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COMPANY REGISTRATION NUMBER: 04693623
Chas. Long & Son (Aggregates) Limited
Financial Statements
31 March 2024
Chas. Long & Son (Aggregates) Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Profit and loss account
10
Balance sheet
11
Statement of cash flows
12
Notes to the financial statements
13
Chas. Long & Son (Aggregates) Limited
Officers and Professional Advisers
The board of directors
C B Long
C D Long
M A Long
Registered office
Woodside
North Road
Brompton on Swale
Richmond
DL10 7JL
Auditor
Chipchase Manners
Chartered accountants & statutory auditors
384 Linthorpe Road
Middlesbrough
TS5 6HA
Bankers
HSBC Bank Plc
23 Market Place
Richmond
North Yorkshire
DL10 4QQ
Chas. Long & Son (Aggregates) Limited
Strategic Report
Year ended 31 March 2024
Principal activity
The principal activity of the company is that of haulage and sale of aggregate products.
Key performance indicators
Given the straightforward nature of the business, the directors have selected three basic key performance indicators to assist in the understanding of the development, performance and position of the company.
2024 2023 Movement % Change
£ £ £
Turnover 28,873,930 26,423,735 2,450,195 9
Operating profit 1,875,985 678,255 1,197,730 177
Net profit 1,608,862 423,557 1,185,305 280
Principal risks and uncertainties
The company conducts the sale and haulage of various types of aggregate products from its two main sites near Brompton on Swale. The key business risks and uncertainties affecting the company are considered to relate to the competition in the industry, both locally and nationally. The company's directors are working to maintain the company's excellent reputation and are working to build on existing customer relationships whilst also developing new ones. The company has continued to grow in recent years despite the competition in the industry. The directors expect the growth to slow, but continue for the foreseeable future. This growth and financial success in recent years has allowed for the clients fleet of vehicles to increase in size which has allowed the company to manage higher demand for its products.
Interest risk
The company finances its activities, along with other financial assets and liabilities such as trade debtors and creditors, directly from the company's operating activities. The company does not enter into interest rate swaps and does not trade in financial instruments. The company does not seek to hedge any transactions and no trading in derivative financial instruments is undertaken. The overall level of interest risk is low.
Currency risk
The company's reporting currency is GBP and it does not have any transactions in foreign currencies therefore the level of currency risk is low.
Liquidity risk
The risk of financial loss due to counterpart failure to honour its obligations is principally in relation to transactions where the company provides goods and services. Company policies are aimed at minimising such losses, and require that terms are only granted to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. Individual exposures are monitored to ensure that the company's exposure to bad debts is not significant. The company seeks to mitigate liquidity risk by managing cash generation in its operations and applying cash collection targets.
Going concern
The company's business activities together with the factors likely to affect its future development, its financial position, financial risk management objectives and its exposures to price, credit, liquidity and cash flow risk are described in the business review above. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual report and accounts.
Future developments
There are no changes planned to the operations of the company. The directors intend to push growth as they have done in the recent past.
Results and dividends
The Profit/(loss) for the period, after taxation, amounted to £1,608,862 (2023: £423,557).
This report was approved by the board of directors on 17 September 2024 and signed on behalf of the board by:
M A Long
Director
Registered office:
Woodside
North Road
Brompton on Swale
Richmond
DL10 7JL
Chas. Long & Son (Aggregates) Limited
Directors' Report
Year ended 31 March 2024
The directors present their report and the financial statements of the company for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
C B Long
C D Long
M A Long
Dividends
Particulars of recommended dividends are detailed in note 14 to the financial statements.
Future developments
Please see strategic report disclosures.
Financial instruments
No non-basic financial instruments have been used in the year.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 17 September 2024 and signed on behalf of the board by:
M A Long
Director
Registered office:
Woodside
North Road
Brompton on Swale
Richmond
DL10 7JL
Chas. Long & Son (Aggregates) Limited
Independent Auditor's Report to the Members of Chas. Long & Son (Aggregates) Limited
Year ended 31 March 2024
Opinion
We have audited the financial statements of Chas. Long & Son (Aggregates) Limited (the 'company') for the year ended 31 March 2024 which comprise the profit and loss account, balance sheet, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud or error. It is also our objective to obtain sufficient appropriate audit evidence regarding the risks we have assessed and respond as appropriate to them. Even though an audit is planned and performed in accordance with the ISAs (UK), an audit has an unavoidable risk that material misstatements in the financial statements may not be detected. In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud, our audit procedures included the following: - We obtained an understanding of the legal and regulatory frameworks applicable to the company and the environment in which they operate. - We obtained an understanding of how the company ensures their compliance with the applicable legal and regulatory frameworks through inquiries to the management and those charged with ensuring such compliance within the company. We corroborated our inquiries through a review of transactions within the financial statements that were linked to compliance with laws and regulations. We also reviewed any available board minutes. - We assessed the susceptibility of the company's financial statements to material misstatement with regards to how fraud might occur. Audit procedures performed by the team included: - Identifying and assessing the effectiveness of controls the management of the company has in place to detect and prevent possible fraud; - Understanding how those involved with ensuring compliance considered and addressed the potential override of controls or undue influence over the financial reports; - Challenging any major assumptions and judgements that the management used in any significant accounting estimates; - Reviewing journal entries made with emphasis placed on those with unusual combinations and those around the accounting year end: and - Assessing the extent of compliance with applicable laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - 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. 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. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 Firth BA(Hons) FCA
(Senior Statutory Auditor)
For and on behalf of
Chipchase Manners
Chartered accountants & statutory auditors
384 Linthorpe Road
Middlesbrough
TS5 6HA
17 September 2024
Chas. Long & Son (Aggregates) Limited
Profit and Loss Account
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
4
28,873,930
26,423,735
Cost of sales
25,106,402
24,481,795
-------------
-------------
Gross profit
3,767,528
1,941,940
Administrative expenses
1,916,418
1,269,491
Other operating income
5
24,875
5,806
------------
------------
Operating profit
6
1,875,985
678,255
Income from investments
10
47,039
( 26,489)
Other interest receivable and similar income
11
94,249
18,910
Interest payable and similar expenses
12
53,992
73,262
------------
------------
Profit before taxation
1,963,281
597,414
Tax on profit
13
354,419
173,857
------------
---------
Profit for the financial year and total comprehensive income
1,608,862
423,557
------------
---------
Dividends paid and payable
14
( 67,500)
( 109,900)
Retained earnings at the start of the year
7,490,052
7,176,395
------------
------------
Retained earnings at the end of the year
9,031,414
7,490,052
------------
------------
All the activities of the company are from continuing operations.
Chas. Long & Son (Aggregates) Limited
Balance Sheet
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
16
5,957,154
5,795,097
Investments
17
574,223
527,184
------------
------------
6,531,377
6,322,281
Current assets
Stocks
18
957,154
996,050
Debtors
19
4,897,643
4,725,458
Cash at bank and in hand
3,104,251
1,318,854
------------
------------
8,959,048
7,040,362
Creditors: amounts falling due within one year
20
4,564,197
4,392,004
------------
------------
Net current assets
4,394,851
2,648,358
-------------
------------
Total assets less current liabilities
10,926,228
8,970,639
Creditors: amounts falling due after more than one year
21
1,096,818
691,293
Provisions
Taxation including deferred tax
23
797,696
788,994
-------------
------------
Net assets
9,031,714
7,490,352
-------------
------------
Capital and reserves
Called up share capital
27
300
300
Profit and loss account
28
9,031,414
7,490,052
------------
------------
Shareholders funds
9,031,714
7,490,352
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
M A Long
Director
Company registration number: 04693623
Chas. Long & Son (Aggregates) Limited
Statement of Cash Flows
Year ended 31 March 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
1,608,862
423,557
Adjustments for:
Depreciation of tangible assets
978,451
994,694
Income from investments
( 47,039)
26,489
Other interest receivable and similar income
( 94,249)
( 18,910)
Interest payable and similar expenses
53,992
73,262
Gains on disposal of tangible assets
( 67,107)
( 49,076)
Tax on profit
354,419
173,857
Accrued (income)/expenses
( 143)
17,225
Changes in:
Stocks
38,896
358,727
Trade and other debtors
( 172,185)
( 203,332)
Trade and other creditors
( 218,565)
124,679
------------
------------
Cash generated from operations
2,435,332
1,921,172
Interest paid
( 53,992)
( 73,262)
Interest received
94,249
18,910
Tax paid
( 14,802)
------------
------------
Net cash from operating activities
2,475,589
1,852,018
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 1,229,002)
( 1,489,680)
Proceeds from sale of tangible assets
155,601
272,951
------------
------------
Net cash used in investing activities
( 1,073,401)
( 1,216,729)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
355,635
( 318,819)
Payments of finance lease liabilities
95,074
( 377,858)
Dividends paid
( 67,500)
( 109,900)
------------
------------
Net cash from/(used in) financing activities
383,209
( 806,577)
------------
------------
Net increase/(decrease) in cash and cash equivalents
1,785,397
( 171,288)
Cash and cash equivalents at beginning of year
1,318,854
1,490,142
------------
------------
Cash and cash equivalents at end of year
3,104,251
1,318,854
------------
------------
Chas. Long & Son (Aggregates) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Woodside, North Road, Brompton on Swale, Richmond, DL10 7JL.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 402 of the Companies Act 2006 on the basis that its subsidiaries are excluded from consolidation on the grounds that their inclusion is not material for the purpose of giving a true and fair view.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
2% straight line
Plant and machinery
-
10% straight line
Office furniture and equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
26,618,229
23,966,801
Rendering of services
2,255,701
2,456,934
-------------
-------------
28,873,930
26,423,735
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Rental income
7,576
5,806
Other operating income
17,299
--------
-------
24,875
5,806
--------
-------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
978,451
994,694
Gains on disposal of tangible assets
( 67,107)
( 49,076)
Impairment of trade debtors
(6,899)
6,899
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
7,000
6,500
-------
-------
8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Directors
3
3
Bagging plant and haulage staff
78
76
----
----
81
79
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
3,837,997
3,431,383
Other pension costs
511,854
83,474
------------
------------
4,349,851
3,514,857
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
33,000
33,000
Company contributions to defined contribution pension plans
420,000
---------
--------
453,000
33,000
---------
--------
10. Income from investments
2024
2023
£
£
Gain/(loss) on valuation of bond
47,039
(26,489)
--------
--------
11. Other interest receivable and similar income
2024
2023
£
£
Other interest receivable and similar income
94,249
18,910
--------
--------
12. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
17,388
34,117
Other interest payable and similar charges
36,604
39,145
--------
--------
53,992
73,262
--------
--------
13. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
345,717
Adjustments in respect of prior periods
14,802
---------
--------
Total current tax
345,717
14,802
---------
--------
Deferred tax:
Origination and reversal of timing differences
8,702
159,055
---------
---------
Tax on profit
354,419
173,857
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,963,281
597,414
------------
---------
Profit on ordinary activities by rate of tax
490,820
113,509
Adjustment to tax charge in respect of prior periods
14,802
Effect of expenses not deductible for tax purposes
( 26,558)
( 3,506)
Effect of capital allowances and depreciation
( 32,851)
( 160,349)
Utilisation of tax losses
( 85,694)
( 2,917)
Unused tax losses
53,263
Deferred tax movement
8,702
159,055
------------
---------
Tax on profit
354,419
173,857
------------
---------
14. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
67,500
109,900
--------
---------
15. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
500,000
---------
Amortisation
At 1 April 2023 and 31 March 2024
500,000
---------
Carrying amount
At 31 March 2024
---------
At 31 March 2023
---------
16. Tangible assets
Leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
1,457,813
3,545,478
58,165
5,961,826
11,023,282
Additions
6,600
387,879
11,306
823,217
1,229,002
Disposals
( 30,000)
( 203,340)
( 233,340)
------------
------------
--------
------------
-------------
At 31 March 2024
1,464,413
3,903,357
69,471
6,581,703
12,018,944
------------
------------
--------
------------
-------------
Depreciation
At 1 April 2023
139,314
1,497,051
39,705
3,552,115
5,228,185
Charge for the year
29,167
304,784
7,125
637,375
978,451
Disposals
( 144,846)
( 144,846)
------------
------------
--------
------------
-------------
At 31 March 2024
168,481
1,801,835
46,830
4,044,644
6,061,790
------------
------------
--------
------------
-------------
Carrying amount
At 31 March 2024
1,295,932
2,101,522
22,641
2,537,059
5,957,154
------------
------------
--------
------------
-------------
At 31 March 2023
1,318,499
2,048,427
18,460
2,409,711
5,795,097
------------
------------
--------
------------
-------------
Within the prior year, the property was reclassified from freehold to long leasehold.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 March 2024
291,640
1,276,327
1,567,967
---------
------------
------------
At 31 March 2023
339,390
962,356
1,301,746
---------
------------
------------
17. Investments
Other investments other than loans
£
Cost
At 1 April 2023
527,184
Revaluations
47,039
---------
At 31 March 2024
574,223
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
574,223
---------
At 31 March 2023
527,184
---------
Listed investments
Other investments consist of an NFU Mutual Flexibond and shares in Cleveland Readymix Limited, which is a dormant company.
The increase in the fair value of the bond in the year has been recognised in the profit and loss account.
18. Stocks
2024
2023
£
£
Finished goods and goods for resale
957,154
996,050
---------
---------
19. Debtors
2024
2023
£
£
Trade debtors
4,564,139
4,503,180
Corporation tax repayable
138,718
Directors loan account
249,464
Other debtors
84,040
83,560
------------
------------
4,897,643
4,725,458
------------
------------
20. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
226,257
216,266
Trade creditors
3,310,885
3,475,224
Accruals and deferred income
24,632
24,775
Corporation tax
345,717
Social security and other taxes
248,199
302,872
Obligations under finance leases and hire purchase contracts
383,881
345,589
Director loan accounts
3,099
Other creditors
24,626
24,179
------------
------------
4,564,197
4,392,004
------------
------------
21. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
671,259
322,516
Obligations under finance leases and hire purchase contracts
425,559
368,777
------------
---------
1,096,818
691,293
------------
---------
22. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
383,881
345,589
Later than 1 year and not later than 5 years
425,559
368,777
---------
---------
809,440
714,366
---------
---------
23. Provisions
Deferred tax (note 24)
£
At 1 April 2023
788,994
Additions
8,702
---------
At 31 March 2024
797,696
---------
24. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions (note 23)
797,696
788,994
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
797,696
788,994
---------
---------
25. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 511,854 (2023: £ 83,474 ).
26. Financial instruments
The company has not used any non-basic financial instruments in the current period.
27. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
300
300
300
300
----
----
----
----
28. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
29. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
1,318,854
1,785,397
3,104,251
Debt due within one year
(564,954)
(45,184)
(610,138)
Debt due after one year
(691,293)
(405,525)
(1,096,818)
------------
------------
------------
62,607
1,334,688
1,397,295
------------
------------
------------
30. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
40,000
Later than 1 year and not later than 5 years
160,000
Later than 5 years
380,000
---------
----
580,000
---------
----
Chas. Long & Son (Aggregates) Limited
Notes to the Financial Statements (continued)
Year ended 31 March 2024
31. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
C B Long
20,484
( 20,500)
( 16)
C D Long
( 3,003)
273,811
( 21,000)
249,808
M A Long
( 96)
58,768
( 59,000)
( 328)
-------
---------
---------
---------
( 3,099)
353,063
( 100,500)
249,464
-------
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
C B Long
7,200
( 7,200)
C D Long
( 22,392)
21,389
( 2,000)
( 3,003)
M A Long
100,604
( 100,700)
( 96)
--------
---------
---------
-------
( 22,392)
129,193
( 109,900)
( 3,099)
--------
---------
---------
-------
32. Related party transactions
At the year end, £84,040 (2023: £83,560) was due from related parties. Of this, £80,000 was due from Gatherley Developments Limited and £4,040 from Scotch Corner Commercials Limited, both of which are companies jointly owned by Mr M A Long (Director) and Mr C D Long (Director).
33. Controlling party
There is no overall controlling party.