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REGISTERED NUMBER: 05980205 (England and Wales)


Metcalfe Farms (Haulage) Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2024






Metcalfe Farms (Haulage) Limited (Registered number: 05980205)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


Metcalfe Farms (Haulage) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: D J Metcalfe
B J Metcalfe
M A Brookes
N C Fowler
B W Raw


SECRETARY: D J Metcalfe


REGISTERED OFFICE: Washfold Farm
Leyburn
North Yorkshire
DL8 5JZ


REGISTERED NUMBER: 05980205 (England and Wales)


SENIOR STATUTORY
AUDITOR:
Penelope Bowden ACA


AUDITORS: Riverside Accountancy Lancaster Ltd
Chartered Accountants & Statutory Auditors
Riverside Offices, Second Floor
St Georges Quay
Lancaster
LA1 1RD


ACCOUNTANTS: Addison & Co. Chartered Accountants
Ebor House
91 Galgate
Barnard Castle
County Durham
DL12 8ES

Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS & KEY PERFORMANCE INDICATORS
The directors continue to monitor a range of key performance indicators including turnover, gross profit margin and operating profit. There has been a small increase in turnover of 5.6% from £33,009,178 to £34,849,787 with the gross profit percentage decreasing from 3.7% to 2.7% The net profit before taxation of £201,657 is a decrease of 75% on last year's figure. The significant reduction is mainly due to increased costs which it is now facing.

The balance sheet, as detailed on page 11, shows a strong position, with shareholders' funds amounting to £3,517,246

PRINCIPAL RISKS AND UNCERTAINTIES
The company uses various financial instruments which include trade debtors. The main purpose of these financial instruments is to raise finance for the company's operations. The directors agree policies for managing the risks arising from the company's financial trading.

These are as follows:

Credit risk - in order to manage credit risk, the directors only give credit to customers with a good payment record. The company uses a particular reference agency and techniques in order to assess the financial soundness of their potential customers. Outstanding customer balances are reviewed and chased regularly in conjunction with debt ageing and collection history.

Interest rate risk - The company finances its operations through a combination of retained Profits and an overdraft facility.

Customer risk - The company operates a policy of diluting this risk by seeking to diversify the number of customers with which it works, this has been particularly effective over recent years. The intention is to reduce the impact on turnover in the event of losing a customer.

Future - Turnover has been maintained in the first two months of the new financial year. There is still a shortage of experienced HGV drivers however the company is covering work by using more subcontractors which is working well.

DEVELOPMENTS AND FUTURE DEVELOPMENTS
The directors continue to view future developments and widen up their income opportunities. There are no strategic planned developments for the next 12 months at the time of these financial statements.

ON BEHALF OF THE BOARD:





D J Metcalfe - Secretary


19 September 2024

Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of haulage contractors.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 April 2023 to the date of this report unless otherwise stated.

Other changes in directors holding office are as follows:

M A Brookes , N C Fowler and B W Raw were appointed as directors after 31 March 2024 but prior to the date of this report.

A P Metcalfe ceased to be a director after 31 March 2024 but prior to the date of this report.

The directors shown below were in office at 31 March 2024 but did not hold any interest in the Ordinary shares of 1 each at 1 April 2023 or 31 March 2024.

D J Metcalfe
B J Metcalfe
A P Metcalfe

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements 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.

Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Report of the Directors
for the Year Ended 31 March 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Riverside Accountancy Lancaster Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



D J Metcalfe - Secretary


19 September 2024

Report of the Independent Auditors to the Members of
Metcalfe Farms (Haulage) Limited

Opinion
We have audited the financial statements of Metcalfe Farms (Haulage) Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 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.

Report of the Independent Auditors to the Members of
Metcalfe Farms (Haulage) Limited


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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 Report of the Directors.

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 hae 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Report of the Independent Auditors to the Members of
Metcalfe Farms (Haulage) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

- Review of directors minutes and review of nominal postings for legal and professional fees ensured we identified any regulatory compliance issues and laws that company must follow in the year and to the date of signing the financial statements

- The assessment of fraud was considered as low due to the segregation of duties seen, the low levels of cash handled and the regular reporting required of the company to its parent. A review of journal entries and consideration of their appropriateness was carried out through the audit

- During the audit we speak to management, test the systems and speak to various members of the finance function to understand the entity, its processes and the nature of trade to assist in determining if the financial statements are true and fair.

- Challenging assumptions made by management in making their significant accounting estimates.

- Reviewing financial statement disclosure and testing to supporting documentation to assess compliance with applicable laws and regulations

- Tangible fixed assets - we review and confirm ownership documents, physical verification of assets and carry out an impairment review

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Metcalfe Farms (Haulage) Limited


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 a Report of the Auditors 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.




Penelope Bowden ACA (Senior Statutory Auditor)
for and on behalf of Riverside Accountancy Lancaster Ltd
Chartered Accountants & Statutory Auditors
Riverside Offices, Second Floor
St Georges Quay
Lancaster
LA1 1RD

19 September 2024

Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

REVENUE 3 34,849,787 33,009,178

Cost of sales 33,920,270 31,774,464
GROSS PROFIT 929,517 1,234,714

Administrative expenses 729,369 509,456
200,148 725,258

Other operating income 1,509 1,770
OPERATING PROFIT 5 201,657 727,028

Interest receivable and similar income - 162,257
201,657 889,285

Interest payable and similar expenses 6 - 62,888
PROFIT BEFORE TAXATION 201,657 826,397

Tax on profit 7 33,636 252,413
PROFIT FOR THE FINANCIAL
YEAR

168,021

573,984

Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Other Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 168,021 573,984


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

168,021

573,984

Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 7,501 11,251
Property, plant and equipment 10 9,745,678 8,759,426
9,753,179 8,770,677

CURRENT ASSETS
Inventories 11 68,271 45,336
Debtors 12 5,172,834 6,022,642
Cash at bank and in hand 92,205 31,293
5,333,310 6,099,271
CREDITORS
Amounts falling due within one year 13 5,398,502 5,383,618
NET CURRENT (LIABILITIES)/ASSETS (65,192 ) 715,653
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,687,987

9,486,330

CREDITORS
Amounts falling due after more than one
year

14

(5,000,000

)

(5,000,000

)

PROVISIONS FOR LIABILITIES 18 (1,170,741 ) (1,137,105 )
NET ASSETS 3,517,246 3,349,225

CAPITAL AND RESERVES
Called up share capital 19 90 90
Retained earnings 20 3,517,156 3,349,135
SHAREHOLDERS' FUNDS 3,517,246 3,349,225

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





B J Metcalfe - Director


Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 90 7,775,151 7,775,241

Changes in equity
Dividends - (5,000,000 ) (5,000,000 )
Total comprehensive income - 573,984 573,984
Balance at 31 March 2023 90 3,349,135 3,349,225

Changes in equity
Total comprehensive income - 168,021 168,021
Balance at 31 March 2024 90 3,517,156 3,517,246

Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,116,297 4,700,198
Interest element of hire purchase or
finance lease rental payments paid

-

(62,888

)
Tax received 185,002 258,238
Net cash from operating activities 2,301,299 4,895,548

Cash flows from investing activities
Purchase of tangible fixed assets (3,012,556 ) (3,520,986 )
Sale of tangible fixed assets 198,571 1,648,244
Loans repaid - 4,447,006
Interest received - 162,257
Net cash from investing activities (2,813,985 ) 2,736,521

Cash flows from financing activities
New loans in year - 5,000,000
Loan repayments in year - (3,600,000 )
New finance leases in the year - (3,115,450 )
Equity dividends paid - (5,000,000 )
Net cash from financing activities - (6,715,450 )

(Decrease)/increase in cash and cash equivalents (512,686 ) 916,619
Cash and cash equivalents at
beginning of year

2

21,000

(895,619

)

Cash and cash equivalents at end of
year

2

(491,686

)

21,000

Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.3.24 31.3.23
£    £   
Profit before taxation 201,657 826,397
Depreciation charges 1,899,733 1,767,699
Profit on disposal of fixed assets (68,250 ) (618,730 )
Finance costs - 62,888
Finance income - (162,257 )
2,033,140 1,875,997
(Increase)/decrease in inventories (22,935 ) 7,206
Decrease/(increase) in trade and other debtors 664,806 (128,845 )
(Decrease)/increase in trade and other creditors (558,714 ) 2,945,840
Cash generated from operations 2,116,297 4,700,198

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 92,205 31,293
Bank overdrafts (583,891 ) (10,293 )
(491,686 ) 21,000
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 31,293 57,571
Bank overdrafts (10,293 ) (953,190 )
21,000 (895,619 )


Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 31,293 60,912 92,205
Bank overdrafts (10,293 ) (573,598 ) (583,891 )
21,000 (512,686 ) (491,686 )
Total 21,000 (512,686 ) (491,686 )

Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Metcalfe Farms (Haulage) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company is part of a group and the consolidated accounts are available at the registered office. Details are:

Parent company: Metcalfe Farms (Holdings) Ltd
Registered office: Washfold Farm
Leyburn
North Yorkshire
DL8 5JZ

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling, which is the functional currency of the company, and are rounded to the nearest pound.

Significant judgements and estimates
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.

Significant judgements
The judgements (apart from those involving estimations) that management has made in the
process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Useful economic life of tangible assets: the annual depreciation charge is sensitive to changes in the estimated economic lives and residual value of tangible fixed assets. Management re-assess these annually and amend them where necessary to reflect current estimates.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are impairment of assets and WIP and recoverability of debtors, all of which directors review and make judgement of each year.

Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents net invoiced work done, excluding value added tax. Invoices are raised on either collection or delivery to follow on from the work completed.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

Goodwill purchased in 2012 is being amortised evenly at 15% per year on cost.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Wagons - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Trailers - 15% on reducing balance

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
A financial asset or a financial liability is recognised only when the company 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.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are
individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the
reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.


Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 the profit and loss account.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Government grants
COVID -19, the various support initiatives for businesses from local , National Government and other Industry or sector organisations have been collectively recognised as Government grants .
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable.
Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Management charges policy
Management charges have been charged as an expense to cost of sales to reflect the work carried out by directors and management who are not otherwise remunerated for this work. The charge is determined each year based on time spent, and sales driven on similar lines such as a commission basis, the directors believe this cost is directly related to the turnover of the company and therefore have reflected it within cost of sales accordingly.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by geographical market is given below:

31.3.24 31.3.23
£    £   
United Kingdom 29,427,485 32,492,599
Europe 5,401,377 511,852
United States of America 20,925 4,727
34,849,787 33,009,178

Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 4,585,922 3,871,501
Social security costs 471,654 422,035
Other pension costs 322,962 158,218
5,380,538 4,451,754

The average number of employees during the year was as follows:
31.3.24 31.3.23

Directors 3 3
Drivers 98 80
Admin 22 22
123 105

31.3.24 31.3.23
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

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

31.3.24 31.3.23
£    £   
Hire charge 17,607 1,667
Depreciation - owned assets 1,895,983 1,763,948
Profit on disposal of fixed assets (68,250 ) (618,730 )
Goodwill amortisation 3,750 3,750
Auditors' remuneration 8,305 8,495
Foreign exchange differences 4,183 6,114

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Leasing - 62,888

Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
Overprovision in earlier year - (128,759 )

Deferred tax 33,636 381,172
Tax on profit 33,636 252,413

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Profit before tax 201,657 826,397
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 19%)

50,414

157,015

Effects of:
Expenses not deductible for tax purposes 595 310
Capital allowances in excess of depreciation (124,290 ) (502,438 )
Utilisation of tax losses 41,756 -
Adjustments to tax charge in respect of previous periods - (128,759 )
Chargeable gains 2,250 25,020
Deferred tax 33,636 381,172
Losses carried forward 29,275 320,093
Total tax charge 33,636 252,413

8. DIVIDENDS
31.3.24 31.3.23
£    £   
Interim - 5,000,000

A dividend of £nil (2023 £5,000,000) was paid to the parent company at the end of the year, a company which owns 100% of the shareholding in Metcalfe Farms (Haulage) Ltd and which is controlled by the directors D J, B J & A P Metcalfe. No dividends (2023 £nil) were paid to the directors.

Since the year end dividends paid before the approval of the accounts amounted to £nil (2023 - £nil).


Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 155,001
AMORTISATION
At 1 April 2023 143,750
Amortisation for year 3,750
At 31 March 2024 147,500
NET BOOK VALUE
At 31 March 2024 7,501
At 31 March 2023 11,251

10. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor
machinery Wagons vehicles Trailers Totals
£    £    £    £    £   
COST
At 1 April 2023 428,012 7,107,957 261,560 8,837,706 16,635,235
Additions 167,277 1,556,269 36,000 1,253,010 3,012,556
Disposals (51,148 ) (181,144 ) - (94,047 ) (326,339 )
At 31 March 2024 544,141 8,483,082 297,560 9,996,669 19,321,452
DEPRECIATION
At 1 April 2023 240,732 3,619,321 145,260 3,870,496 7,875,809
Charge for year 33,965 1,018,608 29,838 813,572 1,895,983
Eliminated on disposal (23,729 ) (141,791 ) - (30,498 ) (196,018 )
At 31 March 2024 250,968 4,496,138 175,098 4,653,570 9,575,774
NET BOOK VALUE
At 31 March 2024 293,173 3,986,944 122,462 5,343,099 9,745,678
At 31 March 2023 187,280 3,488,636 116,300 4,967,210 8,759,426

11. INVENTORIES
31.3.24 31.3.23
£    £   
Stocks 68,271 45,336

Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 5,026,581 5,759,002
Other debtors 575 575
Corporation tax 1,615 186,617
VAT 33,771 6,269
Prepayments 110,292 70,179
5,172,834 6,022,642

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 15) 583,891 10,293
Trade creditors 4,677,646 5,241,322
Loan from connected party 117,406 114,833
Accruals and deferred income 19,559 17,170
5,398,502 5,383,618

The directors have given personal guarantees in respect of the company’s bank overdrafts limited to £650,000 supported by a legal charge over Washfold Farm, Leyburn, North Yorkshire. It also has a debenture in form and substance satisfactory to the bank.



14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Amounts owed to group undertakings 5,000,000 5,000,000

15. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 583,891 10,293

Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 150,433 106,933

17. FINANCIAL INSTRUMENTS

The carrying amount of the company's financial instruments are as follows:

Financial assets 2024 2023
Debt instruments measured at amortised cost:
- Trade debtors (note 12) 5,026,581 5,759,002
- Amounts owing by group undertaking (note 12) 0 0
- Other debtors (note 12) 575 575
TOTAL 5,027,156 95,759,577

Financial liabilities
Measured at amortised cost:
- Trade creditors (note 13) 4,677,646 5,241,322
- Amounts owing to undertakings in which the company has 117,406 114,833
a participating interest (note 13)
TOTAL 4,795,052 5,356,155


18. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 1,170,741 1,137,105

Deferred
tax
£   
Balance at 1 April 2023 1,137,105
Provided during year 33,636
Balance at 31 March 2024 1,170,741

19. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
90 Share capital 1 1 90 90

Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

20. RESERVES
Retained
earnings
£   

At 1 April 2023 3,349,135
Profit for the year 168,021
At 31 March 2024 3,517,156

21. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The contributions to the scheme in the year were £322,962 (2023 £158,218).

22. CAPITAL COMMITMENTS
31.3.24 31.3.23
£    £   
Contracted but not provided for in the
financial statements 436,655 373,200

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have given personal guarantees to the bank in respect of company borrowings.

At the year end, the company owed a partnership, where all directors are partners, £119,702 (2023 £119,702).

By way of inter entity trading at 31 March 2024 the actual amount owing by the partnership to the company was £120,612 (2023 £4,870) and the amount owed by the company to the partnership was £118,316 (2023 £nil).

In accordance with the company's memorandum and articles and the offsetting agreement between the company and the partnership, these amounts are offset. The result of this is that the company owes the partnership £117,406 (2023 £114,833).


24. RELATED PARTY DISCLOSURES

The company operates rent free from premises owned by a connected party.

During the year there have been various transactions at market value with connected parties.

Metcalfe Farms (Haulage) Limited made sales and recharges to connected parties of £1,113,319 (2023
- £914,524) during the year. Payments of £995,687 (2023 - £1,048,409) were received leaving a trade debtor balance due to the company of £119,882 (2023 - £2,250).

Metcalfe Farms (Haulage) Limited made purchases from connected parties of £10,385,750 (2023 - £15,839,706) during the year. Payments of £10,604,651 (2023 - £14,333,296) were made leaving a trade creditor balance due to the connected parties of £2,552,268 (2023 - £2,771,169).

Metcalfe Farms (Haulage) Limited (Registered number: 05980205)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

During the year Metcalfe Farms (Haulage) Limited paid key management personnel for services plus pension £6,731,250 (2023 - £7,406,250).

25. ULTIMATE CONTROLLING PARTY

It is considered that the company is controlled by the directors.