Company registration number 00561990 (England and Wales)
ALFRED HYMAS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
ALFRED HYMAS LIMITED
COMPANY INFORMATION
Directors
Mrs D M Hymas
Mr R A Hymas
Mr S A Hymas
Mr D F Whincup
Secretary
Mr S A Hymas
Company number
00561990
Registered office
Great North Road
Sinderby
Thirsk
North Yorkshire
YO7 4LG
Auditor
Azets Audit Services Limited
Triune Court
Monks Cross Drive
York
YO32 9GZ
ALFRED HYMAS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 29
ALFRED HYMAS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Review of the business

Alfred Hymas Limited has seen continued performance during the year ending 30 April 2024.

 

The principal activity of the business is operating a fleet of 75 vehicles in the bulk road haulage sector. This comprises of the movement of products for both the agricultural and construction industries. Alfred Hymas also includes a 1200-acre farm split into arable, suckler beef herd and a small element of contract farming.

 

The Great North Road haulage depot near Thirsk continues to add efficiencies to the business and the additional space has allowed us to build facilities to expand operations. During the period we have added both a 50t weighbridge and a grain store. The commercial side of the workshop has continue to grow and we are now looking after several fleets of vehicles belonging to local established businesses.

 

The company has continued to update its assets in both the logistical and agricultural sectors of the business. Multiple items of equipment have been delivered during this financial year, this is made up of 7 x 44t HGV units, 11 x tipper trailers, and 1 x agricultural tractor.

 

The directors are mindful that the business heads towards being carbon neutral. The infrastructure and technology of both EV’s and Hydrogen powered HGV’s is not developed enough to fit our business and customer requirements.

We continue to increase our renewable blended diesel for all depot refills and have been using a B30 (30%) blend of fuel for some years now. Fuel prices have fluctuated throughout the period, however the highs that were seen during covid have not been repeated.

 

Compliance with both legislative and customer procedure remains a high priority. We continue to operate to the FORS Silver standard, which covers the safe and professional running of a fleet, with further emphasis on vulnerable road users (cyclists, pedestrians etc). We continue to fit 360-degree recordable camera systems to new purchases to aid accident investigation. All drivers are MPQC, FORS Silver and TASCC trained in line with construction and agriculture movement requirements, respectively.

 

Our in-house driver trainer has now for some years provided benefits in the areas of safety, accident awareness, reduced fuel usage and legislation enforcement. The Driver CPC in-house training provision continues to be an asset to the business. The regular training plan ensures that all drivers are kept up to speed which means last-minute group training sessions to meet industry deadlines are not required. Driver CPC progress is constantly monitored and is currently on track for the next renewal date of September 2024.

 

The farm division has in the past been a solid and consistent performer. This year the arable side of the operation has been challenging due to average crop yields and below average grain prices. This has come at a time when input costs have been as high as we have seen.

 

The beef trade has seen a better year with greater demand for red meat and therefore firmer prices. Our bull stock has been upgraded in line with previous years. The suckler herd adds diversity to the farm, with the muck we get from the heard being essential to the arable operation.

 

We continue to assist in the farming of a 400-acre block of land adjacent to our farming base. This alliance has worked well for both parties giving better utilisation of our farm assets.

 

The management takes a long-term view regarding agriculture. We continue to believe that the farm operation is a vital part of our business.

ALFRED HYMAS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Principal risks and uncertainties

The principal risks and uncertainties faced by the company include the future impact of an economic downturn following the war in the Ukraine, and the subsequent uncertainty of future fuel and grain prices. We also remain vigilant regarding credit risk at a time when there is threat of recession and as high input costs continue to impact on customer cash flow.

 

The company manages its trading risks through the mix of farming and haulage trades. Fuel prices are closely monitored and through strong relationships with customers, the company is able to review haulage rates on a periodic basis. Increasingly fuel formulas are used to reduce the uncertainty of fluctuations in the oil price. The company also benefits from a diverse haulage customer base thereby not placing too much reliance on income from any one sector. The current economic climate has increased uncertainty over the ability of the company's customers to meet their obligations as they fall due. The company manages this risk by a regular and ongoing review of customer accounts and maintaining a close working relationship with its main customers.

 

The company does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit control procedures. The nature of its remaining financial instruments means that they are not subject to a price risk or liquidity risk.

Key performance indicators

The company directors are of the opinion that analysis using KPI’s is not necessary for an understanding of the development, performance, or position of the business.

On behalf of the board

Mr S A Hymas
Director
1 October 2024
ALFRED HYMAS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activities of the company continue to be road haulage and farming.

Results and dividends

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

Ordinary dividends were paid amounting to £129,900. The directors do not recommend payment of a final dividend.

Directors

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

Mrs D M Hymas
Mr R A Hymas
Mr S A Hymas
Mr D F Whincup
Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Mr S A Hymas
Director
1 October 2024
ALFRED HYMAS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ALFRED HYMAS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALFRED HYMAS LIMITED
- 5 -
Opinion

We have audited the financial statements of Alfred Hymas Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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 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:

ALFRED HYMAS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALFRED HYMAS LIMITED
- 6 -
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 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 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 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.

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.

ALFRED HYMAS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALFRED HYMAS LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Martin Davey
Senior Statutory Auditor
For and on behalf of Azets Audit Services Limited
2 October 2024
Chartered Accountants
Statutory Auditor
Triune Court
Monks Cross Drive
York
YO32 9GZ
ALFRED HYMAS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,420,674
13,971,015
Cost of sales
(10,508,664)
(11,317,283)
Gross profit
2,912,010
2,653,732
Administrative expenses
(2,656,852)
(2,306,429)
Other operating income
177,220
150,834
Operating profit
4
432,378
498,137
Interest payable and similar expenses
7
(553,787)
(331,979)
Increase in fair value of investment property
8
200,000
-
Profit before taxation
78,591
166,158
Tax on profit
9
(29,000)
77,000
Profit for the financial year
49,591
243,158

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

ALFRED HYMAS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
18,800,859
18,738,256
Investment property
12
1,102,000
902,000
Investments
13
17,050
17,050
19,919,909
19,657,306
Current assets
Stocks
15
724,572
668,826
Debtors
16
2,908,406
2,662,996
Cash at bank and in hand
427
122
3,633,405
3,331,944
Creditors: amounts falling due within one year
19
(3,974,296)
(3,405,258)
Net current liabilities
(340,891)
(73,314)
Total assets less current liabilities
19,579,018
19,583,992
Creditors: amounts falling due after more than one year
20
(5,452,369)
(5,601,034)
Provisions for liabilities
Deferred tax liability
21
3,203,000
2,979,000
(3,203,000)
(2,979,000)
Net assets
10,923,649
11,003,958
Capital and reserves
Called up share capital
23
8,000
8,000
Share premium account
7,200
7,200
Revaluation reserve
6,596,304
6,586,373
Profit and loss reserves
24
4,312,145
4,402,385
Total equity
10,923,649
11,003,958
The financial statements were approved by the board of directors and authorised for issue on 1 October 2024 and are signed on its behalf by:
Mr S A Hymas
Director
Company Registration No. 00561990
ALFRED HYMAS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
8,000
7,200
6,702,357
4,167,993
10,885,550
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
-
243,158
243,158
Dividends
10
-
-
-
(124,750)
(124,750)
Transfers
-
-
(115,984)
115,984
-
Balance at 30 April 2023
8,000
7,200
6,586,373
4,402,385
11,003,958
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
-
49,591
49,591
Dividends
10
-
-
-
(129,900)
(129,900)
Transfers
-
-
9,931
(9,931)
-
Balance at 30 April 2024
8,000
7,200
6,596,304
4,312,145
10,923,649
ALFRED HYMAS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
1,873,518
1,556,556
Interest paid
(553,787)
(331,979)
Net cash inflow from operating activities
1,319,731
1,224,577
Investing activities
Purchase of tangible fixed assets
(915,947)
(778,246)
Proceeds from disposal of tangible fixed assets
228,050
531,319
Purchase of investment property
-
0
(567,000)
Net cash used in investing activities
(687,897)
(813,927)
Financing activities
Proceeds from new bank loans
250,000
567,000
Repayment of bank loans
(254,084)
(220,718)
Payment of finance leases obligations
(542,743)
(669,373)
Dividends paid
(129,900)
(124,750)
Net cash used in financing activities
(676,727)
(447,841)
Net decrease in cash and cash equivalents
(44,893)
(37,191)
Cash and cash equivalents at beginning of year
(1,092,712)
(1,055,521)
Cash and cash equivalents at end of year
(1,137,605)
(1,092,712)
Relating to:
Cash at bank and in hand
427
122
Bank overdrafts included in creditors payable within one year
(1,138,032)
(1,092,834)
ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
1
Accounting policies
Company information

Alfred Hymas Limited is a company limited by shares incorporated in England and Wales. The registered office is Great North Road, Sinderby, Thirsk, YO7 4LG.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 £1.

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.

1.2
Going concern

Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

In accordance with section 24 of FRS 102, 'Government Grants', the single farm payment income, included within other operating income, has been recognised after all conditions have been complied with and there is reasonable assurance the monies will be received.

1.4
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:

Freehold buildings
1% - 2% straight line
Garage, office and farm equipment
15% reducing balance
Motor vehicles and trailers
25% reducing balance

No depreciation is provided in respect of freehold land.

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 credited or charged to profit or loss.

ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

 

A transfer of depreciation is made annually between the revaluation reserve and profit and loss reserve for any excess depreciation that is charged following the uplift in the net book value of assets. This results in depreciation arising on the revalued amount being charged to the revaluation reserve, whilst depreciation relating to the original cost of the asset being charged to the profit and loss reserves.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.7
Impairment of fixed assets

At each reporting period end date, the company 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.

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 is estimated to be less than its carrying amount, the carrying amount of the asset 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 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 in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
1.8
Stocks

Stocks and biological assets comprise of 3 separate components; cattle; crops, seeds and fertilisers; and fuel, oil and haulage spares.

 

Cattle are beef livestock that are held for future sale. These animals are recognised in the accounts at their deemed cost which has been calculated as being 60% of their market value at the year end.

 

Crops, seeds and fertilisers predominately include unharvested growing crops. These stocks have been valued in the accounts at their deemed cost which has been calculated as being 75% of their market value at the year end.

 

For this purpose, market value is defined as the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm's length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.

 

Fuel, oil and haulage spares are stated at the lower of cost and estimated selling price less costs to complete and sell.

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

1.10
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include 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.

ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
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 company 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 company 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.

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.

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 company after deducting all of its liabilities.

ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company 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 company.

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 profit and loss account 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 company’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 profit and loss account, 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 when the company has 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.

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.

ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
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 balance sheet 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 leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.16
Consolidated accounts
The financial statements present information about the company as an individual undertaking and not about its group. The subsidiary undertaking of this company is dormant and immaterial to the group and, accordingly, consolidated accounts have not been prepared.
1.17
Preference shares classed as liabilities

The 254,000 cumulative preference shares have been disclosed within creditors in accordance with section 22 of FRS 102. The dividends paid on these preference shares are shown within interest paid.

ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Freehold land and buildings and investment properties

The company holds freehold land and buildings and investment properties at their fair value, which approximates to the open market value of the property on an existing use basis. The company obtains regular professional valuations to determine this estimate; the directors do not believe there to have been any material changes.

Depreciation

Assets have been depreciated over their expected useful economic lives. Management have considerable knowledge and experience within this area and therefore apply their best estimates accordingly. The profit and loss on disposal of assets is assessed regularly to determine the appropriateness of the depreciation rates applied.

Stock

Stock consists of farm stock (including crops and livestock) and fuel and parts. Farm stock is professionally valued annually by Lister Haigh Chartered Surveyors, with Lister Haigh not only considering the cost of the stock, but also the current market prices, and therefore any provisions that may be required. Fuel and parts are recognised at the cost of purchase. No provision is deemed necessary against these items because they are used by the company in its day to day operations.

Bad debt provision

Outstanding trade debtor balances are reviewed on a line by line basis by management to identify possible amounts where a provision is required. Management closely manage the collection of trade debtors and are therefore able to identify balances where there is uncertainty about its recoverability, and determine what provision is required (if any).

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Road haulage
12,514,201
12,883,167
Farming
906,473
1,087,848
13,420,674
13,971,015
ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,420,674
13,971,015
2024
2023
£
£
Other revenue
Subsidies received
113,314
101,273

 

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
13,600
12,875
Depreciation of owned tangible fixed assets
456,273
473,506
Depreciation of tangible fixed assets held under finance leases
779,949
574,454
Loss/(profit) on disposal of tangible fixed assets
2,837
(118,779)
Operating lease charges
3,808
35,858
5
Employees

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

2024
2023
Number
Number
Production
92
95
Directors, Office and Management
14
14
Total
106
109

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,121,883
3,954,963
Social security costs
430,118
433,244
Pension costs
100,535
90,934
4,652,536
4,479,141
ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
63,580
59,529
Company pension contributions to defined contribution schemes
278
245
63,858
59,774
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
422,852
244,489
Dividends on redeemable preference shares not classified as equity
15,240
15,240
438,092
259,729
Other finance costs:
Interest on finance leases and hire purchase contracts
115,695
72,250
553,787
331,979
8
Amounts written off investments
2024
2023
£
£
Changes in the fair value of investment properties
200,000
-
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
29,000
(77,000)
ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
(Continued)
- 21 -

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

2024
2023
£
£
Profit before taxation
78,591
166,158
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
19,648
32,384
Tax effect of expenses that are not deductible in determining taxable profit
6,185
3,797
Depreciation on assets not qualifying for tax allowances
-
0
12,451
Effect of revaluations of investments
(50,000)
-
0
Other tax adjustments
20,146
(125,632)
Capital gains
33,021
-
0
Taxation charge/(credit) for the year
29,000
(77,000)
10
Dividends
2024
2023
£
£
Interim paid
129,900
124,750
ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
11
Tangible fixed assets
Freehold buildings
Assets under construction
Garage, office and farm equipment
Motor vehicles and trailers
Total
£
£
£
£
£
Cost or valuation
At 1 May 2023
13,671,500
61,899
2,421,139
8,124,394
24,278,932
Additions
274,149
-
0
134,578
1,120,985
1,529,712
Disposals
-
0
-
0
(4,350)
(872,254)
(876,604)
Transfers
61,899
(61,899)
-
0
-
0
-
0
At 30 April 2024
14,007,548
-
0
2,551,367
8,373,125
24,932,040
Depreciation and impairment
At 1 May 2023
176,274
-
0
1,112,099
4,252,303
5,540,676
Depreciation charged in the year
69,031
-
0
211,658
955,533
1,236,222
Eliminated in respect of disposals
-
0
-
0
(4,104)
(641,613)
(645,717)
At 30 April 2024
245,305
-
0
1,319,653
4,566,223
6,131,181
Carrying amount
At 30 April 2024
13,762,243
-
0
1,231,714
3,806,902
18,800,859
At 30 April 2023
13,495,226
61,899
1,309,040
3,872,091
18,738,256

The carrying value of non depreciable land comprises:

2024
2023
£
£
Freehold
9,388,845
9,388,845

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £779,949 (2023 - £574,454) for the year.

 

The net book value of assets held under finance leases or hire purchase contracts is:

2024
2023
£
£
Garage, office and farm equipment
540,405
656,421
Motor vehicles and trailers
2,892,085
2,809,692
3,432,490
3,466,113

Freehold land and buildings with a carrying amount of £13,762,243 (2023 - £13,495,226) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Tangible fixed assets
(Continued)
- 23 -

Land and buildings at the new Quernhow site were revalued at 9 February 2021 following the completion of the building works. The remaining land and buildings were revalued at 5 February 2019. Both valuations were carried out professionally by Colliers, who are independent valuers not connected with the company, on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The directors do not believe there to have been any material change to the valuations since these dates.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2024
2023
£
£
Cost
6,662,429
6,326,382
Accumulated depreciation
(1,074,490)
(995,529)
Carrying value
5,587,939
5,330,853
12
Investment property
2024
£
Fair value
At 1 May 2023
902,000
Net gains or losses through fair value adjustments
200,000
At 30 April 2024
1,102,000

Investment property comprises of local residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 April 2013 by Messrs Lister Haigh Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. At the year end the directors considered there to have been a change in the valuation of these properties and hence an uplift of £200,000 has been recognised.

13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
15,000
15,000
Unlisted investments
2,050
2,050
17,050
17,050
ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
14
Subsidiaries

These financial statements are separate company financial statements for Alfred Hymas Limited.

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Alfred Hymas (Ripon) Limited
England and Wales
Dormant
Ordinary
100.00

The registered address of Alfred Hymas (Ripon) Limited is Great North Road, Sinderby, Thirsk, YO7 4LG.

15
Stocks
2024
2023
£
£
Raw materials and consumables
724,572
668,826
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,847,525
1,698,888
Prepayments and accrued income
290,881
389,108
2,138,406
2,087,996
Deferred tax asset (note 21)
770,000
575,000
2,908,406
2,662,996

Trade debtors disclosed above are measured at amortised cost.

17
Loans and overdrafts
2024
2023
£
£
Bank loans
3,597,148
3,601,232
Bank overdrafts
1,138,032
1,092,834
Preference shares
254,000
254,000
4,989,180
4,948,066
Payable within one year
1,420,613
1,243,949
Payable after one year
3,568,567
3,704,117
ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
17
Loans and overdrafts
(Continued)
- 25 -

Bank loans and overdrafts are secured by first legal charge and debenture over the company's assets.

 

Interest is charged at a rate of 2.2% per annum over the Bank of England Base Rate payable on the outstanding principal amount of the loan on a monthly basis and on the final repayment date. The loan is due for repayment in March 2026.

 

A second bank loan was taken out in the prior year. Interest is charged at a rate of 2.6% per annum over the Bank of England Base Rate payable on the outstanding principal amount of the loan on a monthly basis and on the final repayment date. The loan is due for repayment in June 2027.

 

18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
864,349
780,212
In two to five years
1,868,802
1,880,929
In over five years
-
0
988
2,733,151
2,662,129

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

 

Net obligations under hire purchase contracts are secured against the assets to which they relate.

19
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
1,420,613
1,243,949
Obligations under finance leases
18
864,349
780,212
Trade creditors
1,041,779
821,320
Taxation and social security
333,681
270,757
Other creditors
185,353
171,015
Accruals and deferred income
128,521
118,005
3,974,296
3,405,258

Bank loans and overdrafts are secured as detailed in note 17.

ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
20
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
3,314,567
3,450,117
Obligations under finance leases
18
1,868,802
1,881,917
Other borrowings
17
254,000
254,000
Amounts owed to group undertakings
15,000
15,000
5,452,369
5,601,034

Bank loans and overdrafts are secured as detailed in note 17.

21
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
1,490,000
1,325,000
-
-
Tax losses
-
-
770,000
575,000
Revaluations
1,587,000
1,578,000
-
-
Investment property
126,000
76,000
-
-
3,203,000
2,979,000
770,000
575,000
2024
Movements in the year:
£
Liability at 1 May 2023
2,404,000
Charge to profit or loss
29,000
Liability at 30 April 2024
2,433,000
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
100,535
90,934

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
3,725
3,725
3,725
3,725
A Ordinary of £1 each
500
500
500
500
B Ordinary of £1 each
2,400
2,400
2,400
2,400
C Ordinary of £1 each
1,375
1,375
1,375
1,375
8,000
8,000
8,000
8,000

All classes of Ordinary shares carry one vote per share. Dividends for each individual class of share are payable at the discretion of the directors.

 

In line with section 22 of FRS 102, 254,000 £1 cumulative preference shares are included within "Creditors: amounts falling due after more than one year".

The cumulative preference shares are non-equity shares which carry an entitlement to a dividend at a rate of 6p per share per annum. The shares are redeemable but the preference shareholders have confirmed to the company that there is no intention to redeem them in the foreseeable future. Holders of preference shares are not entitled to any votes.

24
Profit and loss reserves

Included within retained earnings are unrealised revaluation gains arising from the investment properties totalling £418,450 (2023 - £263,725). These gains are not distributable until they are realised.

25
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
-
0
109,381
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
229,000
-
ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
66,135
62,046
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2024
2023
£
£
Entities controlled by a common director
131,228
637,137

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
15,000
15,000
Entities controlled by a common director
11,302
4,871

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities controlled by a common director
8,837
8,920
28
Directors' transactions

Dividends totalling £129,900 (2023 - £124,750) were paid in the year in respect of shares held by the company's directors.

29
Ultimate controlling party

The company is controlled by Mr S A Hymas, a director of the company.

ALFRED HYMAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
30
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
49,591
243,158
Adjustments for:
Taxation charged/(credited)
29,000
(77,000)
Finance costs
553,787
331,979
Loss/(gain) on disposal of tangible fixed assets
2,837
(118,779)
Fair value gain on investment properties
(200,000)
-
0
Depreciation and impairment of tangible fixed assets
1,236,222
1,047,960
Movements in working capital:
(Increase)/decrease in stocks
(55,746)
350,028
Increase in debtors
(50,410)
(51,899)
Increase/(decrease) in creditors
308,237
(168,891)
Cash generated from operations
1,873,518
1,556,556
31
Analysis of changes in net debt
1 May 2023
Cash flows
New finance leases
30 April 2024
£
£
£
£
Cash at bank and in hand
122
305
-
427
Bank overdrafts
(1,092,834)
(45,198)
-
(1,138,032)
(1,092,712)
(44,893)
-
(1,137,605)
Borrowings excluding overdrafts
(3,855,232)
4,084
-
(3,851,148)
Obligations under finance leases
(2,662,129)
542,743
(613,765)
(2,733,151)
(7,610,073)
501,934
(613,765)
(7,721,904)
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