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Registered number: 01221249










JOHN HUDSON TRAILERS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
JOHN HUDSON TRAILERS LIMITED
 
 
COMPANY INFORMATION


Directors
D A Cawley 
J W Hudson 
G J Robbins 




Company secretary
G J Robbins



Registered number
01221249



Registered office
Doncaster Road
Bawtry

Doncaster

DN10 6NX




Independent auditors
Shorts
Chartered Accountants & Statutory Auditors

63 Napier St

Sheffield

S11 8HA




Bankers
National Westminster Bank Plc
12 High St

Doncaster

DN1 1ED





 
JOHN HUDSON TRAILERS LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Statement of income and retained earnings
 
8
Balance sheet
 
9 - 10
Statement of changes in equity
 
11
Statement of cash flows
 
12 - 13
Analysis of net debt
 
14
Notes to the financial statements
 
15 - 32


 
JOHN HUDSON TRAILERS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

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

Business review
 
The directors consider that the company had a successful year given the market conditions were negatively influenced by higher interest rates, and disrupted by a general election and autumn budget.

Principal risks and uncertainties
 
The directors consider that the main economic risks facing the company are:
- Interest rates 
- Foreign exchange rate fluctuations                                                              

Financial key performance indicators
 
The directors consider that the key performance indicators for the year are as follows:
- Turnover has decreased by 10.6% (2023: increased by 4%)
- Gross profit margin was 20.4% (2023: 22.4%)
- Net profit before tax was 4.4% of turnover (2023: 6%)

Other key performance indicators
 
There are no other key performance indicators.


This report was approved by the board on 7 February 2025 and signed on its behalf.



G J Robbins
Director

Page 1

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £739,591 (2023 - £1,035,721).

Directors

The directors who served during the year were:

D A Cawley 
J W Hudson 
G J Robbins 

Qualifying third party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. This indemnity provision does not provide cover in the event of a director acting fraudulently or dishonestly.

Page 2

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsShortswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 February 2025 and signed on its behalf.
 





G J Robbins
Director

Page 3

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN HUDSON TRAILERS LIMITED
 

Opinion


We have audited the financial statements of John Hudson Trailers Limited (the 'Company') for the year ended 31 August 2024, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 August 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 United Kingdom, including the Financial Reporting Council'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.


Page 4

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN HUDSON TRAILERS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN HUDSON TRAILERS LIMITED (CONTINUED)


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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and experience, we identified the laws and regulations applicable to the company; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

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; and
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 transactions;
reviewed journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

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;
enquiring of management as to actual and potential litigation and claims;
considering relationships with HMRC and other relevant third parties; and
reviewing legal and professional fees incurred during the year.

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.
Page 6

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN HUDSON TRAILERS LIMITED (CONTINUED)


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 Auditors' report.


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Irvine (Senior statutory auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Statutory Auditors
  
63 Napier St
Sheffield
S11 8HA

7 February 2025
Page 7

 
JOHN HUDSON TRAILERS LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£
£

  

Turnover
 4 
23,705,833
26,526,239

Cost of sales
  
(18,859,548)
(20,589,936)

Gross profit
  
4,846,285
5,936,303

Distribution costs
  
(134,221)
(102,877)

Administrative expenses
  
(5,269,131)
(6,154,238)

Other operating income
 5 
2,728,434
2,823,551

Operating profit
 6 
2,171,367
2,502,739

Exceptional income from group undertakings
 12 
130,382
-

Amounts written off investments
  
(130,382)
-

Interest receivable and similar income
 10 
10,925
-

Interest payable and similar expenses
 11 
(1,145,789)
(917,072)

Profit before tax
  
1,036,503
1,585,667

Tax on profit
 13 
(296,912)
(549,946)

Profit after tax
  
739,591
1,035,721

  

  

Retained earnings at the beginning of the year
  
9,643,843
8,608,122

  
9,643,843
8,608,122

Profit for the year
  
739,591
1,035,721

Retained earnings at the end of the year
  
10,383,434
9,643,843
The notes on pages 15 to 32 form part of these financial statements.

Page 8

 
JOHN HUDSON TRAILERS LIMITED
REGISTERED NUMBER: 01221249

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
550,247
650,292

Tangible assets
 15 
24,792,860
25,515,267

Investments
 16 
-
130,382

  
25,343,107
26,295,941

Current assets
  

Stocks
 17 
2,183,805
1,534,424

Debtors: amounts falling due within one year
 18 
3,625,584
3,928,587

Cash at bank and in hand
  
910,189
1,481,667

  
6,719,578
6,944,678

Creditors: amounts falling due within one year
 19 
(8,493,472)
(9,517,360)

Net current liabilities
  
 
 
(1,773,894)
 
 
(2,572,682)

Total assets less current liabilities
  
23,569,213
23,723,259

Creditors: amounts falling due after more than one year
 20 
(10,387,490)
(11,382,377)

Provisions for liabilities
  

Deferred tax
 22 
(2,798,189)
(2,696,939)

  
 
 
(2,798,189)
 
 
(2,696,939)

Net assets
  
10,383,534
9,643,943


Capital and reserves
  

Called up share capital 
 23 
30
30

Capital redemption reserve
 24 
70
70

Profit and loss account
 24 
10,383,434
9,643,843

  
10,383,534
9,643,943


Page 9

 
JOHN HUDSON TRAILERS LIMITED
REGISTERED NUMBER: 01221249
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 February 2025.




G J Robbins
Director

The notes on pages 15 to 32 form part of these financial statements.

Page 10

 
JOHN HUDSON TRAILERS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 September 2022
30
70
8,608,122
8,608,222



Profit for the year
-
-
1,035,721
1,035,721



At 1 September 2023
30
70
9,643,843
9,643,943



Profit for the year
-
-
739,591
739,591


At 31 August 2024
30
70
10,383,434
10,383,534


The notes on pages 15 to 32 form part of these financial statements.

Page 11

 
JOHN HUDSON TRAILERS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
739,591
1,035,721

Adjustments for:

Amortisation of intangible assets
100,045
433,528

Depreciation of tangible assets
5,109,333
4,714,057

Profit on disposal of tangible assets
(2,745,709)
(2,867,002)

Impairment of investments
130,382
-

Finance costs
1,145,789
917,072

Interest received
(10,925)
-

Taxation charge
296,912
549,946

(Increase) in stocks
(649,381)
(193,451)

Decrease in debtors
303,004
544,709

(Decrease) in creditors
(749,310)
(168,464)

(Decrease)/increase in amounts owed to groups
(130,382)
-

Corporation tax (paid)
(318,210)
(277,122)

Interest element of hire purchase payments paid
-
(854,440)

Interest paid
-
(30)

Net cash generated from operating activities

3,221,139
3,834,524


Cash flows from investing activities

Purchase of tangible fixed assets
(3,562,942)
(5,581,174)

Sale of tangible fixed assets
7,543,711
9,199,627

Interest received
10,925
-

Hire purchase interest paid
(1,048,859)
-

Net cash from investing activities

2,942,835
3,618,453

Cash flows from financing activities

Repayment of finance leases
(6,735,452)
(7,623,183)

Net cash used in financing activities
(6,735,452)
(7,623,183)

Net (decrease) in cash and cash equivalents
(571,478)
(170,206)

Cash and cash equivalents at beginning of year
1,481,667
1,651,873

Cash and cash equivalents at the end of year
910,189
1,481,667


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
910,189
1,481,667
Page 12

 
JOHN HUDSON TRAILERS LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


2024
2023

£
£


910,189
1,481,667


The notes on pages 15 to 32 form part of these financial statements.

Page 13

 
JOHN HUDSON TRAILERS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2024






At 1 September 2023
Cash flows
New finance leases
Other non-cash changes
At 31 August 2024
£

£

£

£

£

Cash at bank and in hand

1,481,667

(571,478)

-

-

910,189

Debt due within 1 year

-

-

-

(255,270)

(255,270)

Finance leases

(16,063,875)

6,735,452

(5,718,915)

-

(15,047,338)


(14,582,208)
6,163,974
(5,718,915)
(255,270)
(14,392,419)

The notes on pages 15 to 32 form part of these financial statements.

Page 14

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

John Hudson Trailers Limited is a private company limited by shares and is incorporated in England and Wales (registered number: 01221249). Its registered office is Doncaster Road, Bawtry, Doncaster, DN10 6NX. The principal activities of the company throughout the year continued to be trailer hire & sales, commercial vehicle servicing, and vintage car tyre sales.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 15

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.6

Operating leases: the Company as lessee

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

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 16

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 17

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Prior to 2024, the assessed useful life of goodwill arising from the acquisition of Tees Valley Trailers Ltd was assessed to be five years. This policy was reviewed in 2024. Following the review it was identified that economic benefits are expected to continue to flow from the investment in Tees Valley Trailers for at least a further five years, therefore a decision was made to extend the assessed useful life to ten years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 18

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as below.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
7.5% to 20% straight line
Motor vehicles
-
25% reducing balance
Trailers
-
10% to 25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Trailers are purchased primarily for use as hire vehicles over an extended period of time. During their use, they are depreciated over a period of 4 to 10 years. Hire customers may choose to purchase the trailer, and such sales form a significant part of the business of the company. These sales are treated as profits or losses on disposal through other operating income.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 19

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.17

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Bad debt provision

Provisions are made for specific customers if the financial position of a customer indicates deterioration in their ability to make payment.

Provision for slow-moving and obsolete stocks

Where the company has excess amounts of stock or stock is showing signs of obsolescence, which may indicate that the selling price may be below cost, then a provision is made against stock to reduce the value of stock to the lower of cost or estimated selling price.

Estimated useful life

The company regularly reviews the useful life of its intangible and tangible fixed asset categories and if the useful life has changed, the company will reflect that change, which is a change in accounting estimate.

Page 20

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Trailer hire and sales
14,748,535
17,385,318

Workshop repairs and goods
8,957,298
9,140,921

23,705,833
26,526,239


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
19,709,006
23,537,625

Exports
3,996,827
2,988,614

23,705,833
26,526,239


Income recognised in the year arose from the following:


2024
2023
£
£



Goods
11,152,547
13,332,802

Services
2,288,992
2,742,684

Trailer hire
10,264,294
10,450,753

23,705,833
26,526,239


5.


Other operating income

2024
2023
£
£

Profit on disposal of tangible assets
2,728,434
2,823,551

2,728,434
2,823,551


Page 21

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Operating profit

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

2024
2023
£
£

Other operating lease rentals
63,608
68,584

Depreciation - owned assets
1,578,631
1,315,831

Depreciation - assets on hire purchase contracts
3,530,702
3,398,226

Profit on disposal of fixed assets
(2,873,570)
(2,867,002)

Goodwill amortisation
100,045
433,528

Auditors' remuneration
23,750
8,000

Income from trailer hire
(10,264,294)
(10,450,753)

Exchange differences
7,928
80,753


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,000
8,000

Fees payable to the Company's auditors in respect of non-audit services
8,750
-

Page 22

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,574,842
5,041,945

Social security costs
493,363
625,272

Pension costs
205,406
78,232

5,273,611
5,745,449


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administration
6
6



Production and service
76
65

82
71


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
883,451
1,709,518

Directors' pension costs
3,963
13,315

887,414
1,722,833


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £612,850 (2023 - £833,841).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £3,988).

Page 23

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
10,925
-

10,925
-


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
30

Finance leases and hire purchase contracts
1,145,789
917,042

1,145,789
917,072


12.


Exceptional income

2024
2023
£
£



Income from investments in group companies
130,382
-

130,382
-

Exceptional income relates to the write-off in the current year of the balance owed by John Hudson Trailers Ltd to its subsidiary, Tees Valley Trailers Ltd.

Page 24

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

13.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
195,662
263,626


195,662
263,626


Total current tax
195,662
263,626

Deferred tax


Origination and reversal of timing differences
101,250
286,320

Total deferred tax
101,250
286,320


Tax on profit
296,912
549,946

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 21.515%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,036,503
1,585,667


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.515%)
259,126
341,156

Effects of:


Capital allowances for year in excess of depreciation
2,999
6,103

Depreciation of ineligible assets
25,011
97,239

Enhanced capital allowance claims
-
(3,690)

Change of tax rate
-
109,138

Capital gains
230,346
-

Other differences leading to an increase (decrease) in the tax charge
(220,570)
-

Total tax charge for the year
296,912
549,946

Page 25

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
13.Taxation (continued)


Factors that may affect future tax charges

There are no factors which may affect future tax charges.


14.


Intangible assets




Goodwill

£



Cost


At 1 September 2023
2,167,640



At 31 August 2024

2,167,640



Amortisation


At 1 September 2023
1,517,348


Charge for the year
100,045



At 31 August 2024

1,617,393



Net book value



At 31 August 2024
550,247



At 31 August 2023
650,292



Page 26

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


Tangible fixed assets





Freehold property
Trailers
Plant and machinery
Motor vehicles
Total

£
£
£
£
£



Cost


At 1 September 2023
1,374,336
33,011,400
904,081
1,276,745
36,566,562


Additions
-
8,516,824
98,747
569,357
9,184,928


Disposals
-
(8,854,458)
(67,069)
(145,697)
(9,067,224)



At 31 August 2024

1,374,336
32,673,766
935,759
1,700,405
36,684,266



Depreciation


At 1 September 2023
83,478
9,899,691
440,789
627,337
11,051,295


Charge for the year on owned assets
12,192
1,388,207
80,321
97,911
1,578,631


Charge for the year on financed assets
-
3,392,156
-
138,546
3,530,702


Disposals
-
(4,096,180)
(62,754)
(110,288)
(4,269,222)



At 31 August 2024

95,670
10,583,874
458,356
753,506
11,891,406



Net book value



At 31 August 2024
1,278,666
22,089,892
477,403
946,899
24,792,860



At 31 August 2023
1,290,858
23,111,709
463,292
649,408
25,515,267

Included in the cost of land and buildings is freehold land of £759,541 (2023: £759,541) which is not depreciated.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Trailers
17,634,318
16,940,540

Motor vehicles
594,389
359,776

18,228,707
17,300,316

Page 27

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

16.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 September 2023
3,046,445



At 31 August 2024

3,046,445



Impairment


At 1 September 2023
2,916,063


Charge for the period
130,382



At 31 August 2024

3,046,445



Net book value



At 31 August 2024
-



At 31 August 2023
130,382

The company holds an investment in Tees Valley Trailers Limited, a dormant company registered at Ironmasters Park, Riverside Park Road, Middlesbrough, England, TS2 1UT.


17.


Stocks

2024
2023
£
£

Workshop work in progress
103,351
57,938

Vehicle parts
2,080,454
1,476,486

2,183,805
1,534,424


Page 28

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

18.


Debtors

2024
2023
£
£


Trade debtors
3,235,242
3,723,965

Other debtors
250,545
56,373

Prepayments and accrued income
139,797
148,249

3,625,584
3,928,587



19.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
  
1,375,768
1,606,138

Amounts owed to group undertakings
  
-
130,382

Corporation tax
  
1,119
123,667

Other taxation and social security
  
989,842
1,301,477

Obligations under hire purchase contracts
 21 
4,659,848
4,681,498

Other creditors
  
307,121
266,054

Accruals and deferred income
  
1,159,774
1,408,144

  
8,493,472
9,517,360



20.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Obligations under hire purchase contracts
 21 
10,387,490
11,382,377

  
10,387,490
11,382,377


Page 29

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
4,659,848
4,681,498

Between 1-5 years
10,387,490
11,382,377

15,047,338
16,063,875

Some hire purchase agreements are secured by a mortgage debenture giving a fixed and floating charge over the assets of the company, and by rights arising from certain sub-hire agreements. All hire purchase agreements are secured by a charge over the related asset.


22.


Deferred taxation




2024


£






At beginning of year
(2,696,939)


Charged to profit or loss
(101,250)



At end of year
(2,798,189)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
2,798,189
2,693,903

Short term timing differences
-
3,036

2,798,189
2,696,939


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30 (2023 - 30) Ordinary shares shares of £1.00 each
30
30


Page 30

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

24.


Reserves

Capital redemption reserve

This is a non-distributable reserve and represents paid up share capital.

Profit and loss account

Includes all current and prior period retained profits and losses.


25.


Capital commitments


At 31 August 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
2,180,773
-

2,180,773
-


26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £205,406 (2023: £78,232). No contributions were payable to the fund at the balance sheet date (2023: £nil).


27.


Commitments under operating leases

At 31 August 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
23,721
70,868

Later than 1 year and not later than 5 years
-
31,805

23,721
102,673

Page 31

 
JOHN HUDSON TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

28.


Related party transactions

During the year, sales to directors amounted to £1,880 (2023: £1,529). Amounts due from the directors at the year end in respect of sales totalled £265 (2023: £2,586). Amounts due to the directors totalled £255,270 (2023: £218,408). At the year end, loans to the directors totalled £46,530 (2023: £56,373). Advances made to directors during the year totalled £51,489 (2023: 243,935), and repayments totalled £61,332 (2023: 202,881). Interest is not charged on the loans and they will be repaid by 31 May 2025.

A number of related individuals own assets used in the business and are entitled to the lease income from these assets. These individuals pay a management fee to the company in return for the management of the assets. The individuals also purchase from and sell to the company. Expenditure from purchases and fees paid to the owners amounted to £2,192,545 (2023: £1,159,397). Income from sales and management fees received by the company amounted to £1,445,047 (2023: £753,000). Balances due from the owners totalled £39,182 (2023: £60), and balances due to the owners totalled £68,950 (2023: £159,000).


29.


Controlling party

In the opinion of the members there is no ultimate controlling party.

 
Page 32