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COMPANY REGISTRATION NUMBER: 1856028
J Fisher & Sons Limited
Financial Statements
31 August 2024
J Fisher & Sons Limited
Financial Statements
Year ended 31 August 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Statement of income and retained earnings
11
Statement of financial position
12
Statement of cash flows
13
Notes to the financial statements
14
J Fisher & Sons Limited
Officers and Professional Advisers
The board of directors
Mr G E Fisher
Mrs P Fisher
Mr C M Fisher
Mr P J Fisher
Mr J Fisher
Company secretary
Mrs P Fisher
Registered office
Unit 10, Chanters Industrial Estate
Arley Way
Atherton
Manchester
M29 9EH
Auditor
Hill Eckersley & Co
Chartered Accountants & Statutory Auditor
No 1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ
Bankers
The Royal Bank of Scotland
45 Market Street
Hindley
Wigan
WN2 3AE
J Fisher & Sons Limited
Strategic Report
Year ended 31 August 2024
The Directors present their strategic report for the year ended 31 August 2024. The principal activity of the company during the year was that of haulage contractors. The company's profit for the financial year before tax is £904,505 (2023: £629,849.) Business review and future outlook The Directors are satisfied with the performance of the company in the year, particularly given the challenging economic environment. The external commercial environment is expected to remain just as competitive in 2025 and beyond as new competitors enter the market place and existing competitors become more aggressive. However, the directors are confident that their management of the company has put them in a strong financial position which will enable the company to continue to maintaining growth for the future. Principal risks and uncertainties The management of the business and the execution of the company's strategic plans are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to the increased competition in the market place, retention of key employees and rising costs due to inflationary pressures. The company has been impacted by fluctuating fuel and energy costs and energy prices continue to remain uncertain. Key performance indicators The Directors pro-actively manage the business by way of a number of Key Performance Indicators relating to past/current performance and forward forecasts to identify trends and further opportunities for improvement. The company has maintained a Gross Profit Percentage of 30% in the current year in line with expectations as well as growing the Turnover by more than £1.7m. Financial risk management The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are conducted in sterling. The price risk relates to fluctuations in diesel and energy prices which are closely monitored in order to ensure that these are taken into account when pricing work. The company may offer credit terms to its customers which allow payment of the debt after delivery of goods and services. The company is at risk to the extent that a customer may not be able to pay on the specified due date. Debtors are closely monitored and any issues arising are dealt with on a timely basis. The company borrows from its bankers using either overdrafts or term loans whose tenure depends on the nature of the asset and management's view of the future direction of interest rates. The company manages its liquidity risk, to ensure sufficient it meets its financial obligations as and when they fall due. Cash at bank is closely monitored to ensure that sufficient funds are available. The company expects to meet its financial obligations through operating cash flows.
This report was approved by the board of directors on 23 April 2025 and signed on behalf of the board by:
Mr C M Fisher
Director
Registered office:
Unit 10, Chanters Industrial Estate
Arley Way
Atherton
Manchester
M29 9EH
J Fisher & Sons Limited
Directors' Report
Year ended 31 August 2024
The directors present their report and the financial statements of the company for the year ended 31 August 2024 .
Directors
The directors who served the company during the year were as follows:
Mr G E Fisher
Mrs P Fisher
Mr C M Fisher
Mr P J Fisher
Mr J Fisher
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Disclosure of information in the strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Sch. 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) to be contained in the directors' report. It has done so in respect of future developments.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 23 April 2025 and signed on behalf of the board by:
Mr C M Fisher
Director
Registered office:
Unit 10, Chanters Industrial Estate
Arley Way
Atherton
Manchester
M29 9EH
J Fisher & Sons Limited
Independent Auditor's Report to the Members of J Fisher & Sons Limited
Year ended 31 August 2024
Opinion
We have audited the financial statements of J Fisher & Sons Limited (the 'company') for the year ended 31 August 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor'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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of 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: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the 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: 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: -the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; -we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the transport haulage sector; -we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, environmental and health and safety legislation; -we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and -identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and -considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: -performed analytical procedures to identify any unusual or unexpected relationships; -tested journal entries to identify unusual transactions; -assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and -investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: -agreeing financial statement disclosures to underlying supporting documentation; -reading the minutes of meetings of those charged with governance; -enquiring of management as to actual and potential litigation and claims; and -reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors. 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: - 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. 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. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 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. 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.
Ian Hampson
(Senior Statutory Auditor)
For and on behalf of
Hill Eckersley & Co
Chartered Accountants & Statutory Auditor
No 1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ
23 April 2025
J Fisher & Sons Limited
Statement of Income and Retained Earnings
Year ended 31 August 2024
2024
2023
Note
£
£
Turnover
4
11,281,972
9,547,410
Cost of sales
7,965,359
6,650,903
-------------
------------
Gross profit
3,316,613
2,896,507
Administrative expenses
2,269,873
2,163,968
Other operating income
5
45,000
45,000
------------
------------
Operating profit
6
1,091,740
777,539
Other interest receivable and similar income
10
1,325
Interest payable and similar expenses
11
187,235
149,015
------------
------------
Profit before taxation
904,505
629,849
Tax on profit
12
241,700
148,207
---------
---------
Profit for the financial year and total comprehensive income
662,805
481,642
---------
---------
Dividends paid and payable
13
( 353,050)
( 301,050)
Retained earnings at the start of the year
3,900,335
3,719,743
------------
------------
Retained earnings at the end of the year
4,210,090
3,900,335
------------
------------
All the activities of the company are from continuing operations.
J Fisher & Sons Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
14
5,947,967
6,065,517
Current assets
Stocks
15
696,862
239,891
Debtors
16
3,079,472
2,357,802
Cash at bank and in hand
437,144
586,581
------------
------------
4,213,478
3,184,274
Creditors: amounts falling due within one year
17
2,894,285
2,248,142
------------
------------
Net current assets
1,319,193
936,132
------------
------------
Total assets less current liabilities
7,267,160
7,001,649
Creditors: amounts falling due after more than one year
18
2,176,174
2,462,118
Provisions
Taxation including deferred tax
20
880,696
638,996
------------
------------
Net assets
4,210,290
3,900,535
------------
------------
Capital and reserves
Called up share capital
23
200
200
Profit and loss account
4,210,090
3,900,335
------------
------------
Shareholders funds
4,210,290
3,900,535
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 23 April 2025 , and are signed on behalf of the board by:
Mr C M Fisher
Director
Company registration number: 1856028
J Fisher & Sons Limited
Statement of Cash Flows
Year ended 31 August 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
662,805
481,642
Adjustments for:
Depreciation of tangible assets
1,387,283
1,285,436
Other interest receivable and similar income
( 1,325)
Interest payable and similar expenses
187,235
149,015
Gains on disposal of tangible assets
( 14,799)
( 18,594)
Tax on profit
241,700
148,207
Accrued (income)/expenses
( 57,459)
5,092
Changes in:
Stocks
( 456,971)
85,228
Trade and other debtors
( 721,670)
( 97,561)
Trade and other creditors
338,984
564
------------
------------
Cash generated from operations
1,567,108
2,037,704
Interest paid
( 187,235)
( 149,015)
Interest received
1,325
------------
------------
Net cash from operating activities
1,379,873
1,890,014
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 1,272,434)
( 2,122,531)
Proceeds from sale of tangible assets
17,500
175,000
------------
------------
Net cash used in investing activities
( 1,254,934)
( 1,947,531)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
28,398
( 19,361)
Payments of finance lease liabilities
50,276
593,762
Dividends paid
( 353,050)
( 301,050)
------------
------------
Net cash (used in)/from financing activities
( 274,376)
273,351
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 149,437)
215,834
Cash and cash equivalents at beginning of year
586,581
370,747
---------
---------
Cash and cash equivalents at end of year
437,144
586,581
---------
---------
J Fisher & Sons Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
J Fisher & Sons Limited is a private company limited by shares, registered in the United Kingdom number 1856028 . Its registered office is Unit 10, Chanters Industrial Estate, Arley Way, Atherton, Manchester, M29 9EH. The principal activity of the company during the year was that of haulage contractors.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: The company recognises deferred income tax assets on carried forward tax losses to the extent there are sufficient estimated future taxable profits and/or taxable temporary differences against which the tax losses can be utilised. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: The company has a large fleet of vehicles, and therefore depreciation of these vehicles forms a significant component of costs charged to the income statement. The estimation of the residual values and useful lives involves significant judgement. Management determine the useful economic lives, residual values and related depreciation charges for the motor vehicle fleet. The residual values and useful economic lives are reviewed at each balance sheet date, in accordance with the company's accounting policy. Management will increase the depreciation charge where useful economic life is shorter, or residual value is lower than previously estimated. At the year ended 31 August 2024, the net book value of the motor vehicle fleet is £4,846,299 and the annual depreciation charge is £1,342,354.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
7,383,429
6,023,837
Rendering of services
3,898,543
3,523,573
-------------
------------
11,281,972
9,547,410
-------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Other operating income
45,000
45,000
--------
--------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
1,387,283
1,285,436
Gains on disposal of tangible assets
( 14,799)
( 18,594)
------------
------------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
10,000
10,000
--------
--------
8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
62
57
Administrative staff
8
8
Management staff
5
5
----
----
75
70
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
3,412,017
2,962,466
Social security costs
378,640
332,884
Other pension costs
83,854
75,234
------------
------------
3,874,511
3,370,584
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
61,539
61,539
Company contributions to defined contribution pension plans
9,900
9,900
--------
--------
71,439
71,439
--------
--------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
1,325
----
-------
11. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
34,852
27,419
Interest on obligations under finance leases and hire purchase contracts
152,383
121,596
---------
---------
187,235
149,015
---------
---------
12. Tax on profit
Major components of tax expense
2024
2023
£
£
Deferred tax:
Origination and reversal of timing differences
241,700
148,207
---------
---------
Tax on profit
241,700
148,207
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).
2024
2023
£
£
Profit on ordinary activities before taxation
904,505
629,849
---------
---------
Profit on ordinary activities by rate of tax
226,126
157,462
Effect of expenses not deductible for tax purposes
9,322
13,827
Effect of capital allowances and depreciation
( 14,209)
( 34,332)
Utilisation of tax losses
20,461
11,250
---------
---------
Tax on profit
241,700
148,207
---------
---------
Factors that may affect future tax expense
The company has tax losses available to carry forward of £577,061 (2023: £1,560,871.)
13. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
A Ordinary shares
71,200
16,200
B Ordinary shares
21,450
21,450
C Ordinary shares
86,800
87,800
D Ordinary shares
86,800
87,800
E Ordinary shares
86,800
87,800
---------
---------
353,050
301,050
---------
---------
14. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
1,248,664
259,018
11,734,199
13,241,881
Additions
1,272,434
1,272,434
Disposals
( 58,180)
( 58,180)
------------
---------
-------------
-------------
At 31 August 2024
1,248,664
259,018
12,948,453
14,456,135
------------
---------
-------------
-------------
Depreciation
At 1 September 2023
233,024
128,061
6,815,279
7,176,364
Charge for the year
24,972
19,957
1,342,354
1,387,283
Disposals
( 55,479)
( 55,479)
------------
---------
-------------
-------------
At 31 August 2024
257,996
148,018
8,102,154
8,508,168
------------
---------
-------------
-------------
Carrying amount
At 31 August 2024
990,668
111,000
4,846,299
5,947,967
------------
---------
-------------
-------------
At 31 August 2023
1,015,640
130,957
4,918,920
6,065,517
------------
---------
-------------
-------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 August 2024
3,296,462
------------
At 31 August 2023
3,312,106
------------
15. Stocks
2024
2023
£
£
Raw materials and consumables
683,582
239,641
Work in progress
13,280
250
---------
---------
696,862
239,891
---------
---------
16. Debtors
2024
2023
£
£
Trade debtors
2,946,294
2,298,436
Prepayments and accrued income
75,062
54,866
Other debtors
58,116
4,500
------------
------------
3,079,472
2,357,802
------------
------------
17. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
30,208
39,334
Trade creditors
1,110,204
756,125
Accruals and deferred income
24,955
82,414
Social security and other taxes
95,858
114,187
Obligations under finance leases and hire purchase contracts
1,197,959
875,921
Director loan accounts
399,846
348,140
Rental deposits held
11,250
11,250
Other creditors
24,005
20,771
------------
------------
2,894,285
2,248,142
------------
------------
18. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
367,669
381,851
Obligations under finance leases and hire purchase contracts
1,808,505
2,080,267
------------
------------
2,176,174
2,462,118
------------
------------
Bank loans and overdrafts amounting to £388,635 (2023: £401,501) are secured by legal charge over the properties owned by the company and a debenture over the assets of the company.
19. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
1,197,959
875,921
Later than 1 year and not later than 5 years
1,808,505
1,936,820
Later than 5 years
143,447
------------
------------
3,006,464
2,956,188
------------
------------
20. Provisions
Deferred tax (note 21)
£
At 1 September 2023
638,996
Additions
241,700
---------
At 31 August 2024
880,696
---------
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 20)
880,696
638,996
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
1,024,961
1,029,214
Unused tax losses
( 144,265)
( 390,218)
------------
------------
880,696
638,996
------------
------------
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 73,954 (2023: £ 65,334 ).
Pension contributions outstanding at the year end are £24,005 (2023: £20,771.)
23. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
Ordinary Class A shares of £ 1 each
5
5
5
5
Ordinary Class B shares of £ 1 each
5
5
5
5
Ordinary Class C shares of £ 1 each
30
30
30
30
Ordinary Class D shares of £ 1 each
30
30
30
30
Ordinary Class E shares of £1 each
30
30
30
30
----
----
----
----
200
200
200
200
----
----
----
----
24. Analysis of changes in net debt
At 1 Sep 2023
Cash flows
At 31 Aug 2024
£
£
£
Cash at bank and in hand
586,581
(149,437)
437,144
Debt due within one year
(1,263,395)
(364,618)
(1,628,013)
Debt due after one year
(2,462,118)
285,944
(2,176,174)
------------
---------
------------
( 3,138,932)
( 228,111)
( 3,367,043)
------------
---------
------------
25. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
6,283
6,283
-------
-------
J Fisher & Sons Limited
Notes to the Financial Statements (continued)
Year ended 31 August 2024
26. Related party transactions
The company was under the joint control of Mr C Fisher, Mr P Fisher and Mr G Fisher throughout the current and previous year. Mr C Fisher, Mr P Fisher and Mr G Fisher are the directors and majority shareholders.