Company registration number 00960649 (England and Wales)
GEORGE ALLINSON (TRANSPORT) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
GEORGE ALLINSON (TRANSPORT) LIMITED
COMPANY INFORMATION
Directors
Mr D Allinson
Mr G W Allinson
Mrs I Allinson
Mrs D Allinson
Secretary
Mr D J Jackson
Company number
00960649
Registered office
Faverdale North
Faverdale Industrial Estate
Darlington
County Durham
DL3 0PH
Auditor
Allen Sykes Limited
5 Henson Close
South Church Enterprise Park
Bishop Auckland
Co Durham
DL14 6WA
GEORGE ALLINSON (TRANSPORT) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 9
Statement of income and retained earnings
10
Statement of financial position
11
Statement of cash flows
12
Notes to the financial statements
13 - 24
GEORGE ALLINSON (TRANSPORT) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The directors present the strategic report for the year ended 31 August 2024. The principal activity of the company was that of haulage contracting and warehouse agents.

Business Review & Key Performance Indicators

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in context of the risks and uncertainties we face.

 

The company has continued to provide haulage and warehousing services nationally. The business maintains all relevant licences and its long established reputation for competitive pricing and efficient services maintains a steady supply of repeat contracts and new customers.

 

We consider our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, those being turnover, gross margin and balance sheet strength as defined by the total shareholders' funds.

 

During the financial year major investment continued with the introduction of 22 new 44 tonne tractor units leading to the expectation of improved fuel consumption, cleaner emissions and savings in maintenance costs. Phase 2 of the extended concrete  trailer parking was completed enabling the construction of an additional 60,000 sq ft of warehouse space to commence. This work is likely to carry on past financial year end 2024/2025. 

 

Operating a sizeable road transport fleet continues to have its difficulties with staffing and often prevents the sought utilisation of vehicles not being achieved. With high standing costs especially on new equipment then profitability is greatly affected. Likewise many customers have not been in a position of providing the level of business expected from them which also adds to the  full utilisation difficulty.

 

Whenever the level of available transport business is tight then competition from other transport suppliers becomes more fierce which makes it more difficult to recover cost increases. These increases are often not recovered because of the importance of maintaining high utilisation.

 

The warehouse and pallet operation have continued to grow hence the reason for increasing warehouse capacity to include certain  items of robotic materials handling equipment.  

 

All turnover relates to the same trade and showed an increase of 3.1% on the previous year.

 

Despite increasing costs, margins in the year have remained relatively consistent and the company generated an operating profit of £2,884,924 during the year compared to £2,376,857 in the previous year. Rising interest rates meant that the company had bank and interest receivable for the year of £871,015 compared to £661,490 in the previous year. However, the profitability of the company was reduced by a significant decrease in the fair value of the investments held of £4,070,712. This meant the company generated a loss after tax for the financial year of £1,296,232 (2023 - profit of £733,050) which decreased shareholders' funds to £29,329,743 (2023 - £30,625,975). Despite the loss in the year the high level of shareholders' funds demonstrates the company's continued strength.

Business Risks

The company holds or issues financial instruments in order to achieve three main objectives, being:

 

(a) to finance its operations;

 

(b) to manage its exposure to interest risks arising from its operations and from its sources of finance; and

 

(c) for trading purposes.

 

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations.

GEORGE ALLINSON (TRANSPORT) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Future Developments

We see 2024/2025 as being every bit if not more trying than previous years hoping energy prices will remain reasonably stable.

 

The company whilst making large investments will continue to be in the strong financial position that is needed especially in the road transport warehouse business where never-ending investment is so important.     

 

 

On behalf of the board

Mr D Allinson
Director
8 May 2025
GEORGE ALLINSON (TRANSPORT) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 August 2024.

Principal activities

The principal activity of the company continued to be that of haulage contracting and warehouse agents.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D Allinson
Mr G W Allinson
Mrs I Allinson
Mrs D Allinson
Statement of directors' responsibilities

The directors are responsible 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:

 

 

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.

Strategic report

The directors' performance review, assessment of risks and future developments of the company are included in the strategic report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

GEORGE ALLINSON (TRANSPORT) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
On behalf of the board
Mr D Allinson
Director
8 May 2025
GEORGE ALLINSON (TRANSPORT) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GEORGE ALLINSON (TRANSPORT) LIMITED
- 5 -
Opinion

We have audited the financial statements of George Allinson (Transport) Limited (the 'company') for the year ended 31 August 2024 which comprise the statement of income and retained earnings, the statement of financial position, the statement of cash flows and notes to the financial statements, including 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:

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's 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 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

GEORGE ALLINSON (TRANSPORT) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GEORGE ALLINSON (TRANSPORT) LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the 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 or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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's 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

GEORGE ALLINSON (TRANSPORT) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GEORGE ALLINSON (TRANSPORT) LIMITED (CONTINUED)
- 7 -

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

GEORGE ALLINSON (TRANSPORT) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GEORGE ALLINSON (TRANSPORT) LIMITED (CONTINUED)
- 8 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

 

 

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

GEORGE ALLINSON (TRANSPORT) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GEORGE ALLINSON (TRANSPORT) LIMITED (CONTINUED)
- 9 -
John P Yarrow FCA
Senior Statutory Auditor
For and on behalf of Allen Sykes Limited
12 May 2025
Chartered Accountants
Statutory Auditor
5 Henson Close
South Church Enterprise Park
Bishop Auckland
Co Durham
DL14 6WA
GEORGE ALLINSON (TRANSPORT) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
14,433,452
14,001,717
Cost of sales
(9,047,814)
(9,122,864)
Gross profit
5,385,638
4,878,853
Administrative expenses
(2,500,724)
(2,502,073)
Other operating income
10
77
Operating profit
4
2,884,924
2,376,857
Interest receivable and similar income
8
916,181
703,535
Interest payable and similar expenses
9
(17,805)
(19,026)
Fair value gains/(losses) on investments
10
(4,070,712)
(1,666,088)
(Loss)/profit before taxation
(287,412)
1,395,278
Tax on (loss)/profit
11
(1,008,820)
(662,228)
(Loss)/profit for the financial year
(1,296,232)
733,050
Retained earnings brought forward
30,575,975
29,842,925
Retained earnings carried forward
29,279,743
30,575,975

The income statement has been prepared on the basis that all operations are continuing operations.

GEORGE ALLINSON (TRANSPORT) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2024
31 August 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
11,314,757
7,383,817
Investments
13
2,767,081
6,813,568
14,081,838
14,197,385
Current assets
Stocks
14
47,237
79,694
Debtors
15
3,373,503
3,394,458
Cash at bank and in hand
16,862,567
18,085,832
20,283,307
21,559,984
Creditors: amounts falling due within one year
16
(4,128,445)
(4,680,652)
Net current assets
16,154,862
16,879,332
Total assets less current liabilities
30,236,700
31,076,717
Provisions for liabilities
Deferred tax liability
17
906,957
450,742
(906,957)
(450,742)
Net assets
29,329,743
30,625,975
Capital and reserves
Called up share capital
19
50,000
50,000
Profit and loss reserves
29,279,743
30,575,975
Total equity
29,329,743
30,625,975

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 8 May 2025 and are signed on its behalf by:
Mr D Allinson
Mr G W Allinson
Director
Director
Company registration number 00960649 (England and Wales)
GEORGE ALLINSON (TRANSPORT) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
3,317,545
4,684,143
Interest paid
(17,805)
(19,026)
Income taxes paid
(570,966)
(449,925)
Net cash inflow from operating activities
2,728,774
4,215,192
Investing activities
Purchase of tangible fixed assets
(5,004,995)
(2,690,179)
Proceeds from disposal of tangible fixed assets
161,000
25,316
Purchase of investments
(45,387)
(42,045)
Proceeds from disposal of investments
21,162
19,916
Repayment of loans
-
151,779
Interest received
871,015
661,490
Dividends received
45,166
42,045
Net cash used in investing activities
(3,952,039)
(1,831,678)
Net (decrease)/increase in cash and cash equivalents
(1,223,265)
2,383,514
Cash and cash equivalents at beginning of year
18,085,832
15,702,318
Cash and cash equivalents at end of year
16,862,567
18,085,832
GEORGE ALLINSON (TRANSPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
1
Accounting policies
Company information

George Allinson (Transport) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Faverdale North, Faverdale Industrial Estate, Darlington, County Durham, DL3 0PH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and Buildings
2% straight line
Warehouse & Garage Equipment
15% reducing balance & 4% straight line
Office & Computer Equipment
33%-50% reducing balance, 33%-100% straight line
Motor vehicles
see below

Depreciation on motor vehicles is as follows:

 

Trailers and fork lift trucks - 25% reducing balance;

Cars - 25% reducing balance for the first 4 years followed by 16.67% straight line for the next two years;

Commercial vehicles - 16.67% straight line

 

Land is not depreciated.

GEORGE ALLINSON (TRANSPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 14 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Fixed asset investments are measured at fair value with changes in fair value being recognised in profit or loss. Unlisted investments for which a reliable estimate of fair value cannot be obtained are recorded at cost.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks are stated at cost. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any impairment in value is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

GEORGE ALLINSON (TRANSPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

GEORGE ALLINSON (TRANSPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

GEORGE ALLINSON (TRANSPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -
2
Judgements and key sources of estimation uncertainty

In the 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 that are considered to be relevant. Actual results may differ 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 the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
14,433,452
14,001,717
2024
2023
£
£
Other revenue
Interest income
871,015
661,490
Dividends received
45,166
42,045
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
1,061,615
987,827
Profit on disposal of tangible fixed assets
(148,560)
(19,270)
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,950
12,250
GEORGE ALLINSON (TRANSPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administrative staff
15
14
Management staff
5
5
Drivers and mechanics
91
92
Total
111
111

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,387,772
4,563,335
Social security costs
481,302
503,204
Pension costs
87,502
86,668
4,956,576
5,153,207
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
155,241
640,981
Company pension contributions to defined contribution schemes
76
57
155,317
641,038

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
n/a
245,404

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

GEORGE ALLINSON (TRANSPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Bank interest receivable
871,015
661,490
Other income from investments
Dividends received
45,166
42,045
Total income
916,181
703,535
9
Interest payable and similar expenses
2024
2023
£
£
Investment management charges
17,757
16,793
Other finance costs:
Other interest
48
2,233
17,805
19,026
10
Fair value gains/(losses) on investments
2024
2023
£
£
Fair value gains/(losses) on investments
Loss on investments held at fair value through profit or loss
(4,070,712)
(1,666,088)
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
552,605
577,436
Deferred tax
Origination and reversal of timing differences
456,215
75,820
Changes in tax rates
-
0
8,972
Total deferred tax
456,215
84,792
Total tax charge
1,008,820
662,228
GEORGE ALLINSON (TRANSPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Taxation
(Continued)
- 20 -

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(287,412)
1,395,278
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.52%)
(71,853)
300,194
Tax effect of expenses that are not deductible in determining taxable profit
587
45
Effect of change in corporation tax rate
-
0
8,972
Dividend income
(11,292)
(9,045)
(Increase)/Decrease in fair value of investments
1,017,678
358,460
Effect of capital allowances and depreciation
108,205
18,837
Profit on disposal of tangible assets
(37,163)
(4,145)
(Increase)/Decrease to capital gains losses carried forward
2,658
(11,090)
Taxation charge for the year
1,008,820
662,228
12
Tangible fixed assets
Land and Buildings
Assets under construction
Warehouse & Garage Equipment
Office & Computer Equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2023
4,181,025
1,914,686
790,215
135,214
10,156,229
17,177,369
Additions
-
0
2,832,431
190
3,024
2,169,350
5,004,995
Disposals
-
0
-
0
-
0
-
0
(1,765,932)
(1,765,932)
Transfers
2,973,466
(2,973,466)
-
0
-
0
-
0
-
0
At 31 August 2024
7,154,491
1,773,651
790,405
138,238
10,559,647
20,416,432
Depreciation and impairment
At 1 September 2023
1,465,690
-
0
572,400
119,199
7,636,263
9,793,552
Depreciation charged in the year
82,753
-
0
33,050
8,258
937,554
1,061,615
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(1,753,492)
(1,753,492)
At 31 August 2024
1,548,443
-
0
605,450
127,457
6,820,325
9,101,675
Carrying amount
At 31 August 2024
5,606,048
1,773,651
184,955
10,781
3,739,322
11,314,757
At 31 August 2023
2,715,335
1,914,686
217,815
16,015
2,519,966
7,383,817
GEORGE ALLINSON (TRANSPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
12
Tangible fixed assets
(Continued)
- 21 -

Included in the carrying value of Land and Buildings are amounts of £292,631 (2023 - £292,631) in respect of freehold land and £389,118 (2023 - £389,118) in respect of long leasehold land.

13
Fixed asset investments
2024
2023
£
£
Other investments
2,767,081
6,813,568
Movements in fixed asset investments
Other
£
Cost or valuation
At 1 September 2023
6,813,568
Additions
45,387
Valuation changes
(4,070,711)
Disposals
(21,163)
At 31 August 2024
2,767,081
Carrying amount
At 31 August 2024
2,767,081
At 31 August 2023
6,813,568
14
Stocks
2024
2023
£
£
Fuel
26,641
60,032
Spares & tyres
20,596
19,662
47,237
79,694
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,638,757
2,393,602
Other debtors
353,753
751,120
Prepayments and accrued income
380,993
249,736
3,373,503
3,394,458
GEORGE ALLINSON (TRANSPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,350,996
1,485,603
Corporation tax
268,181
286,542
Other taxation and social security
129,877
308,067
Other creditors
1,884,834
1,557,117
Accruals and deferred income
494,557
1,043,323
4,128,445
4,680,652
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
915,390
461,832
Tax losses
(8,433)
(11,090)
906,957
450,742
2024
Movements in the year:
£
Liability at 1 September 2023
450,742
Charge to profit or loss
456,215
Liability at 31 August 2024
906,957
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
87,502
86,668

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

 

GEORGE ALLINSON (TRANSPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
20
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
20,576
20,619
Between two and five years
26,821
47,235
47,397
67,854
21
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
-
2,566,615
22
Ultimate controlling party

The company was under the control of Mr D Allinson throughout the current and previous year.

GEORGE ALLINSON (TRANSPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
23
Cash generated from operations
2024
2023
£
£
(Loss)/profit for the year after tax
(1,296,232)
733,050
Adjustments for:
Taxation charged
1,008,820
662,228
Finance costs
17,805
19,026
Investment income
(916,181)
(703,535)
Gain on disposal of tangible fixed assets
(148,560)
(19,270)
Depreciation and impairment of tangible fixed assets
1,061,615
987,827
Other gains and losses
4,070,712
1,666,088
Movements in working capital:
Decrease in stocks
32,457
41,626
Decrease in debtors
20,955
205,541
(Decrease)/increase in creditors
(533,846)
1,091,562
Cash generated from operations
3,317,545
4,684,143
24
Analysis of changes in net funds
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
18,085,832
(1,223,265)
16,862,567
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