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Registration number: NI038968

Fegan Transport Ltd

Annual Report and Consolidated Financial Statements

for the Year Ended 31 July 2024

 

Fegan Transport Ltd

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

3

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Statement of Cash Flows

15

Notes to the Financial Statements

16 to 28

 

Fegan Transport Ltd

Company Information

Directors

Mr Martin Fegan

Mrs Mary Catherine Fegan

Company secretary

Mrs Mary Catherine Fegan

Registered office

Kernon House,
20 Drumarin Road,
Gilford,
Craigavon,
Co Armagh.
BT63 6BU

Bankers

Danske Bank
45-48 High Street
Portadown
Co Armagh
BT62 1LB

Auditors

Stevenson and Wilson
Chartered Accountants and Registered Auditors
22-30 Broadway Avenue
Ballymena
Co. Antrim
BT43 7AA

 

Fegan Transport Ltd

Strategic Report for the Year Ended 31 July 2024

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

Principal activity

The principal activity of the group is haulage contractors

Fair review of the business

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

Financial KPIs

Unit

2024

2023

Turnover

£000

7,510

7,017

Turnover movement

%

7

6

Gross profit margin

%

29

30

Profit before tax

£000

574

793

Total shareholders funds

£000

4,212

3,993

Principal risks and uncertainties

The board of directors are conscious of the financial risks arising from liquidity, credit, interest rate and exchange issues. These factors and their impact on the financial position of the company are regularly reviewed with controls implemented to reduce the exposure in these areas.

Research and development

The Group continues to carry out research and development on a number of projects. These innovative projects will enable the Group to continue to operate at the forefront of new technology.

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

.........................................
Mr Martin Fegan
Director

 

Fegan Transport Ltd

Directors' Report for the Year Ended 31 July 2024

The directors present their report and the for the year ended 31 July 2024.

Directors of the group

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

Mr Martin Fegan

Mrs Mary Catherine Fegan

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.

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.

Information included in the Strategic Report

In accordance with the provisions of S414C(11) of the Companies Act 2006, the following matters, otherwise required for inclusion in the Directors’ Report, have been included in the Strategic Report:

- Review of business and likely future developments in the Group and Company;

- Research and development activities; and

- Financial instruments incorporating financial risk management objectives and policies.

Dividends

Dividends of £187,500 were paid during the year (2023: £62,500)

 

Fegan Transport Ltd

Directors' Report for the Year Ended 31 July 2024

Post balance sheet events

No events have occurred since the year end which require reporting or disclosing in the financial statements.

Reappointment of auditors

The auditors Stevenson and Wilson are deemed to be reappointed under section 487(2) of the Companies Act 2006.

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

.........................................
Mr Martin Fegan
Director

 

Fegan Transport Ltd

Independent Auditor's Report to the Members of Fegan Transport Ltd

Opinion

We have audited the financial statements of Fegan Transport Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 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 31 July 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's 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.

 

Fegan Transport Ltd

Independent Auditor's Report to the Members of Fegan Transport Ltd

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 3], 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified the laws and regulations applicable to the company through discussions with directors and key personnel, and from our own knowledge and experience of the industry. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation, while also giving consideration to data protection regulations, employment law and health and safety legislation.

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations and the team remained alert to the possibility of fraud and non-compliance throughout the audit.

 

Fegan Transport Ltd

Independent Auditor's Report to the Members of Fegan Transport Ltd

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur. We did so through discussions with management as to their assessment of areas where fraud or non-compliance might occur, as well as considering the internal controls in place to mitigate risks of fraud and non-compliance.

In order to ascertain the extent of compliance with the laws and regulations, we made enquiries of management as to whether there was any actual or potential litigation, we reviewed legal correspondence, we inspected tax correspondence and we performed analytical procedures to identify any unusual or unexpected activity.

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.

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.

......................................
Sean McIlhatton (Senior Statutory Auditor)
For and on behalf of Stevenson and Wilson, Statutory Auditor

22-30 Broadway Avenue
Ballymena
Co. Antrim
BT43 7AA

6 March 2025

 

Fegan Transport Ltd

Consolidated Profit and Loss Account for the Year Ended 31 July 2024

Note

2024
£

2023
£

Turnover

3

7,509,875

7,016,892

Cost of sales

 

(5,354,459)

(4,941,846)

Gross profit

 

2,155,416

2,075,046

Administrative expenses

 

(1,536,003)

(1,248,099)

Other operating income

4

15,953

14,953

Operating profit

6

635,366

841,900

Other interest receivable and similar income

7

10,430

2,844

Interest payable and similar expenses

8

(71,947)

(51,511)

   

(61,517)

(48,667)

Profit before tax

 

573,849

793,233

Tax on profit

11

(166,744)

(165,156)

Profit for the financial year

 

407,105

628,077

Profit/(loss) attributable to:

 

Owners of the company

 

407,105

628,077

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

 

Fegan Transport Ltd

Consolidated Statement of Comprehensive Income for the Year Ended 31 July 2024

2024
£

2023
£

Profit for the year

407,105

628,077

Total comprehensive income for the year

407,105

628,077

Total comprehensive income attributable to:

Owners of the company

407,105

628,077

 

Fegan Transport Ltd

(Registration number: NI038968)
Consolidated Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

3,018,536

2,986,102

Current assets

 

Stocks

14

77,409

50,000

Debtors

15

2,092,818

1,666,376

Cash at bank and in hand

 

1,361,725

1,194,220

 

3,531,952

2,910,596

Creditors: Amounts falling due within one year

17

(1,134,796)

(908,517)

Net current assets

 

2,397,156

2,002,079

Total assets less current liabilities

 

5,415,692

4,988,181

Creditors: Amounts falling due after more than one year

17

(818,835)

(641,894)

Provisions for liabilities

18

(384,488)

(353,523)

Net assets

 

4,212,369

3,992,764

Capital and reserves

 

Called up share capital

20

14,000

14,000

Retained earnings

4,198,369

3,978,764

Equity attributable to owners of the company

 

4,212,369

3,992,764

Shareholders' funds

 

4,212,369

3,992,764

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

.........................................
Mr Martin Fegan
Director

 

Fegan Transport Ltd

(Registration number: NI038968)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

2,338,569

2,368,257

Investments

13

1

1

 

2,338,570

2,368,258

Current assets

 

Stocks

14

77,409

50,000

Debtors

15

3,187,829

2,483,094

Cash at bank and in hand

 

652,242

882,958

 

3,917,480

3,416,052

Creditors: Amounts falling due within one year

17

(1,118,414)

(893,837)

Net current assets

 

2,799,066

2,522,215

Total assets less current liabilities

 

5,137,636

4,890,473

Creditors: Amounts falling due after more than one year

17

(818,835)

(641,894)

Provisions for liabilities

18

(384,488)

(353,523)

Net assets

 

3,934,313

3,895,056

Capital and reserves

 

Called up share capital

20

14,000

14,000

Retained earnings

3,920,313

3,881,056

Shareholders' funds

 

3,934,313

3,895,056

The company made a profit after tax for the financial year of £226,757 (2023 - profit of £556,870).

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

.........................................
Mr Martin Fegan
Director

 

Fegan Transport Ltd

Consolidated Statement of Changes in Equity for the Year Ended 31 July 2024
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 August 2023

14,000

3,978,764

3,992,764

3,992,764

Profit for the year

-

407,105

407,105

407,105

Dividends

-

(187,500)

(187,500)

(187,500)

At 31 July 2024

14,000

4,198,369

4,212,369

4,212,369

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 August 2022

14,000

3,413,187

3,427,187

3,427,187

Profit for the year

-

628,077

628,077

628,077

Dividends

-

(62,500)

(62,500)

(62,500)

At 31 July 2023

14,000

3,978,764

3,992,764

3,992,764

 

Fegan Transport Ltd

Statement of Changes in Equity for the Year Ended 31 July 2024

Share capital
£

Retained earnings
£

Total
£

At 1 August 2023

14,000

3,881,056

3,895,056

Profit for the year

-

226,757

226,757

Dividends

-

(187,500)

(187,500)

At 31 July 2024

14,000

3,920,313

3,934,313

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

14,000

3,386,686

3,400,686

Profit for the year

-

556,870

556,870

Dividends

-

(62,500)

(62,500)

At 31 July 2023

14,000

3,881,056

3,895,056

 

Fegan Transport Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 July 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

407,105

628,077

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

599,686

461,831

Loss/(profit) on disposal of tangible assets

5

126,279

(16,138)

Finance income

7

(10,430)

(2,844)

Finance costs

8

71,947

51,511

Corporation tax

11

166,744

165,156

 

1,361,331

1,287,593

Working capital adjustments

 

(Increase)/decrease in stocks

14

(27,409)

20,000

Increase in debtors

15

(426,442)

(50,661)

Increase/(decrease) in creditors

17

49,488

(13,028)

Cash generated from operations

 

956,968

1,243,904

Corporation tax (paid)/received

11

(16,613)

15,849

Net cash flow from operating activities

 

940,355

1,259,753

Cash flows from investing activities

 

Interest received

10,430

2,844

Acquisitions of tangible assets

(945,391)

(418,552)

Proceeds from sale of tangible assets

 

186,992

25,000

Net cash flows from investing activities

 

(747,969)

(390,708)

Cash flows from financing activities

 

Interest paid

8

(71,947)

(51,511)

Repayment of bank borrowing

 

(37,424)

(110,168)

Receipts from finance lease debtors

 

664,678

187,500

Payments to finance lease creditors

 

(417,647)

(303,642)

Dividends paid

(187,500)

(62,500)

Net cash flows from financing activities

 

(49,840)

(340,321)

Net increase in cash and cash equivalents

 

142,546

528,724

Cash and cash equivalents at 1 August

 

1,192,499

663,775

Cash and cash equivalents at 31 July

 

1,335,045

1,192,499

 

Fegan Transport Ltd

Statement of Cash Flows for the Year Ended 31 July 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

226,757

556,870

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

593,343

455,488

Loss/(profit) on disposal of tangible assets

5

126,279

(16,138)

Finance income

(10,430)

(2,844)

Finance costs

71,947

51,511

Corporation tax

11

140,980

154,956

 

1,148,876

1,199,843

Working capital adjustments

 

(Increase)/decrease in stocks

14

(27,409)

20,000

Increase in debtors

15

(704,735)

(304,266)

Increase/(decrease) in creditors

17

56,937

(20,093)

Cash generated from operations

 

473,669

895,484

Corporation tax received

11

-

23,421

Net cash flow from operating activities

 

473,669

918,905

Cash flows from investing activities

 

Interest received

10,430

2,844

Acquisitions of tangible assets

(876,926)

(343,223)

Proceeds from sale of tangible assets

 

186,992

25,000

Net cash flows from investing activities

 

(679,504)

(315,379)

Cash flows from financing activities

 

Interest paid

(71,947)

(51,511)

Proceeds from bank borrowing draw downs

 

(37,424)

-

Repayment of bank borrowing

 

-

(110,168)

Receipts from finance lease debtors

 

-

187,500

Payments to finance lease creditors

 

247,031

(303,642)

Dividends paid

(187,500)

(62,500)

Net cash flows from financing activities

 

(49,840)

(340,321)

Net (decrease)/increase in cash and cash equivalents

 

(255,675)

263,205

Cash and cash equivalents at 1 August

 

881,237

618,032

Cash and cash equivalents at 31 July

 

625,562

881,237

 

Fegan Transport Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
Kernon House,
20 Drumarin Road,
Gilford,
Craigavon,
Co Armagh.
BT63 6BU

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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 July 2024.

 

Fegan Transport Ltd

Notes to the Financial Statements for the Year Ended 31 July 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.

Revenue recognition

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

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.

Foreign currency transactions and balances

The presentation currency is British Pounds.

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Fegan Transport Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

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.

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.

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 property

4% straight line

Tennant improvements

10% straight line

Plant and machinery

20% reducing balance

Fixtures and fittings

15% reducing balance

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 subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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.

 

Fegan Transport Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

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 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.

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.

 

Fegan Transport Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

3

Turnover

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

2024
£

2023
£

Sale of services

7,509,875

7,016,892

4

Other operating income

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

2024
£

2023
£

Miscellaneous other operating income

15,953

14,953

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

(126,279)

16,138

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

599,686

461,831

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

126,279

(16,138)

7

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

10,430

2,844

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

29,830

27,543

Interest on obligations under finance leases and hire purchase contracts

42,117

23,968

71,947

51,511

 

Fegan Transport Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

9

Staff costs

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

2024
£

2023
£

Wages and salaries

2,343,551

2,124,687

Social security costs

227,482

202,490

Pension costs, defined contribution scheme

51,648

45,203

Other employee expense

2,226

2,850

2,624,907

2,375,230

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

2024
No.

2023
No.

Production

48

46

Administration and support

10

8

58

54

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

20,332

20,532

Contributions paid to pension schemes

242

245

20,574

20,777

 

Fegan Transport Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

11

Taxation

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

2024
£

2023
£

Current taxation

UK corporation tax

135,779

98,167

Deferred taxation

Arising from origination and reversal of timing differences

30,965

66,989

Tax expense in the income statement

166,744

165,156

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK of 25% (2023 - 21.01%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

573,849

793,233

Corporation tax at standard rate

143,462

166,661

Tax increase from effect of capital allowances and depreciation

49,046

-

Effect of tax losses

-

(23,272)

Effect of foreign tax rates

(25,764)

(6,939)

Deferred tax expense relating to changes in tax rates or laws

-

73,185

Tax decrease from effect of adjustment in research and development tax credit

-

(44,479)

Total tax charge

166,744

165,156

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated tax depreciation

-

353,523

-

353,523

Company

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated tax depreciation

-

353,523

-

353,523

 

Fegan Transport Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

12

Tangible assets

Group

Land and buildings
£

Tenant Improvements
 £

Plant and machinery
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 August 2023

1,528,690

1,153,448

5,256,668

94,122

8,032,928

Additions

229,640

100,378

612,398

2,975

945,391

Disposals

(251,345)

-

(784,028)

(39,172)

(1,074,545)

At 31 July 2024

1,506,985

1,253,826

5,085,038

57,925

7,903,774

Depreciation

At 1 August 2023

427,062

901,744

3,643,505

74,515

5,046,826

Charge for the year

104,807

61,115

430,922

2,842

599,686

Eliminated on disposal

-

-

(725,747)

(35,527)

(761,274)

At 31 July 2024

531,869

962,859

3,348,680

41,830

4,885,238

Carrying amount

At 31 July 2024

975,116

290,967

1,736,358

16,095

3,018,536

At 31 July 2023

1,101,628

251,704

1,613,163

19,607

2,986,102

Included within the net book value of land and buildings above is £975,116 (2023 - £1,101,628) in respect of freehold land and buildings.
 

 

Fegan Transport Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

Company

Land and buildings
£

Tenant Improvements
 £

Plant and machinery
£

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 August 2023

955,242

1,153,448

5,205,928

94,122

7,408,740

Additions

161,175

100,378

612,398

2,975

876,926

Disposals

(251,345)

-

(784,028)

(39,172)

(1,074,545)

At 31 July 2024

865,072

1,253,826

5,034,298

57,925

7,211,121

Depreciation

At 1 August 2023

427,062

901,744

3,637,162

74,515

5,040,483

Charge for the year

104,807

61,115

424,579

2,842

593,343

Eliminated on disposal

-

-

(725,747)

(35,527)

(761,274)

At 31 July 2024

531,869

962,859

3,335,994

41,830

4,872,552

Carrying amount

At 31 July 2024

333,203

290,967

1,698,304

16,095

2,338,569

At 31 July 2023

528,180

251,704

1,568,766

19,607

2,368,257

Included within the net book value of land and buildings above is £333,203 (2023 - £528,180) in respect of freehold land and buildings.
 

 

Fegan Transport Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

13

Investments

Company

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 August 2023

1

Provision

Carrying amount

At 31 July 2024

1

At 31 July 2023

1

Details of undertakings

Fegan Transport Ltd is the 100% parent of the following subsidiary:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Fegan Transport Ltd

Ireland

Ordinary shares

100%

100%

The principal activity of Fegan Transport Ltd (Ireland) is haulage. Its financial year end is 31st July.

14

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Stock of machinery parts

77,409

50,000

77,409

50,000

15

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

1,714,703

1,365,652

1,687,591

1,331,870

Amounts owed by related parties

23

-

-

1,123,078

855,266

Other debtors

 

378,115

300,724

377,160

295,958

   

2,092,818

1,666,376

3,187,829

2,483,094

 

Fegan Transport Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

16

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

1,361,725

1,194,220

652,242

882,958

Bank overdrafts

(26,680)

(1,721)

(26,680)

(1,721)

Cash and cash equivalents in statement of cash flows

1,335,045

1,192,499

625,562

881,237

17

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

21

316,429

258,804

316,429

258,804

Trade creditors

 

401,265

380,894

401,265

380,863

Social security and other taxes

 

53,708

62,846

53,708

62,846

Pension costs

 

25,763

9,390

25,763

9,390

Other creditors

 

80,362

51,062

80,362

51,062

Accruals

 

22,817

30,235

22,000

22,000

Corporation tax

11

234,452

115,286

218,887

108,872

 

1,134,796

908,517

1,118,414

893,837

Due after one year

 

Loans and borrowings

21

818,835

641,894

818,835

641,894

18

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 August 2023

353,523

353,523

Increase (decrease) in existing provisions

30,965

30,965

At 31 July 2024

384,488

384,488

Company

Deferred tax
£

Total
£

At 1 August 2023

353,523

353,523

Increase (decrease) in existing provisions

30,965

30,965

At 31 July 2024

384,488

384,488

 

Fegan Transport Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

19

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 £51,648 (2023 - £45,203).Contributions totalling £25,763 (2023 - £9,390) were payable to the scheme at the end of the year and are included in creditors.

20

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

14,000

14,000

14,000

14,000

       

21

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

299,525

332,449

299,525

332,449

Hire purchase contracts

519,310

309,445

519,310

309,445

818,835

641,894

818,835

641,894

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

38,000

42,500

38,000

42,500

Bank overdrafts

26,680

1,721

26,680

1,721

Hire purchase contracts

251,749

214,583

251,749

214,583

316,429

258,804

316,429

258,804

22

Dividends

2024

2023

£

£

Dividend paid

187,500

62,500

 

 
 

Fegan Transport Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

23

Related party transactions

Group

Summary of transactions with directors

The following balance included in other creditors was owed to the directors at the year end:

2024
£

2023
£

Directors current account

25,591

10,222

Part of the premises from which the company trades is jointly owned by the directors. The rental charge for this property for the year was £40,000 (2023: £40,000).

Company

Summary of transactions with directors

The following balance included in other creditors was owed to the directors at the year end:

2024
£

2023
£

Directors current account

25,591

10,222

Part of the premises from which the company trades is jointly owned by the directors. The rental charge for this property for the year was £40,000 (2023: £40,000).

Summary of transactions with subsidiaries

Fegan Transport Ltd has a fully owned subsidiary based in the Republic of Ireland. At the year end £1,123,078 (2023: £855,266) was owed from the subsidiary to the parent company. This balance is included in other debtors.