Company registration number 08652604 (England and Wales)
FAGAN & WHALLEY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
FAGAN & WHALLEY HOLDINGS LIMITED
COMPANY INFORMATION
Directors
S A Fagan
G M Fagan
S T Fagan
(Appointed 30 January 2024)
Company number
08652604
Registered office
Mead Way
Padiham
Burnley
Lancashire
United Kingdom
BB12 7NG
Auditor
Azets Audit Services
Crown House
Bridgewater Close
Burnley
Lancashire
United Kingdom
BB11 5TE
FAGAN & WHALLEY HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
FAGAN & WHALLEY HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

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

Review of the business

The accounts of the group have been prepared on a consolidated basis (see note 1.2 to the financial statements for the basis of consolidation) and our business review is based upon the consolidated financial statements. Our review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties we face. We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross profit and return on capital employed.

 

Turnover has decreased by 0.92% (2023 - 28.7%) in comparison to last year. The gross profit margin has increased by 0.7% percentage points to 25.9%.

 

Group operating profit has decreased to £1,479,203 (3.8%) in comparison to last year 1,936,162 - 4.7%), and the group profit before tax has decreased to £451,599 (2023 - £1,286,787). After taxation and dividends £115,121 has been added to reserves.

 

Return on capital employed has decreased to 5.2% (2023 - 7.4%). Return on capital employed is calculated as profit before tax and interest divided by capital employed. Capital employed is calculated as total assets less current liabilities.

 

The directors consider the following are the main KPIs underpinning the performance of the business:

 

2024         2023

Turnover                £41,835k    £41,611k

Gross Profit %            25.6%        25.2%

EBITDA                £5,264k        £5,905k

EBITDA less vehicle depreciation     £2,612k        £3,264k

 

Principal risks and uncertainties

The principal uncertainty facing the business relates to the price of fuel, however the company uses variable fuel surcharges to mitigate this risk.

 

The continued risk of the well published HGV driver shortage creates uncertainty, but the company is well placed with to handle this with various schemes to introduce drivers into the industry.

 

FAGAN & WHALLEY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Promoting success of the group

 

The likely consequences of any decision in the long term

 

Decisions are made with risk adversity and carefully thought out short, medium and long term impacts in mind. Expansion of our operations with the opening of a depot at Frontier Park ensures jobs are created not only for the local area, but also with promotion opportunities internally for employees. The investment in IT infrastructure to link our depots across Lancashire, the Midlands and South Wales gives solidarity to our operations for the future.

 

The interests of the group's employees

 

Health and Safety remains at the top of the agenda at all management reviews and is a focus for continual improvement, including topical safety campaigns and best in class processes. Annual salary/​wage reviews ensure we are attracting and rewarding the best possible employees, who are offered both compulsory and optional training to ensure knowledge and skills are developed.

 

The need to foster the group's business relationships with suppliers, customers and others

 

Constant communication is in place with customers detailing KPIs and operational reviews where necessary. Customer satisfaction surveys are used to target areas for improvement and results with corrective action feedback to customers. Likeminded suppliers work in similar ways with regular review meetings to ensure we have continuation of services and supply.

 

The impact of the group's operations on the community and the environment

 

A structured fleet renewal policy aids investment in the latest vehicles to help cut emissions, whilst investment in telematics gives visibility to areas of improvement in vehicle usage and driving style. A structure and realistic ESG policy has been created to guide the business on the road to Net Zero Membership of the Burnley Bondholders continues to ensure we have a presence and input to the decisions being made in our local area. Sponsorships have been renewed with local sporting organisations, and the support of Blackburn Youth Zone Patrons Network helps to ensure a strong community and prospects for future generations.

 

The desirability of the group maintaining a reputation for high standards of business conduct

 

Both quality accreditations (BRCGS and Soil Association Organic Storage and Distribution) have again been awarded following successful audits with the highest standards being achieved. The board continuously spreads the message through regular management meetings that honesty and integrity are at the heart of our business.

 

The need to act fairly as between members of the group

 

The Executive Directors hold a controlling share of the business with other shareholders being close family members. The goals of the directors are fully aligned with the shareholders and this message is passed throughout the business through a tight and well structure organisation and levels of delegation.

 

On behalf of the board

S T Fagan
Director
30 January 2025
FAGAN & WHALLEY HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of a holding company co-ordinating management, administration and direction of its subsidiary company and joint venture. The principal activity of the Group is that of transport, distribution and warehousing.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £540,000. The directors do not recommend payment of a further dividend.

Directors

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

S A Fagan
G M Fagan
S T Fagan
(Appointed 30 January 2024)
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk

The group’s principal financial instruments comprise bank balances, trade debtors, trade creditors, loans and hire purchase contracts. The main purpose of these instruments is to finance the group's operations.

 

In respect of bank balances, the liquidity risk is managed by maintaining a balance where necessary between the continuity of funding and flexibility through the use of overdrafts and invoice discounting at floating rates of interest.

 

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

 

Loans comprise loans from the group’s bank, and other financial institutions. The group manages the liquidity risk by ensuring that there are sufficient funds to meet the payments due under the terms of the loans.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Auditor

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

FAGAN & WHALLEY HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Energy and carbon report
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
116,967
214,526
- Fuel consumed for transport
40,404,413
39,106,517
- Electricity purchased
787,148
1,071,957
41,308,528
40,393,000
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
21.35
39.16
- Fuel consumed for owned transport
10,356.06
10,023.39
10,377.41
10,062.55
Scope 2 - indirect emissions
- Electricity purchased
183.52
249.92
Scope 3 - other indirect emissions
Fuel consumed for transport not owned by the company.
-
-
Total gross emissions
10,560.93
10,312.47
Intensity ratio
Tonnes CO2e per £1,000,000 of turnover.
304.00
301.40
Quantification and reporting methodology

The results above exclude the small companies of the group who are exempt from the requirement to disclose the above information.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1,000,000 of turnover.

Measures taken to improve energy efficiency

Fagan & Whalley Holdings Limited is committed to minimising its impact on climate change. The requirements of reducing Scope 1, 2 and 3 emissions is well understood by Fagan & Whalley Holdings Limited. During the financial year, the directors have monitored the amount of energy used in various processes across the business.

 

Energy savings during the financial period

During the financial reporting period, Fagan & Whalley Holdings Limited have explored ways of reducing their scope 2 and 3 emissions. The following energy efficiency improving measures have been carried out.

 

Fleet additions

Our fleet renewal policy ensures we are continuously purchasing modern vehicles which meet the latest emissions tests. Investment in telematics from Microlise ensures vehicles are being driven to the optimal standard.

 

Alternative Fuels

Investments in electrification of MHE continued this year, with all northern depots being 100% electric. Fleet cars are either BEV or PHEV, with trials ongoing for HGV electrification. HVO has been trialed this year with positive results. Solar plans are being developed for 2025.

 

FAGAN & WHALLEY HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
S T Fagan
Director
30 January 2025
FAGAN & WHALLEY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FAGAN & WHALLEY HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Fagan & Whalley Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

FAGAN & WHALLEY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FAGAN & WHALLEY HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

FAGAN & WHALLEY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FAGAN & WHALLEY HOLDINGS LIMITED
- 8 -

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

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

 

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

 

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

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Lewis Cross (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
31 January 2025
Chartered Accountants
Statutory Auditor
Crown House
Bridgewater Close
Burnley
Lancashire
United Kingdom
BB11 5TE
FAGAN & WHALLEY HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
41,230,206
41,610,711
Cost of sales
(30,553,812)
(31,104,108)
Gross profit
10,676,394
10,506,603
Administrative expenses
(9,647,844)
(9,166,655)
Other operating income
450,653
596,214
Operating profit
4
1,479,203
1,936,162
Share of results of joint ventures
(79,920)
24,183
Interest payable and similar expenses
7
(947,684)
(673,558)
Profit before taxation
451,599
1,286,787
Tax on profit
8
203,522
(962,008)
Profit for the financial year
655,121
324,779
Other comprehensive income
Revaluation of tangible fixed assets
-
0
1,542,623
Tax relating to other comprehensive income
-
0
(287,925)
Total comprehensive income for the year
655,121
1,579,477
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
FAGAN & WHALLEY HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
2,850,790
3,214,697
Tangible assets
11
21,475,694
20,918,528
Investment properties
12
2,400,000
2,400,000
Investments
13
102,208
182,128
26,828,692
26,715,353
Current assets
Stocks
305,217
284,841
Debtors
16
10,046,229
9,505,419
Cash at bank and in hand
495,826
925,926
10,847,272
10,716,186
Creditors: amounts falling due within one year
17
(10,636,260)
(10,781,134)
Net current assets/(liabilities)
211,012
(64,948)
Total assets less current liabilities
27,039,704
26,650,405
Creditors: amounts falling due after more than one year
18
(11,127,189)
(10,649,491)
Provisions for liabilities
21
(1,173,190)
(1,376,710)
Net assets
14,739,325
14,624,204
Capital and reserves
Called up share capital
23
218
218
Merger reserve
3,386
3,386
Profit and loss reserves
14,735,721
14,620,600
Total equity
14,739,325
14,624,204
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
S T Fagan
Director
FAGAN & WHALLEY HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
9,712,142
8,177,771
Investment property
12
2,400,000
2,400,000
Investments
13
218
218
12,112,360
10,577,989
Current assets
Debtors
16
1,597,399
1,764,276
Cash at bank and in hand
250,156
129,077
1,847,555
1,893,353
Creditors: amounts falling due within one year
17
(509,237)
(522,544)
Net current assets
1,338,318
1,370,809
Total assets less current liabilities
13,450,678
11,948,798
Creditors: amounts falling due after more than one year
18
(7,423,720)
(6,867,343)
Provisions for liabilities
Deferred tax liability
21
527,000
527,000
(527,000)
(527,000)
Net assets
5,499,958
4,554,455
Capital and reserves
Called up share capital
23
218
218
Profit and loss reserves
5,499,740
4,554,237
Total equity
5,499,958
4,554,455

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,485,503 (2023 - £596,909 profit).

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
S T Fagan
Director
Company registration number 08652604 (England and Wales)
FAGAN & WHALLEY HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
218
-
0
3,386
13,521,123
13,524,727
Year ended 30 April 2023:
Profit for the year
-
-
-
324,779
324,779
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,542,623
-
-
1,542,623
Tax relating to other comprehensive income
-
(287,925)
-
-
0
(287,925)
Total comprehensive income
-
1,254,698
-
324,779
1,579,477
Dividends
9
-
-
-
(480,000)
(480,000)
Transfers
-
(1,254,698)
-
1,254,698
-
Balance at 30 April 2023
218
-
0
3,386
14,620,600
14,624,204
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
655,121
655,121
Dividends
9
-
-
-
(540,000)
(540,000)
Balance at 30 April 2024
218
-
0
3,386
14,735,721
14,739,325
FAGAN & WHALLEY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
218
-
0
3,182,630
3,182,848
Year ended 30 April 2023:
Profit for the year
-
-
596,909
596,909
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,542,623
-
1,542,623
Tax relating to other comprehensive income
-
(287,925)
-
0
(287,925)
Total comprehensive income
-
1,254,698
596,909
1,851,607
Dividends
9
-
-
(480,000)
(480,000)
Transfers
-
(1,254,698)
1,254,698
-
Balance at 30 April 2023
218
-
0
4,554,237
4,554,455
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
1,485,503
1,485,503
Dividends
9
-
-
(540,000)
(540,000)
Balance at 30 April 2024
218
-
0
5,499,740
5,499,958
FAGAN & WHALLEY HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
4,222,563
4,259,183
Interest paid
(947,684)
(673,558)
Income taxes (paid)/refunded
(261)
256,201
Net cash inflow from operating activities
3,274,618
3,841,826
Investing activities
Purchase of tangible fixed assets
(1,139,893)
(434,139)
Proceeds from disposal of tangible fixed assets
186,782
190,833
Proceeds from disposal of investments
-
70,937
Repayment of loans
-
(72,516)
Interest received
15,034
-
0
Net cash used in investing activities
(938,077)
(244,885)
Financing activities
Proceeds from new bank loans
1,000,000
-
Repayment of bank loans
(469,787)
(411,604)
Payment of finance leases obligations
(2,756,854)
(2,803,534)
Dividends paid to equity shareholders
(540,000)
(480,000)
Net cash used in financing activities
(2,766,641)
(3,695,138)
Net decrease in cash and cash equivalents
(430,100)
(98,197)
Cash and cash equivalents at beginning of year
925,926
1,024,123
Cash and cash equivalents at end of year
495,826
925,926
FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information

Fagan & Whalley Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Mead Way, Padiham, Burnley, Lancashire, United Kingdom, BB12 7NG.

 

The group consists of Fagan & Whalley Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -

The consolidated financial statements incorporate those of Fagan & Whalley Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Fagan & Whalley Limited has been included in the group financial statements using the merger method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Fagan & Whalley Limited.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.3
Going concern

The directors have considered the financial stability of the Group for a period of at least 12 months from the date of signing these accounts. They have assessed financial performance since the year end and ensured that the Group remains profitable, with a cash position that continues to strengthen. These factors demonstrate that the group will remain sustainable.

 

Although it is not anticipated this will be necessary, the group has significant assets against which it could secure new finance to support any additional cashflow requirements, were this to be required.

 

The directors consider it appropriate that the accounts are prepared on the going concern basis. These accounts do not include any adjustments that may be required should the going concern basis of preparation not be appropriate.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.6
Tangible fixed assets

Tangible fixed assets are measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
2% - 10% per annum
Plant and equipment
10% - 33% per annum
Motor vehicles
25% per annum

Freehold and long leasehold land is not depreciated.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful life of tangible assets

The group's results are materially impacted by the application of the its depreciation policies, which are based on the expected useful life of its tangible fixed assets. The directors' estimates of useful life are subject to estimation uncertainty. The degree of uncertainty related to motor vehicles is reduced significantly as they are typically depreciated over a fixed hire purchase contract period.

Fair value of investment property

The value of the company's investment property is subject to estimation uncertainty. The directors determine fair value by reference to independent professional valuations.

FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Provision of services
41,230,206
41,610,711
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of tangible fixed assets
1,151,643
1,083,992
Depreciation of tangible fixed assets held under finance leases
2,352,904
2,496,731
Profit on disposal of tangible fixed assets
(83,614)
(85,689)
Amortisation of intangible assets
363,907
363,749
Operating lease charges
1,505,579
1,475,206
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
9,350
4,000
Audit of the financial statements of the company's subsidiaries
28,950
31,200
38,300
35,200
For other services
Taxation compliance services
13,580
8,050
All other non-audit services
7,000
6,250
20,580
14,300
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration and support
91
98
-
-
Distribution
323
308
-
-
Total
414
406
-
0
-
0
FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
15,061,828
14,676,517
-
0
-
0
Social security costs
1,259,162
1,206,053
-
-
Pension costs
261,250
256,571
-
0
-
0
16,582,240
16,139,141
-
0
-
0
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
692,569
500,514
Interest on finance leases and hire purchase contracts
255,115
173,044
Total finance costs
947,684
673,558
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(37,380)
Adjustments in respect of prior periods
-
0
325,445
Total current tax
-
0
288,065
Deferred tax
Origination and reversal of timing differences
(203,522)
552,943
Previously unrecognised tax loss, tax credit or timing difference
-
0
121,000
Total deferred tax
(203,522)
673,943
Total tax (credit)/charge
(203,522)
962,008
FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
8
Taxation
(Continued)
- 22 -

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

2024
2023
£
£
Profit before taxation
451,599
1,286,787
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
112,900
321,697
Tax effect of expenses that are not deductible in determining taxable profit
100,650
109,400
Unutilised tax losses carried forward
(25,663)
-
0
Adjustments in respect of prior years
-
0
80,889
Effect of change in corporation tax rate
-
74,325
Permanent capital allowances in excess of depreciation
(442,232)
-
0
Research and development tax credit
-
0
478,234
Depreciation in excess of capital allowances
30,843
(96,492)
Joint venture results reported net of tax
19,980
(6,045)
Taxation (credit)/charge
(203,522)
962,008

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
287,925
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
540,000
480,000
FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
3,639,071
Amortisation and impairment
At 1 May 2023
424,374
Amortisation charged for the year
363,907
At 30 April 2024
788,281
Carrying amount
At 30 April 2024
2,850,790
At 30 April 2023
3,214,697
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
11
Tangible fixed assets
Group
Land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
14,899,408
3,991,721
23,670,790
42,561,919
Additions
1,066,491
193,403
2,904,987
4,164,881
Disposals
-
0
(97,116)
(1,631,392)
(1,728,508)
At 30 April 2024
15,965,899
4,088,008
24,944,385
44,998,292
Depreciation and impairment
At 1 May 2023
4,790,756
2,297,117
14,555,518
21,643,391
Depreciation charged in the year
478,072
374,972
2,651,503
3,504,547
Eliminated in respect of disposals
-
0
(92,854)
(1,532,486)
(1,625,340)
At 30 April 2024
5,268,828
2,579,235
15,674,535
23,522,598
Carrying amount
At 30 April 2024
10,697,071
1,508,773
9,269,850
21,475,694
At 30 April 2023
10,108,652
1,694,604
9,115,272
20,918,528
FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Tangible fixed assets
(Continued)
- 24 -
Company
Land and buildings
£
Cost
At 1 May 2023
9,771,293
Additions
1,739,993
At 30 April 2024
11,511,286
Depreciation and impairment
At 1 May 2023
1,593,522
Depreciation charged in the year
205,622
At 30 April 2024
1,799,144
Carrying amount
At 30 April 2024
9,712,142
At 30 April 2023
8,177,771

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
124,077
137,863
-
0
-
0
Motor vehicles
7,843,879
8,670,108
-
0
-
0
7,967,956
8,807,971
-
-
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 May 2023 and 30 April 2024
2,400,000
2,400,000

Investment property comprises land and buildings near Padiham, Lancashire, previously classified within tangible fixed assets. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Cluttons, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
218
218
Investments in joint ventures
15
89,708
169,628
-
0
-
0
Unlisted investments
12,500
12,500
-
0
-
0
102,208
182,128
218
218
Movements in fixed asset investments
Group
Shares in group undertakings and participating interests
Unlisted investments
Total
£
£
£
Cost or valuation
At 1 May 2023
169,628
12,500
182,128
Valuation changes
(79,920)
-
(79,920)
At 30 April 2024
89,708
12,500
102,208
Carrying amount
At 30 April 2024
89,708
12,500
102,208
At 30 April 2023
169,628
12,500
182,128
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 May 2023 and 30 April 2024
218
Carrying amount
At 30 April 2024
218
At 30 April 2023
218
14
Subsidiaries

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

FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
14
Subsidiaries
(Continued)
- 26 -
Name of undertaking
Country
Nature of business
Class of
% Held
shares held
Direct
Indirect
Fagan & Whalley Limited
England & Wales
Haulage contractors
Ordinary
100.00
0
RGM Lions Limited
England & Wales
Holding company
Ordinary
0
100.00
Fagan & Whalley Newport Limited
England & Wales
Haulage contractors
Ordinary
0
100.00
15
Joint ventures

Details of joint ventures at 30 April 2024 are as follows:

Name of undertaking
Country
Nature of business
Interest
% Held
held
Direct
Farralls & Fagan & Whalley Limited
England and Wales
Haulage contractors
Ordinary
50.00

The financial period end of Farralls & Fagan & Whalley Limited is 31 December. The trading address of the entity is Ashton Lane, Ashton, Chester, Cheshire, CH3 8AA.

 

The shareholding in Farralls & Fagan & Whalley Limited is held by Fagan & Whalley Limited.

 

The group share of profits of Farralls & Fagan & Whalley Limited is (£79,920) (2023 - £24,183).

16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,702,374
6,947,365
6,000
-
0
Corporation tax recoverable
37,380
57,757
-
0
-
0
Amounts owed by group undertakings
-
-
1,591,399
1,676,772
Other debtors
401,546
500,724
-
0
-
0
Prepayments and accrued income
1,904,929
1,999,573
-
0
87,504
10,046,229
9,505,419
1,597,399
1,764,276
FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
542,633
468,797
441,683
367,847
Obligations under finance leases
19
2,420,596
2,307,874
-
0
-
0
Trade creditors
3,345,522
3,007,450
-
0
-
0
Corporation tax payable
332,989
353,629
132
395
Other taxation and social security
957,809
1,145,901
2,152
352
Other creditors
1,889,864
2,284,150
-
0
-
0
Accruals and deferred income
1,146,847
1,213,333
65,270
153,950
10,636,260
10,781,134
509,237
522,544

Other creditors includes £1,721,740 (2023 - £2,058,409) owed in respect of an invoice discounting facility. The liability is secured on the book debt of the company.

18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
7,523,720
7,067,343
7,423,720
6,867,343
Obligations under finance leases
19
3,603,469
3,448,057
-
0
-
0
Other creditors
-
0
134,091
-
0
-
0
11,127,189
10,649,491
7,423,720
6,867,343
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
2,614,173
2,442,468
-
0
-
0
In two to five years
3,603,469
3,576,385
-
0
-
0
6,217,642
6,018,853
-
-
Less: future finance charges
(193,577)
(262,922)
-
0
-
0
6,024,065
5,755,931
-
0
-
0

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

FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
8,066,353
7,536,140
7,865,403
7,235,190
Payable within one year
542,633
468,797
441,683
367,847
Payable after one year
7,523,720
7,067,343
7,423,720
6,867,343

The Company is party to a cross guarantee, supported by debentures, with its subsidiary company Fagan & Whalley Limited.

 

The bank borrowings of the Group are secured by a fixed and floating charge over the assets of the Group in the form of a debenture in favour of Yorkshire Bank, dated 1 February 2012 and legal charges over certain of the Group's properties.

 

Obligations under hire purchase contracts are secured on the assets to which they relate.

 

21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
2,035,076
1,988,722
Tax losses
(1,149,811)
(899,937)
Revaluations
287,925
287,925
1,173,190
1,376,710
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
239,075
239,075
Revaluations
287,925
287,925
527,000
527,000
FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
21
Deferred taxation
(Continued)
- 29 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
1,376,710
527,000
Credit to profit or loss
(203,520)
-
Liability at 30 April 2024
1,173,190
527,000

The deferred tax liability set out above relates to accelerated capital allowances.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
261,250
256,571

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
98
98
98
98
Ordinary B shares of £1 each
98
98
98
98
Ordinary C shares of £1 each
11
11
11
11
Ordinary D shares of £1 each
11
11
11
11
218
218
218
218
FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
24
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,257,373
1,304,188
-
-
Between two and five years
1,614,053
2,686,418
-
-
In over five years
783,200
721,712
-
-
3,654,626
4,712,318
-
-
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
1,355,764
758,580
-
-
26
Related party transactions

Summary of transactions with joint venture

The Group is party to a joint venture in Farralls & Fagan & Whalley Limited.

 

During the year, the Group sold goods and services with a value of £2,837,872 (2023- £2,596,204) to Farralls & Fagan & Whalley Limited. At the balance sheet date the amount due from Farralls & Fagan & Whalley Limited, and included in trade debtors, was £296,785 (2023 - £218,959).

 

Summary of transactions with other related parties

The Group has entered into transactions with its pension scheme, The Fagan and Whalley Pension Scheme, during the year.

 

The Group was charged rent by the pension scheme during the year amounting to £184,000 (2023 - £184,000). At the balance sheet date, the amount owed to the company from the pension scheme, included within other debtors, was £145,490 (2023 - £287,364).

 

During the year, the company acquired land from the pension scheme at a cost of £1,000,000.

FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
27
Directors' transactions

Dividends totalling £540,000 (2023 - £480,000) were paid in the year in respect of shares held by the company's directors.

Group

 

At the balance sheet date, the amounts due to directors was £nil (2023 - £28,771), included within creditors due within one year. At the balance sheet date, the amounts due from the directors was £57,482 (2023 - £46,015), included within debtors due within one year.

 

These amounts are unsecured and repayable on demand. The maximum amount advanced to the Directors during the period was £136,940 (2023 - £49,041).

 

Interest has been charged at a rate of 2.25% per annum on monies advanced to Directors.

28
Controlling party

The Group and Company are controlled by the directors by virtue of their majority shareholding in the Company.

29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
655,121
324,779
Adjustments for:
Share of results of associates and joint ventures
79,920
(24,183)
Taxation (credited)/charged
(203,522)
962,008
Finance costs
947,684
673,558
Gain on disposal of tangible fixed assets
(83,614)
(85,689)
Amortisation and impairment of intangible assets
363,907
363,749
Depreciation and impairment of tangible fixed assets
3,504,547
3,580,723
Movements in working capital:
(Increase)/decrease in stocks
(20,376)
42,871
Increase in debtors
(576,221)
(14,960)
Decrease in creditors
(444,883)
(1,563,673)
Cash generated from operations
4,222,563
4,259,183
FAGAN & WHALLEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 32 -
30
Analysis of changes in net debt - group
1 May 2023
Cash flows
New finance leases
30 April 2024
£
£
£
£
Cash at bank and in hand
925,926
(430,100)
-
495,826
Borrowings excluding overdrafts
(7,536,140)
(530,213)
-
(8,066,353)
Obligations under finance leases
(5,755,931)
2,756,854
(3,024,988)
(6,024,065)
(12,366,145)
1,796,541
(3,024,988)
(13,594,592)
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