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Registered number: SC268596














COLIN LAWSON TRANSPORT LIMITED





ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
COLIN LAWSON TRANSPORT LIMITED
 

COMPANY INFORMATION


Director
C Lawson 




Company secretary
L Lawson



Registered number
SC268596



Registered office
Epic House
Crawpeel Road

Altens Industrial Estate

Aberdeen

AB12 3LG




Independent auditors
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
COLIN LAWSON TRANSPORT LIMITED
 

CONTENTS



Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Analysis of net debt
12
Notes to the financial statements
13 - 29


 
COLIN LAWSON TRANSPORT LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activity of the company is that of road haulage contractors.

Business review
 
The director is satisfied with the trading results for the year. Turnover increased during the year and together with a more stable fuel price during the year resulted in a return to profitability for the company. Activity has remained positive in 2024 and the director is forecasting continued profitability for 2024.
Turnover for the year was £8.4m compared with £7.8m for the previous year. The EBITDA for the year was £1.45m which was a significant increase compared with £560k in 2022. This has resulted in the company returning to profitability with a profit before tax of £471k for the financial year compared with a loss of £301k in the previous year, which included a significant debtor write off amounting to £290k.
The company’s fleet investment programme was hampered during the previous two years due to delays in assets being delivered. During 2023 the delayed assets started arriving and capital investment in 2023 was more than £1.3m for the year. Since the year end further capital investment of £1.5m has been made. The catch up has ensured the company is close to the original investment plan prior to Covid. 

Principal risks and uncertainties
 
The volatility in the fuel price continues to be the company’s principal risk given fuel is a significant proportion of the company’s costs. The company constantly monitors its sales price to mitigate the risk.
With our key customers operating within the energy sector a significant risk remains the fluctuation of the oil price and the transition to greener energy.  We continue to support our customers during this transition. 
The director’s policy of reinvesting profits back into the company over the years ensures the company maintains a low net debt position. The director believes the company is still well placed to take advantage of any opportunities that will arise in the market from increased customer demands. 

Financial key performance indicators
 
The director closely monitors the trading performance of the business and considers the key performance indicators to be:

Sales;
Gross profit;
EBITDA;
Total net assets; and
Customer retention.


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





C Lawson
Director

Date: 19 September 2024

Page 1

 
COLIN LAWSON TRANSPORT 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.

Results and dividends

The profit for the year, after taxation, amounted to £325,075 (2022 - £247,401).

During the year the company paid a dividend of £70,000 (2022 - £80,000). 

Director

The director who served during the year was:

C Lawson 

Future developments

The director does not anticipate any changes to his business plan in the foreseeable future.

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.

Auditors

The auditorsAnderson Anderson & Brown Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





C Lawson
Director

Date: 19 September 2024

Page 2

 
COLIN LAWSON TRANSPORT LIMITED
 

DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

Page 3

 
COLIN LAWSON TRANSPORT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLIN LAWSON TRANSPORT LIMITED
 

Opinion


We have audited the financial statements of Colin Lawson Transport Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, 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 4

 
COLIN LAWSON TRANSPORT LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLIN LAWSON TRANSPORT 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 5

 
COLIN LAWSON TRANSPORT LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLIN LAWSON TRANSPORT 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 frameworks within which the company operates,  focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, haulage, employment and Taxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:
 
Management override of controls to manipulate the company's key performance indicators to meet targets;
Timing and completeness of revenue recognition; 
Management judgement applied in calculating provisions; and
Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading.

Our audit procedures to respond to these risks included:
 
Testing of journal entries and other adjustments for appropriateness;
Evaluating the business rationale of significant transactions outside the normal course of business;
Reviewing judgements made by management in their calculation of accounting estimates for potential management bias;
Enquiries of management about litigation and claims and inspection of relevant correspondence;
Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations; and
Performing a disclosure checklist on the financial statements to ensure Companies Act 2006 requirements are satisfied.

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 Auditors' report.


Page 6

 
COLIN LAWSON TRANSPORT LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLIN LAWSON TRANSPORT LIMITED (CONTINUED)

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.





Graeme Penman (Senior statutory auditor)
  
for and on behalf of
Anderson Anderson & Brown Audit LLP
 
Statutory Auditor
  
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU

19 September 2024
Page 7

 
COLIN LAWSON TRANSPORT LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
8,365,355
7,833,452

Cost of sales
  
(7,169,572)
(7,221,362)

Gross profit
  
1,195,783
612,090

Administrative expenses
  
(649,127)
(854,331)

Operating profit/(loss)
 5 
546,656
(242,241)

Interest receivable and similar income
 9 
11,827
600

Interest payable and expenses
 10 
(87,271)
(58,964)

Profit/(loss) before tax
  
471,212
(300,605)

Tax on profit/(loss)
 11 
(146,137)
53,204

Profit/(loss) for the financial year
  
325,075
(247,401)

There was no other comprehensive income for 2023 (2022 - £nil).

The notes on pages 13 to 29 form part of these financial statements.

Page 8

 
COLIN LAWSON TRANSPORT LIMITED
REGISTERED NUMBER:SC268596

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
517
1,170

Tangible assets
 14 
5,244,976
4,902,690

Investment property
 15 
503,187
503,187

  
5,748,680
5,407,047

Current assets
  

Stocks
 16 
18,350
20,500

Debtors: amounts falling due within one year
 17 
2,164,187
2,171,151

Cash at bank and in hand
 18 
823,956
531,548

  
3,006,493
2,723,199

Creditors: amounts falling due within one year
 19 
(2,041,649)
(1,729,943)

Net current assets
  
 
 
964,844
 
 
993,256

Total assets less current liabilities
  
6,713,524
6,400,303

Creditors: amounts falling due after more than one year
 20 
(537,563)
(625,554)

Provisions for liabilities
  

Deferred tax
 24 
(620,520)
(474,383)

  
 
 
(620,520)
 
 
(474,383)

Net assets
  
5,555,441
5,300,366


Capital and reserves
  

Called up share capital 
 25 
100
100

Profit and loss account
  
5,555,341
5,300,266

  
5,555,441
5,300,366


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C Lawson
Director

Date: 19 September 2024

The notes on pages 13 to 29 form part of these financial statements.

Page 9

 
COLIN LAWSON TRANSPORT 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
5,627,667
5,627,767



Loss for the year
-
(247,401)
(247,401)

Dividends
-
(80,000)
(80,000)



At 1 January 2023
100
5,300,266
5,300,366



Profit for the year
-
325,075
325,075

Dividends
-
(70,000)
(70,000)


At 31 December 2023
100
5,555,341
5,555,441


The notes on pages 13 to 29 form part of these financial statements.

Page 10

 
COLIN LAWSON TRANSPORT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
325,075
(247,401)

Adjustments for:

Amortisation of intangible assets
653
653

Depreciation of tangible assets
903,445
875,142

Loss on disposal of tangible assets
9,684
827

Interest paid
87,271
58,964

Interest received
(11,827)
(600)

Taxation charge
146,137
(53,204)

Decrease/(increase) in stocks
2,150
(1,575)

Decrease in debtors
6,964
234,838

(Decrease)/increase in creditors
(69,901)
9,647

Corporation tax received
-
10,051

Net cash generated from operating activities

1,399,651
887,342


Cash flows from investing activities

Purchase of tangible fixed assets
(220,864)
(248,835)

Sale of tangible fixed assets
53,450
51,250

Interest received
11,827
600

HP interest paid
(31,190)
(18,083)

Net cash from investing activities

(186,777)
(215,068)

Cash flows from financing activities

Net Repayment of loans
(239,317)
(180,912)

Repayment of finance leases
(555,068)
(358,458)

Dividends paid
(70,000)
(80,000)

Interest paid
(56,081)
(40,881)

Net cash used in financing activities
(920,466)
(660,251)

Net increase in cash and cash equivalents
292,408
12,023

Cash and cash equivalents at beginning of year
531,548
519,525

Cash and cash equivalents at the end of year
823,956
531,548


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
823,956
531,548

823,956
531,548


The notes on pages 13 to 29 form part of these financial statements.

Page 11

 
COLIN LAWSON TRANSPORT LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





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

£

£

£

Cash at bank and in hand

531,548

292,408

-

823,956

Debt due after 1 year

(625,554)

228,503

-

(397,051)

Debt due within 1 year

(280,832)

10,814

-

(270,018)

Finance leases

(138,347)

524,360

(1,053,050)

(667,037)


(513,185)
1,056,085
(1,053,050)
(510,150)

The notes on pages 13 to 29 form part of these financial statements.

Page 12

 
COLIN LAWSON TRANSPORT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Colin Lawson Transport Limited (the 'company') is incorporated in Scotland. The registered office is Crawpeel Road, Altens Industrial Estate, Aberdeen, AB12 3LG.

2.Accounting policies

  
2.1

Going concern

The director, having made due and careful enquiry, is of the opinion that the company has adequate working capital to execute its operations for at least a period of 12 months from the date of approval of these financial statements. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that the company has adequate resources to continue in operational existence for the foreseeable future.
As a result of the director’s assessment, the director has adopted the going concern basis of accounting in preparing the financial statements.  

 
2.2

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).

 
2.3

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. 

 
2.4

Borrowing costs

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

 
2.5

Pensions

Defined contribution pension plan
The company contributes to 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 the Statement of comprehensive income 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.

Page 13

 
COLIN LAWSON TRANSPORT LIMITED
 

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

2.Accounting policies (continued)

  
2.6

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, 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.

Page 14

 
COLIN LAWSON TRANSPORT LIMITED
 

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

2.Accounting policies (continued)

 
2.7

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to the initial recognition, Goodwill is amortised on a straight line basis to the Income statement over its useful economic life.
Other Intangible assets

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

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

 
2.8

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, using the straight-line method.

Depreciation is provided on the following basis:

Freehold land
-
Not depreciated
Buildings
-
50 years
Haulage & trailer vehicles
-
5 - 10 years
Fixtures & equipment
-
5 years

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.

Page 15

 
COLIN LAWSON TRANSPORT LIMITED
 

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

2.Accounting policies (continued)

 
2.9

Investment property

Investment property is carried at fair value determined by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income statement.

 
2.10

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 last 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.

 
2.11

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.

 
2.12

Cash and cash equivalents

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

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

 
2.13

Creditors

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

 
2.14

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.

 
2.15

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.

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

Page 16

 
COLIN LAWSON TRANSPORT LIMITED
 

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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.

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 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 receipts 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.
 
Page 17

 
COLIN LAWSON TRANSPORT LIMITED
 

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Derecognition of financial instruments

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.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements, requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of financial position date and the amounts reported during the year for revenue and costs. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements and estimates have had the most significant impact on amounts recognised in the financial statements.
Impairment of debtors
The company makes an assessment of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management consider various factors including the ageing profile of debtors, credit rating of customers and historical experience.
Valuation of investment property
The investment property is carried at fair value based on an independent valuation. The director has made an assessment of this valuation with due consideration given to the correct property market and comparable yields of similar properties and concluded theses to be no material change at the year end.

Page 18

 
COLIN LAWSON TRANSPORT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

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


2023
2022
£
£

Revenue from rendering of services
8,365,355
7,833,452

8,365,355
7,833,452


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
8,365,355
7,833,452

8,365,355
7,833,452



5.


Operating profit/(loss)

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

2023
2022
£
£

Depreciation of tangible fixed assets
903,445
875,142

Amortisation of intangible assets
653
653


6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
12,000
11,000
Page 19

 
COLIN LAWSON TRANSPORT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

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


2023
2022
£
£

Wages and salaries
3,124,692
3,044,986

Social security costs
330,654
339,843

Pension costs
77,887
74,858

3,533,233
3,459,687


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


        2023
        2022
            No.
            No.







Administration
14
14



Operations
59
57

73
71


8.


Director's remuneration

2023
2022
£
£

Director's emoluments
44,914
43,969



9.


Interest receivable

2023
2022
£
£


Other interest receivable
11,827
600


10.


Interest payable and similar expenses

2023
2022
£
£


Bank term loan interest payable
53,838
36,927

Finance leases and hire purchase contracts
31,190
18,083

Insurance premium loan interest payable
2,243
3,954

87,271
58,964

Page 20

 
COLIN LAWSON TRANSPORT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£



Deferred tax


Origination and reversal of timing differences
146,137
(53,204)


Tax on profit/(loss)
146,137
(53,204)

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 23.52% (2022 -19%). The differences are explained below:

2023
2022
£
£


Profit/(loss) on ordinary activities before tax
471,212
(300,605)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
110,832
(57,115)

Effects of:


Fixed asset differences
(125)
1,066

Expenses not deductible for tax purposes
26,444
15,614

Other permanent differences
338
-

Adjust deferred tax to average rate
8,648
(12,769)

Total tax charge for the year
146,137
(53,204)


12.


Dividends

2023
2022
£
£


Dividends - £700 per share (31 December 2022 - £800 per share)
70,000
80,000

Page 21

 
COLIN LAWSON TRANSPORT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets




Licence plates
Goodwill
Total

£
£
£



Cost


At 1 January 2023
45,009
100,000
145,009



At 31 December 2023

45,009
100,000
145,009



Amortisation


At 1 January 2023
43,839
100,000
143,839


Charge for the year on owned assets
653
-
653



At 31 December 2023

44,492
100,000
144,492



Net book value



At 31 December 2023
517
-
517



At 31 December 2022
1,170
-
1,170



Page 22

 
COLIN LAWSON TRANSPORT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Freehold land & buildings
Haulage & trailer vehicles
Fittings & equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
1,919,330
7,970,849
312,791
10,202,970


Additions
97,553
1,203,106
8,206
1,308,865


Disposals
-
(249,641)
(61,260)
(310,901)



At 31 December 2023

2,016,883
8,924,314
259,737
11,200,934



Depreciation


At 1 January 2023
164,620
4,860,661
274,999
5,300,280


Charge for the year on owned assets
31,118
770,527
17,173
818,818


Charge for the year on financed assets
-
84,627
-
84,627


Disposals
-
(187,226)
(60,541)
(247,767)



At 31 December 2023

195,738
5,528,589
231,631
5,955,958



Net book value



At 31 December 2023
1,821,145
3,395,725
28,106
5,244,976



At 31 December 2022
1,754,710
3,110,188
37,792
4,902,690

Included in land and buildings is freehold land of £952,940 (2022 - £952,940).

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


2023
2022
£
£



Haulage & trailer vehicles
1,082,679
399,917

Page 23

 
COLIN LAWSON TRANSPORT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
503,187



At 31 December 2023
503,187

The investment property was valued by the director in consultation with independent chartered surveyors in earlier periods. All valuations were prepared on an open market value basis for existing use and are recorded in these accounts.
The director considers that there has been no material change in property values at the year end.
No depreciation is charged on investment properties.



16.


Stocks

2023
2022
£
£

Spare parts and fuel
18,350
20,500



17.


Debtors

2023
2022
£
£


Trade debtors
1,516,018
1,718,018

Other debtors
364,081
176,131

Prepayments and accrued income
284,088
277,002

2,164,187
2,171,151



18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
823,956
531,548


Page 24

 
COLIN LAWSON TRANSPORT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank term loans
99,242
99,243

CBILS bank loan
146,939
146,939

Insurance premium loan
23,837
34,650

Trade creditors
586,774
724,533

Corporation tax
48,354
-

Taxation and social security
423,355
399,528

Obligations under finance lease and hire purchase contracts
526,525
138,347

Other creditors
9,898
26,538

Accruals and deferred income
176,725
160,165

2,041,649
1,729,943



20.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank term loans
152,153
233,717

CBILS bank loan
244,898
391,837

Obligations under finance leases and hire purchase contracts
140,512
-

537,563
625,554


Page 25

 
COLIN LAWSON TRANSPORT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank term loans
99,242
99,243

CBILS bank loan
146,939
146,939

Insurance Premium Loan
23,837
34,650

Amounts falling due 1-2 years

Bank term loans
99,242
99,242

CBILS bank loan
146,939
156,556

Amounts falling due 2-5 years

Bank term loans
52,911
134,475

CBILS bank loan
97,959
235,281


667,069
906,386


The insurance premium loan bears interest at 2.8%, and is repayable in 9 equal monthly payments with the final payment due in March 2024.
The bank term loan bears interest at a rate of 2.65% over base rate and is repayable in equal monthly payments over 5 years with a final repayment due at the end of the loan in July 2026.
The CBILS bank loans bears interest at 2.5% over base rate and is repayable in equal monthly installments over 4 years with the final repayment due at the end of the loan in July 2026.
Securities are held through two floating charges over the assets and undertakings of the company and a legal first charge over the company's premises at Crawpeel Road, Aberdeen.


22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
526,524
138,347

Between 1-3 years
140,512
-

667,036
138,347

Clydesdale Bank PLC (trading as Virgin Money UK) holds a floating charge over the assets of the company in respect of the above hire purchase leases.
Agreements with other finance providers are secured against the assets to which they relate. 

Page 26

 
COLIN LAWSON TRANSPORT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
823,956
531,548

Financial assets that are debt instruments measured at amortised cost
1,927,544
1,918,524

2,751,500
2,450,072


Financial liabilities


Financial liabilities measured at amortised cost
(1,440,466)
(1,817,622)


24.


Deferred taxation




2023


£






At beginning of year
(474,383)


Charged to profit or loss
(146,137)



At end of year
(620,520)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(652,017)
(500,672)

Tax losses carried forward
30,021
23,030

Short term timing differences
1,476
3,259

(620,520)
(474,383)


25.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



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


Page 27

 
COLIN LAWSON TRANSPORT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Contingent liabilities

Following a road traffic accident the company is subject to an investigation by the Procurator Fiscal. The investigation is still on-going and any financial liability is still unknown. As such no liability has been recognised at 31 December 2023.


27.


Capital commitments


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

2023
2022
£
£


Contracted for but not provided in these financial statements
552,800
1,306,000


28.


Commitments under operating leases

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

2023
2022
£
£



Not later than 1 year
82,000
82,000

Later than 1 year and not later than 5 years
156,000
156,000

Later than 5 years
2,223,000
2,262,000

Total
2,461,000
2,500,000

Page 28

 
COLIN LAWSON TRANSPORT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

29.


Related party transactions

Control
Throughout the year the company was controlled by the director.
Transactions
During the year the company had the following transactions with related parties:
Included within other debtors are amounts due from the director totaling £136,876 (2022 - £116,366). The loan is unsecured and bears no interest.
Included within other debtors are amounts due from family members of the director totaling £80,000 (2022 - £nil). The loan attracts interest at 2% and is repayable by September 2028 or, if sooner, when they cease to be an employee of the company.
The total amount of dividends declared and payable to the director in the period was £52,500 (2022 - £60,000).
During the period, the company rented yard from the trustees of the pension scheme - C&L Lawson and Colin Lawson Transport, a pension fund of which C Lawson is a trustee. The total cost of this rent was £43,000 (2022 - £43,000). The balance at year end is £nil (2022 - £nil).
Key management personnel
Those who have authority and responsibility for planning, directing and controlling the activities of a company are considered key management personnel. There are no such personnel other than the company's director whose remuneration is already disclosed at note 8.


Page 29