McMurrays Haulage Holdings Limited 01639465 false 2023-07-01 2024-06-30 2024-06-30 2024-06-30 The principal activity of the company is that of equipment rental. Digita Accounts Production Advanced 6.30.9574.0 true true true false false true false 01639465 2023-07-01 2024-06-30 01639465 2024-06-30 01639465 bus:OrdinaryShareClass1 bus:CumulativeShares bus:Consolidated 2024-06-30 01639465 bus:OrdinaryShareClass2 bus:CumulativeShares bus:Consolidated 2024-06-30 01639465 bus:OrdinaryShareClass3 bus:CumulativeShares bus:Consolidated 2024-06-30 01639465 bus:Consolidated 2024-06-30 01639465 bus:Consolidated 1 2024-06-30 01639465 bus:Consolidated 1 2024-06-30 01639465 core:AcceleratedTaxDepreciationDeferredTax 2024-06-30 01639465 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2024-06-30 01639465 core:RevaluationPropertyDeferredTax 2024-06-30 01639465 core:RevaluationPropertyDeferredTax bus:Consolidated 2024-06-30 01639465 core:RetainedEarningsAccumulatedLosses 2024-06-30 01639465 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-06-30 01639465 core:RevaluationReserve 2024-06-30 01639465 core:RevaluationReserve bus:Consolidated 2024-06-30 01639465 core:ShareCapital 2024-06-30 01639465 core:ShareCapital bus:Consolidated 2024-06-30 01639465 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2024-06-30 01639465 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-06-30 01639465 core:HirePurchaseContracts core:CurrentFinancialInstruments bus:Consolidated 2024-06-30 01639465 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-06-30 01639465 core:HirePurchaseContracts core:Non-currentFinancialInstruments bus:Consolidated 2024-06-30 01639465 core:CurrentFinancialInstruments 2024-06-30 01639465 core:CurrentFinancialInstruments bus:Consolidated 2024-06-30 01639465 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 01639465 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-06-30 01639465 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2 2024-06-30 01639465 core:CurrentFinancialInstruments core:WithinOneYear 2 2024-06-30 01639465 core:Non-currentFinancialInstruments 2024-06-30 01639465 core:Non-currentFinancialInstruments bus:Consolidated 2024-06-30 01639465 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 01639465 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-06-30 01639465 core:BetweenOneFiveYears 2024-06-30 01639465 core:BetweenOneFiveYears bus:Consolidated 2024-06-30 01639465 core:BetweenTwoFiveYears 2024-06-30 01639465 core:BetweenTwoFiveYears bus:Consolidated 2024-06-30 01639465 core:MoreThanFiveYears 1 2024-06-30 01639465 core:WithinOneYear 2024-06-30 01639465 core:WithinOneYear bus:Consolidated 2024-06-30 01639465 core:FurnitureFittingsToolsEquipment 2024-06-30 01639465 core:FurnitureFittingsToolsEquipment bus:Consolidated 2024-06-30 01639465 core:LandBuildings 2024-06-30 01639465 core:LandBuildings bus:Consolidated 2024-06-30 01639465 core:MotorVehicles 2024-06-30 01639465 core:MotorVehicles bus:Consolidated 2024-06-30 01639465 core:OtherPropertyPlantEquipment 2024-06-30 01639465 core:OtherPropertyPlantEquipment bus:Consolidated 2024-06-30 01639465 core:DeferredTaxation 2024-06-30 01639465 core:DeferredTaxation bus:Consolidated 2024-06-30 01639465 1 2024-06-30 01639465 bus:FRS102 bus:Consolidated 2023-07-01 2024-06-30 01639465 bus:Audited bus:Consolidated 2023-07-01 2024-06-30 01639465 bus:FullAccounts bus:Consolidated 2023-07-01 2024-06-30 01639465 bus:RegisteredOffice bus:Consolidated 2023-07-01 2024-06-30 01639465 bus:CompanySecretaryDirector2 2023-07-01 2024-06-30 01639465 bus:CompanySecretaryDirector2 bus:Consolidated 2023-07-01 2024-06-30 01639465 bus:Director1 2023-07-01 2024-06-30 01639465 bus:Director1 bus:Consolidated 2023-07-01 2024-06-30 01639465 bus:Director3 bus:Consolidated 2023-07-01 2024-06-30 01639465 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-07-01 2024-06-30 01639465 bus:OrdinaryShareClass1 bus:CumulativeShares bus:Consolidated 2023-07-01 2024-06-30 01639465 bus:OrdinaryShareClass2 bus:CumulativeShares 2023-07-01 2024-06-30 01639465 bus:OrdinaryShareClass2 bus:CumulativeShares bus:Consolidated 2023-07-01 2024-06-30 01639465 bus:OrdinaryShareClass3 bus:CumulativeShares 2023-07-01 2024-06-30 01639465 bus:OrdinaryShareClass3 bus:CumulativeShares bus:Consolidated 2023-07-01 2024-06-30 01639465 bus:Consolidated 2023-07-01 2024-06-30 01639465 bus:Consolidated 1 2023-07-01 2024-06-30 01639465 bus:Consolidated 2 2023-07-01 2024-06-30 01639465 bus:Consolidated 3 2023-07-01 2024-06-30 01639465 bus:Consolidated 1 2023-07-01 2024-06-30 01639465 bus:PrivateLimitedCompanyLtd bus:Consolidated 2023-07-01 2024-06-30 01639465 bus:ConsolidatedGroupCompanyAccounts 2023-07-01 2024-06-30 01639465 1 2023-07-01 2024-06-30 01639465 2 2023-07-01 2024-06-30 01639465 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 01639465 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-07-01 2024-06-30 01639465 core:RevaluationReserve 2023-07-01 2024-06-30 01639465 core:RevaluationReserve bus:Consolidated 2023-07-01 2024-06-30 01639465 core:ShareCapital 2023-07-01 2024-06-30 01639465 core:ShareCapital bus:Consolidated 2023-07-01 2024-06-30 01639465 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-07-01 2024-06-30 01639465 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2023-07-01 2024-06-30 01639465 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 01639465 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-07-01 2024-06-30 01639465 core:LandBuildings 2023-07-01 2024-06-30 01639465 core:LandBuildings bus:Consolidated 2023-07-01 2024-06-30 01639465 core:MotorVehicles 2023-07-01 2024-06-30 01639465 core:MotorVehicles bus:Consolidated 2023-07-01 2024-06-30 01639465 core:OfficeEquipment bus:Consolidated 2023-07-01 2024-06-30 01639465 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 01639465 core:OtherPropertyPlantEquipment bus:Consolidated 2023-07-01 2024-06-30 01639465 core:PlantMachinery bus:Consolidated 2023-07-01 2024-06-30 01639465 core:DeferredTaxation 2023-07-01 2024-06-30 01639465 core:DeferredTaxation bus:Consolidated 2023-07-01 2024-06-30 01639465 core:Subsidiary1 2023-07-01 2024-06-30 01639465 core:Subsidiary1 1 2023-07-01 2024-06-30 01639465 core:Subsidiary1 countries:EnglandWales 2023-07-01 2024-06-30 01639465 core:UKTax bus:Consolidated 2023-07-01 2024-06-30 01639465 1 2023-07-01 2024-06-30 01639465 countries:EnglandWales bus:Consolidated 2023-07-01 2024-06-30 01639465 2023-06-30 01639465 bus:Consolidated 2023-06-30 01639465 core:RetainedEarningsAccumulatedLosses 2023-06-30 01639465 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-06-30 01639465 core:RevaluationReserve 2023-06-30 01639465 core:RevaluationReserve bus:Consolidated 2023-06-30 01639465 core:ShareCapital 2023-06-30 01639465 core:ShareCapital bus:Consolidated 2023-06-30 01639465 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-06-30 01639465 core:CostValuation 2023-06-30 01639465 core:FurnitureFittingsToolsEquipment 2023-06-30 01639465 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-06-30 01639465 core:LandBuildings 2023-06-30 01639465 core:LandBuildings bus:Consolidated 2023-06-30 01639465 core:MotorVehicles 2023-06-30 01639465 core:MotorVehicles bus:Consolidated 2023-06-30 01639465 core:OtherPropertyPlantEquipment 2023-06-30 01639465 core:OtherPropertyPlantEquipment bus:Consolidated 2023-06-30 01639465 core:DeferredTaxation 2023-06-30 01639465 core:DeferredTaxation bus:Consolidated 2023-06-30 01639465 2022-07-01 2023-06-30 01639465 2023-06-30 01639465 bus:OrdinaryShareClass1 bus:CumulativeShares bus:Consolidated 2023-06-30 01639465 bus:OrdinaryShareClass2 bus:CumulativeShares bus:Consolidated 2023-06-30 01639465 bus:OrdinaryShareClass3 bus:CumulativeShares bus:Consolidated 2023-06-30 01639465 bus:Consolidated 2023-06-30 01639465 bus:Consolidated 1 2023-06-30 01639465 bus:Consolidated 1 2023-06-30 01639465 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 01639465 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-06-30 01639465 core:RevaluationPropertyDeferredTax 2023-06-30 01639465 core:RevaluationPropertyDeferredTax bus:Consolidated 2023-06-30 01639465 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 01639465 core:HirePurchaseContracts core:CurrentFinancialInstruments bus:Consolidated 2023-06-30 01639465 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-06-30 01639465 core:HirePurchaseContracts core:Non-currentFinancialInstruments bus:Consolidated 2023-06-30 01639465 core:CurrentFinancialInstruments 2023-06-30 01639465 core:CurrentFinancialInstruments bus:Consolidated 2023-06-30 01639465 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 01639465 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-06-30 01639465 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2 2023-06-30 01639465 core:CurrentFinancialInstruments core:WithinOneYear 2 2023-06-30 01639465 core:Non-currentFinancialInstruments 2023-06-30 01639465 core:Non-currentFinancialInstruments bus:Consolidated 2023-06-30 01639465 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 01639465 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-06-30 01639465 core:BetweenOneFiveYears 2023-06-30 01639465 core:BetweenOneFiveYears bus:Consolidated 2023-06-30 01639465 core:BetweenTwoFiveYears 2023-06-30 01639465 core:BetweenTwoFiveYears bus:Consolidated 2023-06-30 01639465 core:MoreThanFiveYears 1 2023-06-30 01639465 core:WithinOneYear 2023-06-30 01639465 core:WithinOneYear bus:Consolidated 2023-06-30 01639465 core:FurnitureFittingsToolsEquipment 2023-06-30 01639465 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-06-30 01639465 core:LandBuildings 2023-06-30 01639465 core:LandBuildings bus:Consolidated 2023-06-30 01639465 core:MotorVehicles 2023-06-30 01639465 core:MotorVehicles bus:Consolidated 2023-06-30 01639465 core:OtherPropertyPlantEquipment 2023-06-30 01639465 core:OtherPropertyPlantEquipment bus:Consolidated 2023-06-30 01639465 1 2023-06-30 01639465 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-07-01 2023-06-30 01639465 bus:OrdinaryShareClass2 bus:CumulativeShares 2022-07-01 2023-06-30 01639465 bus:OrdinaryShareClass3 bus:CumulativeShares 2022-07-01 2023-06-30 01639465 bus:Consolidated 2022-07-01 2023-06-30 01639465 bus:Consolidated 1 2022-07-01 2023-06-30 01639465 bus:Consolidated 2 2022-07-01 2023-06-30 01639465 bus:Consolidated 3 2022-07-01 2023-06-30 01639465 1 2022-07-01 2023-06-30 01639465 2 2022-07-01 2023-06-30 01639465 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 01639465 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-07-01 2023-06-30 01639465 core:RevaluationReserve 2022-07-01 2023-06-30 01639465 core:RevaluationReserve bus:Consolidated 2022-07-01 2023-06-30 01639465 core:ShareCapital 2022-07-01 2023-06-30 01639465 core:ShareCapital bus:Consolidated 2022-07-01 2023-06-30 01639465 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-07-01 2023-06-30 01639465 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2022-07-01 2023-06-30 01639465 core:Subsidiary1 1 2022-07-01 2023-06-30 01639465 core:UKTax bus:Consolidated 2022-07-01 2023-06-30 01639465 2022-06-30 01639465 bus:Consolidated 2022-06-30 01639465 bus:Consolidated core:PreviouslyStatedAmount 2022-06-30 01639465 core:RetainedEarningsAccumulatedLosses 2022-06-30 01639465 core:RetainedEarningsAccumulatedLosses bus:Consolidated core:PreviouslyStatedAmount 2022-06-30 01639465 core:RevaluationReserve 2022-06-30 01639465 core:RevaluationReserve bus:Consolidated core:PreviouslyStatedAmount 2022-06-30 01639465 core:ShareCapital 2022-06-30 01639465 core:ShareCapital bus:Consolidated core:PreviouslyStatedAmount 2022-06-30 01639465 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated core:PreviouslyStatedAmount 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01639465

McMurrays Haulage Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 June 2024

 

McMurrays Haulage Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 10

Consolidated Profit and Loss Account

11

Consolidated Statement of Comprehensive Income

12

Consolidated Balance Sheet

13

Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Statement of Changes in Equity

16

Consolidated Statement of Cash Flows

17

Statement of Cash Flows

18

Notes to the Financial Statements

19 to 35

 

McMurrays Haulage Holdings Limited

Company Information

Directors

Mr D J McMurray

Ms N McMurray

Mrs M McMurray

Company secretary

Ms N McMurray

Registered office

Bridge Street
Church
Accrington
Lancashire
BB5 4HU

Auditors

Howard & Co
10-12 Wellington Street
(St Johns)
Blackburn
Lancashire
BB1 8AG

 

McMurrays Haulage Holdings Limited

Strategic Report for the Year Ended 30 June 2024

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

Principal activity

The principal activity of the group is that of haulage contractors.

Fair review of the business

The group is a leading haulage business based in the North West of England, providing transportation services across the UK. Specialising in full-load and part-load deliveries, the group has established a strong reputation for reliability, efficiency, and customer service. With a fleet of modern vehicles and a highly skilled workforce, the group serves a broad range of sectors, including retail, manufacturing, construction, and logistics.

The UK haulage and logistics industry is experiencing significant changes, with increasing pressure on businesses to meet customer demands for quicker deliveries, reduced environmental impact, and lower costs. There is also heightened competition, both from other haulage companies and alternative transportation methods such as rail and air freight.

Key market trends that have impacted the group include:
• Fuel Price Volatility: Global fuel price fluctuations have posed challenges, though the group has mitigated these effects through long-term fuel contracts and strategic fuel management practices.
• Labour Shortage: The ongoing shortage of qualified drivers in the UK has led to rising wages and recruitment costs. The group has addressed this by investing in driver training and retention programs.
• Regulatory Changes: Increased environmental regulations, such as the introduction of stricter emissions standards and low-emission zones in urban areas, have forced the group to adapt quickly. This includes investing in eco-friendly technologies and ensuring fleet compliance with evolving standards.
• E-commerce Boom: The rapid growth of online shopping has led to an increase in demand for haulage services, particularly for last-mile delivery solutions. The group has adapted its operations to cater to this new demand, ensuring flexibility and responsiveness.

Looking ahead, the group is focused on the following strategic objectives to sustain growth and remain competitive:
• Fleet Modernisation and Sustainability: Continued investment in a modern, energy-efficient fleet, will be a key priority. The group is committed to reducing its carbon footprint and aligning with regulatory requirements for cleaner operations.
• Technology Integration: Further investments in technology will enhance operational efficiency, improve customer experience, and streamline fleet management.
• Driver Training and Development: To address the ongoing driver shortage, the group will focus on training, development, and offering competitive benefits to attract and retain skilled drivers.
• Cost Management: The group will continue to focus on cost-efficiency, particularly in relation to fuel, fleet maintenance, and labour, in order to protect margins while delivering high-quality services to clients.

The financial year ended 30 June 2024 has been a year of both challenges and growth for the group. The haulage sector has seen fluctuating fuel prices, increasing regulatory requirements, and a competitive market, but the group has demonstrated resilience and adaptability.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

13,435,899

12,377,540

Gross profit

£

2,882,878

2,797,425

Operating profit

£

868,908

1,225,941

Shareholders funds

£

4,539,896

4,367,025

Return on capital employed

£

9

14

 

McMurrays Haulage Holdings Limited

Strategic Report for the Year Ended 30 June 2024

Group turnover has increased by 8.6% although gross margin has reduced from the previous year's 22.6% to 21.5% which has still seen an increase of £85,453 at gross profit level. Operating profit has reduced to £868,908 (6.5%) in comparison to the previous year's £1,225,941 (9.9%).

Return on capital employed has reduced to 8.8% (2023 - 13.9%). Return on capital employed is calculated as operating profit divided by capital employed. Capital employed is calculated as total assets less current liabilities.

The results of the group in full are set out in the financial statements.

In conclusion, the group has delivered solid financial performance for the year ended 30 June 2024, despite facing challenges in a competitive and changing market. The group’s focus on fleet optimisation, technology integration, customer retention, and sustainability initiatives positions it well for continued success. Looking forward, management remains committed to driving growth, improving efficiency, and addressing the key risks and uncertainties in the market.

Principal risks and uncertainties

The company undertakes regular reviews of the principal risks facing the business and wherever possible, processes are put into place to monitor and minimise such risks.

Approved and authorised by the Board on 6 March 2025 and signed on its behalf by:
 

.........................................
Ms N McMurray
Company secretary and director

 

McMurrays Haulage Holdings Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the for the year ended 30 June 2024.

Directors of the group

The directors who held office during the year were as follows:

Mr D J McMurray

Ms N McMurray - Company secretary and director

Mrs M McMurray

Dividends
Particulars of dividends are detailed in note 22 to the financial statements.

Financial instruments

Objectives and policies

The group uses a variety of financial instruments including cash, borrowings, and various items such as trade debtors and trade creditors, that arise directly from its operations. The main purpose of these financial instruments is to provide working capital for its operations.

The directors are of the view that the main risks arising from the group’s financial instruments are liquidity risk, cash flow risk, price risk and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies remain unchanged from previous years.

Price risk, credit risk, liquidity risk and cash flow risk

The group has some moderate exposure to a level of price risk, credit risk, liquidity risk and cash flow risk. The group manages these risks through maintaining and building strong relationships with leading suppliers, long term customers and finance partners.

Liquidity risk and cash flow risk
The group seeks to manage these risks by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Price risk
The group is exposed to price risk due to its reliance on diesel to power its fleet of haulage vehicles. Fluctuations in diesel prices are reviewed on a regular basis and taken into consideration when placing orders and setting the selling price of the goods and services that it supplies.

Credit risk
The group’s principal financial assets are cash and trade debtors. The principal credit risk arises from its trade debtors.

 

McMurrays Haulage Holdings Limited

Directors' Report for the Year Ended 30 June 2024

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 6 March 2025 and signed on its behalf by:
 

.........................................
Ms N McMurray
Company secretary and director

 

McMurrays Haulage Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

McMurrays Haulage Holdings Limited

Independent Auditor's Report to the Members of McMurrays Haulage Holdings Limited

Opinion

We have audited the financial statements of McMurrays Haulage Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 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 auditor 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

McMurrays Haulage Holdings Limited

Independent Auditor's Report to the Members of McMurrays Haulage Holdings Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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

adequate accounting records have not been kept 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor Responsibilities for the audit of the financial statements

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

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

 

McMurrays Haulage Holdings Limited

Independent Auditor's Report to the Members of McMurrays Haulage Holdings Limited

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We obtained an understanding of laws and regulations that affect the group, focusing on those that had a direct effect on on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, health and safety regulations, occupational health and employment legislation.

We enquired of the directors, reviewed correspondence with HMRC and enquired with the directors in order to gain evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

We gained an understanding of the controls that the directors have in place to prevent and detect for fraud. We enquired about any instances of fraud that have taken place in the accounting period.

The risk of fraud and non-compliance with laws and regulations was discussed with the audit team and tests were planned and performed to address these risks.

We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.

We enquired of the directors about actual and potential litigation claims.

We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

McMurrays Haulage Holdings Limited

Independent Auditor's Report to the Members of McMurrays Haulage Holdings Limited

Use of our report

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

......................................
Neil Howard FCA (Senior Statutory Auditor)
For and on behalf of Howard & Co, Statutory Auditor

10-12 Wellington Street
(St Johns)
Blackburn
Lancashire
BB1 8AG

6 March 2025

 

McMurrays Haulage Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

13,435,899

12,377,540

Cost of sales

 

(10,553,021)

(9,580,115)

Gross profit

 

2,882,878

2,797,425

Administrative expenses

 

(2,025,887)

(1,622,013)

Other operating income

4

11,917

50,529

Operating profit

6

868,908

1,225,941

Other interest receivable and similar income

14,301

-

Interest payable and similar expenses

7

(223,272)

(155,514)

   

(208,971)

(155,514)

Profit before tax

 

659,937

1,070,427

Tax on profit

11

(205,925)

(393,331)

Profit for the financial year

 

454,012

677,096

Profit/(loss) attributable to:

 

Owners of the company

 

454,012

677,096

The above results all relate to continuing operations.

The group has no recognised gains or losses for the year other than the results above.

 

McMurrays Haulage Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit for the year

454,012

677,096

Surplus on property, plant and equipment revaluation

-

1,137,785

Total comprehensive income for the year

454,012

1,814,881

Total comprehensive income attributable to:

Owners of the company

454,012

1,814,881

 

McMurrays Haulage Holdings Limited

(Registration number: 01639465)
Consolidated Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

8,867,298

7,530,515

Current assets

 

Debtors

14

2,826,655

3,204,744

Cash at bank and in hand

 

751,705

201,596

 

3,578,360

3,406,340

Creditors: Amounts falling due within one year

16

(2,609,566)

(2,105,432)

Net current assets

 

968,794

1,300,908

Total assets less current liabilities

 

9,836,092

8,831,423

Creditors: Amounts falling due after more than one year

16

(3,834,764)

(3,116,439)

Provisions for liabilities

17

(1,461,432)

(1,347,959)

Net assets

 

4,539,896

4,367,025

Capital and reserves

 

Called up share capital

19

1,000

1,000

Revaluation reserve

1,516,855

1,516,855

Retained earnings

3,022,041

2,849,170

Equity attributable to owners of the company

 

4,539,896

4,367,025

Shareholders' funds

 

4,539,896

4,367,025

Approved and authorised by the Board on 6 March 2025 and signed on its behalf by:
 

.........................................
Mr D J McMurray
Director

.........................................
Ms N McMurray
Company secretary and director

 

McMurrays Haulage Holdings Limited

(Registration number: 01639465)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

8,867,265

7,530,471

Investments

13

100

100

 

8,867,365

7,530,571

Current assets

 

Debtors

14

1,544,715

1,570,399

Cash at bank and in hand

 

63,210

14,138

 

1,607,925

1,584,537

Creditors: Amounts falling due within one year

16

(1,273,618)

(832,840)

Net current assets

 

334,307

751,697

Total assets less current liabilities

 

9,201,672

8,282,268

Creditors: Amounts falling due after more than one year

16

(3,834,764)

(3,116,439)

Provisions for liabilities

17

(1,461,432)

(1,347,959)

Net assets

 

3,905,476

3,817,870

Capital and reserves

 

Called up share capital

19

1,000

1,000

Revaluation reserve

1,516,855

1,516,855

Retained earnings

2,387,621

2,300,015

Shareholders' funds

 

3,905,476

3,817,870

The company made a profit after tax for the financial year of £368,747 (2023 - profit of £503,724).

Approved and authorised by the Board on 6 March 2025 and signed on its behalf by:
 

.........................................
Mr D J McMurray
Director

.........................................
Ms N McMurray
Company secretary and director

 

McMurrays Haulage Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 June 2024
Equity attributable to the parent company

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

Total equity
£

At 1 July 2023

1,000

1,516,855

2,849,170

4,367,025

4,367,025

Profit for the year

-

-

454,012

454,012

454,012

Dividends

-

-

(281,141)

(281,141)

(281,141)

At 30 June 2024

1,000

1,516,855

3,022,041

4,539,896

4,539,896

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

Total equity
£

At 1 July 2022

1,000

379,070

2,458,488

2,838,558

2,838,558

Profit for the year

-

-

677,096

677,096

677,096

Other comprehensive income

-

1,137,785

-

1,137,785

1,137,785

Total comprehensive income

-

1,137,785

677,096

1,814,881

1,814,881

Dividends

-

-

(286,414)

(286,414)

(286,414)

At 30 June 2023

1,000

1,516,855

2,849,170

4,367,025

4,367,025

 

McMurrays Haulage Holdings Limited

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

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2023

1,000

1,516,855

2,300,015

3,817,870

Profit for the year

-

-

368,747

368,747

Dividends

-

-

(281,141)

(281,141)

At 30 June 2024

1,000

1,516,855

2,387,621

3,905,476

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2022

1,000

379,070

2,082,705

2,462,775

Profit for the year

-

-

503,724

503,724

Other comprehensive income

-

1,137,785

-

1,137,785

Total comprehensive income

-

1,137,785

503,724

1,641,509

Dividends

-

-

(286,414)

(286,414)

At 30 June 2023

1,000

1,516,855

2,300,015

3,817,870

 

McMurrays Haulage Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

454,012

677,096

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

863,169

661,798

Loss/(profit) on disposal of tangible assets

5

600

(35,600)

Finance income

(14,301)

-

Finance costs

7

223,272

155,514

Income tax expense

11

205,925

393,331

 

1,732,677

1,852,139

Working capital adjustments

 

Decrease/(increase) in trade debtors

14

366,343

(676,785)

Increase in trade creditors

16

31,582

154,326

Cash generated from operations

 

2,130,602

1,329,680

Income taxes received

11

9,579

-

Net cash flow from operating activities

 

2,140,181

1,329,680

Cash flows from investing activities

 

Interest received

14,301

-

Acquisitions of tangible assets

(2,399,985)

(1,933,071)

Proceeds from sale of tangible assets

 

199,433

76,500

Net cash flows from investing activities

 

(2,186,251)

(1,856,571)

Cash flows from financing activities

 

Interest paid

7

(223,272)

(155,514)

Proceeds from bank borrowing draw downs

 

-

900,000

Repayment of bank borrowing

 

(71,855)

(51,692)

Proceeds from other borrowing draw downs

 

1,968,470

1,257,785

Repayment of other borrowing

 

-

(449,304)

Payments to finance lease creditors

 

(796,023)

(717,470)

Dividends paid

(281,141)

(286,414)

Net cash flows from financing activities

 

596,179

497,391

Net increase/(decrease) in cash and cash equivalents

 

550,109

(29,500)

Cash and cash equivalents at 1 July 2023

 

201,596

231,096

Cash and cash equivalents at 30 June 2024

 

751,705

201,596

 

McMurrays Haulage Holdings Limited

Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

368,747

503,724

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

863,158

661,783

Loss/(profit) on disposal of tangible assets

5

600

(35,600)

Finance income

(4)

-

Finance costs

223,246

155,486

Income tax expense

11

167,263

391,230

 

1,623,010

1,676,623

Working capital adjustments

 

Decrease/(increase) in trade debtors

14

13,938

(692,686)

Increase/(decrease) in trade creditors

16

4,791

(116,628)

Cash generated from operations

 

1,641,739

867,309

Income taxes received

11

11,676

-

Net cash flow from operating activities

 

1,653,415

867,309

Cash flows from investing activities

 

Interest received

4

-

Acquisitions of tangible assets

(2,399,985)

(1,933,071)

Proceeds from sale of tangible assets

 

199,433

76,500

Net cash flows from investing activities

 

(2,200,548)

(1,856,571)

Cash flows from financing activities

 

Interest paid

(223,246)

(155,486)

Proceeds from bank borrowing draw downs

 

-

900,000

Repayment of bank borrowing

 

(71,855)

(51,692)

Proceeds from other borrowing draw downs

 

1,968,470

1,257,785

Payments to finance lease creditors

 

(796,023)

(717,470)

Dividends paid

(281,141)

(286,414)

Net cash flows from financing activities

 

596,205

946,723

Net increase/(decrease) in cash and cash equivalents

 

49,072

(42,539)

Cash and cash equivalents at 1 July 2023

 

14,138

56,677

Cash and cash equivalents at 30 June 2024

 

63,210

14,138

 

McMurrays Haulage Holdings Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bridge Street
Church
Accrington
Lancashire
BB5 4HU

The principal activity of the company is detailed in the Strategic Report on page two of these financial statements.

These financial statements were authorised for issue by the Board on 6 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling which is the functional currency of the company and group, rounded to the nearest pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2024.

 

McMurrays Haulage Holdings Limited

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

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis.

 

McMurrays Haulage Holdings Limited

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

Judgements and key sources of estimation uncertainty

In application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may vary from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

In the opinion of the directors there are no critical accounting judgements that require further disclosure.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

- The group's freehold land and buildings are carried at fair value determined by the directors.

- Tangible fixed assets are depreciated over their estimated useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

- Determination of the recoverability of trade debtors. A specific provision is made against certain debts where in the opinion of directors the debt is not fully recoverable.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Tax

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

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

 

McMurrays Haulage Holdings Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line on buildings

Motor vehicles

15% and 10% straight line

Plant and machinery

25% reducing balance

Office equipment

20% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

McMurrays Haulage Holdings Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

McMurrays Haulage Holdings Limited

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

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employees services are received.

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

13,435,899

12,377,540

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Sub lease rental income

11,917

25,350

Miscellaneous other operating income

-

25,179

11,917

50,529

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

(Loss)/gain on disposal of tangible assets

(600)

35,600

 

McMurrays Haulage Holdings Limited

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

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

863,169

661,798

Operating lease expense - plant and machinery

69,152

175,628

Loss/(profit) on disposal of property, plant and equipment

600

(35,600)

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

63,799

56,645

Interest on obligations under finance leases and hire purchase contracts

159,447

98,841

Interest expense on other finance liabilities

26

28

223,272

155,514

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

3,186,924

2,784,253

Social security costs

302,568

264,079

Other short-term employee benefits

9,148

7,663

Pension costs, defined contribution scheme

104,196

91,388

Other employee expense

86

900

3,602,922

3,148,283

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

21

18

Distribution

66

59

87

77

 

McMurrays Haulage Holdings Limited

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

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

64,850

63,700

Contributions paid to money purchase schemes

37,216

33,000

102,066

96,700

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

14,000

14,000

Other fees to auditors

All other non-audit services

4,800

4,800


 

11

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

92,452

2,101

Deferred taxation

Arising from origination and reversal of timing differences

113,473

391,230

Tax expense in the income statement

205,925

393,331

 

McMurrays Haulage Holdings Limited

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

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 20.5%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

659,937

1,070,427

Corporation tax at standard rate

164,984

219,438

Tax increase from effect of capital allowances and depreciation

28,203

169,536

Tax increase due to capital gains tax

5,000

-

Tax increase arising due to items not deductible for Corporation Tax purposes

7,738

4,357

Total tax charge

205,925

393,331

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

974,893

Revaluation of property

-

486,539

-

1,461,432

2023

Asset
£

Liability
£

Accelerated capital allowances

-

861,420

Revaluation of property

-

486,539

-

1,347,959

Company

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

974,893

Revaluation of property

-

486,539

-

1,461,432

2023

Asset
£

Liability
£

Accelerated capital allowances

-

861,420

Revaluation of property

-

486,539

-

1,347,959

 

McMurrays Haulage Holdings Limited

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

12

Tangible assets

Group

Land and buildings
£

Office equipment
£

Motor vehicles
 £

Plant and machinery
£

Cost or valuation

At 1 July 2023

4,140,000

37,507

4,781,009

310,755

Additions

10,397

-

2,144,486

245,102

Disposals

-

-

(694,883)

(3,800)

At 30 June 2024

4,150,397

37,507

6,230,612

552,057

Depreciation

At 1 July 2023

-

20,280

1,503,577

214,899

Charge for the year

54,184

3,815

771,366

33,804

Eliminated on disposal

-

-

(495,385)

(3,265)

At 30 June 2024

54,184

24,095

1,779,558

245,438

Carrying amount

At 30 June 2024

4,096,213

13,412

4,451,054

306,619

At 30 June 2023

4,140,000

17,227

3,277,432

95,856

Total
£

Cost or valuation

At 1 July 2023

9,269,271

Additions

2,399,985

Disposals

(698,683)

At 30 June 2024

10,970,573

Depreciation

At 1 July 2023

1,738,756

Charge for the year

863,169

Eliminated on disposal

(498,650)

At 30 June 2024

2,103,275

Carrying amount

At 30 June 2024

8,867,298

At 30 June 2023

7,530,515

Included within the net book value of land and buildings above is £3,976,213 (2023 - £4,020,000) in respect of freehold land and buildings and £120,000 (2023 - £120,000) in respect of long leasehold land and buildings.
 

 

McMurrays Haulage Holdings Limited

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

The group's land and buildings are shown in the accounts at fair value.

Had this class of asset been measured on an historical cost basis, the carrying amount would have been £2,247,466 (2023 - £2,237,069).

Hire Purchase Contracts
Included within the net book value of tangible fixed assets is £4,329,427 (2023 - £3,012,493) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £670,883 (2023 - £517,638).

Company

Land and buildings
£

Office equipment
£

Motor vehicles
 £

Plant and machinery
£

Cost or valuation

At 1 July 2023

4,140,000

28,926

4,781,009

310,755

Additions

10,397

-

2,144,486

245,102

Disposals

-

-

(694,883)

(3,800)

At 30 June 2024

4,150,397

28,926

6,230,612

552,057

Depreciation

At 1 July 2023

-

11,743

1,503,577

214,899

Charge for the year

54,184

3,804

771,366

33,804

Eliminated on disposal

-

-

(495,385)

(3,265)

At 30 June 2024

54,184

15,547

1,779,558

245,438

Carrying amount

At 30 June 2024

4,096,213

13,379

4,451,054

306,619

At 30 June 2023

4,140,000

17,183

3,277,432

95,856

 

McMurrays Haulage Holdings Limited

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

Total
£

Cost or valuation

At 1 July 2023

9,260,690

Additions

2,399,985

Disposals

(698,683)

At 30 June 2024

10,961,992

Depreciation

At 1 July 2023

1,730,219

Charge for the year

863,158

Eliminated on disposal

(498,650)

At 30 June 2024

2,094,727

Carrying amount

At 30 June 2024

8,867,265

At 30 June 2023

7,530,471

Included within the net book value of land and buildings above is £3,976,213 (2023 - £4,020,000) in respect of freehold land and buildings and £120,000 (2023 - £120,000) in respect of long leasehold land and buildings.
 

The company's land and buildings are shown in the accounts at fair value.

Had this class of asset been measured on an historical cost basis, the carrying amount would have been £2,247,466 (2023 - £2,237,069).

Hire Purchase Contracts
Included within the net book value of tangible fixed assets is £4,329,427 (2023 - £3,012,493) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £670,883 (2023 - £517,638).

13

Investments

Company

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 July 2023

100

Carrying amount

At 30 June 2024

100

At 30 June 2023

100

 

McMurrays Haulage Holdings Limited

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

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

McMurrays Haulage Limited

England and Wales

Ordinary shares

100%

100%

Subsidiary undertakings

McMurrays Haulage Limited

The principal activity of McMurrays Haulage Limited is that of haulage contractors.

14

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

2,551,929

2,698,629

-

-

Amounts owed by related parties

-

-

1,528,984

1,540,502

Other debtors

 

231,087

394,114

15,731

18,151

Prepayments

 

43,639

100,255

-

-

Income tax asset

11

-

11,746

-

11,746

   

2,826,655

3,204,744

1,544,715

1,570,399

15

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

153

154

153

154

Cash at bank

751,552

201,442

63,057

13,984

751,705

201,596

63,210

14,138

 

McMurrays Haulage Holdings Limited

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

16

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

20

1,201,723

819,456

1,201,723

819,456

Trade creditors

 

806,909

663,345

9,792

5,057

Amounts due to related parties

2,015

2,027

2,015

2,027

Social security and other taxes

 

312,729

314,739

-

-

Outstanding defined contribution pension costs

 

3,096

25,666

-

-

Other payables

 

49,968

-

-

-

Accruals

 

140,740

278,098

6,368

6,300

Income tax liability

11

92,386

2,101

53,720

-

 

2,609,566

2,105,432

1,273,618

832,840

Due after one year

 

Loans and borrowings

20

3,834,764

3,116,439

3,834,764

3,116,439

17

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 July 2023

1,347,959

1,347,959

Additional provisions

113,473

113,473

At 30 June 2024

1,461,432

1,461,432

Company

Deferred tax
£

Total
£

At 1 July 2023

1,347,959

1,347,959

Additional provisions

113,473

113,473

At 30 June 2024

1,461,432

1,461,432

18

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £104,196 (2023 - £91,388).

Contributions totalling £3,096 (2023 - £25,666) were payable to the scheme at the end of the year and are included in creditors.

 

McMurrays Haulage Holdings Limited

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

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A share of £1 each

666

666

666

666

Ordinary B share of £1 each

167

167

167

167

Ordinary C share of £1 each

167

167

167

167

1,000

1,000

1,000

1,000

20

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

1,215,588

1,290,452

1,215,588

1,290,452

Hire purchase contracts

2,619,176

1,825,987

2,619,176

1,825,987

3,834,764

3,116,439

3,834,764

3,116,439

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

74,865

71,856

74,865

71,856

Hire purchase contracts

1,126,858

747,600

1,126,858

747,600

1,201,723

819,456

1,201,723

819,456

The bank borrowings are secured over the company's land and buildings, hire purchase liabilities are secured on the assets concerned.

The other borrowings relate to an invoice discounting loan which is secured on the book debts of the group.

Group

Bank borrowings

The bank loan is denominated in Sterling with a nominal interest rate of base rate plus 2.49%, and the final instalment is due on 31 October 2031. The carrying amount at year end is £1,215,588 (2023 - £1,362,308).

The bank holds the following security over the loan:
- an unlimited debenture dated 1 April 2022 incorporating a fixed and floating charge.
- a letter of set-off dated 1 April 2022.
- a 1st legal charge over commercial freehold property known as units 1, 2 and 3 Bridge Street, Church, Accrington, BB5 4HU dated 1 April 2022.

 

McMurrays Haulage Holdings Limited

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

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

875,927

967,165

-

-

Company

Bank borrowings

The bank loan is denominated in Sterling with a nominal interest rate of base rate plus 2.49%%, and the final instalment is due on 31 October 2031. The carrying amount at year end is £1,215,588 (2023 - £1,362,308).

The bank holds the following security over the loan:
- an unlimited debenture dated 1 April 2022 incorporating a fixed and floating charge.
- a letter of set-off dated 1 April 2022.
- a 1st legal charge over commercial freehold property known as units 1, 2 and 3 Bridge Street, Church, Accrington, BB5 4HU dated 1 April 2022.

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

875,927

967,165

-

-

21

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

1,126,859

747,600

Later than one year and not later than five years

2,619,176

1,825,987

3,746,035

2,573,587

 

McMurrays Haulage Holdings Limited

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

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

52,969

52,237

Later than one year and not later than five years

52,555

63,816

105,524

116,053

The amount of non-cancellable operating lease payments recognised as an expense during the year was £69,526 (2023 - £143,913).

Company

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

1,126,859

747,600

Later than one year and not later than five years

2,619,176

1,825,987

3,746,035

2,573,587

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

52,969

52,237

Later than one year and not later than five years

52,555

63,816

105,524

116,053

The amount of non-cancellable operating lease payments recognised as an expense during the year was £69,526 (2023 - £143,913).

22

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £89.45 (2023 - £246.15) per each Ordinary A share

59,574

163,936

Interim dividend of £537.75 (2023 - £368.10) per each Ordinary B share

89,804

61,473

Interim dividend of £789.00 (2023 - £365.30) per each Ordinary C share

131,763

61,005

281,141

286,414