Company registration number 05579891 (England and Wales)
KERSEY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LB GROUP
1 Vicarage Lane
Stratford
London
E15 4HF
KERSEY HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr J Mainwaring
Mr D Crawford
Secretary
Mr J Mainwaring
Company number
05579891
Registered office
Unit 42
Lady Lane Industrial Estate
Hadleigh
Ipswich
Suffolk
IP7 6BQ
Auditor
LB Group Limited (Stratford)
1 Vicarage Lane
Stratford
London
E15 4HF
KERSEY HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
KERSEY HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

During the year turnover increased 3.3% (2022: decreased by 0.97%) and the group achieved a gross profit margin of 13.23% (2022 : 17.04%).

 

Profit before tax has decreased from £1,203,958 reported for 2022 to a loss of £132,699

 

The Directors are pleased with the financial performance of the group for the year. 2023 was an incredibly challenging year for the business and the industry as a whole. Despite having a fall margins and profitability, the results, post depreciation charges, broadly show a break even position, and the group secured some significant new customer contracts and was able to reduce its cost base. The effect of these have helped the group return to profitability in its 2024 results to date.

Principal risks and uncertainties

These continue to be the ongoing impact from the difficulties facing the UK economy, and higher interest rates. Whilst our results for the financial year ended 31 December 2023 appear disappointing at first glance, the actions taken by the business in the year have enabled the group to return to profitability in 2024, whilst being able to service all of its debt comfortably. The recent reduction in UK interest rates is most welcomed and will enable the group to beat its 2024 profitable forecast by even more than it currently is performing at. The group continues to be cash focused and continually looks to grow its turnover base with both existing and new clients.

Development and performance

The group's aim is to continue to achieve growth in terms of market share and profitability, and to strengthen its Balance Sheet further more in future years.

Key performance indicators

Given the straight forward nature of the business, the group's directors are of the opinion that a more detailed analysis, using key performance indicators, is not necessary to understand the development, performance or position of the business.

Future developments and post balance sheet events

The group continues to recruit new staff and to invest in its fleet to ensure that its service delivery and industry reputation is maintained. The group recognises the challenges facing the haulage industry and continues to meet such challenges head on to continue to drive its profitability.

 

The group has secured significant new customer contracts, and with a focus on stronger cost control and procurement, 2024 has already seen a return to profitability.

 

No events have occurred post year end that would impact on these financial statements, or on our ability to meet our future vision.

On behalf of the board

Mr D Crawford
Director
18 September 2024
KERSEY HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of supply of haulage services.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £328,600.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J Mainwaring
Mr D Crawford
Auditor

LB Group Limited (Stratford) were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

 

Each of the persons who is a director at the date of approval of this report confirm that:

 

 

Strategic report

The truecompany has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and post statement of financial position events.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr D Crawford
Director
18 September 2024
KERSEY HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

KERSEY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KERSEY HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Kersey Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

KERSEY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KERSEY HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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 directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

KERSEY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KERSEY HOLDINGS LIMITED
- 6 -

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's 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.

KERSEY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KERSEY HOLDINGS LIMITED
- 7 -
Mark Middleton (Senior Statutory Auditor)
For and on behalf of LB Group Limited (Stratford)
18 September 2024
Chartered Accountants
Statutory Auditor
1 Vicarage Lane
Stratford
London
E15 4HF
KERSEY HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
20,160,483
19,625,593
Cost of sales
(17,493,121)
(16,282,038)
Gross profit
2,667,362
3,343,555
Administrative expenses
(2,298,714)
(2,433,092)
Exceptional item
4
-
0
626,864
Operating profit
7
368,648
1,537,327
Interest payable and similar expenses
10
(501,347)
(333,369)
(Loss)/profit before taxation
(132,699)
1,203,958
Tax on (loss)/profit
9
252,528
62,189
Profit for the financial year
23
119,829
1,266,147
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

KERSEY HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
11,523,957
11,836,185
Current assets
Stocks
15
11,210
15,527
Debtors
16
4,127,541
4,257,221
Cash at bank and in hand
742
66,868
4,139,493
4,339,616
Creditors: amounts falling due within one year
17
(6,185,604)
(4,892,277)
Net current liabilities
(2,046,111)
(552,661)
Total assets less current liabilities
9,477,846
11,283,524
Creditors: amounts falling due after more than one year
18
(4,682,173)
(6,026,552)
Provisions for liabilities
Deferred tax liability
21
987,348
1,239,876
(987,348)
(1,239,876)
Net assets
3,808,325
4,017,096
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
23
3,808,225
4,016,996
Total equity
3,808,325
4,017,096
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
18 September 2024
Mr J Mainwaring
Mr D Crawford
Director
Director
Company registration number 05579891 (England and Wales)
KERSEY HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
312,921
312,921
Current assets
-
-
Creditors: amounts falling due within one year
17
(208,000)
-
Net current liabilities
(208,000)
-
Net assets
104,921
312,921
Capital and reserves
Called up share capital
22
100
100
Share premium account
23
125,068
125,068
Profit and loss reserves
23
(20,247)
187,753
Total equity
104,921
312,921

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £120,600 (2022 - £197,466 profit).

The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
18 September 2024
Mr J Mainwaring
Mr D Crawford
Director
Director
Company Registration No. 05579891
KERSEY HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
100
3,360,562
3,360,662
Year ended 31 December 2022:
Profit and total comprehensive income
-
1,266,147
1,266,147
Dividends
11
-
(609,713)
(609,713)
Balance at 31 December 2022
100
4,016,996
4,017,096
Year ended 31 December 2023:
Profit and total comprehensive income
-
119,829
119,829
Dividends
11
-
(328,600)
(328,600)
Balance at 31 December 2023
100
3,808,225
3,808,325
KERSEY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
100
125,068
600,000
725,168
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
197,466
197,466
Dividends
11
-
-
(609,713)
(609,713)
Balance at 31 December 2022
100
125,068
187,753
312,921
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
120,600
120,600
Dividends
11
-
-
(328,600)
(328,600)
Balance at 31 December 2023
100
125,068
(20,247)
104,921
KERSEY HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,434,578
3,017,721
Interest paid
(77,224)
(333,369)
Net cash inflow from operating activities
2,357,354
2,684,352
Investing activities
Purchase of tangible fixed assets
(68,960)
(454,759)
Proceeds from disposal of tangible fixed assets
55,500
1,307,637
Net cash (used in)/generated from investing activities
(13,460)
852,878
Financing activities
Payment of finance leases obligations
(2,964,560)
(3,297,580)
Dividends paid to equity shareholders
(240,600)
(609,713)
Net cash used in financing activities
(3,205,160)
(3,907,293)
Net decrease in cash and cash equivalents
(861,266)
(370,063)
Cash and cash equivalents at beginning of year
(824,494)
(454,431)
Cash and cash equivalents at end of year
(1,685,760)
(824,494)
Relating to:
Cash at bank and in hand
742
66,868
Bank overdrafts included in creditors payable within one year
(1,686,502)
(891,362)
KERSEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Kersey Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 42, Lady Lane Industrial Estate, Hadleigh, Ipswich, Suffolk, IP7 6BQ.

 

The group consists of Kersey Holdings Limited and its sole subsidiary.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

KERSEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

The consolidated group financial statements consist of the financial statements of the parent company Kersey Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

The directors continue to forecast a strong 2024 which is supported by the actual year to date results and cash availability remains strong at the date of this report. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for haulage services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue is recognised when the haulage job is delivered.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
4% straight line
Commercial vehicles
25% reducing balance / 12.5% straight line
Fixtures, fittings and computer equipment
20% straight line
Trailers
8.33% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.6
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

KERSEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks
Fuel stock is calculated using the average price per litre.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

KERSEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

KERSEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

KERSEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation / useful economic life

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is calculated based on estimated residual values of each asset at the end of their useful economic life. Calculation of these provisions requires judgements to be made, which include forecast consumer demand and the economic environment.

KERSEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Haulage services
20,160,483
19,625,593
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
17,588,559
16,978,032
Overseas
2,571,924
2,647,561
20,160,483
19,625,593
4
Exceptional item
2023
2022
£
£
Expenditure
Exceptional - profit on sale of assets
-
(626,864)

Exceptional items relate to the profit made on the sale of fixed assets as a result of an increase in the used truck market.

5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,850
995
Audit of the financial statements of the company's subsidiaries
10,650
9,295
14,500
10,290
For other services
All other non-audit services
18,000
-
KERSEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Drivers
83
76
-
-
Administration
27
28
2
2
Total
110
104
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,963,362
4,528,592
-
0
-
0
Social security costs
551,572
473,339
-
-
Pension costs
99,556
172,178
-
0
-
0
5,614,490
5,174,109
-
0
-
0
7
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
523,138
404,701
Depreciation of tangible fixed assets held under finance leases
1,225,794
988,629
Profit on disposal of tangible fixed assets
(30,338)
(626,864)
Operating lease charges
150,869
149,312
KERSEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
50,984
24,984
Company pension contributions to defined contribution schemes
-
79,500
50,984
104,484
9
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(252,528)
(62,189)

The main rate of Corporation Tax increased from 19% to 25% from 1 April 2023. Therefore the effective tax rate for the company during the year is 23.52%.

The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(132,699)
1,203,958
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(31,211)
228,752
Tax effect of expenses that are not deductible in determining taxable profit
11,577
9,849
Tax effect of income not taxable in determining taxable profit
56,589
-
0
Tax effect of utilisation of tax losses not previously recognised
(28,625)
-
0
Unutilised tax losses carried forward
(28,365)
(1,372,567)
Permanent capital allowances in excess of depreciation
20,035
1,133,967
Deferred Tax
(252,528)
(62,190)
Taxation credit
(252,528)
(62,189)
10
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Interest on hire purchase contracts
501,347
333,369
KERSEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
328,600
609,713
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
312,921
312,921
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
312,921
Carrying amount
At 31 December 2023
312,921
At 31 December 2022
312,921
KERSEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
13
Tangible fixed assets
Group
Leasehold land and buildings
Commercial vehicles
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
1,178,172
13,445,872
371,560
14,995,604
Additions
7,984
1,359,738
94,145
1,461,867
Disposals
-
0
-
0
(70,687)
(70,687)
At 31 December 2023
1,186,156
14,805,610
395,018
16,386,784
Depreciation and impairment
At 1 January 2023
247,884
2,743,097
168,438
3,159,419
Depreciation charged in the year
54,265
1,614,989
79,678
1,748,932
Eliminated in respect of disposals
-
0
-
0
(45,524)
(45,524)
At 31 December 2023
302,149
4,358,086
202,592
4,862,827
Carrying amount
At 31 December 2023
884,007
10,447,524
192,426
11,523,957
At 31 December 2022
930,288
10,702,775
203,122
11,836,185
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

The net carrying value of tangible fixed assets includes the following in respect of assets held under hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Commercial vehicles
7,848,051
9,393,957
-
0
-
0
Motor vehicles
192,425
203,121
-
0
-
0
8,040,476
9,597,078
-
-
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Kersey Freight Limited
Same as parent
Hauliers
Ordinary
100.00
KERSEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
11,210
15,527
-
0
-
0
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,016,777
4,128,599
-
0
-
0
Other debtors
-
6,981
-
0
-
0
Prepayments and accrued income
110,764
121,641
-
0
-
0
4,127,541
4,257,221
-
-
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
1,686,502
891,362
-
0
-
0
Obligations under hire purchase agreements
19
2,365,277
2,168,429
-
0
-
0
Trade creditors
1,222,874
946,303
-
0
-
0
Other taxation and social security
490,478
168,137
-
-
Other creditors
155,878
164,348
208,000
-
0
Accruals and deferred income
264,595
553,698
-
0
-
0
6,185,604
4,892,277
208,000
-
0

Included within bank loans and overdrafts is an amount of £1,470,259 (2022: £874,730) in relation to an invoice discounting facility. This facility is secured by way of a fixed and floating charge held by Barclays Bank PLC dated 11 January 2011.

 

Barclays Bank also hold a Debenture dated 3 March 2004, over all property and assets of the company.

 

Hire purchase agreements are secured on the assets concerned.

 

KERSEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under hire purchase agreements
19
4,682,173
6,026,552
-
0
-
0

Hire purchase agreements are secured on the assets concerned.

19
Obligations under hire purchase agreements
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under hire purchase agreements:
Within one year
2,365,277
2,168,429
-
0
-
0
In two to five years
4,682,173
6,026,552
-
0
-
0
7,047,450
8,194,981
-
-

Payments under hire purchase agreements 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 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
99,556
172,178

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
2,075,987
2,612,443
Tax losses
(1,088,639)
(1,372,567)
987,348
1,239,876
KERSEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Deferred taxation
(Continued)
- 27 -
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
1,239,876
-
Credit to profit or loss
(252,528)
-
Liability at 31 December 2023
987,348
-
22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
23
Reserves
Share premium

The share premium reserve contains the premium arising on the issue of equity shares, net of issue expenses

Profit and loss reserves

The profit and loss reserve includes all current and prior retained profits and losses.

24
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
112,804
219,674
-
-
Between two and five years
378,447
284,012
-
-
In over five years
-
171,500
-
-
491,251
675,186
-
-
KERSEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
-
1,184,227
-
-
26
Related party transactions

At the statement of financial position date the company owed £208,000 (2022: £NIL) to Kersey Freight Limited, the subsidiary company.

 

There is a personal guarantee of £50,000 executed by the directors in relation to the invoice discounting facility.

27
Directors' transactions

Dividends totalling £328,600 (2022 - £609,713) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts repaid
Amounts advanced
Closing balance
£
£
£
£
Transactions with directors
-
25,919
76,288
(101,213)
994
25,919
76,288
(101,213)
994

These balances have been included within other creditors.

28
Controlling party

There are no ultimate controlling parties.

KERSEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
29
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
119,829
1,266,147
Adjustments for:
Taxation credited
(252,528)
(62,189)
Finance costs
501,347
333,369
Gain on disposal of tangible fixed assets
(30,338)
-
Depreciation and impairment of tangible fixed assets
1,748,932
1,393,331
Movements in working capital:
Decrease/(increase) in stocks
4,317
(801)
Decrease in debtors
129,680
81,289
Increase in creditors
213,339
6,575
Cash generated from operations
2,434,578
3,017,721
30
Analysis of changes in net debt - group
1 January 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
66,868
(66,126)
-
742
Bank overdrafts
(891,362)
(795,140)
-
(1,686,502)
(824,494)
(861,266)
-
(1,685,760)
Obligations under finance leases
(8,194,981)
2,540,437
(1,392,906)
(7,047,450)
(9,019,475)
1,679,171
(1,392,906)
(8,733,210)
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