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PurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-09-30SC062837ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-09-30SC062837ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-09-30SC062837ns5:HirePurchaseContracts2024-09-30SC062837ns5:HirePurchaseContracts2023-09-30SC062837ns5:WithinOneYear2024-09-30SC062837ns5:WithinOneYear2023-09-30SC062837ns5:BetweenOneFiveYears2024-09-30SC062837ns5:BetweenOneFiveYears2023-09-30SC062837ns5:MoreThanFiveYears2024-09-30SC062837ns5:MoreThanFiveYears2023-09-30SC062837ns5:AllPeriods2024-09-30SC062837ns5:AllPeriods2023-09-30SC062837ns5:DeferredTaxation2023-09-30SC062837ns5:DeferredTaxation2023-10-012024-09-30SC062837ns5:DeferredTaxation2024-09-30SC062837ns10:OrdinaryShareClass12024-09-30SC062837ns5:RetainedEarningsAccumulatedLosses2023-09-30
REGISTERED NUMBER: SC062837 (Scotland)













Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 September 2024

for

Ian Craig (Haulage) Limited

Ian Craig (Haulage) Limited (Registered number: SC062837)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Ian Craig (Haulage) Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Ian J. Craig
Kevin D. Craig
Alan R. Craig
Colin D. Craig





SECRETARY: Diane Craig





REGISTERED OFFICE: Roughmute Transport Depot
Larbert
Stirlingshire
FK5 3NP





REGISTERED NUMBER: SC062837 (Scotland)





AUDITORS: Gerber Landa & Gee
Statutory Auditor
Chartered Accountants
Pavilion 1
Finnieston Business Park
Minerva Way
GLASGOW
G3 8AU

Ian Craig (Haulage) Limited (Registered number: SC062837)

Strategic Report
for the Year Ended 30 September 2024

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

REVIEW OF BUSINESS
The results for the year and financial position of the company are as shown in the annexed financial statements. The Company realised a profit before tax of £362,100 (2023: £1,011,580).

Whilst the Directors are disappointed with this result, they are very satisfied that profitability has been maintained in a very challenging year from general market forces out with their control.

Turnover has fallen due to the well documented downturn in the construction industry. At the same time operating costs have increased, mainly due to the Company's objective to maintain its highly skilled workforce and awarding higher than average pay increases.

With the benefit of having a young fleet the Company has been in the enviable position of reducing its debt substantially over the past two years which has resulted in a welcome reduction in finance costs at a time when interest rates have been very high. The Company's balance sheet remains very strong.

Conditions within the construction sector are showing tentative signs of improvement and the Directors are confident that the Company is strongly positioned in all areas to increase profitability in the coming years.

PRINCIPAL RISKS AND UNCERTAINTIES
Market Conditions

A significant proportion of the company's turnover is derived from the construction industry. Whilst this is the company's core activity, the directors are constantly sourcing new areas of haulage which will help diversify the company's activities.The company has carried out the necessary fleet adaptations which will continue to allow it to offer customers a variety of tailored solutions to their individual transport needs.

Credit Risk

The company has built strong relationships with all of its customers and monitors the position on a regular basis.

IT Risk

The company is dependent on reliable IT systems for managing and controlling the business. The company's IT function oversees all systems and has policies in place to protect software, hardware and data and to prevent unauthorised access to its systems.


Health and Safety Risk

The company has a highly skilled experienced workforce who play a very important role in the company's success. Their Health and Safety is of paramount importance to the Company. The company is accredited by FORS and registered with Avetta. This demonstrates the Company's commitment to continual improvement and investment in safety and sustainability and development of our workforce.

KEY FINANCIAL PERFORMANCE INDICATORS
These include monitoring of turnover, gross margins,individual component margins,fleet efficiency performance indicators, fleet maintenance options and returns on capital employed

Strict adherence to health and safety matters and Operators License compliance are also considered essential.


Ian Craig (Haulage) Limited (Registered number: SC062837)

Strategic Report
for the Year Ended 30 September 2024

FUTURE DEVELOPMENTS
The Company continues to pursue its aim of controlled organic growth whilst providing excellent service to its customers and rewarding its invaluable workforce.

ON BEHALF OF THE BOARD:





Kevin D. Craig - Director


9 January 2025

Ian Craig (Haulage) Limited (Registered number: SC062837)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

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

DIVIDENDS
Interim dividends totalling £234,000 were paid during the year in respect of the year ended 30 September 2024 (2023:£249,000). The directors recommend that no final dividend be paid.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

Ian J. Craig
Kevin D. Craig
Alan R. Craig
Colin D. Craig

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.

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, Gerber Landa & Gee, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Kevin D. Craig - Director


9 January 2025

Report of the Independent Auditors to the Members of
Ian Craig (Haulage) Limited

Opinion
We have audited the financial statements of Ian Craig (Haulage) Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of 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 30 September 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.

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.

Report of the Independent Auditors to the Members of
Ian Craig (Haulage) Limited


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 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 Statement of Directors' Responsibilities set out on page four, 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
Ian Craig (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:

The Responsible Individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation];
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Investigated the rationale behind significant or unusual transactions; and

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

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities 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
Ian Craig (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.




Ian McGougan (Senior Statutory Auditor)
for and on behalf of Gerber Landa & Gee
Statutory Auditor
Chartered Accountants
Pavilion 1
Finnieston Business Park
Minerva Way
GLASGOW
G3 8AU

9 January 2025

Ian Craig (Haulage) Limited (Registered number: SC062837)

Statement of Comprehensive
Income
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

TURNOVER 3 12,916,460 14,163,618

Cost of sales 11,593,347 12,300,867
GROSS PROFIT 1,323,113 1,862,751

Administrative expenses 856,221 624,234
466,892 1,238,517

Other operating income 4 1,000 1,000
OPERATING PROFIT 7 467,892 1,239,517

Interest receivable and similar income 21,666 -
489,558 1,239,517

Interest payable and similar expenses 8 127,455 137,937
PROFIT BEFORE TAXATION 362,103 1,101,580

Tax on profit 9 111,364 266,918
PROFIT FOR THE FINANCIAL YEAR 250,739 834,662

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

250,739

834,662

Ian Craig (Haulage) Limited (Registered number: SC062837)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 7,124,966 8,137,814

CURRENT ASSETS
Stocks 12 107,200 117,101
Debtors 13 2,115,427 2,585,226
Cash at bank 1,638,450 1,176,683
3,861,077 3,879,010
CREDITORS
Amounts falling due within one year 14 2,420,469 2,538,897
NET CURRENT ASSETS 1,440,608 1,340,113
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,565,574

9,477,927

CREDITORS
Amounts falling due after more than one
year

15

(1,216,798

)

(2,117,398

)

PROVISIONS FOR LIABILITIES 18 (1,179,826 ) (1,208,318 )
NET ASSETS 6,168,950 6,152,211

CAPITAL AND RESERVES
Called up share capital 19 1,000 1,000
Retained earnings 20 6,167,950 6,151,211
SHAREHOLDERS' FUNDS 6,168,950 6,152,211

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2025 and were signed on its behalf by:





Kevin D. Craig - Director


Ian Craig (Haulage) Limited (Registered number: SC062837)

Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 1,000 5,565,549 5,566,549

Changes in equity
Dividends - (249,000 ) (249,000 )
Total comprehensive income - 834,662 834,662
Balance at 30 September 2023 1,000 6,151,211 6,152,211

Changes in equity
Dividends - (234,000 ) (234,000 )
Total comprehensive income - 250,739 250,739
Balance at 30 September 2024 1,000 6,167,950 6,168,950

Ian Craig (Haulage) Limited (Registered number: SC062837)

Cash Flow Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,245,182 2,231,922
Interest paid - (18,576 )
Interest element of hire purchase payments
paid

(127,455

)

(119,361

)
Taxation refund 139,375 -
Net cash from operating activities 2,257,102 2,093,985

Cash flows from investing activities
Purchase of tangible fixed assets (624,543 ) (2,519,611 )
Sale of tangible fixed assets 206,999 514,266
Interest received 21,666 -
Net cash from investing activities (395,878 ) (2,005,345 )

Cash flows from financing activities
Loan repayments in year - (57,096 )
Loan repaid in year - (304,617 )
Capital repayments in year (1,165,457 ) (94,779 )
Equity dividends paid (234,000 ) (249,000 )
Net cash from financing activities (1,399,457 ) (705,492 )

Increase/(decrease) in cash and cash equivalents 461,767 (616,852 )
Cash and cash equivalents at beginning of
year

2

1,176,683

1,793,535

Cash and cash equivalents at end of year 2 1,638,450 1,176,683

Ian Craig (Haulage) Limited (Registered number: SC062837)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2024

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

30.9.24 30.9.23
£    £   
Profit before taxation 362,103 1,101,580
Depreciation charges 1,613,537 1,637,628
Profit on disposal of fixed assets (183,144 ) (342,855 )
Finance costs 127,455 137,937
Finance income (21,666 ) -
1,898,285 2,534,290
Decrease/(increase) in stocks 9,901 (14,620 )
Decrease/(increase) in trade and other debtors 330,423 (94,137 )
Increase/(decrease) in trade and other creditors 6,573 (193,611 )
Cash generated from operations 2,245,182 2,231,922

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 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 1,638,450 1,176,683
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 1,176,683 1,793,535


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank 1,176,683 461,767 1,638,450
1,176,683 461,767 1,638,450
Debt
Finance leases (3,285,826 ) 1,165,457 (2,120,369 )
(3,285,826 ) 1,165,457 (2,120,369 )
Total (2,109,143 ) 1,627,224 (481,919 )

Ian Craig (Haulage) Limited (Registered number: SC062837)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

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

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 as modified by the revaluation of certain assets.

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Cabs - 20% on cost and 15% on cost
Cranes & Trailers - 20% on cost and 10% on cost
Motor vehicles - 20% on cost
Plant & Equipment - at varying rates on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss.If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss if any.

The property was revalued on 9 April 2019.

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

Financial instruments
Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic activity.

Taxation
Taxation for the year comprises current and deferred tax. 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 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.


Ian Craig (Haulage) Limited (Registered number: SC062837)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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

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

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.

Going concern
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparation of the financial statements.

3. TURNOVER

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

An analysis of turnover by class of business is given below:

30.9.24 30.9.23
£    £   
Haulage 12,861,632 14,109,210
Storage 37,200 37,200
Other Services 17,628 17,208
12,916,460 14,163,618

4. OTHER OPERATING INCOME
30.9.24 30.9.23
£    £   
Rents received 1,000 1,000

Ian Craig (Haulage) Limited (Registered number: SC062837)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
£    £   
Wages and salaries 4,284,673 4,108,216
Social security costs 468,651 462,579
Other pension costs 221,506 124,923
4,974,830 4,695,718

The average number of employees during the year was as follows:
30.9.24 30.9.23

Distribution & maintenance 88 90
Management & administration 9 9
97 99

6. DIRECTORS' EMOLUMENTS
30.9.24 30.9.23
£    £   
Directors' remuneration 60,120 60,120

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

The directors are considered to constitute the key management personnel of the company.

7. OPERATING PROFIT

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

30.9.24 30.9.23
£    £   
Hire of vehicles 17,083 30,122
Depreciation - owned assets 665,256 539,386
Depreciation - assets on hire purchase contracts 948,280 1,098,246
Profit on disposal of fixed assets (183,144 ) (342,855 )
Auditors' remuneration 17,000 17,000

8. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
£    £   
Bank loan interest - 18,576
Hire purchase 127,455 119,361
127,455 137,937

Ian Craig (Haulage) Limited (Registered number: SC062837)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
£    £   
Current tax:
UK corporation tax 139,856 -

Deferred tax (28,492 ) 266,918
Tax on profit 111,364 266,918

UK corporation tax has been charged at 25% (2023 - 25%).

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

30.9.24 30.9.23
£    £   
Profit before tax 362,103 1,101,580
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

90,526

275,395

Effects of:
Expenses not deductible for tax purposes 1,906 2,774
Income not taxable for tax purposes - (85,714 )
Capital allowances in excess of depreciation (160,286 ) (291,887 )
Utilisation of tax losses (99,432 ) 99,432
Accelerated Capital Allowances 278,650 266,918
Total tax charge 111,364 266,918

10. DIVIDENDS
30.9.24 30.9.23
£    £   
Ordinary shares of £1 each
Interim 234,000 249,000

Ian Craig (Haulage) Limited (Registered number: SC062837)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

11. TANGIBLE FIXED ASSETS
Freehold Long
property leasehold Cabs
£    £    £   
COST OR VALUATION
At 1 October 2023 1,612,528 38,549 8,900,135
Additions - - 204,043
Disposals - - (1,017,645 )
At 30 September 2024 1,612,528 38,549 8,086,533
DEPRECIATION
At 1 October 2023 103,527 12,417 4,256,100
Charge for year 20,490 780 1,110,737
Eliminated on disposal - - (1,003,362 )
At 30 September 2024 124,017 13,197 4,363,475
NET BOOK VALUE
At 30 September 2024 1,488,511 25,352 3,723,058
At 30 September 2023 1,509,001 26,132 4,644,035

Cranes & Motor Plant &
Trailers vehicles Equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 October 2023 4,126,986 322,757 685,742 15,686,697
Additions 420,500 - - 624,543
Disposals (314,742 ) - - (1,332,387 )
At 30 September 2024 4,232,744 322,757 685,742 14,978,853
DEPRECIATION
At 1 October 2023 2,480,578 177,011 519,250 7,548,883
Charge for year 399,878 49,923 31,728 1,613,536
Eliminated on disposal (305,170 ) - - (1,308,532 )
At 30 September 2024 2,575,286 226,934 550,978 7,853,887
NET BOOK VALUE
At 30 September 2024 1,657,458 95,823 134,764 7,124,966
At 30 September 2023 1,646,408 145,746 166,492 8,137,814

Included in cost or valuation of land and buildings is freehold land of £ 587,978 (2023 - £ 587,978 ) which is not depreciated.

Ian Craig (Haulage) Limited (Registered number: SC062837)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

11. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 September 2024 is represented by:

Freehold Long
property leasehold Cabs
£    £    £   
Valuation in 2013 (835,373 ) - -
Valuation in 2019 80,000 - -
Cost 2,367,901 38,549 8,086,533
1,612,528 38,549 8,086,533

Cranes & Motor Plant &
Trailers vehicles Equipment Totals
£    £    £    £   
Valuation in 2013 - - - (835,373 )
Valuation in 2019 - - - 80,000
Cost 4,232,744 322,757 685,742 15,734,226
4,232,744 322,757 685,742 14,978,853

If freehold property had not been revalued it would have been included at the following historical cost:

30.9.24 30.9.23
£    £   
Cost 2,350,795 2,350,795
Aggregate depreciation 58,448 58,448

Value of land in freehold land and buildings 587,978 587,978

Freehold property was valued on a fair value basis on 9 April 2019 by DM Hall .

Ian Craig (Haulage) Limited (Registered number: SC062837)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

11. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Cranes & Motor
Cabs Trailers vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 October 2023 6,755,345 1,201,696 70,135 8,027,176
Transfer to ownership (866,399 ) (284,940 ) (27,390 ) (1,178,729 )
At 30 September 2024 5,888,946 916,756 42,745 6,848,447
DEPRECIATION
At 1 October 2023 2,567,529 353,632 14,027 2,935,188
Charge for year 843,652 90,601 14,027 948,280
Transfer to ownership (671,173 ) (114,920 ) (27,390 ) (813,483 )
At 30 September 2024 2,740,008 329,313 664 3,069,985
NET BOOK VALUE
At 30 September 2024 3,148,938 587,443 42,081 3,778,462
At 30 September 2023 4,187,816 848,064 56,108 5,091,988

12. STOCKS
30.9.24 30.9.23
£    £   
Stocks 107,200 117,101

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 2,072,261 2,421,191
Corporation Tax Debtor - 139,376
Prepayments and accrued income 43,166 24,659
2,115,427 2,585,226

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Hire purchase contracts (see note 16) 903,571 1,168,428
Trade creditors 519,600 607,562
Tax 139,856 -
Social security and other taxes 529,242 486,435
Other creditors 122,727 103,183
Accrued expenses 205,473 173,289
2,420,469 2,538,897

Ian Craig (Haulage) Limited (Registered number: SC062837)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Hire purchase contracts (see note 16) 1,216,798 2,117,398

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.9.24 30.9.23
£    £   
Net obligations repayable:
Within one year 903,571 1,168,428
Between one and five years 1,216,798 2,117,398
2,120,369 3,285,826

Non-cancellable operating leases
30.9.24 30.9.23
£    £   
Within one year 20,000 20,000
Between one and five years 80,000 -
In more than five years 200,000 -
300,000 20,000

17. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Hire purchase contracts 2,120,369 3,285,826

18. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred Taxation 1,179,826 1,208,318

Deferred
tax
£   
Balance at 1 October 2023 1,208,318
Credit to Statement of Comprehensive Income during year (28,492 )
Balance at 30 September 2024 1,179,826

Ian Craig (Haulage) Limited (Registered number: SC062837)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

20. RESERVES
Retained
earnings
£   

At 1 October 2023 6,151,211
Profit for the year 250,739
Dividends (234,000 )
At 30 September 2024 6,167,950

21. PENSION COMMITMENTS

The company operates defined contribution schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions paid by the company to the funds and amounted to £221,506 (2023: £129,657)

22. RELATED PARTY DISCLOSURES

During the year, total dividends of £234,000 (2023 - £249,000) were paid to the directors .

Included in other creditors are balances due to the Company's directors as follows:

Ian Craig £5,128
Kevin Craig £33,167
Alan Craig £26,235
Colin Craig £23,265

Interest is not charged on the outstanding amounts and there are no repayment terms.

During the year the Company purchased tyres from RM Tyres (Scotland) Limited for £503,129 (2023 £501,998).
The Company provided services amounting to £17,628 (2023 : £17,208) to RM Tyres (Scotland) Limited.

At the year end there was a balance due to RM Tyres (Scotland) Limited of £42,852 (2023: £50,578).

The wives of Kevin Craig, Alan Craig and Colin Craig are the directors and shareholders of RM Tyres (Scotland) Limited.

23. ULTIMATE CONTROLLING PARTY

No individual has overall control of the Company.