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REGISTERED NUMBER: 13024063 (England and Wales)

















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

CRAGGS HOLDINGS LIMITED

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other 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 Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


CRAGGS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mrs H L Bingham
C Bingham
M Crockett
J P Sharp
R S Wallace





REGISTERED OFFICE: The Craggs Country Business Park
New Road
Cragg Vale
Hebden Bridge
West Yorkshire
HX7 5TT





REGISTERED NUMBER: 13024063 (England and Wales)





AUDITORS: Cresswells Accountants (UK) Limited
Chartered Accountants
and Statutory Auditors
12 Market Street
Hebden Bridge
West Yorkshire
HX7 6AD

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their strategic report of the company and the group for the year ended 31st December 2023.

The business is a significant oil distribution business supplying homes, farms, businesses and public sector
companies with low emission HVO fuels, heating oils, gas oil (red diesel), DERV (white diesel), industrial
fuels, lubricants and fuel services.

During the year Moorland Fuels Limited was merged with Craggs Energy Limited creating one business, under the 100% employee owned Trust (EOT) with bases in Hebden Bridge, West Yorkshire, Padiham in Lancashire and Okehampton in Devon. A strong emphasis on customer service and the use of technology, provides an efficient and innovative service.

REVIEW OF BUSINESS
The Directors are pleased with the performance for the year, with significant investments in a new ERP system and new vehicles driving improvements in customer service and efficiencies.

The engagement with employees across the business has increased under the EOT, with each beneficiary receiving a tax free bonus in the year. New wellbeing programmes have been introduced, including mental health, BUPA and life assurance based on feedback from employees, improving the overall culture within the company.

The regular monitoring of performance against forecasts and industry KPI's, ensures the business delivers efficient and competitive products to its customers.

Craggs recognises the need to help customers move to renewable and sustainable fuels and has invested in expanding its delivery of HVO in Okehampton alongside one of the largest in-land HVO distribution hub and HVO bunker points sitting within the Keyfuels network in Lancashire.

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors are aware of the various risks inherent in the business and meet regularly to consider them, ensuring that suitable management processes are in place to avoid, control or mitigate where possible. The key business risks are:

Credit risk
Craggs principle financial assets are cash, stock and trade debtors and the company's credit risk is primarily associated with trade debtors. This risk is managed by a strict policy of credit checking and reviewing all new and existing commercial customers. The company also maintains credit insurance to help mitigate this risk.

Commodity Price risk
Due to potential price fluctuations in the wholesale fuel market a price risk exists. Craggs seeks to mitigate this risk by having low levels of stock and short lead times between purchasing stock and delivering it to customers. Craggs also uses a proactive daily pricing policy aimed at minimising this risk.

Liquidity risk
Craggs seeks to manage liquidity risk by having sufficient funds and banking facilities in place to meet current and future working capital requirements.

Environmental and regulatory risk
The company is subject to environmental and regulatory risk due to the inherent nature of the sector in which it operates. Craggs ensures it meets all its environmental and regulatory requirements by having suitably qualified individuals and systems in place.


CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023

FINANCIAL KEY PERFORMANCE INDICATORS
The Directors use a combination of financial and non-financial KPIs, monitored on a monthly basis with variances acted upon as required, to determine how well the company is performing against its objectives and overall strategy.

KPI's
- Volumes ordered
- Quantities delivered
- Gross margins by product per litre
- Transport and operational costs
- Trade debtors and ageing
- Stock levels

FUTURE DEVELOPMENTS
Craggs Holdings Limited will continue to serve its loyal customer base with traditional products whilst promoting greener alternatives such as HVO and the use of offsetting and insetting. The ongoing investment in new more efficient vehicles, investment in employees and improved IT systems will provide the platform for further organic growth.

ON BEHALF OF THE BOARD:





J P Sharp - Director


19th September 2024

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 31st December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £1,099,999.(2022 £1,547,317).

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

Mrs H L Bingham
C Bingham
M Crockett
J P Sharp
R S Wallace

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Cresswells Accountants (UK) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J P Sharp - Director


19th September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CRAGGS HOLDINGS LIMITED

Opinion
We have audited the financial statements of Craggs Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2023 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 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CRAGGS HOLDINGS LIMITED


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 Directors.

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 directors' 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 Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the group or the parent company or to cease operations, or have 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 obtained an understanding of the legal and regulatory frameworks that are applicable to Craggs Holdings Limited and determined that the most significant are those that relate to the reporting framework (Companies Act 2006) and the relevant tax compliance regulations in the jurisdictions in which Craggs Holdings Limited operates. In addition, we concluded that there are certain significant laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements and those laws and regulations relating to health and safety, employee matters, environmental, and bribery and corruption practices.

We understood how Craggs Holdings Limited is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of board minutes and papers provided to the audit team.

We assessed the susceptibility of Craggs Holdings Limited's Financial Statements to material misstatement, including how fraud might occur, we utilised internal and external information to perform a fraud risk assessment. We considered the risk of fraud through management override and, in response, we incorporated a review of manual journal entries into our audit approach. We also considered the possibility of fraudulent or corrupt payments made through third parties.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.

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
CRAGGS 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.




John Dakin BSc FCA (Senior Statutory Auditor)
for and on behalf of Cresswells Accountants (UK) Limited
Chartered Accountants
and Statutory Auditors
12 Market Street
Hebden Bridge
West Yorkshire
HX7 6AD

19th September 2024

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 68,718,747 67,621,036

Cost of sales 63,617,931 61,825,557
GROSS PROFIT 5,100,816 5,795,479

Administrative expenses 4,685,929 4,240,984
414,887 1,554,495

Other operating income 54,877 73,722
OPERATING PROFIT 4 469,764 1,628,217


Interest payable and similar expenses 5 94,965 71,002
PROFIT BEFORE TAXATION 374,799 1,557,215

Tax on profit 6 31,816 135,730
PROFIT FOR THE FINANCIAL YEAR 342,983 1,421,485
Profit attributable to:
Owners of the parent 342,983 1,421,485

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 342,983 1,421,485


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

342,983

1,421,485

Total comprehensive income attributable to:
Owners of the parent 342,983 1,421,485

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

CONSOLIDATED BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 3,552,534 4,060,582
Tangible assets 10 3,466,818 2,586,663
Investments 11 - -
7,019,352 6,647,245

CURRENT ASSETS
Stocks 12 957,111 811,046
Debtors 13 8,319,705 5,839,143
Cash at bank and in hand 37 786,944
9,276,853 7,437,133
CREDITORS
Amounts falling due within one year 14 11,271,681 8,285,124
NET CURRENT LIABILITIES (1,994,828 ) (847,991 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,024,524

5,799,254

CREDITORS
Amounts falling due after more than
one year

15

(1,229,361

)

(1,274,438

)

PROVISIONS FOR LIABILITIES 18 (469,199 ) (441,836 )
NET ASSETS 3,325,964 4,082,980

CAPITAL AND RESERVES
Called up share capital 19 10,764 10,764
Share premium 20 3,293,417 3,293,417
Retained earnings 20 21,783 778,799
SHAREHOLDERS' FUNDS 3,325,964 4,082,980

The financial statements were approved by the Board of Directors and authorised for issue on 19th September 2024 and were signed on its behalf by:





J P Sharp - Director


CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

COMPANY BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 5,182,030 5,182,030
5,182,030 5,182,030

CURRENT ASSETS
Debtors 13 3,893 3,893

CREDITORS
Amounts falling due within one year 14 1,881,742 1,881,742
NET CURRENT LIABILITIES (1,877,849 ) (1,877,849 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,304,181

3,304,181

CAPITAL AND RESERVES
Called up share capital 19 10,764 10,764
Share premium 3,293,417 3,293,417
SHAREHOLDERS' FUNDS 3,304,181 3,304,181

Company's profit for the financial year 1,099,999 1,500,004

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

The financial statements were approved by the Board of Directors and authorised for issue on 19th September 2024 and were signed on its behalf by:





J P Sharp - Director


CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1st January 2022 6,889 904,631 3,293,417 4,204,937

Changes in equity
Issue of share capital 3,875 - - 3,875
Dividends - (1,547,317 ) - (1,547,317 )
Total comprehensive income - 1,421,485 - 1,421,485
Balance at 31st December 2022 10,764 778,799 3,293,417 4,082,980

Changes in equity
Dividends - (1,099,999 ) - (1,099,999 )
Total comprehensive income - 342,983 - 342,983
Balance at 31st December 2023 10,764 21,783 3,293,417 3,325,964

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1st January 2022 6,889 - 3,293,417 3,300,306

Changes in equity
Issue of share capital 3,875 - - 3,875
Dividends - (1,500,004 ) - (1,500,004 )
Total comprehensive income - 1,500,004 - 1,500,004
Balance at 31st December 2022 10,764 - 3,293,417 3,304,181

Changes in equity
Dividends - (1,099,999 ) - (1,099,999 )
Total comprehensive income - 1,099,999 - 1,099,999
Balance at 31st December 2023 10,764 - 3,293,417 3,304,181

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (959,145 ) 3,023,136
Interest paid (77,725 ) (48,434 )
Interest element of hire purchase
payments paid

(17,240

)

(22,568

)
Tax paid (61,931 ) (257,375 )
Net cash from operating activities (1,116,041 ) 2,694,759

Cash flows from investing activities
Purchase of intangible fixed assets - (591,409 )
Purchase of tangible fixed assets (1,893,795 ) (108,615 )
Sale of tangible fixed assets 531,069 32,610
Net cash from investing activities (1,362,726 ) (667,414 )

Cash flows from financing activities
Loan repayments in year (1,083,115 ) (266,666 )
Capital repayments in year 957,180 (231,989 )
Share issue - 3,875
Equity dividends paid (1,099,999 ) (1,547,317 )
Net cash from financing activities (1,225,934 ) (2,042,097 )

Decrease in cash and cash equivalents (3,704,701 ) (14,752 )
Cash and cash equivalents at
beginning of year

2

786,944

801,696

Cash and cash equivalents at end of
year

2

(2,917,757

)

786,944

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 374,799 1,557,215
Depreciation charges 1,032,722 906,207
Loss/(profit) on disposal of fixed assets 114,876 (8,322 )
Finance costs 94,965 71,002
1,617,362 2,526,102
Increase in stocks (146,065 ) (422,693 )
Increase in trade and other debtors (2,480,871 ) (1,245,931 )
Increase in trade and other creditors 50,429 2,165,658
Cash generated from operations (959,145 ) 3,023,136

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 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 37 786,944
Bank overdrafts (2,917,794 ) -
(2,917,757 ) 786,944
Year ended 31st December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 786,944 801,696


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.1.23 Cash flow changes At 31.12.23
£    £    £    £   
Net cash
Cash at bank
and in hand 786,944 (786,907 ) 37
Bank overdrafts - (2,917,794 ) (2,917,794 )
786,944 (3,704,701 ) (2,917,757 )
Debt
Finance leases (701,601 ) (820,785 ) - (1,679,364 )
Debts falling due
within 1 year (266,667 ) 266,667 - -
Debts falling due
after 1 year (800,000 ) 800,000 - -
(1,768,268 ) 245,882 - (1,679,364 )
Total (981,324 ) (3,458,819 ) - (4,597,121 )

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

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

1. STATUTORY INFORMATION

Craggs Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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.

Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:

Sale of goods

Revenue from sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - over the term of the lease
Plant and machinery - 15% on reducing balance and over 20 years
Fixtures and fittings - 25% on reducing balance and over 5 years
Motor vehicles - 25% on reducing balance, 15% on reducing balance, over 10 years and over 20 years
Computer equipment - over 5 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters in basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised costs using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or finance at a rate of interest that is not a market rate or in the case of an out-right short-term loan nor at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised costs are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised costs, the impairment loss is measured as the difference between an assets carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an assets carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

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.

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
Rentals paid under operating leases are charged to the statement of comprehensive income 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 systemic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Finance costs
Finance costs are charged to the statement of comprehensive income 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.

Borrowing costs
All borrowing costs are recognised in the statement of comprehensive income in the year in which they are incurred.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,073,769 1,771,339
Social security costs 202,394 211,953
Other pension costs 32,274 30,876
2,308,437 2,014,168

The average number of employees during the year was as follows:
2023 2022

Directors 5 5
Staff 52 55
57 60

2023 2022
£    £   
Directors' remuneration 376,109 400,312

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 88,880 110,645

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery - 1,418
Other operating leases 39,912 59,350
Depreciation - owned assets 524,673 396,534
Loss/(profit) on disposal of fixed assets 114,876 (8,322 )
Goodwill amortisation 507,876 507,876
Patents and licences amortisation 172 1,799
Auditors' remuneration 34,000 28,745

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 77,725 48,434
Hire purchase 17,240 22,568
94,965 71,002

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 62,200 (7,546 )
No description - 33
Total current tax 62,200 (7,513 )

Deferred tax (30,384 ) 143,243
Tax on profit 31,816 135,730

7. 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.


8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of 1 each
Interim 1,099,999 1,547,317

9. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1st January 2023
and 31st December 2023 5,078,754 17,985 5,096,739
AMORTISATION
At 1st January 2023 1,018,344 17,813 1,036,157
Amortisation for year 507,876 172 508,048
At 31st December 2023 1,526,220 17,985 1,544,205
NET BOOK VALUE
At 31st December 2023 3,552,534 - 3,552,534
At 31st December 2022 4,060,410 172 4,060,582

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

10. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1st January 2023 347,940 60,741 404,173
Additions - 17,149 115,393
Disposals - (60,741 ) (154,837 )
At 31st December 2023 347,940 17,149 364,729
DEPRECIATION
At 1st January 2023 46,959 41,333 243,729
Charge for year 6,000 6,808 45,385
Eliminated on disposal - (44,425 ) (114,728 )
At 31st December 2023 52,959 3,716 174,386
NET BOOK VALUE
At 31st December 2023 294,981 13,433 190,343
At 31st December 2022 300,981 19,408 160,444

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st January 2023 234,300 3,061,109 1,130,182 5,238,445
Additions 93,697 1,686,025 138,509 2,050,773
Disposals (82,129 ) (1,907,542 ) - (2,205,249 )
At 31st December 2023 245,868 2,839,592 1,268,691 5,083,969
DEPRECIATION
At 1st January 2023 160,440 1,613,442 545,879 2,651,782
Charge for year 20,915 343,796 101,769 524,673
Eliminated on disposal (63,483 ) (1,336,668 ) - (1,559,304 )
At 31st December 2023 117,872 620,570 647,648 1,617,151
NET BOOK VALUE
At 31st December 2023 127,996 2,219,022 621,043 3,466,818
At 31st December 2022 73,860 1,447,667 584,303 2,586,663

The net book value of assets held under finance lease or hire purchase contracts, included above, are as follows;
2022
£
Motor vehicles 971,689
971,689

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 5,182,030
NET BOOK VALUE
At 31st December 2023 5,182,030
At 31st December 2022 5,182,030


12. STOCKS

Group
2023 2022
£    £   
Stocks 957,111 811,046

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 7,286,366 4,786,071 - -
Other debtors 81,895 603,906 3,893 3,893
Tax - 308 - -
VAT 560,033 186,572 - -
Prepayments and accrued income 391,411 262,286 - -
8,319,705 5,839,143 3,893 3,893

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16)
2,917,794

266,667

-

-
Hire purchase contracts (see note 17) 450,003 227,163 - -
Trade creditors 6,731,930 7,241,588 - -
Amounts owed to group undertakings - - 1,881,742 1,881,742
Tax 62,161 - - -
Social security and other taxes 57,920 60,676 - -
Other creditors 476,574 417,608 - -
Accrued expenses 575,299 71,422 - -
11,271,681 8,285,124 1,881,742 1,881,742

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Bank loans (see note 16) - 800,000
Hire purchase contracts (see note 17) 1,229,361 474,438
1,229,361 1,274,438

16. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 2,917,794 -
Bank loans - 266,667
2,917,794 266,667
Amounts falling due between one and two years:
Bank loans - 1-2 years - 266,667
Amounts falling due between two and five years:
Bank loans - 2-5 years - 533,333

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 450,003 227,163
Between one and five years 1,229,361 474,438
1,679,364 701,601

18. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 469,199 441,836

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

18. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1st January 2023 441,836
Provided during year 27,363
Balance at 31st December 2023 469,199

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,764 Ordinary 1 10,764 10,764

20. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1st January 2023 778,799 3,293,417 4,072,216
Profit for the year 342,983 342,983
Dividends (1,099,999 ) (1,099,999 )
At 31st December 2023 21,783 3,293,417 3,315,200

Share premium account

The share premium account represents the excess of the proceeds of share issues over the nominal value of the shares.

Profit and loss account

The profit and loss reserve represents historic profit generated by the Company retained within the Company.

21. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £38,218 (2022 £36,159). Contributions totalling £3,370 (2022 £5,054) were payable to the fund at the reporting date ad are included in creditors.

CRAGGS HOLDINGS LIMITED (REGISTERED NUMBER: 13024063)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

22. RELATED PARTY DISCLOSURES

During the year the company made transactions with several companies that have common directors as follows


2023 2022
Purchases Sales Purchases Sales
Greenarc Limited 564,375 848,681 112,954 2,015,733
Craggs Country Business Park LLP 84,407 25,909 84,158 -
LCM Environmental Services Limited 561,000 532,811 1,066,923 8,906
Elektec Electrical Ltd - 1,346 - -
Greenarc Vehicles Limited 3,272 50,685 - -
PIS Ireland Ltd - 3,103 - -
Greenarc Fuelcards Limited 159,459 589,035 168,690 3,644,670
Holmes Tec Limited - 2,221 - -
Cragg Vale Consultancy Limited - 1,369 - -

The amounts (owed to)/due from related parties at the year end are as follows;
2023 2022
£    £   


The Craggs Country Business Park LLP (318 ) 5,934
R E Thornber Limited - -
Cragg Vale Consultancy Limited - -
Greenarc Limited 134,644 (58,778 )
LCM Environmental Services Limited (11,437 ) (35,905 )
Greenarc Fuel Cards Limited (494,358 ) (115,921 )
LCM Environmental Services Holdings Limited - 229,950
Greenarc Energy Ltd - 103,200
The Craggs Personal Storage Limited - 48
Director loan balances
C Bingham 10,000 10,000
R Wallace 10,000 10,000
M Crockett 20,000 20,000
(331,469 ) 168,528