, Kirk & McVean
Chartered Accountants
Statutory Auditors
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ

30th August 2024

T P Niven Limited (Registered number: SC386352)

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 (4,480,126 ) (3,849,383 )
OPERATING PROFIT 6 1,141,771 259,234

Income from fixed asset investments 260 -
Interest receivable and similar income 3,469 1,091
1,145,500 260,325

Interest payable and similar expenses 7 (238,095 ) (185,503 )
PROFIT BEFORE TAXATION 907,405 74,822

Tax on profit 8 (243,375 ) 25,658
PROFIT FOR THE FINANCIAL YEAR 664,030 100,480

T P Niven Limited (Registered number: SC386352)

Other Comprehensive Income
for the Year Ended 31st March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 664,030 100,480


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

664,030

100,480

T P Niven Limited (Registered number: SC386352)

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
7,273,717 5,338,097

CURRENT ASSETS
Stocks 12 190,683 196,650
Debtors 13 6,405,444 5,716,937
Cash at bank and in hand 321 70,322
6,596,448 5,983,909
CREDITORS
Amounts falling due within one year 14 (6,434,306 ) (4,467,376 )
NET CURRENT ASSETS 162,142 1,516,533
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,435,859

6,854,630

CREDITORS
Amounts falling due after more than one year 15 (3,399,282 ) (2,141,314 )

PROVISIONS FOR LIABILITIES 19 (586,763 ) (455,628 )
NET ASSETS 3,449,814 4,257,688

CAPITAL AND RESERVES
Called up share capital 20 68,719 68,719
Share premium 21 1,248,509 1,248,509
Capital redemption reserve 21 31,286 31,286
Retained earnings 21 2,101,300 2,909,174
SHAREHOLDERS' FUNDS 3,449,814 4,257,688

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 Limited (Registered number: SC386352)

Statement of Changes in Equity
for the Year Ended 31st March 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1st April 2022 68,719 2,808,694 1,248,509 31,286 4,157,208

Changes in equity
Total comprehensive income - 100,480 - - 100,480
Balance at 31st March 2023 68,719 2,909,174 1,248,509 31,286 4,257,688

Changes in equity
Dividends - (1,471,904 ) - - (1,471,904 )
Total comprehensive income - 664,030 - - 664,030
Balance at 31st March 2024 68,719 2,101,300 1,248,509 31,286 3,449,814

T P Niven Limited (Registered number: SC386352)

Cash Flow Statement
for the Year Ended 31st March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,560,774 1,688,076
Interest paid (33,148 ) (25,447 )
Interest element of hire purchase and finance
lease rental payments paid

(204,947

)

(160,056

)
Tax paid - (18,352 )
Net cash from operating activities 1,322,679 1,484,221

Cash flows from investing activities
Purchase of tangible fixed assets (189,526 ) (76,359 )
Sale of tangible fixed assets 255,163 174,600
Interest received 3,469 1,091
Dividends received 260 -
Net cash from investing activities 69,366 99,332

Cash flows from financing activities
Inter company loans 1,242,178 (237,965 )
Capital repayments in year (1,926,914 ) (1,458,634 )
Amount introduced by directors 6,905 -
Amount withdrawn by directors (33,075 ) (27,517 )
Equity dividends paid (1,471,904 ) -
Net cash from financing activities (2,182,810 ) (1,724,116 )

Decrease in cash and cash equivalents (790,765 ) (140,563 )
Cash and cash equivalents at beginning of year 2 70,322 210,885

Cash and cash equivalents at end of year 2 (720,443 ) 70,322

T P Niven Limited (Registered number: SC386352)

Notes to the 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 907,405 74,822
Depreciation charges 1,521,456 1,428,330
Loss on disposal of fixed assets 10,228 9,355
Finance costs 238,095 185,503
Finance income (3,729 ) (1,091 )
2,673,455 1,696,919
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 (95,411 )
Cash generated from operations 1,560,774 1,688,076

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 321 70,322
Bank overdrafts (720,764 ) -
(720,443 ) 70,322
Year ended 31st March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 70,322 210,885


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 70,322 (70,001 ) 321
Bank overdrafts - (720,764 ) (720,764 )
70,322 (790,765 ) (720,443 )
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 (3,369,735 ) 1,136,149 - (5,766,525 )

T P Niven Limited (Registered number: SC386352)

Notes to the Financial Statements
for the Year Ended 31st March 2024

1. STATUTORY INFORMATION

T P Niven Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 company is legally entitled to the income. In practice the company recognises entitlement to income based on the load date of goods rather than delivery date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost and not provided
Tenant's improvements - 2% on cost
Plant & equipment - 15% on reducing balance
Trailers - 25% on reducing balance
Motor vehicles - 25% on reducing balance and at varying rates on cost
Computer equipment - 25% on cost

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.

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 Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

T P Niven Limited (Registered number: SC386352)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

2. ACCOUNTING POLICIES - continued

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 company 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 company use 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 company 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 company 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.

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 company 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 company 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.

T P Niven Limited (Registered number: SC386352)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Rendering of 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

The average number of employees during the year was as follows:
2024 2023

Directors 2 2
Management & administration 12 13
Direct employees 250 223
264 238

5. DIRECTORS' EMOLUMENTS
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.

6. OPERATING PROFIT

The operating profit is stated after charging:

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
Loss on disposal of fixed assets 10,228 9,355
Auditors' remuneration 13,780 12,730

T P Niven Limited (Registered number: SC386352)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

7. 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

8. 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 112,239 (18,352 )

Deferred tax 131,136 (7,306 )
Tax on profit 243,375 (25,658 )

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 907,405 74,822
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19%)

226,851

14,216

Effects of:
Expenses not deductible for tax purposes 9,667 764
Income not taxable for tax purposes (65 ) -
Capital allowances in excess of depreciation (96,307 ) (54,541 )
Deferred tax 131,136 (7,306 )

Tax losses (27,907 ) 21,209
Total tax charge/(credit) 243,375 (25,658 )

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 1,471,904 -

T P Niven Limited (Registered number: SC386352)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

10. TANGIBLE FIXED ASSETS
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 Limited (Registered number: SC386352)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

10. TANGIBLE FIXED ASSETS - continued

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
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

12. STOCKS
2024 2023
£    £   
Consumables 190,683 196,650

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,126,482 4,558,278
Amounts owed by group undertakings - 952,143
Other debtors 29,894 17,763
Tax 18,352 18,352
Prepayments 230,716 170,401
6,405,444 5,716,937

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).

T P Niven Limited (Registered number: SC386352)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 720,764 -
Hire purchase contracts and finance leases (see note 17)
1,646,800

1,298,743
Trade creditors 2,287,619 1,834,252
Amounts owed to group undertakings 290,038 -
Tax 112,239 -
Social security and other taxes 252,206 198,643
VAT 525,563 553,095
Directors' current accounts - 26,170
Accrued expenses 599,077 556,473
6,434,306 4,467,376

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts and finance leases (see note 17)
3,399,282

2,141,314

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 720,764 -

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

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

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

T P Niven Limited (Registered number: SC386352)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

18. SECURED DEBTS

The following secured debts are included within creditors:

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.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 586,763 455,628

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 accelerated capital allowances. Provision has been made at 25% being the future rate of Corporation Tax likely to apply as the provision unwinds.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
84,347 Ordinary £1 68,719 68,719

21. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1st April 2023 2,909,174 1,248,509 31,286 4,188,969
Profit for the year 664,030 664,030
Dividends (1,471,904 ) (1,471,904 )
At 31st March 2024 2,101,300 1,248,509 31,286 3,381,095

22. PENSION COMMITMENTS

The company 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 company and amounted to £256,920 (2023 - £179,150).

T P Niven Limited (Registered number: SC386352)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

23. ULTIMATE PARENT COMPANY

TP Niven (Holdings) Limited is regarded by the director as being the company's ultimate parent company.

TP Niven (Holdings) Limited has the same registered office as the company. Group financial statements can be obtained from Companies House.

24. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 885,000 330,000

25. RELATED PARTY DISCLOSURES

The company is exempt from disclosing transactions with its parent company TP Niven (Holdings) Limited.and fellow subsidiary under section 33.1A as both subsidiaries are wholly owned.