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Registered number: NI626247










DRT (NI) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DRT (NI) LIMITED
 

COMPANY INFORMATION


Director
Mr Patrick Derry 




Company secretary
Fiona Derry



Registered number
NI626247



Registered office
90 Charlestown Road
Portadown

Craigavon

Armagh

BT63 5PP




Independent auditors
AAB Group Accountants Limited

Howard House

30 Northland Row

Dungannon

Co. Tyrone

BT71 6AP




Bankers
Ulster Bank
PO Box 524

20 High Street

Portadown

Co Armgh

BT62 1YB





AIB

4/8 Market Place

Lurgan

Craigavon

Co Armagh

BT66 6AQ




Solicitors
Johnsons
Johnson House

50/56 Wellington Place

Belfast

BT1 6GF





 
DRT (NI) LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Director's Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Comprehensive Income
 
 
9
Balance Sheet
 
 
10
Statement of Changes in Equity
 
 
11
Notes to the Financial Statements
 
 
12 - 27


 
DRT (NI) LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Business review
 
The director aims to present a balanced and comprehensive review of the development and performance of the company during the year and its position at 31 December 2023. This review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties it faces. 

Principal risks and uncertainties
 
The management of the business and the execution of the company's strategy are subject to a number of risks, The key business risks and uncertainties affecting the company are considered to relates to competition and increasing fuel costs. 
The company's operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk, liquidity risk and interest risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. 
The main risks are noted below: 
Liquidity Risk: The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Interest Rate Risk: The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.
Foreign Currency Risk: The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.
Credit Risk: Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
Inflation rate risk
As a result of the rising rate of inflation the company has seen the impact of this through rising costs mainly in relation to wages and salaries and energy costs. The company continue to monitor costs regularly and to minimise the impact of these rising costs where possible.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Page 1

 
DRT (NI) LIMITED
 

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

Financial key performance indicators
 
The director considers the company's key performance indicators to be those that communicate the financial performance and strength of the company as a whole; these being turnover, gross profit, profit before tax and net assets.
The director is pleased with the results generated by the principal activity of the company during the year. 

2023
2022
Turnover

£20.1m

£20.1m
 
Gross profit

£5.67m

£5.87m
 
GP%

28.2%

29.2%
 
PBT

£1.88m

£2.49m
 
Net assets

£6.34m

£5.17m
 


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



Mr Patrick Derry
Director

Page 2

 
DRT (NI) LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Principal activity

The principal activity of the company continued to be that of refrigerated transport.

Results and dividends

The profit for the year, after taxation, amounted to £1,166,704 (2022 - £1,932,044).

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

Director

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

Mr Patrick Derry 

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Company's financial statements 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors

The auditorsAAB Group Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3

 
DRT (NI) LIMITED
 

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

Disclosure of information to auditors

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

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

Post balance sheet events

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

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





Mr Patrick Derry
Director

Page 4

 
DRT (NI) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DRT (NI) LIMITED
 

Opinion


We have audited the financial statements of DRT (NI) Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
DRT (NI) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DRT (NI) LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, 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.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the 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 have no realistic alternative but to do so.


Page 6

 
DRT (NI) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DRT (NI) LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company – Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management.
Our procedures to respond to those risks identified included, but were not limited to:
- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.


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 Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 7

 
DRT (NI) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DRT (NI) LIMITED (CONTINUED)





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

5 September 2024
Page 8

 
DRT (NI) LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
20,121,220
20,113,232

Cost of sales
  
(14,453,095)
(14,245,227)

Gross profit
  
5,668,125
5,868,005

Administrative expenses
  
(3,220,218)
(3,117,716)

Other operating income
 5 
22,223
80,187

Operating profit
 6 
2,470,130
2,830,476

Interest payable and similar expenses
 8 
(585,809)
(339,994)

Profit before tax
  
1,884,321
2,490,482

Tax on profit
 9 
(717,617)
(558,438)

Profit for the financial year
  
1,166,704
1,932,044

Other comprehensive income for the year
  

Total comprehensive income for the year
  
1,166,704
1,932,044

The notes on pages 12 to 27 form part of these financial statements.

Page 9

 
DRT (NI) LIMITED
REGISTERED NUMBER: NI626247

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
15,424,704
11,948,350

  
15,424,704
11,948,350

Current assets
  

Stocks
 12 
22,218
34,590

Debtors: amounts falling due within one year
 13 
6,301,742
5,757,261

Cash at bank and in hand
 14 
503,319
737,266

  
6,827,279
6,529,117

Creditors: amounts falling due within one year
 15 
(5,114,328)
(6,084,134)

Net current assets
  
 
 
1,712,951
 
 
444,983

Total assets less current liabilities
  
17,137,655
12,393,333

Creditors: amounts falling due after more than one year
 16 
(8,562,958)
(5,702,957)

Provisions for liabilities
  

Deferred tax
 19 
(2,238,820)
(1,521,203)

  
 
 
(2,238,820)
 
 
(1,521,203)

Net assets
  
6,335,877
5,169,173


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
6,335,777
5,169,073

  
6,335,877
5,169,173


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




Mr Patrick Derry
Director

The notes on pages 12 to 27 form part of these financial statements.

Page 10

 
DRT (NI) LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
3,237,029
3,237,129


Comprehensive income for the year

Profit for the year
-
1,932,044
1,932,044
Total comprehensive income for the year
-
1,932,044
1,932,044



At 1 January 2023
100
5,169,073
5,169,173


Comprehensive income for the year

Profit for the year
-
1,166,704
1,166,704
Total comprehensive income for the year
-
1,166,704
1,166,704


At 31 December 2023
100
6,335,777
6,335,877


The notes on pages 12 to 27 form part of these financial statements.

Page 11

 
DRT (NI) LIMITED
 

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

1.


General information

DRT (NI) is a private company limited by shares incorporated in Northern Ireland. The registered office is 90 Charlestown road, Portadown, Craigavon, Co. Armagh, Northern Ireland, BT63 5PP. The principal activity of the company continued to be that of refrigerated transport.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.

This information is included in the consolidated financial statements of Tivanagh Holdings Ltd  as at 31 December 2023 and these financial statements may be obtained from the company's registered office.

 
2.3

Going concern

At the time of approving the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Page 12

 
DRT (NI) LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

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:

Rendering of services

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

 
2.6

Government grants

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

Page 13

 
DRT (NI) LIMITED
 

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

2.Accounting policies (continued)

 
2.7

Finance costs

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

 
2.8

Borrowing costs

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

 
2.9

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

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

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

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

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

 
2.11

Intangible assets

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

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

Page 14

 
DRT (NI) LIMITED
 

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

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Plant and machinery
-
20%
Reducing balance
Motor vehicles
-
20%
Reducing balance
Office equipment
-
20%
Reducing balance
Lorries and trailers
-
20%
Reducing balance

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

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

 
2.13

Stocks

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

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

 
2.14

Debtors

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

 
2.15

Cash and cash equivalents

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

 
2.16

Creditors

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

Page 15

 
DRT (NI) LIMITED
 

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

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

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

 
2.18

Financial instruments

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

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

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

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

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

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 16

 
DRT (NI) LIMITED
 

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

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

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

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

Derecognition of financial liabilities

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

Page 17

 
DRT (NI) LIMITED
 

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.


4.


Turnover

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


2023
2022
£
£

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

20,121,220
20,113,232


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
12,486,423
12,517,200

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

20,121,220
20,113,232



5.


Other operating income

2023
2022
£
£

Government grants receivable
15,750
23,750

Insurance claims receivable
6,473
56,437

22,223
80,187


Page 18

 
DRT (NI) LIMITED
 

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

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(9,701)
(5,460)

Government grants
(15,750)
(23,750)

Fees payable to the company's auditor for the audit of the company's financial statements
15,095
14,500

Depreciation of owned tangible fixed assets
579,532
519,933

Depreciation of tangible assets held under finance leases
711,827
560,047

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

Operating lease charges
530,885
512,701


7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
1,732,562
1,494,527

Social security costs
145,636
128,622

Cost of defined contribution scheme
37,579
28,263

1,915,777
1,651,412


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


        2023
        2022
            No.
            No.







Warehouse
36
32



Garage
8
8



Office
21
16

65
56


8.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
487,278
264,657

Finance leases and hire purchase contracts
98,531
75,337

585,809
339,994

Page 19

 
DRT (NI) LIMITED
 

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

9.


Taxation


2023
2022
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
717,617
558,438

Total deferred tax
717,617
558,438


Tax on profit
717,617
558,438

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.50% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,884,321
2,490,482


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.50% (2022 - 19%)
442,815
473,192

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(4,553)
(230)

Capital allowances for year in excess of depreciation
(657,741)
(371,078)

Utilisation of tax losses
43,284
(147,304)

Group relief
176,195
45,420

Deferred tax
717,617
558,438

Total tax charge for the year
717,617
558,438


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
DRT (NI) LIMITED
 

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

10.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
760,000



At 31 December 2023

760,000



Amortisation


At 1 January 2023
760,000



At 31 December 2023

760,000



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 21

 
DRT (NI) LIMITED
 

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

11.


Tangible fixed assets





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

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
7,296,286
2,079,607
57,956
179,532
6,071,189
15,684,570


Additions
3,070,724
896,995
20,716
-
893,233
4,881,668


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



At 31 December 2023

10,367,010
2,976,602
71,682
179,532
6,441,252
20,036,078



Depreciation


At 1 January 2023
359,167
1,017,456
13,322
72,631
2,273,644
3,736,220


Charge for the year on owned assets
149,179
219,960
11,987
18,830
179,563
579,519


Charge for the year on financed assets
-
22,706
-
2,580
686,541
711,827


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



At 31 December 2023

508,346
1,260,122
19,308
94,041
2,729,557
4,611,374



Net book value



At 31 December 2023
9,858,664
1,716,480
52,374
85,491
3,711,695
15,424,704



At 31 December 2022
6,937,119
1,062,151
44,634
106,901
3,797,545
11,948,350

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


2023
2022
£
£

Plant and equipment


Plant and machinery
90,823
113,528

Furniture, fittings and equipment
10,322
12,902

Lorries & trailers
2,817,687
2,750,973

2,918,832
2,877,403

Page 22

 
DRT (NI) LIMITED
 

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

12.


Stocks

2023
2022
£
£

Raw materials and consumables
22,218
34,590

22,218
34,590



13.


Debtors

2023
2022
£
£


Trade debtors
3,322,584
4,016,945

Amounts owed by group undertakings
2,315
7,834

Amounts owed by related undertakings
1,288,959
550,281

Other debtors
459,571
485,949

Prepayments and accrued income
1,228,313
696,252

6,301,742
5,757,261


Amounts due from group and related undertakings are interest free, unsecured and repayable on demand.


14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
503,319
737,266

Less: bank overdrafts
-
(2,075)

503,319
735,191


Page 23

 
DRT (NI) LIMITED
 

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

15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
2,075

Bank loans
605,882
610,048

Other loans
125,579
1,712,388

Trade creditors
1,002,522
1,092,774

Amounts owed to group undertakings
791,994
506,337

Amounts owed to related undertakings
1,123,256
722,250

Other taxation and social security
48,376
158,964

Obligations under finance lease and hire purchase contracts
871,622
838,319

Other creditors
107,307
56,463

Accruals and deferred income
437,790
384,516

5,114,328
6,084,134


Amounts due to group and related undertakings are interest free, unsecured and repayable on demand.


16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
7,374,668
4,150,151

Net obligations under finance leases and hire purchase contracts
1,188,290
1,552,806

8,562,958
5,702,957


Page 24

 
DRT (NI) LIMITED
 

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

17.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
605,882
610,048

Other loans
125,579
1,712,388


731,461
2,322,436


Amounts falling due 2-5 years

Bank loans
7,374,668
4,150,151


7,374,668
4,150,151


8,106,129
6,472,587


Invoice discounting is secured by a fixed charge over book debts, restricted director's indemnity and a  mortgage debenture incorporating a fixed and floating charge over all company assets present and future.
Bank loans and overdrafts are secured by a fixed and floating charge over all company assets present and future including a specific charge over leasehold and development at Carn Industrial Estate, a legal charge over shareholding of DRT (NI) Limited and Carn Coldstore Limited, assignment over lease, assignment of life cover, unlimited cross company guarantee executed by DRT (NI) Limited, Carn Coldstore Limited, DRT (Drivers) Limited, DRT (Office) Limited & Tivanagh Holdings Limited supported by mortgage debentures incorporating a fixed and floating charge over all company assets present and future in the name of Carn Coldstore Limited, DRT (Drivers) Limited, DRT (Office) Limited & Tivanagh Holdings Limited and collateral warranties in respect of development at Carn Industrial Estate.


18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
871,622
838,319

Between 1-5 years
1,188,301
1,552,806

2,059,923
2,391,125

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Page 25

 
DRT (NI) LIMITED
 

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

19.


Deferred taxation




2023


£






At beginning of year
(1,521,203)


Charged to profit or loss
(717,617)



At end of year
(2,238,820)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(2,331,124)
(1,571,848)

Tax losses carried forward
90,393
43,890

Pension surplus
1,911
6,755

(2,238,820)
(1,521,203)


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



21.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


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

644,358
1,350,906


22.


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 £37,579 (2022 - £28,263).

Page 26

 
DRT (NI) LIMITED
 

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

23.


Related party transactions


2023
2022
£
£

Sales to related undertakings
Kilmore Storage and Distribution Limited
-
15,793
Brennan Refrigerated Transport Limited
255,849
-
Coldspeed Refrigerated Transport Limited
678,703
-
Purchases from related undertakings
Kilmore Storage and Distribution Limited
2,200
17,282
Brennan Refrigerated Transport Limited
241,870
168,868
Coldspeed Refrigerated Transport Limited
941,710
776,613
Derry Refrigerated Transport Limited
25,200
17,480
Management charge from related undertakings
DRT (Drivers) Ltd
4,370,689
4,857,603
DRT (Office) Ltd
37,611
326,503
Amounts due to related undertakings
Kilmore Storage and Distribution Limited
1,560
480
Brennan Refrigerated Transport Limited
74,410
38,520
Coldspeed Refrigerated Transport Limited
335,198
229,979
Derry Refrigerated Transport Limited
44,880
14,640
DRT (Drivers) Ltd
667,268
437,441
Amounts due from related undertakings
Kilmore Storage and Distribution Limited
118,575
78,706
Brennan Refrigerated Transport Limited
186,246
78,306
Coldspeed Refrigerated Transport Limited
199,667
87,676
Derry Refrigerated Transport Limited
7,530
7,662
DRT (Drivers) Ltd
330,577
142,484
DRT (Office) Ltd
74,465
95,596
Kilmore Freight Limited
103,505
61,041
Derry Refrigerated Transport (DRT) Limited
268,394
-


24.


Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
        £
        £

Within one year

524,234

421,744

Between two and five years

495,851

186,339


1,020,085

608,083



25.


Controlling party

The immediate and ultimate parent undertaking is Tivanagh Holdings Limited. 
The ultimate controlling party is Patrick Derry by virtue of his shareholding the in the parent company.


Page 27