Company registration number 01442737 (England and Wales)
BRIAN YEARDLEY CONTINENTAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BRIAN YEARDLEY CONTINENTAL LIMITED
COMPANY INFORMATION
Directors
Mr K Hopper
Mrs S Hopper
Mr M Batstone
Mr D Sharpe
Secretary
Mr D Sharpe
Company number
01442737
Registered office
Strand House
Wakefield Road
Featherstone
Pontefract
WF7 5BP
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
BRIAN YEARDLEY CONTINENTAL LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 29
BRIAN YEARDLEY CONTINENTAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report and financial statements for the year ended 31 December 2024.

Review of the business

The company’s principal activity is the provision of logistics services to clients in the UK, EU and worldwide.

 

This principal activity is split into two divisions, firstly, the general cargo (“GC”) division under the branding of CARGOBY, and secondly, the live events division (“TBY”) under the branding of TRUCKINGBY, which specialises in moving musical equipment, staging and props for some of the biggest artists, bands and corporate clients in the world.

 

Market conditions in both divisions remained highly competitive and challenging in 2024, continuing the trend we saw in 2023 and is very much a return to some form of normality after 2022 where demand outstripped supply and trucks, trailers and driver availability were at a premium.

 

Despite these obvious and familiar challenges, the business continues to invest significantly in its sales and marketing activities, the success of this approach in 2023 has continued into 2024 and has yielded results that have far exceeded expectations, so much so that the business now has dedicated sales and marketing teams that actively promote, strengthen and grow existing client relationships but also foster and source new relationships and opportunities.

 

This is no more evident than in our approach and strategy towards the environment, we already have a fleet consisting of the most environmentally friendly trucks with the latest engine technology to date as well as using fuel from a globally responsible provider and participating actively in their carbon offsetting program. Additionally, and further demonstrating our commitment to always doing more to help the environment, we are undertaking projects to further offset our carbon footprint by looking at wider business functions with assistance from Carbon Neutral Britain, and furthermore, we are investing in a Hydrotreated Vegetable Oil (“HVO”) tank and equipment as we shift towards using more bio rather than fossil fuel as well as further reducing our CO² emissions.

 

The “GC” division has continued to grow throughout 2024, which has been very encouraging to see especially given the ultra-competitive nature of the road cargo market both in the UK and Europe. The division has grown significantly this past year, the investment mentioned earlier in the sales team has yielded some significant wins in 2024 in not only new lanes and traffic with existing clients but also new clients outright. We are continually committed to offering the best possible prices to our clients who know the business will continue to offer them the highest standards of service that they have come to expect from us.

 

The “TBY” division similarly operates in a highly competitive market, with only a handful of UK based suppliers able to handle such work. We are delighted that 2024 has been a resounding success for the TBY division, with a combination of targeted marketing, high customer service and satisfaction levels, and competitive pricing we have retained significant levels of work which is crucial in this market but have also gained work and tours from new clients which is further evidence of the growing reputation this business now has within the live events and corporate sector.

The ”TBY” division’s turnover grew from £5.8m in 2023 to £6.6m in 2024, this is a great achievement given the challenges and market conditions that existed this year as outlined earlier.

 

In 2024, the business brought and end to its Romanian based joint venture, TruckingBYLazar S.R.L, whilst this venture had on the whole been successful, following discussions with all parties it was felt that the customer base and service levels could be better served and maintained by the UK business and via its Danish based joint venture, StokholmBY A/S.

 

The company strategy remains focused on increasing its presence in Europe, and StokholmBY A/S continues to develop and has contributed significantly in strengthening our continental network.

 

The company is committed to investing in its employees, broadening diversity and places great emphasis on nurturing, and developing the skills of its employees through in-house and external training, updates, and webinars. The company values the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the company in addition to providing channels for employees to feedback their own thoughts and ideas.

BRIAN YEARDLEY CONTINENTAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Towards the end of 2024 the Directors and senior Management of the business were able to conclude a management buyout (“MBO”), the conclusion of this deal brought an end and much relief to all those involved after a lengthy period of consultation, negotiation and discussion. The purchase of the remaining 50% of the company’s share capital not already controlled by the Directors and Senior Management was a major success and now secures the business’s future and allows it to continue being run by the same individuals who have brought about the recent success and upturn of the business post Covid.

The conclusion of this deal will release the business from significant overhead costs and the type of one-off expenses that inevitably come with this type of transaction. The Directors and senior management are now able to re-focus on developing and implementing successful strategy, providing guidance and challenge, and equally important, operating and growing the business.

 

Principal risks and uncertainties

Competition

There is increasing competition within the general cargo and live events sectors both in the UK and Europe. The directors therefore continually monitor the market and its competition to ensure it offers its customers the highest levels of service at the most competitive prices.

 

Exchange rate risk

The company’s activities expose it to limited financial risk of changes in foreign currency rates, specifically that between GBP and EUR’s. The company continually reviews the market and associated factors in ascertaining the level of risk present. The company does invoice customers in foreign currency to hedge these exposures. Except for foreign currency exchange, the company does not actively use financial instruments as part of its financial risk management.

 

Credit risk

The company is exposed to credit risk and cash flow risk associated with selling on credit and manages this through its robust credit control procedures and the use of well know, industry leading, credit referencing software.

 

Brexit

Despite being over four years since the UK formally left the EU concerns continue to linger regarding Brexit and the lack of clarity around its long-term effect on the live events logistics sector. The company has a Brexit strategy team that is tasked with developing and implementing strategy in relation to Brexit and to quickly react upon any new procedures or regulations to ensure the business can continue to operate effectively and offer its customers a quality service.

 

Covid-19

Whilst there have not been any nationwide lockdown restrictions in the UK since July 2021, the effects and repercussions of that unprecedented period still cast a long shadow. The risk or resurgence of a new variant or other similar virus that could result in a repeat of what we saw throughout 2020 and 2021 is not to be underestimated. The key risks are the restriction or complete cessation of live events which would result in a fall in demand for trucking services and the inherent risk of infection within the company’s workforce. The company mitigates this risk as much as possible by having a mix of owned, long-term and short-term hire vehicles so that should demand fall or reduce, vehicles can be re-purposed across the business or returned. The business also reduces the risk of infection amongst its workforce by ensuring the cleanliness of workspaces and contracting with several reputable hygiene service providers to ensure the highest standards are met.

BRIAN YEARDLEY CONTINENTAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

Ongoing Russia Ukraine conflict and Middle East uncertainty

The Russia/Ukraine conflict that began in February 2022 remains ongoing, Despite recent positive steps from all sides a peace deal still remains largely illusive, consequently there is still ongoing uncertainty across Europe and beyond and the economic effects of this are being felt by all, predominantly in the shape of ever increasing prices. On a more positive note, the recent ceasefire in the Middle East hopefully marks the beginning of the end of that particular conflict, however at such an early stage that deal remains somewhat fragile. The specific risks the business faces in this regard are both rising costs of its own consumables but also that consumers have less disposable income to enable them to attend live events which could cause a slowdown in demand for trucking services for these events. The company manages these risks by keeping a constant watch over market and consumable prices, fixing costs where possible to avoid unexpected fluctuations and pricing our services competitively which minimises the impact on our customers whilst maintaining our quality of service and continuing to demonstrate excellent value for money.

 

Events since the year end and going concern

The business going forward is in as strong a position now as it ever has been, as mentioned previously the conclusion of the MBO was crucial and has allowed all to re-focus and concentrate their efforts, 2024 whilst not without its challenges has again shown that the business remains robust and adaptable to the ever-changing market and geopolitical landscape in which it operates. It is testament to the staff who are the driving force of the business that we have taken on these challenges head on and can look back on 2024 as a successful year.

Our attention now switches to 2025 with the TBY division already booked out for the summer and plans for fleet expansion to meet the growing demand we are extremely confident that 2025 will be a year in which the business continues to grow and progress.

The business is now more resilient to changes in both of its key operating sectors, the fleet is designed to balance the need for dedicated specialist vehicles with the need for vehicles that can operate within each division with ease. This enables us to maintain a low fixed-cost base, and fluidly re-distribute assets between sectors to operate more efficiently. This means the business is no longer over reliant on any one customer or revenue stream.

The company uses an invoice discounting facility as the primary source of working capital funding and the directors have no reason to believe that this facility will be withdrawn during the next 12 months.

The directors have prepared budgets and considered the cash flow requirement of the company for a period more than twelve months from the date of the approval of these financial statements. The forecasts have been prepared on a conservative basis with sensitivity around the continuing recovery of the live events division, new contract wins, the fulfilling of existing contracts and related cash receipts. The timing and amounts of these are subjective and impact the future cash flows of the business. These projections indicate that the current financing facilities are adequate for the foreseeable future.

The directors therefore consider that the company is a going concern and continue to adopt the going concern basis in preparing these accounts.

Key performance indicators

The primary performance indicators used by the business are turnover, operating profit and distributable reserves. These show;

                    2024        2023

Turnover                    £16,375,034    £14,227,225

Operating profit                £153,670    £199,264        

Reserves                £2,355,375    £2,278,160

 

The company also measures KPI’s according to destination country, subcontractor use compared to own fleet, fuel usage, efficiency, and other associated factors. The disclosure of these more detailed KPI’s is not required.

BRIAN YEARDLEY CONTINENTAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

On behalf of the board

Mr D Sharpe
Director
15 May 2025
BRIAN YEARDLEY CONTINENTAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

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

Principal activities

The principal activity of the company continues to be that of UK and international haulage.

Results and dividends

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

No interim 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 K Hopper
Mrs S Hopper
Mr M Batstone
Mr D Sharpe
Mr A N Bell
(Resigned 3 May 2024)
Mr G Savage
(Resigned 17 May 2024)
Mr B Yeardley
(Resigned 14 October 2024)
Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditor are unaware. Additionally, the directors 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 auditors are aware of that information.
On behalf of the board
Mr D Sharpe
Director
15 May 2025
BRIAN YEARDLEY CONTINENTAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

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.

BRIAN YEARDLEY CONTINENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRIAN YEARDLEY CONTINENTAL LIMITED
- 7 -
Opinion

We have audited the financial statements of Brian Yeardley Continental Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, 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:

BRIAN YEARDLEY CONTINENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRIAN YEARDLEY CONTINENTAL LIMITED
- 8 -
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.

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.

BRIAN YEARDLEY CONTINENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRIAN YEARDLEY CONTINENTAL LIMITED
- 9 -

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Jessica Lawrence
Senior Statutory Auditor
For and on behalf of Azets Audit Services Limited
15 May 2025
Chartered Accountants
Statutory Auditor
12 King Street
Leeds
LS1 2HL
BRIAN YEARDLEY CONTINENTAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
16,375,034
14,227,225
Cost of sales
(13,915,084)
(11,926,354)
Gross profit
2,459,950
2,300,871
Administrative expenses
(2,306,280)
(2,101,607)
Operating profit
4
153,670
199,264
Interest payable and similar expenses
6
(124,426)
(147,311)
Profit before taxation
29,244
51,953
Tax on profit
7
47,971
(34,427)
Profit for the financial year
77,215
17,526

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

BRIAN YEARDLEY CONTINENTAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
8
1,570
1,570
Tangible assets
9
1,862,753
2,229,021
Investments
10
55,525
93,525
1,919,848
2,324,116
Current assets
Debtors
11
3,273,897
2,330,069
Cash at bank and in hand
240,378
92,314
3,514,275
2,422,383
Creditors: amounts falling due within one year
14
(1,791,684)
(1,766,116)
Net current assets
1,722,591
656,267
Total assets less current liabilities
3,642,439
2,980,383
Creditors: amounts falling due after more than one year
15
(922,330)
(329,223)
Provisions for liabilities
Deferred tax liability
16
319,000
363,000
(319,000)
(363,000)
Net assets
2,401,109
2,288,160
Capital and reserves
Called up share capital
19
7,142
6,042
Share premium account
34,634
-
0
Capital redemption reserve
3,958
3,958
Profit and loss reserves
2,355,375
2,278,160
Total equity
2,401,109
2,288,160
The financial statements were approved by the board of directors and authorised for issue on 15 May 2025 and are signed on its behalf by:
Mr D Sharpe
Director
Company Registration No. 01442737
BRIAN YEARDLEY CONTINENTAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
6,042
-
0
3,958
2,260,634
2,270,634
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
17,526
17,526
Exercise of options
18
800
4,400
-
-
5,200
Share cancellation
(800)
(4,400)
-
-
(5,200)
Balance at 31 December 2023
6,042
-
0
3,958
2,278,160
2,288,160
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
77,215
77,215
Exercise of options
18
1,100
34,634
-
-
35,734
Balance at 31 December 2024
7,142
34,634
3,958
2,355,375
2,401,109
BRIAN YEARDLEY CONTINENTAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
(283,036)
641,014
Interest paid
(124,426)
(147,311)
Income taxes refunded/(paid)
11,688
(147,937)
Net cash (outflow)/inflow from operating activities
(395,774)
345,766
Investing activities
Purchase of tangible fixed assets
(231,781)
(399,775)
Proceeds from disposal of tangible fixed assets
391,401
360,757
Proceeds from disposal of joint ventures
38,000
-
0
Net cash generated from/(used in) investing activities
197,620
(39,018)
Financing activities
Proceeds from issue of shares
35,734
5,200
Purchase of own shares
-
0
(5,200)
Proceeds from new loans
600,000
-
0
Payment of finance leases obligations
(526,919)
(587,980)
Net cash generated from/(used in) financing activities
108,815
(587,980)
Net decrease in cash and cash equivalents
(89,339)
(281,232)
Cash and cash equivalents at beginning of year
65,946
347,178
Cash and cash equivalents at end of year
(23,393)
65,946
Relating to:
Cash at bank and in hand
240,378
92,314
Bank overdrafts included in creditors payable within one year
(263,771)
(26,368)
BRIAN YEARDLEY CONTINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Brian Yeardley Continental Limited is a private company limited by shares incorporated in England and Wales. The registered office is Strand House, Wakefield Road, Featherstone, Pontefract, WF7 5BP.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 £1.

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 represents amounts receivable for goods and services. Income is recognised on delivery of a customer's goods to their destination and is net of VAT and trade discounts.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Trademarks
3 years
1.5
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 on a straight line basis over their estimated useful lives as follows:

Leasehold improvements
5 to 10 years
Plant, machinery and equipment
1 to 7 years
Motor vehicles
3 to 10 years

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.

BRIAN YEARDLEY CONTINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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 balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

BRIAN YEARDLEY CONTINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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.

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 and bank loans 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

BRIAN YEARDLEY CONTINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

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

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 profit and loss account 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 profit and loss account, 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.

 

 

 

 

 

 

 

BRIAN YEARDLEY CONTINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.14
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed, where the amounts are mentioned, on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.15
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.17

Joint Venture

As stated in accounting policy for fixed asset investments jointly controlled entities are initially measured at cost. These financial statements do not include the company’s share of the assets and liabilities in joint operations or its share of revenues and expenses arising jointly from those operations on the basis that it is not otherwise required to produce consolidated financial statements. The joint venture investment is reviewed for impairment losses.

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.

BRIAN YEARDLEY CONTINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

The depreciation policy has been set according to management's experience of the useful lives and residual values of a typical asset in each category, something which is reviewed annually. It is not considered practical to use a per unit basis to allocate depreciation without undue cost and therefore amounts are charged annually. The depreciation charged during the year was £529,072 (2023 - £626,364) which the directors feel is a fair reflection of the benefits derived from the consumption of the tangible fixed assets in use during the period.

Bad debt provision

Outstanding trade debtor balances are reviewed on a line by line basis by management to identify possible amounts where a provision is required. Management closely manage the collection of trade debtors and are therefore able to identify balances where there is uncertainty about its recoverability, and determine what provision is required (if any).

3
Turnover

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Haulage
16,375,034
14,227,225
2024
2023
£
£
Turnover analysed by geographical market
UK
12,203,705
10,179,054
Rest of Europe
2,725,326
2,017,171
Rest of the World
1,446,003
2,031,000
16,375,034
14,227,225

The turnover analysis above reflects where the company's customer is based rather than whether the goods being shipped are exports from or imports to the UK.

BRIAN YEARDLEY CONTINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(19,740)
(5,007)
Fees payable to the company's auditor for the audit of the company's financial statements
13,750
12,915
Depreciation of owned tangible fixed assets
371,369
228,105
Depreciation of tangible fixed assets held under finance leases
157,703
398,259
Loss/(profit) on disposal of tangible fixed assets
54,913
(146,582)
Operating lease charges
314,939
304,947
5
Employees

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

2024
2023
Number
Number
Directors
6
8
Drivers
57
57
Administration and sales
17
10
Total
80
75

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,756,573
3,708,882
Social security costs
371,595
349,157
Pension costs
80,115
94,241
4,208,283
4,152,280
6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
62,712
75,325
Interest on convertible loan notes
8,441
-
0
71,153
75,325
Other finance costs:
Interest on finance leases and hire purchase contracts
53,273
71,986
124,426
147,311
BRIAN YEARDLEY CONTINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
7
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(3,971)
(5,573)
Deferred tax
Origination and reversal of timing differences
(44,000)
40,000
Total tax (credit)/charge
(47,971)
34,427

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

2024
2023
£
£
Profit before taxation
29,244
51,953
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
7,311
12,209
Tax effect of expenses that are not deductible in determining taxable profit
22,329
30,674
Tax effect of income not taxable in determining taxable profit
(1,276)
-
0
Tax effect of utilisation of tax losses not previously recognised
-
0
9,486
Other permanent differences
(83,088)
-
0
Under/(over) provided in prior years
(3,971)
(5,573)
Deferred tax adjustments in respect of prior years
-
0
(17,157)
Other
5,454
4,788
Fixed asset differences
5,270
-
0
Taxation (credit)/charge for the year
(47,971)
34,427

 

8
Intangible fixed assets
Trademarks
£
Cost
At 1 January 2024 and 31 December 2024
1,570
Amortisation and impairment
At 1 January 2024 and 31 December 2024
-
0
Carrying amount
At 31 December 2024
1,570
At 31 December 2023
1,570
BRIAN YEARDLEY CONTINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
9
Tangible fixed assets
Leasehold improvements
Plant, machinery and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
169,552
1,143,431
4,741,405
6,054,388
Additions
22,345
50,230
536,543
609,118
Disposals
-
0
(63,457)
(1,292,067)
(1,355,524)
At 31 December 2024
191,897
1,130,204
3,985,881
5,307,982
Depreciation and impairment
At 1 January 2024
134,721
1,076,822
2,613,824
3,825,367
Depreciation charged in the year
18,593
36,418
474,061
529,072
Eliminated in respect of disposals
-
0
(63,457)
(845,753)
(909,210)
At 31 December 2024
153,314
1,049,783
2,242,132
3,445,229
Carrying amount
At 31 December 2024
38,583
80,421
1,743,749
1,862,753
At 31 December 2023
34,831
66,609
2,127,581
2,229,021

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
985,721
1,643,892
10
Fixed asset investments
2024
2023
Notes
£
£
Investments in joint ventures
23
55,525
93,525
BRIAN YEARDLEY CONTINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Shares in joint ventures
£
Cost or valuation
At 1 January 2024 & 31 December 2024
93,525
Impairment
At 1 January 2024
-
Disposals
38,000
At 31 December 2024
38,000
Carrying amount
At 31 December 2024
55,525
At 31 December 2023
93,525
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,958,216
1,769,885
Corporation tax recoverable
-
0
7,717
Amounts owed by group undertakings
864,280
-
0
Amounts owed by undertakings in which the company has a participating interest
134,112
97,781
Other debtors
35,734
805
Prepayments and accrued income
281,555
453,881
3,273,897
2,330,069

Trade debtors have been pledged as security against borrowings under an invoice discounting arrangement.

Amounts owed by group undertakings are unsecured and repayable on demand.

BRIAN YEARDLEY CONTINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
12
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
263,771
26,368
Other loans
600,000
-
0
863,771
26,368
Payable within one year
333,771
26,368
Payable after one year
530,000
-
0

Included within other loans are loan notes totalling £600,000 (2023 - £nil). The loan notes are repayable over annual instalments with the final instalment due by 2031. Interest is charged quarterly on the loan notes at Bank of England base rate + 1.5%. The loan notes are floating rate and unsecured.

13
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
255,555
468,554
In two to five years
434,213
354,524
689,768
823,078
Less: future finance charges
(77,425)
(61,153)
612,343
761,925

Finance lease payments represent rentals payable by the company for certain vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Finance lease obligations are secured against the assets to which they relate.

BRIAN YEARDLEY CONTINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
14
Creditors: amounts falling due within one year
2024
2023
as restated
Notes
£
£
Bank loans and overdrafts
12
263,771
26,368
Obligations under finance leases
13
220,013
432,702
Other borrowings
12
70,000
-
0
Trade creditors
447,071
347,637
Taxation and social security
243,409
167,471
Other creditors
53,885
61,897
Accruals and deferred income
493,535
730,041
1,791,684
1,766,116

Obligations under finance leases are secured as detailed in note 13.

 

Other borrowings include loan notes totalling £70,000 (2023 - £nil) and are secured as detailed in note 12.

 

15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
13
392,330
329,223
Other borrowings
12
530,000
-
0
922,330
329,223

Obligations under finance leases are secured as detailed in note 13.

 

Other borrowings include loan notes totalling £530,000 (2023 - £nil) and are secured as detailed in note 12.

16
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
326,000
370,000
Provisions
(7,000)
(7,000)
319,000
363,000
BRIAN YEARDLEY CONTINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Deferred taxation
(Continued)
- 26 -
2024
Movements in the year:
£
Liability at 1 January 2024
363,000
Credit to profit or loss
(44,000)
Liability at 31 December 2024
319,000
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
80,115
94,241

The company operates defined contribution pension schemes for all qualifying employees. The assets of the schemes are held separately from those of the company in independently administered funds.

18
Share-based payment transactions

The company had previously issued share options in 2021. The fair value of the share options previously issued has not been included within the accounts historically as the directors consider its impact annually and in aggregate to be immaterial.

 

In February 2024 the company issued a further issue of share options with an exercise price of £62.88 per share.

 

In October 2024, 1,100 share options have been exercised over the C Ordinary shares. Of these 1,100 shares 590 shares were exercised at £6.50 per share, 100 shares were exercised at £61.18 per share and 410 shares were exercised at £62.88 per share. Accordingly a share premium account was created of £34,634 (2023 - £nil). The remaining options were withdrawn following the conclusion of the management buy-out.

 

 

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
0
3,021
-
0
3,021
B Ordinary shares of £1 each
0
3,021
-
0
3,021
Ordinary shares of £1 each
7,142
0
7,142
-
0
7,142
6,042
7,142
6,042
BRIAN YEARDLEY CONTINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Share capital
(Continued)
- 27 -

During the period the companies employees exercised share options as detailed in note 18. Accordingly 1,100 C Ordinary shares were issued.

 

Following the successful completion of a management buy-out of Brian Yeardley Continential Limited and the incorporation of the new parent company, Truckingby Holdings Limited, the 3,021 A shares, 3,021 B shares and 1,100 C ordinary shares were subsequently redesignated to 7,142 Ordinary shares.

 

20
Operating lease commitments
Lessee

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
550,675
277,041
Between two and five years
1,489,985
143,719
In over five years
834,750
-
0
2,875,410
420,760
21
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
441,752
637,725
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities over which the entity has control, joint control or significant influence
1,260,887
978,385
2,835,165
2,151,846

During the period, the company leased land and property from the Solo Pension Scheme, a small self-administered pension scheme of which Mr B Yeardley, a shareholder and director during the period, was a member. Rent was paid by the company to the scheme which in the year amounted to £81,500 (2023 - £163,000). During the period the property was subsequently sold to a third party.

 

Key management personnel are the directors, whose remuneration is disclosed in note 24.

BRIAN YEARDLEY CONTINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Related party transactions
(Continued)
- 28 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
-
10,839

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
134,112
143,913
22
Ultimate controlling party

During the period the company was acquired by Truckingby Holdings Limited, by way of a share for share exchange. The directors believe that there is no ultimate controlling party.

23
Joint ventures

Details of the company's joint ventures at 31 December 2024 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
StokholmBY A/S
Sindalvej 7, 2610 Rodovre, Denmark
Ordinary
50.00
24
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
439,183
617,853
Company pension contributions to defined contribution schemes
2,573
19,872
441,756
637,725

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2021 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
115,965
103,692
BRIAN YEARDLEY CONTINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
25
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr M Batstone - Loan
-
-
4,119
4,119
Mr D Sharpe - Loan
-
-
11,450
11,450
-
15,569
15,569
26
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the year after tax
77,215
17,526
Adjustments for:
Taxation (credited)/charged
(47,971)
34,427
Finance costs
124,426
147,311
Loss/(gain) on disposal of tangible fixed assets
54,913
(146,582)
Depreciation and impairment of tangible fixed assets
529,072
626,364
Movements in working capital:
Increase in debtors
(951,545)
(389,088)
(Decrease)/increase in creditors
(69,146)
97,238
Cash (absorbed by)/generated from operations
(283,036)
387,196
27
Analysis of changes in net debt
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
92,314
148,064
240,378
Bank overdrafts
(26,368)
(237,403)
(263,771)
65,946
(89,339)
(23,393)
Borrowings excluding overdrafts
-
(600,000)
(600,000)
Obligations under finance leases
(761,925)
149,582
(612,343)
(695,979)
(539,757)
(1,235,736)

The inception of new finance leases totalling £377,337 (2023 - £266,606) represents a major non-cash transaction.

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