Registered number:
FOR THE YEAR ENDED 31 MAY 2024
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
COMPANY INFORMATION
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
CONTENTS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
The directors present their Strategic Report for the year ended 31 May 2024.
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.
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
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.
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.
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.
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.
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 2006. They 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.
The profit for the year, after taxation, amounted to £701,240 (2023 - £1,730,439).
The directors who served during the year were:
Page 4
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
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.
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.
Page 5
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
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
Indirect Emissionss
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:
There have been no significant events affecting the Group since the year end.
The auditors, Roddis Taylor Robinson, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
Page 7
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOWRING TRANSPORT LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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.
Page 9
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOWRING TRANSPORT LIMITED (CONTINUED)
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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants
Registered Auditor
Unit 6
Acorn Business Park
Woodseats Close
S8 0TB
Page 11
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
Page 12
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
REGISTERED NUMBER: 01212048
CONSOLIDATED BALANCE SHEET
AS AT 31 MAY 2024
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.
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
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
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
Page 17
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
Page 18
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
Page 19
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
Page 20
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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
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:
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)
Page 22
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure. 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)
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.
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:
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.
Page 24
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
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)
(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).
Page 26
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 27
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 28
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 29
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
11.Taxation (continued)
The group had tax losses carried forward of £671,601 which will result in the reduction of future taxable profits.
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 £
Page 30
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 31
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
13.Intangible assets (continued)
Page 32
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 33
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
14.Tangible fixed assets (continued)
Page 34
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
14.Tangible fixed assets (continued)
Page 35
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 36
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
The 2024 valuations were made by the directors, on an open market value for existing use basis.
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
Page 38
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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
Page 40
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 41
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOWRING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Capital redemption reserve
Profit and loss account
Guarantees have been given to Barclays Bank plc in respect of borrowings by members of the Bowring Transport group of companies.
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
Bowring Transport Limited is controlled by G Bowring.
Page 43
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|