REGISTERED NUMBER: 06166907 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 September 2024 |
for |
Acklams Properties Limited |
REGISTERED NUMBER: 06166907 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 September 2024 |
for |
Acklams Properties Limited |
Acklams Properties Limited (Registered number: 06166907) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Statement of Comprehensive Income | 7 |
Consolidated Balance Sheet | 8 |
Company Balance Sheet | 9 |
Consolidated Statement of Changes in Equity | 10 |
Company Statement of Changes in Equity | 11 |
Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Financial Statements | 15 |
Acklams Properties Limited |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Roland House |
Princes Dock Street |
HULL HU1 2LD |
Acklams Properties Limited (Registered number: 06166907) |
Group Strategic Report |
for the Year Ended 30 September 2024 |
The directors present their strategic report of the company and the group for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
The Business has continued to grow in 2023-2024. |
2023-24 saw sales once again reach their highest levels. Margins remained strong. Growth was made possible by the combined efforts of the people working within the business, continued investment in maintaining and expanding of the vehicle fleet. |
2024-25 continues to see the business being well positioned for the future, trading levels remain strong and the Directors are confident of continual growth for the full year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Significant risks faced by the business continues to be the quality and reliability of the vehicle fleet and drivers. The focus is to maintain the fleet of vehicles to the required standards. To that end the fleet undergoes regular mechanical checks and servicing. |
KEY PERFORMANCE INDICATORS |
The company monitor a number of key performance indicators across the business, the main KPI's are as follows: |
2024 | 2023 |
Turnover | £17,391,994 | £16,982,939 |
Gross margin | 18.96% | 21.23% |
Profit before tax | £1,196,957 | £1,480,330 |
ON BEHALF OF THE BOARD: |
Acklams Properties Limited (Registered number: 06166907) |
Report of the Directors |
for the Year Ended 30 September 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
PRINCIPAL ACTIVITIES |
The principal activity of the group continued to be that of coach operators and providers of holidays and event packages. |
DIVIDENDS |
The director recommends that no final dividend be paid. |
The total distribution of dividends for the year ended 30 September 2024 was £97,800. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Try Lunn & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Acklams Properties Limited |
Opinion |
We have audited the financial statements of Acklams Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Acklams Properties Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
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 three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Acklams Properties 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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
Roland House |
Princes Dock Street |
HULL HU1 2LD |
Acklams Properties Limited (Registered number: 06166907) |
Consolidated Statement of Comprehensive Income |
for the Year Ended 30 September 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 17,391,994 | 16,982,939 |
Cost of sales | 14,095,941 | 13,376,699 |
GROSS PROFIT | 3,296,053 | 3,606,240 |
Administrative expenses | 1,727,780 | 1,797,588 |
1,568,273 | 1,808,652 |
Other operating income | - | 600 |
OPERATING PROFIT | 5 | 1,568,273 | 1,809,252 |
Interest payable and similar expenses | 6 | 371,316 | 328,922 |
PROFIT BEFORE TAXATION | 1,196,957 | 1,480,330 |
Tax on profit | 7 | 311,248 | 325,598 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
885,709 |
1,154,732 |
Profit attributable to: |
Owners of the parent | 885,709 | 1,154,732 |
Total comprehensive income attributable to: |
Owners of the parent | 885,709 | 1,154,732 |
Acklams Properties Limited (Registered number: 06166907) |
Consolidated Balance Sheet |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 32,250 | 45,250 |
Tangible assets | 11 | 9,107,810 | 8,157,744 |
Investments | 12 | - | - |
9,140,060 | 8,202,994 |
CURRENT ASSETS |
Stocks | 13 | 31,642 | 15,935 |
Debtors | 14 | 2,979,735 | 2,535,934 |
Cash at bank and in hand | 1,872,909 | 2,178,737 |
4,884,286 | 4,730,606 |
CREDITORS |
Amounts falling due within one year | 15 | 3,642,880 | 3,407,695 |
NET CURRENT ASSETS | 1,241,406 | 1,322,911 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
10,381,466 |
9,525,905 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(4,084,973 |
) |
(4,328,569 |
) |
PROVISIONS FOR LIABILITIES | 20 | (1,373,091 | ) | (1,061,843 | ) |
NET ASSETS | 4,923,402 | 4,135,493 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 100 | 100 |
Retained earnings | 22 | 4,923,302 | 4,135,393 |
SHAREHOLDERS' FUNDS | 4,923,402 | 4,135,493 |
The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by: |
A Acklam - Director |
Acklams Properties Limited (Registered number: 06166907) |
Company Balance Sheet |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 108,981 | 52,221 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Acklams Properties Limited (Registered number: 06166907) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 September 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2022 | 100 | 3,029,561 | 3,029,661 |
Changes in equity |
Dividends | - | (48,900 | ) | (48,900 | ) |
Total comprehensive income | - | 1,154,732 | 1,154,732 |
Balance at 30 September 2023 | 100 | 4,135,393 | 4,135,493 |
Changes in equity |
Dividends | - | (97,800 | ) | (97,800 | ) |
Total comprehensive income | - | 885,709 | 885,709 |
Balance at 30 September 2024 | 100 | 4,923,302 | 4,923,402 |
Acklams Properties Limited (Registered number: 06166907) |
Company Statement of Changes in Equity |
for the Year Ended 30 September 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2024 |
Acklams Properties Limited (Registered number: 06166907) |
Consolidated Cash Flow Statement |
for the Year Ended 30 September 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,064,031 | 3,202,602 |
Interest paid | (134,757 | ) | (127,341 | ) |
Interest element of hire purchase payments paid |
(236,559 |
) |
(201,581 |
) |
Net cash from operating activities | 1,692,715 | 2,873,680 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (45,000 | ) |
Purchase of tangible fixed assets | (423,128 | ) | (744,113 | ) |
Sale of tangible fixed assets | 397,000 | 80,100 |
Net cash from investing activities | (26,128 | ) | (709,013 | ) |
Cash flows from financing activities |
New loan finance in the year | - | 200,000 |
Loan repayments in year | (532,303 | ) | (289,527 | ) |
Capital repayments in year | (1,342,312 | ) | (1,192,092 | ) |
Equity dividends paid | (97,800 | ) | (48,900 | ) |
Net cash from financing activities | (1,972,415 | ) | (1,330,519 | ) |
(Decrease)/increase in cash and cash equivalents | (305,828 | ) | 834,148 |
Cash and cash equivalents at beginning of year |
2 |
2,178,737 |
1,344,589 |
Cash and cash equivalents at end of year | 2 | 1,872,909 | 2,178,737 |
Acklams Properties Limited (Registered number: 06166907) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 September 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,196,957 | 1,480,330 |
Depreciation charges | 1,139,381 | 1,021,972 |
(Profit)/loss on disposal of fixed assets | (275,653 | ) | 316 |
Finance costs | 371,316 | 328,922 |
2,432,001 | 2,831,540 |
Increase in stocks | (15,707 | ) | (3,535 | ) |
(Increase)/decrease in trade and other debtors | (443,801 | ) | 44,172 |
Increase in trade and other creditors | 91,538 | 330,425 |
Cash generated from operations | 2,064,031 | 3,202,602 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 1,872,909 | 2,178,737 |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 2,178,737 | 1,344,589 |
Acklams Properties Limited (Registered number: 06166907) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 September 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.10.23 | Cash flow | changes | At 30.9.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 2,178,737 | (305,828 | ) | 1,872,909 |
2,178,737 | (305,828 | ) | 1,872,909 |
Debt |
Finance leases | (3,912,425 | ) | 1,342,312 | (1,774,665 | ) | (4,344,778 | ) |
Debts falling due |
within 1 year | (314,083 | ) | 40,981 | - | (273,102 | ) |
Debts falling due |
after 1 year | (1,452,350 | ) | 491,322 | - | (961,028 | ) |
(5,678,858 | ) | 1,874,615 | (1,774,665 | ) | (5,578,908 | ) |
Total | (3,500,121 | ) | 1,568,787 | (1,774,665 | ) | (3,705,999 | ) |
Acklams Properties Limited (Registered number: 06166907) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Acklams Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements include the financial statements of the company and its subsidiary undertaking made up to 30 September 2024. The acquisition method of accounting has been adopted. Under this method the results of subsidiary undertakings acquired or disposed in the year are included in the consolidated statement of comprehensive income from the date of acquisition or up to the date of disposal. |
Turnover |
Turnover represents the amounts receivable for services net of VAT. |
Turnover for rent is recognised when the rent falls due. |
Coach hire revenue is recognised in full on departure of the coaches. |
Revenue for concerts is recognised on the day of the event and revenue for holidays is recognised on the day of the departure. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Acklams Properties Limited (Registered number: 06166907) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the group in independently administered funds |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses in 2016, 2018 and 2023, is being amortised evenly over their estimated useful lives of 5 years |
Debtors and creditors receivable / payable within one year |
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 statement of comprehensive income in other administrative expenses. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 4,573,696 | 4,462,354 |
Social security costs | 430,089 | 426,258 |
Other pension costs | 83,072 | 81,738 |
5,086,857 | 4,970,350 |
Acklams Properties Limited (Registered number: 06166907) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Drivers | 115 | 122 |
Maintenance | 30 | 29 |
Administration | 23 | 20 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 29,125 | 23,629 |
Directors' pension contributions to money purchase schemes | 190 | 190 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 124,024 | 120,559 |
Depreciation - owned assets | 372,865 | 354,708 |
Depreciation - assets on hire purchase contracts | 753,515 | 659,513 |
(Profit)/loss on disposal of fixed assets | (275,653 | ) | 316 |
Goodwill amortisation | 13,000 | 7,750 |
Auditors' remuneration | 8,580 | 8,625 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 134,757 | 127,341 |
Hire purchase | 236,559 | 201,581 |
371,316 | 328,922 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Deferred tax | 311,248 | 325,598 |
Tax on profit | 311,248 | 325,598 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Acklams Properties Limited (Registered number: 06166907) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | 97,800 | 48,900 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 | 305,000 |
AMORTISATION |
At 1 October 2023 | 259,750 |
Amortisation for year | 13,000 |
At 30 September 2024 | 272,750 |
NET BOOK VALUE |
At 30 September 2024 | 32,250 |
At 30 September 2023 | 45,250 |
11. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 October 2023 | 2,057,256 | 24,551 | 255,005 |
Additions | - | - | 13,000 |
Disposals | - | - | - |
At 30 September 2024 | 2,057,256 | 24,551 | 268,005 |
DEPRECIATION |
At 1 October 2023 | 171,669 | 22,906 | 184,168 |
Charge for year | 54,401 | 1,645 | 26,801 |
Eliminated on disposal | - | - | - |
At 30 September 2024 | 226,070 | 24,551 | 210,969 |
NET BOOK VALUE |
At 30 September 2024 | 1,831,186 | - | 57,036 |
At 30 September 2023 | 1,885,587 | 1,645 | 70,837 |
Acklams Properties Limited (Registered number: 06166907) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2023 | 8,231 | 12,518,887 | 78,959 | 14,942,889 |
Additions | - | 2,181,537 | 3,256 | 2,197,793 |
Disposals | - | (826,358 | ) | - | (826,358 | ) |
At 30 September 2024 | 8,231 | 13,874,066 | 82,215 | 16,314,324 |
DEPRECIATION |
At 1 October 2023 | 4,272 | 6,342,397 | 59,733 | 6,785,145 |
Charge for year | 1,391 | 1,033,157 | 8,985 | 1,126,380 |
Eliminated on disposal | - | (705,011 | ) | - | (705,011 | ) |
At 30 September 2024 | 5,663 | 6,670,543 | 68,718 | 7,206,514 |
NET BOOK VALUE |
At 30 September 2024 | 2,568 | 7,203,523 | 13,497 | 9,107,810 |
At 30 September 2023 | 3,959 | 6,176,490 | 19,226 | 8,157,744 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 October 2023 | 6,800,230 |
Additions | 2,082,665 |
Disposals | (378,400 | ) |
Transfer to ownership | (989,579 | ) |
At 30 September 2024 | 7,514,916 |
DEPRECIATION |
At 1 October 2023 | 1,811,763 |
Charge for year | 753,515 |
Eliminated on disposal | (366,575 | ) |
Transfer to ownership | (485,332 | ) |
At 30 September 2024 | 1,713,371 |
NET BOOK VALUE |
At 30 September 2024 | 5,801,545 |
At 30 September 2023 | 4,988,467 |
Acklams Properties Limited (Registered number: 06166907) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold |
property |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Included in cost of land and buildings is freehold land of £ 970,259 (2023 - £ 970,259 ) which is not depreciated. |
12. | FIXED ASSET INVESTMENTS |
Company |
Unlisted |
investments |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Barmston Close, Swinemoor Lane, Beverley, East Yorkshire, HU17 0LA |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Acklams Properties Limited (Registered number: 06166907) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Barmston Close, Swinemoor Lane, Beverley, East Yorkshire, HU17 0LA |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 31,642 | 15,935 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 1,475,275 | 1,684,584 |
Other debtors | 483,624 | 225,765 |
VAT | 108,501 | 89,072 |
Prepayments and accrued income | 912,335 | 536,513 |
2,979,735 | 2,535,934 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 23,102 | 64,083 |
Other loans (see note 17) | 250,000 | 250,000 |
Hire purchase contracts (see note 18) | 1,220,833 | 1,036,206 |
Trade creditors | 622,739 | 665,919 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 141,099 | 121,338 |
VAT | - | - | 10,880 | 10,990 |
Other creditors | 63,868 | 66,246 |
Directors' current accounts | 10,651 | 7,778 | 10,415 | 6,910 |
Accruals and deferred income | 1,310,588 | 1,196,125 |
3,642,880 | 3,407,695 |
Acklams Properties Limited (Registered number: 06166907) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 17) | 961,028 | 973,184 |
Other loans (see note 17) | - | 479,166 |
Hire purchase contracts (see note 18) | 3,123,945 | 2,876,219 |
4,084,973 | 4,328,569 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 23,102 | 64,083 |
Other loans | 250,000 | 250,000 |
273,102 | 314,083 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 24,835 | 55,735 |
Other loans - 1-2 years | - | 479,166 | - |
24,835 | 534,901 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 86,242 | 167,204 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 849,951 | 750,245 | 849,951 | 750,245 |
During a prior period a group company received a loan from their bankers under the Coronavirus Business Interruption Loan Scheme ("CBILS"). This is shown in other loans. |
Acklams Properties Limited (Registered number: 06166907) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 1,220,833 | 1,036,206 |
Between one and five years | 2,920,468 | 2,637,276 |
In more than five years | 203,477 | 238,943 |
4,344,778 | 3,912,425 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans | 984,130 | 1,037,267 |
Other loans | 250,000 | 729,166 | - | - |
Hire purchase contracts | 4,344,778 | 3,912,425 | - | - |
5,578,908 | 5,678,858 |
The bank loan and CBILS loan borrowings are secured against the freehold property owned by the entity and by way of a group guarantee from the group companies in respect of their obligations to the bank. |
The director has provided a joint and several personal guarantee in respect of the obligations, limited to £250,000 and pledged personal assets as a security for the borrowings |
The hire purchase creditors are secured against the assets concerned. |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax |
Tax losses carried forward | (353,901 | ) | (299,297 | ) |
Deferred tax | 1,726,992 | 1,361,140 | 4,800 | 4,900 |
1,373,091 | 1,061,843 | 4,800 | 4,900 |
Acklams Properties Limited (Registered number: 06166907) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
20. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2023 | 1,061,843 |
Charged to Statement of |
Comprehensive Income | 311,248 |
Balance at 30 September 2024 | 1,373,091 |
Company |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Movement in provision | (100 | ) |
Balance at 30 September 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
22. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 October 2023 | 4,135,393 |
Profit for the year | 885,709 |
Dividends | (97,800 | ) |
At 30 September 2024 | 4,923,302 |
Company |
Retained |
earnings |
£ |
At 1 October 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 September 2024 |
Acklams Properties Limited (Registered number: 06166907) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
23. | PENSION COMMITMENTS |
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charged represents contributions payable by the Group to the fund and amounted to £83,072 (2023 - £81,738). Contributions totalling £19,293 (2023 - £14,862) were payable to the fund at the balance sheet date. |
24. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements | 1,471,000 | 1,313,385 |
25. | RELATED PARTY DISCLOSURES |
During the year the group paid dividends to Director, Alan Acklam, of £97,800 (2023 - £48,900). |
26. | ULTIMATE CONTROLLING PARTY |