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Registered number: 01212048










BOWRING TRANSPORT LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
BOWRING TRANSPORT LIMITED
 
 
COMPANY INFORMATION


Directors
G C Bowring 
J W Bowring 
V A Bowring 




Registered number
01212048



Registered office
Windmill House Farm
Forest Road

Warsop

Nottinghamshire

NG20 0EP




Independent auditors
Roddis Taylor Robinson
Chartered Accountants & Registered Auditor

Unit 6

Acorn Business Park

Woodseats Close

Sheffield

S8 0TB




Accountants
Shorts
2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA




Bankers
Barclays Bank plc





 
BOWRING TRANSPORT LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 7
Independent Auditors' Report
 
8 - 11
Consolidated Statement of Comprehensive Income
 
12
Consolidated Balance Sheet
 
13 - 14
Company Balance Sheet
 
15 - 16
Consolidated Statement of Changes in Equity
 
17
Company Statement of Changes in Equity
 
18
Consolidated Statement of Cash Flows
 
19 - 20
Notes to the Financial Statements
 
21 - 43


 
BOWRING TRANSPORT LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
The directors present their Strategic Report for the year ended 31 May 2024.

Principal activities
 
The main activities of the group during the year were the provision of haulage services, utilising a general fleet of articulated, tipper, and rigid lorries, in addition to vehicles dedicated to specialist activities; the sale and maintenance of agricultural machinery and associated parts and accessories; equestrian and farm feed supplies; and metal fabrication services.
Strategic and operational review
The business provides a diverse range of essential services to the agricultural sector, across South Yorkshire and the East Midlands, along with a UK-wide haulage service.

Haulage
Turnover within the haulage division fell by £811k from the previous year, as a result of the construction market slowing slightly. Gross margins remained consistent with the previous year at 25% (2023 - 26%), which resulted in a reduction in gross profit of £451k. Whilst most overheads have remained controlled and at similar levels to last year, the significant rise in the Bank of England base rate, along with additional borrowings obtained to upgrade the motor fleet, has led to an increase in interest costs of just over £100k (226% increase). The increased cost of new lorries over the past couple of years has resulted in a large increase in vehicle depreciation costs of £287k (24% increase), both of the above resulting in an overall increase in overheads of £328k, and a subsequent reduction in net profit for this division of almost £780k.
Construction, infrastructure and manufacturing industries continue to have great systemic risk moving forward that can be reacted to but not controlled, caused by the wide-ranging economic issues currently in force, and the reliance of other industries on workflows. 
Agricultural Machinery
The agricultural services division of the business showed an increase in turnover of 24% from last year. This was partly due to the addition of a new construction brand to our portfolio in the previous year and continued increase of sales in the current year. The opening of a new depot to cover a newly acquired area during the year also increased turnover. Gross margins fell very slightly from the previous year (down 0.8%), resulting in an increased gross profit of £621k. Overheads increased by £890k in the year because of several factors, mainly being:

increased staff numbers as a result the new depot, so increased wage costs.
increase in utility and motor expenses, as a result of the new depot. 
almost £300k increase in interest costs, as a result of the BoE base rate rises and additional borrowing to finance stock purchases.

All of the above resulted in a reduction in net profit of over £268k from the previous year
There are numerous risks and uncertainties inherent in this aspect of the business that may affect future performance, the main ones being:

World commodity prices have a primary impact on the profitability of the global farming sector, and hence its ability to finance new agricultural machinery purchases.

Page 1

 
BOWRING TRANSPORT LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

 
This extremely competitive market is influenced by price pressures and competitors attempting to buy market share. To combat this problem, the division promotes industry-leading customer service over a wide range of high-quality franchises.
Thirdly, the company benefits from having close commercial relationships with several key suppliers. Damage to, or loss of, these relationships could have a negative impact on future results. Careful management of these relationships ensures these risks are minimised.
Lastly, the current economic climate is causing further pressures on the business with high interest rates, fluctuating inflation and strong wages demands, however the strong liquidity position of the business helps control the impact of these factors. 

Steel Fabrication
IFT Services have continued the policy adopted in previous years, of focusing on more profitable work because of the continuing shortage of skilled labour available, resulting in a small (6%) increase in turnover to £1.2m. Gross margins have also increased slightly from the previous year to 43%, resulting in a 16% increase in gross profit from last year.
Overheads have remained very consistent within this division of the business, as these are monitored very closely by management, resulting in a small reduction of 3% from the previous year. The above factors have contributed to a 45% increase in net profit for this division in what has been an excellent year for them. 
Staff availability, competency and skill-level continues to be an industry-wide challenge.

Equestrian and Farm Feed Supplies
 
Turnover remained fairly consistent in this area of the business, with a 3% fall in turnover from the previous year. Gross margins also remained very similar at 29% this year (2023: 30%), resulting in a reduction in gross profit of £40k.
Overheads have reduced by 4% from the previous year, which has mainly come about as stock write-downs have fallen by over £14k. There has been an increased focus during the year on selling off older stock, which has resulted in a 12% reduction in stock levels from last year end, and the subsequent reduction in stock write-downs. These factors have resulted in a 23% reduction in net profit before tax within this division.
Landfill Activities
Revenue from charges for tipping and the sale of a comprehensive range of aggregates and reclaimed materials remained consistent with the previous year, with a slight 1.3% increase overall. Gross margins decreased (by 23%) on the previous year, contributing to a 10.3% decrease in gross profit. Despite a continued effort to control overheads, factors outside of our control saw them increase by 26.7% on the previous year, mainly as a result of increased electricity costs of over £147k due to the adverse weather conditions during the year, and the increased unit prices on the new contract. The above factors resulted in a 38% reduction in net profit from the previous year.
Throughout the winter months, environmental factors, namely the weather, gave the division a competitive advantage as it was able to operate through adverse conditions whilst most competitors were not, driving demand for tipping to peak levels. Tipping remains a high-margin activity for the group.

Page 2

 
BOWRING TRANSPORT LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Future outlook
 
The group continues to face the current domestic economic issues of high inflation and much higher interest rates than in the past decade. This presents extremely challenging times, however the solid foundations that the business has built over the years and the breadth and nature of our business provides us with a solid platform to remain a profitable going concern for years to come.

Directors' statement of compliance with duty to promote the success of the Group
 
The board of directors of Bowring Transport Limited consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders. The following paragraphs summarise how the Directors fulfil these duties:
Promoting the company’s success
Bowring Transport Limited was formed by David & Chris Bowring in 1975 and the group continues to be controlled and run by the Bowring family. We have grown into one of the largest family-owned haulage and associated business companies in the East Midlands and are proud to have provided employment and training for our owners and employees over the years. The Board continues to consist purely of Bowring family members, and the group’s long term aims remain that of maximising profits to enable further investment in the business, along with providing a first-class service for our customers.
We make strategic decisions based on these long-term objectives, in particular meaning significant capital investment in our vehicle fleet and premises to ensure that we maximise operational performance in the best environment possible for our employees.


This report was approved by the board on 27 February 2025 and signed on its behalf.



J W Bowring
Director

Page 3

 
BOWRING TRANSPORT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group 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 £701,240 (2023 - £1,730,439).

Directors

The directors who served during the year were:

G C Bowring 
J W Bowring 
V A Bowring 

Page 4

 
BOWRING TRANSPORT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024


Engagement with employees

The directors consider that the following are the group's key stakeholders, and detail the ways in which we engage with them as follows:

Due to the diverse nature of our business, the impact on our employees of any decisions made at any level within the group is always addressed first. Recruitment and retention of staff is key to our business, which is achieved by: 

Setting remuneration at market-leading rates.
Providing the highest levels of training available and career development support.
Ensuring that employees from each department are present and involved in all management meetings and are consulted for significant decisions.

Engagement with suppliers, customers and others

Our customers
The needs and interests of customers are considered in all key decisions, such as new products and services, capital investment and supply chains. The management within all divisions of the group maintain close relationships with their respective customers, and our customers value this highly. We have long standing relationships with numerous customers in our areas, and repeat business is key to our success, along with the high levels of service we offer.
Our suppliers
The Board seeks to balance the benefits of maintaining strong relationships with key suppliers alongside the need to obtain value for money for the desired quality and service levels for our customers. We have worked hard to build a reputation for transparency and fair dealing in our interaction with suppliers.
Our community
We are a family-run group with roots in Warsop and have invested in our community both financially and in manhours through various local charity donations. We organise the annual town carnival and our head office is used as a base for the display.
We are also heavily involved in local council meetings to ensure that we minimise any adverse impact we have on local communities and the environment. 

Qualifying third party indemnity provisions

Bowring Transport Limited maintain liability insurance for the Group's directors and officers, with a cover limit for each claim or series of claims against them in that capacity. The directors have also been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. Neither the company’s indemnity nor the insurance provides cover in the event of a director being proved to have acted fraudulently or dishonestly.

Page 5

 
BOWRING TRANSPORT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

Bowring Transport acknowledges the clear scientific evidence linking the rising concentrations of “greenhouse gases” in our atmosphere to a global warming effect that is resulting in changes to the Earth’s climate. As a responsible organisation, Bowring Transport Limited seeks to minimise all adverse environmental impacts resulting from its operations, including the direct and indirect release of greenhouse gas emissions from the use of energy, fuels and refrigerants across the business.
The following sources of emissions are included in the report below:
Direct emissions:

Mobile combustion - combustion of fuels from transport activites

Indirect emissions:

Emissions from the generation of purchased electricity & gas that is consumed in owned or controlled equipment.

Direct Emissions

img4597.png


Indirect Emissionss

img58cd.png
GHG emissions have been calculated by multiplying the energy usage by the emission factors listed at:
https://www.gov.uk/government /collections /government-conversion -factors-for-company -reporting

Energy efficiency action
 
For the purposes of increasing the business's energy efficiency, the group have taken the following measures:

Solar Panels have been installed across our sites to generate electricity
Replaced older fleet vehicles to more modern, efficient vehicles that produce less CO2 emissions
Replacing older company cars with HEV vehicles across the group

We also continue to investigate the possible installation of solar farms at various sites, with the aim of generating enough solar energy to cover at least 50% of the electricity used across the businesses within the next few years.
Page 6

 
BOWRING TRANSPORT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024


Intensity ratio

For the purposes of monitoring and improving our energy efficiency, we have introduced a carbon intensity metric of ‘tonnes of CO2e per £1 million of revenue’ as disclosed below:

img71b2.png

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

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

Auditors

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

This report was approved by the board on 27 February 2025 and signed on its behalf.
 





J W Bowring
Director

Page 7

 
BOWRING TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOWRING TRANSPORT LIMITED
 

Opinion


We have audited the financial statements of Bowring Transport Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 May 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 May 2024 and of the Group's 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 Group 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 Group's or the 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.


Page 8

 
BOWRING TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOWRING TRANSPORT 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 9

 
BOWRING TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOWRING TRANSPORT LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 Group 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:

The group is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the group and the environment in which it operates, we determined that the laws and regulations which were most significant included the Goods Vehicle Operator’s Licence required by the Haulage division and Health and Safety. We considered the extent to which non-compliance with laws and regulations might have a material effect on the financial statements, including how fraud might occur. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to the completeness of income from sales of machinery and misappropriation of assets.

Audit procedures performed by the engagement team included:

Discussions with management to obtain an understanding of the legal and regulatory framework applicable to the group and how it ensures compliance, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Reviewing documentation to ensure there is no evidence of non-compliance with laws and regulations;
Inspecting relevant certificates and supporting documentation to ensure significant licenses are valid and there is no evidence of them being withdrawn;
Reviewing minutes of Board meetings;
Identifying and assessing the effectiveness of internal controls in place to mitigate risks of fraud and non compliance with laws and regulations which includes tests designed to ensure income is complete;
Enquiring of management as to actual and potential litigation and claims;
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management.

There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely
Page 10

 
BOWRING TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOWRING TRANSPORT LIMITED (CONTINUED)


we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation or through 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.




Julie Holderness (Senior Statutory Auditor)
  
for and on behalf of
Roddis Taylor Robinson
 
Chartered Accountants
Registered Auditor
  
Unit 6
Acorn Business Park
Woodseats Close
Sheffield
S8 0TB

27 February 2025
Page 11

 
BOWRING TRANSPORT LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
 4 
61,519,637
54,231,335

Cost of sales
  
(52,007,147)
(44,761,695)

Gross profit
  
9,512,490
9,469,640

Administrative expenses
  
(8,227,180)
(7,342,475)

Other operating income
 5 
474,186
336,081

Operating profit
 6 
1,759,496
2,463,246

Interest receivable and similar income
  
7,974
7,063

Interest payable and similar expenses
 10 
(758,245)
(312,653)

Profit before taxation
  
1,009,225
2,157,656

Tax on profit
 11 
(307,985)
(427,217)

Profit for the financial year
  
701,240
1,730,439

  

Profit for the year attributable to:
  

Owners of the parent Company
  
701,240
1,730,439

  
701,240
1,730,439

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 21 to 43 form part of these financial statements.

Page 12

 
BOWRING TRANSPORT LIMITED
REGISTERED NUMBER: 01212048

CONSOLIDATED BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
47,077
54,227

Tangible assets
 14 
10,597,351
7,934,747

Investment property
 16 
112,430
112,430

  
10,756,858
8,101,404

Current assets
  

Stocks
 17 
20,142,748
15,782,779

Debtors: amounts falling due after more than one year
 18 
243,350
243,350

Debtors: amounts falling due within one year
 18 
8,449,394
10,225,417

Cash at bank and in hand
 19 
1,370,296
5,076,100

  
30,205,788
31,327,646

Creditors: amounts falling due within one year
 20 
(19,222,035)
(17,052,659)

Net current assets
  
 
 
10,983,753
 
 
14,274,987

Total assets less current liabilities
  
21,740,611
22,376,391

Creditors: amounts falling due after more than one year
 21 
(1,932,468)
(1,148,709)

Provisions for liabilities
  

Deferred taxation
 24 
(1,419,759)
(1,038,038)

Other provisions
 25 
(260,000)
(250,000)

  
 
 
(1,679,759)
 
 
(1,288,038)

Net assets
  
18,128,384
19,939,644


Capital and reserves
  

Called up share capital 
 26 
6,975
9,000

Capital redemption reserve
 27 
2,025
-

Profit and loss account
 27 
18,119,384
19,930,644

  
18,128,384
19,939,644


Page 13

 
BOWRING TRANSPORT LIMITED
REGISTERED NUMBER: 01212048
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 February 2025.



J W Bowring
Director

The notes on pages 21 to 43 form part of these financial statements.

Page 14

 
BOWRING TRANSPORT LIMITED
REGISTERED NUMBER: 01212048

COMPANY BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
9,604,265
7,149,907

Investments
 15 
202
2

Investment property
  
112,430
112,430

  
9,716,897
7,262,339

Current assets
  

Stocks
 17 
20,129,618
15,760,379

Debtors: amounts falling due after more than one year
 18 
243,350
243,350

Debtors: amounts falling due within one year
 18 
8,250,884
10,057,892

Cash at bank and in hand
 19 
12,877
3,898,909

  
28,636,729
29,960,530

Creditors: amounts falling due within one year
 20 
(19,955,933)
(17,851,973)

Net current assets
  
 
 
8,680,796
 
 
12,108,557

Total assets less current liabilities
  
18,397,693
19,370,896

  

Creditors: amounts falling due after more than one year
 21 
(1,696,642)
(949,510)

Provisions for liabilities
  

Deferred taxation
 24 
(1,186,070)
(878,684)

Net assets
  
15,514,981
17,542,702


Capital and reserves
  

Called up share capital 
 26 
6,975
9,000

Capital redemption reserve
 27 
2,025
-

Profit and loss account carried forward
  
15,505,981
17,533,702

  
15,514,981
17,542,702


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 February 2025.


J W Bowring
Director

The notes on pages 21 to 43 form part of these financial statements.
Page 15

 
BOWRING TRANSPORT LIMITED
REGISTERED NUMBER: 01212048
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024


Page 16

 
BOWRING TRANSPORT LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


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

£
£
£
£


At 1 June 2022
9,000
-
18,200,205
18,209,205


Comprehensive income for the year

Profit for the year
-
-
1,730,439
1,730,439
Total comprehensive income for the year
-
-
1,730,439
1,730,439



At 1 June 2023
9,000
-
19,930,644
19,939,644


Comprehensive income for the year

Profit for the year
-
-
701,240
701,240
Total comprehensive income for the year
-
-
701,240
701,240


Contributions by and distributions to owners

Purchase of own shares
-
2,025
(2,512,500)
(2,510,475)

Shares cancelled during the year
(2,025)
-
-
(2,025)


Total transactions with owners
(2,025)
2,025
(2,512,500)
(2,512,500)


At 31 May 2024
6,975
2,025
18,119,384
18,128,384


The notes on pages 21 to 43 form part of these financial statements.

Page 17

 
BOWRING TRANSPORT LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


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

£
£
£
£


At 1 June 2022
9,000
-
16,178,620
16,187,620


Comprehensive income for the year

Profit for the year
-
-
1,355,082
1,355,082
Total comprehensive income for the year
-
-
1,355,082
1,355,082



At 1 June 2023
9,000
-
17,533,702
17,542,702


Comprehensive income for the year

Profit for the year
-
-
484,779
484,779
Total comprehensive income for the year
-
-
484,779
484,779


Contributions by and distributions to owners

Purchase of own shares
-
2,025
(2,512,500)
(2,510,475)

Shares cancelled during the year
(2,025)
-
-
(2,025)


Total transactions with owners
(2,025)
2,025
(2,512,500)
(2,512,500)


At 31 May 2024
6,975
2,025
15,505,981
15,514,981


The notes on pages 21 to 43 form part of these financial statements.

Page 18

 
BOWRING TRANSPORT LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
701,240
1,730,439

Adjustments for:

Amortisation of intangible assets
7,150
7,150

Depreciation of tangible assets
1,980,177
1,633,699

Profit on disposal of tangible assets
(99,848)
(56,874)

Interest paid
758,245
312,653

Interest received
(7,974)
(7,063)

Taxation charge
307,985
427,217

(Increase) in stocks
(4,359,968)
(5,381,516)

Decrease/(increase) in debtors
1,697,048
(2,613,455)

Increase in creditors
961,151
6,884,085

Increase in provisions
10,000
10,000

Corporation tax received/(paid)
102,502
(171,358)

Net cash generated from operating activities

2,057,708
2,774,977


Cash flows from investing activities

Purchase of tangible fixed assets
(4,991,322)
(2,625,128)

Sale of tangible fixed assets
448,390
314,153

Purchase of investment properties
-
(1,848)

Interest received
7,974
7,063

HP interest paid
(170,820)
(55,818)

Net cash from investing activities

(4,705,778)
(2,361,578)

Cash flows from financing activities

Repurchase of shares
(2,512,500)
-

Repayment of other loans
(35,002)
(34,139)

Repayment of/new finance leases
1,475,707
(76,878)

Interest paid
(587,424)
(256,836)

Net cash used in financing activities
(1,659,219)
(367,853)

Net (decrease)/increase in cash and cash equivalents
(4,307,289)
45,546

Cash and cash equivalents at beginning of year
5,076,100
5,030,554

Cash and cash equivalents at the end of year
768,811
5,076,100


Cash and cash equivalents at the end of year comprise:
Page 19

 
BOWRING TRANSPORT LIMITED
 

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


2024
2023

£
£


Cash at bank and in hand
1,370,296
5,076,100

Bank overdrafts
(601,485)
-

768,811
5,076,100


The notes on pages 21 to 43 form part of these financial statements.

Page 20

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Bowring Transport Limited is a private company limited by shares, incorporated in England and Wales (registered number: 01212048). Its registered office is Windmill House Farm, Forest Road, Warsop, Nottinghamshire, NG20 0EP. The main activities of the group during the year were the provision of haulage services, utilising a fleet of articulated, tipper, and rigid lorries; the sale and maintenance of agricultural machinery and associated parts and accessories; equestrian and farm feed supplies; provision of landfill facilities and sale of aggregates and other building raw materials; metal fabrication services.

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 company's functional and presentation currency is pounds sterling.

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

Page 21

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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 Group 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.

 
2.4

Operating leases: the Group as lessee

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

 
2.5

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 22

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

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.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.9

Current and deferred taxation

Tax is recognised in the Income statement, except that a change 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 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 balances are recognised in respect of all material 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.

Page 23

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets, including goodwill, 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 and are amortised on the straight line basis over the length of that life. Goodwill arising on acquisition in 1998 of Thomas Irvings (1998) is now fully written off and the costs of acquistion of a tipping licence in Midland Landfill Limited is being written off over the length of the licence, 16 years.

 
2.11

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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Freehold property
-
2% straight line
Plant and machinery
-
10% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
20% - 50% 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.

 
2.12

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments held as fixed assets are measured at cost less accumulated impairment.

Page 24

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Financial instruments

The group only enters into basic financial instrument 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 or 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.

Page 25

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.19

Dividends

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:
(i) Impairment of debtors
The Group makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The amount of trade debtors after making such provision was £6,944,705 (2023: £8,502,895).
(ii) Stock provisioning
The Group makes an estimate of the recoverable value of stock of finished goods and goods for resale. When assessing impairment of stock, management considers factors such as market conditions, ageing profile of stock and historical experience. The amount of stock after making such provision was £20,142,748 (2023: £15,782,779).
(iii) Site restoration provision
The Group makes an estimate of costs that will need to be incurred to restore the Group's landfill site on expiration of its' licence to use the site. At 31 May 2024 the provision included in the accounts was £260,000 (2023: £250,000).


4.


Turnover

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


2024
2023
£
£

Haulage sales
15,001,122
15,931,323

Sale of agricultural machinery
43,474,893
35,107,581

Sale of agricultural products
3,043,622
3,192,431

61,519,637
54,231,335


All turnover arose within the United Kingdom.

Page 26

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Other operating income

2024
2023
£
£

Other operating income
438,224
300,576

Rents receivable
35,962
35,505

474,186
336,081



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
1,980,176
1,633,699

Amortisation of intangible assets, including goodwill
7,150
7,150

Profit on disposal of fixed assets
(99,847)
(56,874)

Other operating lease rentals - plant and machinery
1,715,892
2,299,026

Other operating lease rentals
216,069
214,869

Defined contribution pension scheme
224,522
227,500


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
15,795
12,650

Page 27

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
7,961,935
7,445,691
7,771,910
7,271,936

Social security costs
812,625
481,211
791,442
464,107

Cost of defined contribution scheme
224,523
227,500
216,961
223,457

8,999,083
8,154,402
8,780,313
7,959,500


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


        2024
        2023
            No.
            No.







Production
74
64



Selling and distribution
119
120



Administration
41
38

234
222


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
177,009
159,887

Group contributions to defined contribution pension schemes
7,179
6,562

184,188
166,449


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

In addition, an amount of £20,264 (2023: £18,430) employers' national insurance was payable in respect of directors' remuneration meaning key management remuneration was £204,452 (2023: £190,788).

Key management personnel compensation

There are no key management personnel other than directors.

Page 28

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
521,510
242,774

Preference share dividends
52,911
-

Finance leases and hire purchase contracts
170,820
55,817

Other interest payable
13,004
14,062

758,245
312,653


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(73,736)
123,947

Adjustments in respect of previous periods
-
(14,283)


(73,736)
109,664


Total current tax
(73,736)
109,664

Deferred tax


Origination and reversal of timing differences
549,951
317,913

Movement in provisions
(291)
(360)

Losses carried forward
(167,939)
-

Total deferred tax
381,721
317,553


Tax on profit
307,985
427,217
Page 29

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,009,225
2,157,655


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20%)
252,306
431,531

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
36,209
(53,567)

Utilisation of tax losses
92,158
-

Adjustments to tax charge in respect of prior periods
(73,736)
(14,283)

Other timing differences leading to an increase (decrease) in taxation
1,048
-

Remeasurement of deferred tax for change in tax rates
-
63,536

Total tax charge for the year
307,985
427,217


Factors that may affect future tax charges

The group had tax losses carried forward of £671,601 which will result in the reduction of future taxable profits.


12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £484,779 (2023 - £1,355,082).

Page 30

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Intangible assets

Group





Licence
Goodwill
Total

£
£
£



Cost


At 1 June 2023
114,402
45,000
159,402



At 31 May 2024

114,402
45,000
159,402



Amortisation


At 1 June 2023
60,175
45,000
105,175


Charge for the year on owned assets
7,150
-
7,150



At 31 May 2024

67,325
45,000
112,325



Net book value



At 31 May 2024
47,077
-
47,077



At 31 May 2023
54,227
-
54,227



Page 31

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
           13.Intangible assets (continued)

Company




Goodwill

£



Cost


At 1 June 2023
45,000



At 31 May 2024

45,000



Amortisation


At 1 June 2023
45,000



At 31 May 2024

45,000



Net book value



At 31 May 2024
-



At 31 May 2023
-

Page 32

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

14.


Tangible fixed assets

Group






Land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost 


At 1 June 2023
1,523,715
3,458,798
13,733,590
545,577
19,261,680


Additions
817,239
456,869
3,584,939
132,275
4,991,322


Disposals
-
(140,895)
(1,967,221)
-
(2,108,116)


Transfers between classes
(49,114)
(85,312)
-
134,426
-



At 31 May 2024

2,291,840
3,689,460
15,351,308
812,278
22,144,886



Depreciation


At 1 June 2023
172,206
2,331,759
8,333,614
489,354
11,326,933


Charge for the year on owned assets
21,768
180,898
904,599
20,080
1,127,345


Charge for the year on financed assets
-
55,320
797,511
-
852,831


Disposals
-
(47,720)
(1,711,854)
-
(1,759,574)


Transfers between classes
-
(132,601)
-
132,601
-



At 31 May 2024

193,974
2,387,656
8,323,870
642,035
11,547,535



Net book value



At 31 May 2024
2,097,866
1,301,804
7,027,438
170,243
10,597,351



At 31 May 2023
1,351,509
1,127,039
5,399,976
56,223
7,934,747

Included in land and buildings is freehold land at cost of £976,472 (2023: £1,009,486) which is not depreciated.
The net book value of land and buildings may be further analysed into freehold property £1,900,903 (2023: £1,154,666) and leasehold property £196,963 (2023: £196,843).


 

Page 33

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

           14.Tangible fixed assets (continued)

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


2024
2023
£
£



Plant and machinery
571,935
475,626

Motor vehicles
3,891,746
2,266,169

4,463,681
2,741,795


Company






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£

Cost 


At 1 June 2023
1,523,715
1,921,245
13,713,840
539,848
17,698,648


Additions
817,239
78,699
3,547,899
129,214
4,573,051


Disposals
-
(49,100)
(1,947,471)
-
(1,996,571)


Transfers between classes
(49,114)
(85,312)
-
134,426
-



At 31 May 2024

2,291,840
1,865,532
15,314,268
803,488
20,275,128



Depreciation


At 1 June 2023
172,206
1,574,965
8,316,336
485,234
10,548,741


Charge for the year on owned assets
21,768
108,122
898,940
19,460
1,048,290


Charge for the year on financed assets
-
-
797,511
-
797,511


Disposals
-
(29,361)
(1,694,318)
-
(1,723,679)


Transfers between classes
-
(132,601)
-
132,601
-



At 31 May 2024

193,974
1,521,125
8,318,469
637,295
10,670,863



Net book value



At 31 May 2024
2,097,866
344,407
6,995,799
166,193
9,604,265



At 31 May 2023
1,351,509
346,280
5,397,504
54,614
7,149,907

Page 34

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

           14.Tangible fixed assets (continued)

IIncluded in land and buildings is freehold land at cost of £976,472 (2023: £1,009,486) which is not depreciated.
The net book value of land and buildings may be further analysed into freehold property £1,900,903 (2023: £1,154,666) and leasehold property £196,963 (2023: £196,843).






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


2024
2023
£
£



Motor vehicles
3,891,746
2,266,169

Page 35

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
2


Additions
200



At 31 May 2024
202





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Midland Landfill Limited
Ordinary
100%
B&B Machinery Ltd
Ordinary
100%
B&B Tractors Ltd
Ordinary
100%

The aggregate of the share capital and reserves as at 31 May 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Midland Landfill Limited
2,613,407
216,464

B&B Machinery Ltd
100
-

B&B Tractors Ltd
100
-

Page 36

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

16.


Investment property

Group


Freehold investment property

£



Valuation


At 1 June 2023
112,430



At 31 May 2024
112,430

The 2024 valuations were made by the directors, on an open market value for existing use basis.



At 31 May 2024



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
112,430
112,430

112,430
112,430

Company





Freehold investment property

£



Valuation


At 1 June 2023
112,430



At 31 May 2024
112,430

The 2024 valuations were made by the directors, on an open market value for existing use basis.

Page 37

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

17.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
148,587
195,895
135,457
173,495

Work in progress (goods to be sold)
294,779
315,048
294,779
315,048

Finished goods and goods for resale
19,699,382
15,271,836
19,699,382
15,271,836

20,142,748
15,782,779
20,129,618
15,760,379


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Stock recognised in cost of sales during the year as an expense was £44,827,377 (2023 - £38,204,696).


18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
243,350
243,350
243,350
243,350


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
6,944,705
8,502,895
6,823,601
8,389,867

Other debtors
996,051
1,335,683
980,964
1,335,683

Prepayments and accrued income
508,638
386,839
446,319
332,342

8,449,394
10,225,417
8,250,884
10,057,892



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,370,296
5,076,100
12,877
3,898,909


Page 38

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
601,485
-
601,485
-

Other loans
35,888
35,002
35,888
35,002

Trade creditors
13,989,685
14,042,089
13,881,226
13,960,360

Amounts owed to group undertakings
-
-
1,054,574
1,090,267

Corporation tax
-
50,211
-
-

Other taxation and social security
195,338
409,815
190,645
386,239

Obligations under finance lease and hire purchase contracts
1,585,130
929,068
1,419,991
821,063

Other creditors
800,406
-
800,404
-

Accruals and deferred income
2,014,103
1,586,474
1,971,720
1,559,042

19,222,035
17,052,659
19,955,933
17,851,973


The overdraft facility is secured by a fixed and floating charge over the assets of the Group.


21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
103,440
139,327
103,440
139,327

Net obligations under finance leases and hire purchase contracts
1,821,028
1,001,382
1,585,202
802,183

Other creditors
8,000
8,000
8,000
8,000

1,932,468
1,148,709
1,696,642
949,510


The loan is repayable by 45 monthly instalments at an interest rate of 1.75% per annum over the base.

Page 39

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
1,585,130
929,068
1,419,991
821,051

Between 1-5 years
1,821,028
1,001,382
1,585,202
802,183

3,406,158
1,930,450
3,005,193
1,623,234

The loans in respect of the hire purchase and finance lease agreements are secured against the assets to which they relate.


23.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets that are debt instruments measured at amortised cost
8,046,045
9,653,717
7,909,854
9,813,508


Financial liabilities

Financial liabilities measured at amortised cost
(20,959,165)
(17,741,342)
(21,461,930)
(18,415,244)


Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise bank overdrafts, other loans, trade creditors, amounts owed to group undertakings, obligations under hire purchase contracts, other creditors and accruals.

Page 40

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

24.


Deferred taxation


Group



2024


£






At beginning of year
1,038,038


Charged to profit or loss
381,721



At end of year
1,419,759

Company


2024


£






At beginning of year
878,684


Charged to profit or loss
307,386



At end of year
1,186,070

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
1,591,425
1,038,038
1,357,172
878,684

Movement in provision
(3,727)
-
(3,690)
-

Losses carried forward
(167,939)
-
(167,412)
-


25.


Provisions


Group



Provision for site restoration

£





At 1 June 2023
250,000


Charged to profit or loss
10,000



At 31 May 2024
260,000

Page 41

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

26.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



4,275 (2023 - 6,300) Ordinary shares of £1.00 each
4,275
6,300
1,350 (2023 - 1,350) A Ordinary shares of £1.00 each
1,350
1,350
1,350 (2023 - 1,350) B Ordinary shares of £1.00 each
1,350
1,350

6,975

9,000

During the year 2,025 ordinary shares of £1 each were repurchased by Bowring Transport Limited.



27.


Reserves

Capital redemption reserve

The capital redemption reserve consists of amounts transferred following the redemption or purchase of the Company's own shares.

Profit and loss account

Profit and loss account represents all current and prior period retained profits and losses and is all considered to be distributable.


28.


Contingent liabilities

Guarantees have been given to Barclays Bank plc in respect of borrowings by members of the Bowring Transport group of companies. 


29.


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 £224,523 (2023: £227,500). Contributions totalling £24,633 (2023: £20,728) were payable to the fund at the balance sheet date and are included in creditors.

Page 42

 
BOWRING TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

30.


Related party transactions

Included in (debtors) / creditors are loans (to) / from related parties on which transactions during the year were as follows:


Balance at 1 June 2023
Net cash (withdrawn) / introduced
Balance at 31 May 2024
£
£
£

D H Bowring (Estate of)
3,475
-
3,475
M Bowring
50,727
-
50,727
J Bowring
291
(3,821)
(3,530)
G Bowring
(99,189)
98,923
(266)
Bowring Transport Limited Retirement Death Benefit Scheme
174,330
(35,003)
139,327

The company has taken advantage of the exemption granted in FRS 102 from the requirement to disclose transactions with the subsidiary company, Midland Landfill Limited, as the subsidiary is wholly owned. 
The following transactions were undertaken with the Chris Bowring Farm Partnership, of which The Estate of the late D H Bowring and G C Bowring are partners:
Sales £593,793 (2023: £487,281)
Purchases £207,147 (2023: £218,021)
A net amount of £8,594 (2023: £62,171) was owed by the Chris Bowring Farm Partnership at 31 May 2024 in respect of these transactions.
The company was charged rent of £192,110 (2023: £169,550) by the Bowring Transport Limited Retirement and Death Benefit Scheme during the year and an amount of £22,868 (2023: £23,653) was owing in this respect to the scheme at the year end.
The following transactions were undertaken with Whitkirk Waste Solutions Limited, in which The Estate of the late D H Bowring holds the controlling interest:
Sales £398,521 (2023: £100,949)
Purchases £179,636 (2023: £55,258)
A net amount of £1,059 (2023: £3,873) was owed by Whitkirk Waste Solutions Limited at 31 May 2024 in respect of these transactions.
Interest is charged on the overdrawn directors loan account at a rate of 2.5%.                                    


31.


Controlling party

Bowring Transport Limited is controlled by G Bowring.

Page 43