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Company registration number: NI602888
Campbell Bulk Haulage Limited
Financial statements
30 November 2023
Campbell Bulk Haulage Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
Campbell Bulk Haulage Limited
Directors and other information
Directors Mr Derek Campbell
Mrs Caroline Campbell
Company number NI602888
Registered office 11 Tievenamara Road
Carnagh
Keady
Armagh
BT60 3JA
Business address 11 Tievenamara Road
Carnagh
Keady
Co. Armagh
BT60 3JA
Auditor E A Grimley & Co
16 Clonoe Village Business Park
Dungannon
Co Tyrone
Tyrone
BT70 4PU
Bankers First Trust Bank
English Street
Armagh
BT61 7LD
Allied Irish Bank
Monaghan
Solicitors Gus Campbell Solicitors
7 College Street
Armagh
BT61 9BT
Campbell Bulk Haulage Limited
Strategic report
Year ended 30 November 2023
Results
Introduction
The directors present the strategic report for the year ended 30 November 2023
The results for the year are set out on page 8.
The trading performance of the Company for the year was satisfactory and reflects the combined impacts of the market environments in which it operates; the resultant competitor activity; the investment in new assets and the mix of currencies in which it trades.
Business review, development and performance
The company's principal activity during the year was the provision of transport services.
There has been no significant change in these activities during the year.
The company achieved turnover of £9.7m in the year ended 30 November 2023, a decrease of 6% with a gross profit margin of 14%, compared to 16% in the previous year. The company's emphasis going forward continues to be on securing turnover that results in sustainable profitability and cash flow.
The company's asset base remains strong, with net assets of £2,586,233 for the year ended 30 November 2023 compared to £2,418,679 for 30 November 2022.
The Company has performed satisfactorily during the year and it is expected that it will continue to make progress over the medium term, despite increased pressure on a heavily regulated environment, downward pressure on pricing in many markets which are serviced and inflationary increases impacting costs. The directors have determined that the following key performance indicators (KPls) covering financial performance are the most effective measure of progress towards achieving the Company's objectives: revenues and revenue growth; investment in assets; operating profit and operating profit growth; and cash flow. Non financial KPls are managed throughcustomer reviews, transport reviews.
Key risks and uncertainties affecting the business
Competition is always present in this specialised niche industry. We aim to stay ahead of our competition by ensuring that our serices offering is at the highest standards.
Inflation has re-emerged as a global macroeconomic issue. Constrained supply chains, availability ot Lorry Drivers, excess money supply and geopolitical tensions have put pressure on prices. This in turn has placed pressure on wages and salaries and Transport and Fuels prices. The Company has faced these pressures and has attempted to minimise these impacts through a variety of procurement strategies.
The company trades with customers in both Sterling and Euro, variances affecting operational activities in this regard are reflected in the profit and loss accounts in the years in which they arise.
This report was approved by the board of directors on 28 November 2024 and signed on behalf of the board by:
Mr Derek Campbell
Director
Campbell Bulk Haulage Limited
Directors report
Year ended 30 November 2023
The directors present their report and the financial statements of the company for the year ended 30 November 2023.
Directors
The directors who served the company during the year were as follows:
Mr Derek Campbell
Mrs Caroline Campbell
In accordance with the Articles of Association, the directors do not retire by rotation.
Results and Dividends
The profit for the year, after taxation, amounted to £207,554, prior year £414,580.
Particulars of recommended dividends are detailed in note 11 to the financial statements.
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; and
- 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.
Disclosure of information to auditors
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.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 28 November 2024 and signed on behalf of the board by:
Mr Derek Campbell
Director
Campbell Bulk Haulage Limited
Independent auditor's report to the members of
Campbell Bulk Haulage Limited
Year ended 30 November 2023
Opinion
We have audited the financial statements of Campbell Bulk Haulage Limited (the 'company') for the year ended 30 November 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statements, 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 30 November 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 has been prepared in accordance with applicable legal requirements.
Prior Year Figures.
No audit has been carried out on prior year financial statements.
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 where 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 the 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: 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 auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Ethna Grimley (Senior Statutory Auditor)
For and on behalf of
E A Grimley & Co
Chartered Accountants & Registered Auditor and Registered Auditors
16 Clonoe Village Business Park
Dungannon
Co Tyrone
Tyrone
BT70 4PU
28 November 2024
Campbell Bulk Haulage Limited
Statement of comprehensive income
Year ended 30 November 2023
2023 2022
Note £ £
Turnover 4 9,758,945 10,445,513
Cost of sales ( 8,370,695) ( 8,802,860)
_______ _______
Gross profit 1,388,250 1,642,653
Administrative expenses ( 993,315) ( 1,132,265)
Other operating income 5 8,294 19,131
_______ _______
Operating profit 6 403,229 529,519
Other interest receivable and similar income 8 445 203
Interest payable and similar expenses 9 ( 48,455) ( 25,142)
Profit before taxation 355,219 504,580
Tax on profit 10 ( 147,666) ( 90,000)
_______ _______
Profit for the financial year and total comprehensive income 207,553 414,580
_______ _______
All the activities of the company are from continuing operations.
Campbell Bulk Haulage Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 12 3,376,010 2,574,102
_______ _______
3,376,010 2,574,102
Current assets
Debtors 13 1,803,502 1,775,406
Cash at bank and in hand 899,422 625,663
_______ _______
2,702,924 2,401,069
Creditors: amounts falling due
within one year 15 ( 1,641,471) ( 1,682,298)
_______ _______
Net current assets 1,061,453 718,771
_______ _______
Total assets less current liabilities 4,437,463 3,292,873
Creditors: amounts falling due
after more than one year 16 ( 1,259,230) ( 447,194)
Provisions for liabilities 17 ( 592,000) ( 427,000)
_______ _______
Net assets 2,586,233 2,418,679
_______ _______
Capital and reserves
Called up share capital 20 100 100
Profit and loss account 2,586,133 2,418,579
_______ _______
Shareholders funds 2,586,233 2,418,679
_______ _______
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Mr Derek Campbell
Director
Company registration number: NI602888
Campbell Bulk Haulage Limited
Statement of changes in equity
Year ended 30 November 2023
Called up share capital Profit and loss account
£ £
At 1 December 2021 100 2,068,999
Profit for the year 414,580
_______ _______
Total comprehensive income for the year - 414,580
Dividends paid and payable ( 65,000)
_______ _______
Total investments by and distributions to owners - ( 65,000)
_______ _______
At 30 November 2022 and 1 December 2022 100 2,418,580
Profit for the year 207,554
_______ _______
Total comprehensive income for the year - 207,554
Dividends paid and payable ( 40,000)
_______ _______
Total investments by and distributions to owners - ( 40,000)
_______ _______
At 30 November 2023 100 2,586,134
_______ _______
Campbell Bulk Haulage Limited
Statement of cash flows
Year ended 30 November 2023
2023 2022
Note £ £
Cash flows from operating activities
Profit for the financial year 207,554 414,580
Adjustments for:
Depreciation of tangible assets 633,068 393,940
Other interest receivable and similar income ( 445) ( 203)
Interest payable and similar expenses 48,455 25,142
Gain/(loss) on disposal of tangible assets 66,820 ( 5,776)
Tax on profit 147,666 90,000
Changes in:
Trade and other debtors ( 13,096) ( 302,403)
Trade and other creditors ( 50,822) 408,150
_______ _______
Cash generated from operations 1,039,200 1,023,430
Interest paid ( 48,455) ( 25,142)
Interest received 445 203
Tax paid ( 107,666) 15,000
_______ _______
Net cash from operating activities 883,524 1,013,491
_______ _______
Cash flows from investing activities
Purchase of tangible assets ( 1,717,043) ( 456,623)
Proceeds from sale of tangible assets 215,247 138,335
_______ _______
Net cash used in investing activities ( 1,501,796) ( 318,288)
_______ _______
Cash flows from financing activities
Proceeds from borrowings - 21,173
Payment of finance lease liabilities 932,009 ( 75,547)
Equity dividends paid ( 40,000) ( 65,000)
_______ _______
Net cash from/(used in) financing activities 892,009 ( 119,374)
_______ _______
Net increase/(decrease) in cash and cash equivalents 273,737 575,829
Cash and cash equivalents at beginning of year 14 625,638 49,811
_______ _______
Cash and cash equivalents at end of year 14 899,375 625,640
_______ _______
Campbell Bulk Haulage Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is 11 Tievenamara Road, Carnagh, Keady, Armagh, BT60 3JA.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - 10 % reducing balance
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position 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 statement of financial position 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 in finance costs in profit or loss in the period it arises.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom and Ireland. It is the view of management that a detailed analysis of turnover would be seriously prejudicial to the company, and therefore has not been provided.
5. Other operating income
2023 2022
£ £
Other operating income 8,294 19,131
_______ _______
6. Operating profit
Operating profit is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 633,068 393,940
(Gain)/loss on disposal of tangible assets 66,820 ( 5,776)
Foreign exchange differences - 918
Fees payable for the audit of the financial statements 8,000 -
_______ _______
7. Staff costs
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 2,049,468 1,935,067
Social security costs 33,834 29,158
Other pension costs 717 171,967
_______ _______
2,084,019 2,136,192
_______ _______
The average monthly number of employees, including the Directors, during the year was 53, Prior year 53.
8. Other interest receivable and similar income
2023 2022
£ £
Bank deposits 445 91
Other interest receivable and similar income - 112
_______ _______
445 203
_______ _______
9. Interest payable and similar expenses
2023 2022
£ £
Other loans made to the company:
Finance leases and hire purchase contracts 48,455 25,142
_______ _______
48,455 25,142
_______ _______
10. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax income/expense ( 2,334) 110,000
Adjustments in respect of previous periods ( 15,000) -
_______ _______
Deferred tax:
Origination and reversal of timing differences 165,000 ( 20,000)
_______ _______
Tax on profit 147,666 90,000
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 25.00 % (2022: 19.00%).
2023 2022
£ £
Profit before taxation 355,220 504,580
_______ _______
Profit multiplied by rate of tax 88,805 95,870
Adjustments in respect of prior periods ( 15,000) -
Effect of capital allowances and depreciation 92,000 ( 1,000)
Rounding on tax charge 651 ( 4,870)
_______ _______
Tax on profit 166,456 90,000
_______ _______
11. Dividends
Equity dividends
2023 2022
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 40,000 65,000
_______ _______
12. Tangible assets
Motor vehicles Trailer Units Garage Fixtures, fittings and equipment Tractor Units Building Adaptations Total
£ £ £ £ £ £ £
Cost
At 1 December 2022 302,871 1,379,351 14,335 309,432 2,480,431 106,527 4,592,947
Additions 107,500 138,050 - 13,967 1,457,526 - 1,717,043
Disposals ( 65,080) - - - ( 570,272) - ( 635,352)
_______ _______ _______ _______ _______ _______ _______
At 30 November 2023 345,291 1,517,401 14,335 323,399 3,367,685 106,527 5,674,638
_______ _______ _______ _______ _______ _______ _______
Depreciation
At 1 December 2022 82,579 592,518 12,443 159,986 1,110,013 61,306 2,018,845
Charge for the year 32,804 136,759 473 20,619 437,891 4,522 633,068
Disposals ( 33,512) - - - ( 319,773) - ( 353,285)
_______ _______ _______ _______ _______ _______ _______
At 30 November 2023 81,871 729,277 12,916 180,605 1,228,131 65,828 2,298,628
_______ _______ _______ _______ _______ _______ _______
Carrying amount
At 30 November 2023 263,420 788,124 1,419 142,794 2,139,554 40,699 3,376,010
_______ _______ _______ _______ _______ _______ _______
At 30 November 2022 220,292 786,833 1,892 149,446 1,370,418 45,221 2,574,102
_______ _______ _______ _______ _______ _______ _______
13. Debtors
2023 2022
£ £
Trade debtors 1,514,775 1,383,122
Prepayments and accrued income 161,980 257,691
Other debtors 126,747 134,593
_______ _______
1,803,502 1,775,406
_______ _______
14. Cash and cash equivalents
2023 2022
£ £
Cash at bank and in hand 899,422 625,663
Bank overdrafts ( 47) ( 25)
_______ _______
899,375 625,638
_______ _______
15. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 47 25
Trade creditors 753,399 799,140
Corporation tax - 110,000
Social security and other taxes 196,542 212,311
Obligations under Hire Purchase Contracts 578,716 458,743
Director loan accounts 21,173 21,173
Other creditors 91,594 80,906
_______ _______
1,641,471 1,682,298
_______ _______
16. Creditors: amounts falling due after more than one year
2023 2022
£ £
Obligations under Hire Purchase Contracts 1,259,230 447,194
_______ _______
17. Provisions
Deferred tax (note 18) Total
£ £
At 1 December 2022 427,000 427,000
Additions 165,000 165,000
_______ _______
At 30 November 2023 592,000 592,000
_______ _______
18. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 17) 592,000 427,000
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 632,000 427,000
Unused tax losses ( 40,000) -
_______ _______
592,000 427,000
_______ _______
19. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 33,834 (2022: £ 29,158 ).
20. Called up share capital
Authorised share capital
2023 2022
Ordinary shares of £ 1.00 each 100 100 100 100
Issued, called up and fully paid
_______ _______ _______ _______
21. Analysis of changes in net debt
At 1 December 2022 Cash flows At 30 November 2023
£ £ £
Cash and cash equivalents 625,663 273,759 899,422
Bank overdrafts (25) (22) (47)
Debt due within one year (479,916) (119,973) (599,889)
Debt due after one year (447,194) (812,036) (1,259,230)
_______ _______ _______
( 301,472) ( 658,272) ( 959,744)
_______ _______ _______
22. Contingent assets and liabilities
There are no contingent liabilities at the balance sheet date.
23. Limitation of auditors liability
The directors, on behalf of the company, have entered into a Limited Liability Agreement with their auditors. The auditor's liability is limited to an amount which is considered fair and reasonable. This has been disclosed in line with company legislation.
24. Related party transactions
Rent at market value is paid to the pension company of which the directors are beneficiaries.
25. Controlling party
The ultimate controlling parties are the shareholders of the company.