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Registration number: 04985035

McMurray's Haulage Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

McMurray's Haulage Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5 to 6

Statement of Directors' Responsibilities

7

Independent Auditor's Report

8 to 11

Profit and Loss Account

12

Statement of Comprehensive Income

13

Balance Sheet

14

Statement of Changes in Equity

15

Notes to the Financial Statements

16 to 23

 

McMurray's Haulage Limited

Company Information

Directors

Mr D J McMurray

Ms N McMurray

Mrs M McMurray

Company secretary

Mr D J McMurray

Registered office

Bridge Street
Church
Accrington
Lancashire
BB5 4HU

Auditors

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

 

McMurray's Haulage 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 company is that of haulage contactors.

Fair review of the business

The company 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 company has established a strong reputation for reliability, efficiency, and customer service. With a fleet of modern vehicles and a highly skilled workforce, the company 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 company include:
• Fuel Price Volatility: Global fuel price fluctuations have posed challenges, though the company 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 company 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 company 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 company has adapted its operations to cater to this new demand, ensuring flexibility and responsiveness.

Looking ahead, the company 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 company 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 company will focus on training, development, and offering competitive benefits to attract and retain skilled drivers.
• Cost Management: The company 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 company. The haulage sector has seen fluctuating fuel prices, increasing regulatory requirements, and a competitive market, but the company has demonstrated resilience and adaptability.

 

McMurray's Haulage Limited

Strategic Report for the Year Ended 30 June 2024

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

Financial KPIs

Unit

2024

2023

Turnover

£

13,245,890

12,377,540

Gross profit

£

1,403,168

1,224,860

Operating profit

£

109,656

175,501

Shareholders funds

£

634,520

549,255

Return on capital employed

%

17

32

Turnover has increased by 7.0% with gross margin increasing from the previous year's 9.9% to 10.6% culminating in an increase of £178,308 at gross profit level. Operating profit has reduced to £109,656 (0.8%) in comparison to the previous year's £175,501 (1.4%).

Return on capital employed has reduced to 17.3% (2023 - 31.9%). 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 company in full are set out in the financial statements.

In conclusion, the company has delivered solid financial performance for the year ended 30 June 2024, despite facing challenges in a competitive and changing market. The company’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.

 

McMurray's Haulage Limited

Strategic Report for the Year Ended 30 June 2024

Principal risks and uncertainties

Current principal risks and uncertainties include the volatility of fuel prices caused by the current situation in Ukraine, uncertainty over the UK's economic recovery, the effects of Britain's withdrawal from the European Union, not only on our own operations but on the operations of key members of our supply chain.

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:
 

.........................................
Mr D J McMurray
Company secretary and director

 

McMurray's Haulage Limited

Directors' Report for the Year Ended 30 June 2024

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

Directors of the company

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

Mr D J McMurray - Company secretary and director

Ms N McMurray

Mrs M McMurray

Dividends
The directors do not recommend the payment of a dividend.

Financial instruments

Objectives and policies

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

Liquidity risk and cash flow risk
The company 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 company 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 company’s principal financial assets are cash and trade debtors. The principal credit risk arises from its trade debtors.

 

McMurray's Haulage Limited

Directors' Report for the Year Ended 30 June 2024

Disclosure of information to the auditors

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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

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

.........................................
Mr D J McMurray
Company secretary and director

 

McMurray's Haulage 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom 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 company's transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

McMurray's Haulage Limited

Independent Auditor's Report to the Members of McMurray's Haulage Limited

Opinion

We have audited the financial statements of McMurray's Haulage Limited (the 'company') for the year ended 30 June 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 30 June 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 company'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.

We have nothing to report in this regard.

 

McMurray's Haulage Limited

Independent Auditor's Report to the Members of McMurray's Haulage Limited

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, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 7], 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.

 

McMurray's Haulage Limited

Independent Auditor's Report to the Members of McMurray's Haulage 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 company, 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.

 

McMurray's Haulage Limited

Independent Auditor's Report to the Members of McMurray's Haulage 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.

......................................
Mr 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

 

McMurray's Haulage Limited

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

13,245,890

12,377,540

Cost of sales

 

(11,842,722)

(11,152,680)

Gross profit

 

1,403,168

1,224,860

Administrative expenses

 

(1,305,429)

(1,099,888)

Other operating income

4

11,917

50,529

Operating profit

5

109,656

175,501

Other interest receivable and similar income

14,297

-

Interest payable and similar expenses

6

(26)

(28)

   

14,271

(28)

Profit before tax

 

123,927

175,473

Tax on profit

10

(38,662)

(2,101)

Profit for the financial year

 

85,265

173,372

The above results were derived from continuing operations.

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

 

McMurray's Haulage Limited

Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit for the year

85,265

173,372

Total comprehensive income for the year

85,265

173,372

 

McMurray's Haulage Limited

(Registration number: 04985035)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

33

44

Current assets

 

Debtors

12

2,810,923

3,174,847

Cash at bank and in hand

 

688,495

187,458

 

3,499,418

3,362,305

Creditors: Amounts falling due within one year

13

(2,864,931)

(2,813,094)

Net current assets

 

634,487

549,211

Net assets

 

634,520

549,255

Capital and reserves

 

Called up share capital

100

100

Retained earnings

634,420

549,155

Shareholders' funds

 

634,520

549,255

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

.........................................
Mr D J McMurray
Company secretary and director

.........................................
Ms N McMurray
Director

 

McMurray's Haulage Limited

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

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

100

549,155

549,255

Profit for the year

-

85,265

85,265

At 30 June 2024

100

634,420

634,520

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

100

375,783

375,883

Profit for the year

-

173,372

173,372

At 30 June 2023

100

549,155

549,255

 

McMurray's Haulage 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 for the year ended 30th June 2024 of McMurray's Haulage Limited have been 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.

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

Summary of disclosure exemptions

In accordance with FRS 102 Section 1.12 the company as a qualifying entity, has taken the advantage of the exemptions from the following disclosure requirements:

Section 7 'Statement of Cash Flows' - Presentation of a Cash Flow and related notes and disclosures.

Going concern

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

 

McMurray's Haulage Limited

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

Judgements and key sources of estimation uncertainty

In application of the company'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:

- 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 company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company 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 company's activities.

Tax

The tax expense for the period comprises current 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 company operates and generates taxable income.

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.

 

McMurray's Haulage Limited

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

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

Office equipment

25% reducing balance

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.

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 company 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 company 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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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 employee's services are received.

 

McMurray's Haulage Limited

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

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
 £

2023
 £

Rendering of services

13,245,890

12,377,540

4

Other operating income

The analysis of the company'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

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

11

15

6

Interest payable and similar expenses

2024
 £

2023
 £

Interest expense on other finance liabilities

26

28

7

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

264,080

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

3,148,284

 

McMurray's Haulage Limited

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

The average number of persons employed by the company (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

8

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

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

9,000

9,000

Other fees to auditors

All other non-audit services

3,800

3,800


 

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

38,662

2,101

 

McMurray's Haulage 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

123,927

175,473

Corporation tax at standard rate

30,982

35,972

Tax decrease from effect of capital allowances and depreciation

(54)

(54)

Effect of expense not deductible in determining taxable profit (tax loss)

7,734

4,357

Tax decrease arising from group relief

-

(38,174)

Total tax charge

38,662

2,101

11

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 July 2023

8,581

8,581

At 30 June 2024

8,581

8,581

Depreciation

At 1 July 2023

8,537

8,537

Charge for the year

11

11

At 30 June 2024

8,548

8,548

Carrying amount

At 30 June 2024

33

33

At 30 June 2023

44

44

 

McMurray's Haulage Limited

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

12

Debtors

2024
£

2023
£

Trade debtors

2,551,929

2,698,629

Other debtors

215,355

375,963

Prepayments

43,639

100,255

 

2,810,923

3,174,847

13

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

797,117

658,288

Amounts due to related parties

16

1,528,984

1,540,502

Social security and other taxes

 

312,729

314,739

Outstanding defined contribution pension costs

 

3,096

25,666

Other payables

 

49,968

-

Accrued expenses

 

134,371

271,798

Income tax liability

10

38,666

2,101

 

2,864,931

2,813,094

14

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company 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.

15

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

McMurray's Haulage Limited

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

16

Related party transactions

Summary of transactions with other related parties

McMurrays Haulage Holdings Limited - the company's parent entity.

Loans from related parties

2024

Parent
£

Total
£

At start of period

1,540,502

1,540,502

Repaid

(11,518)

(11,518)

At end of period

1,528,984

1,528,984

2023

Parent
£

Total
£

At start of period

733,930

733,930

Advanced

806,572

806,572

At end of period

1,540,502

1,540,502

Terms of loans from related parties

The loan with the parent company is interest free and is repayable on demand.
 

17

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is McMurrays Haulage Holdings Limited, a company incorporated in England and Wales.