Company registration number 05919848 (England and Wales)
FERGYTRUX LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
FERGYTRUX LIMITED
COMPANY INFORMATION
Directors
A. Ferguson
E. Ferguson
H. Whitaker
S. Whitaker
Secretary
H. Whitaker
Company number
05919848
Registered office
Northumberland Business Park West
Cramlington
Northumberland
NE23 7RH
Auditor
Greaves West & Ayre
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
Bankers
HSBC Bank Plc
110 Grey Street
Newcastle upon Tyne
Tyne and Wear
NE1 6JG
Solicitors
O'Neill Richmonds
1-2 Lansdowne Terrace East
Gosforth
Newcastle upon Tyne
NE3 1HL
FERGYTRUX LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 37
FERGYTRUX LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Fair review of the business

The principal activities continued to be that of haulage and warehousing. The last year has seen some of our major customers still recovering from a quiet few years and have not yet built up their manufacturing capacity which has had an impact on work available to the group.

 

The higher than expected interest costs due to a slower than was foreseen reduction in interest rates together with continued inflationary pressures resulted in our having to marginally to increase our charges which most customers have accepted but this has resulted in a small reduction in our pre-tax profit from £172,156 to £158,435

 

Both sides of our activities were affected in different ways with haulage gross margin increasing to 15.4% from 14.7% but warehousing adversely affected reducing from 27.7% to 23.9% reflecting the slower demands from customers needing to supply a reduced manufacturing requirement.

 

Overall management and administration costs were able to be reduced by £100,000 from £4,019,000 to £3,919,000. This reduction arose largely because of reduction in management charges paid.

 

This year currently shows a welcome reduction in inflationary pressures and lower interest rates but is likely to be worsened by the weaker economic prospects brought about by the latest budget which will, no doubt, have a damaging impact on the current year performance.

 

The board believes that the continuing efforts which have been made to control cost increases in a challenging year has resulted in a satisfactory outcome for the year.

Principal risks and uncertainties

Credit risk

The customer base is well established and there has been no loss of major customers over the year. They themselves have had difficulties to overcome but we have retained our excellent relationships with them. Our experienced risk assessment team continue to do exceptional work with our longstanding quality customer list and the bad debt record is exceptionally good.

 

Availability and retention of staff

The work carried out by our HR team continues to support our staff effectively and over the year staff turnover was 20.9% which is much lower than the national industry average with the large, varied workforce we employ is testament to the work they all do. Vacancies are identified and early efforts made to fill them which is also a credit to the reputation we experience as employers.

 

Interest Rates

In recent years we have suffered exceptionally high interest rates and these are now reducing and are forecast to further reduce over the next 12 months which will have a significant effect on the amount we pay. Notwithstanding this, efforts are being made to reduce our exposure to rate increases by reducing our borrowings.

FERGYTRUX LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Key performance indicators

The key operating indicators have been developed over the years and are constantly under review to examine the performance under the current conditions. Exceptions are reported by the responsible officer at the monthly Board Meetings.

 

This enables the Board to react where appropriate and adapt to any particular situation. The specific indicators are regularly reviewed, and including the following.

 

Daily vehicle earnings

These vary depending on the type of work being carried out by each vehicle be they engaged in logistics and handling or more simple transport only.

 

Warehouse occupancy levels

These prices are fixed depending on the space utilised and in some cases handling is also required which enables a higher square footage rate to be earned. There is frequent movement of customer requirements and efforts are made to maximise revenue earnings by closely monitoring and forecasting demand.

 

Average fuel consumption

As this varies depending on the type of vehicle and the work on which it is engaged. Each week, each vehicles performance is monitored against expectation and steps taken to identify vehicles and journeys which can be improved. This may entail additional driver training which takes place ensuring that maximum operating efficiency is achieved, coupled with a high level of regular maintenance ensures vehicles themselves are operating efficiently.

 

Relationship of main operating costs to turnover

When the budget is prepared, regard is had to the annual cost historically incurred under each cost head and regular reviews are carried out to identify and rectify any unexpected increases.

 

These, together with the HR reports and Health and Safety issues are all reviewed with a view of keeping all of the management team fully informed on matters concerning the operation of the business and ensuring an efficient sustainable business.

On behalf of the board

A. Ferguson
Director
28 May 2025
FERGYTRUX LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the group continued to be that of logistical operations, comprising haulage, handling and storage.

 

The company acts as a holding company and has not traded during the year ended 30 September 2024.

 

The subsidiary undertakings principally affecting the profits and net assets of the group in the year are listed in the notes to the financial statements.

Directors

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

A. Ferguson
E. Ferguson
H. Whitaker
S. Whitaker
Results and dividends

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

No ordinary dividends were paid (2023 £nil). The directors do not recommend payment of any final dividends.

Financial instruments
Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on bank overdrafts and bank credit facilities.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled every efforts it made to ensure that their employment with the group continues and that appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees.

Employee involvement

The group places considerable value on the involvement of its employees and continues its practice of keeping them informed on matters affecting them as employees and on the various factors affecting the performance of the group.

FERGYTRUX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
Future developments

The group continued to support its existing customers and their current changing requirements in these more demanding times. We are also seeking to attract new work from existing customers and to attract new business in both the automotive sector and wider market.

 

The arrival of the "green vehicles" we have on order, which we expect to receive soon, will also improve our credentials and widen our appeal to a discerning market.

 

The post year end trading results and our forecasts for the rest of the year will enable us to properly manage our financial performance and meet our financial liabilities as they fall due for at least the next twelve months following the approval of these financial statements.

 

As per note 26 the company is party to a multilateral guarantee with related party businesses. The directors have reviewed the financial projections of one of these related party businesses and have identified a potential cash flow shortfall during the 12 months from the date of approval of these financial statements. The directors have a clear strategy for ensuring these funds will be available to meet the necessary cash requirements in that business and have taken steps to implement this strategy.

 

After making enquiries, the directors have a reasonable expectation that the group has adequate financial and other resources to continue in operational existence for the foreseeable future. Accordingly, they continue to prepare the financial statements on a going concern basis.

Auditor

The auditors, Greaves West and Ayre, will be proposed for reappointment in accordance with Section 485 of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and of the profit or loss of the group for that year. In preparing these financial statements, the directors are required to:

 

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group 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 the group, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company, and the group, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

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

FERGYTRUX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
On behalf of the board
A. Ferguson
Director
28 May 2025
FERGYTRUX LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FERGYTRUX LIMITED
- 6 -
Opinion

We have audited the financial statements of Fergytrux Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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:

FERGYTRUX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FERGYTRUX LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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:

FERGYTRUX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FERGYTRUX LIMITED
- 8 -
The extent to which the audit was considered capable of detecting irregularities, including fraud

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

 

 

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

 

 

To address the risk of fraud through management bias and override of controls, including any fraud associated with revenue recognition, we:

 

 

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

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

FERGYTRUX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FERGYTRUX LIMITED
- 9 -

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

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Roseanne Bennett FCA (Senior Statutory Auditor)
For and on behalf of Greaves West & Ayre
28 May 2025
Chartered Accountants
Statutory Auditor
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
FERGYTRUX LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
25,754,414
25,720,348
Cost of sales
(21,417,227)
(21,331,704)
Gross profit
4,337,187
4,388,644
Administrative expenses
(3,919,218)
(4,018,754)
Operating profit
4
417,969
369,890
Interest receivable and similar income
8
218,592
163,528
Interest payable and similar expenses
9
(478,126)
(361,262)
Profit before taxation
158,435
172,156
Tax on profit
10
(43,345)
39,168
Profit for the financial year
25
115,090
211,324
Profit for the financial year is attributable to:
- Owners of the parent company
83,206
168,854
- Non-controlling interests
31,884
42,470
115,090
211,324

The profit and loss account has been prepared on the basis that all operations are continuing operations.

FERGYTRUX LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
2024
2023
£
£
Profit for the year
115,090
211,324
Other comprehensive income
-
-
Total comprehensive income for the year
115,090
211,324
Total comprehensive income for the year is attributable to:
- Owners of the parent company
83,206
168,854
- Non-controlling interests
31,884
42,470
115,090
211,324
FERGYTRUX LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
6,911,686
6,824,086
Current assets
Stocks
15
154,507
192,482
Debtors
16
9,036,949
9,144,111
Cash at bank and in hand
2
2
9,191,458
9,336,595
Creditors: amounts falling due within one year
17
(9,524,406)
(9,652,608)
Net current liabilities
(332,948)
(316,013)
Total assets less current liabilities
6,578,738
6,508,073
Creditors: amounts falling due after more than one year
18
(3,641,867)
(3,666,051)
Provisions for liabilities
21
(429,269)
(385,924)
Net assets
2,507,602
2,456,098
Capital and reserves
Called up share capital
23
106,150
106,150
Share premium account
24
429,600
429,600
Profit and loss reserves
25
1,435,527
1,352,320
Equity attributable to owners of the parent company
1,971,277
1,888,070
Non-controlling interests
536,325
568,028
2,507,602
2,456,098
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
28 May 2025
A. Ferguson
Director
FERGYTRUX LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
535,750
535,750
Capital and reserves
Called up share capital
23
106,150
106,150
Share premium account
24
429,600
429,600
Total equity
535,750
535,750
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
28 May 2025
A. Ferguson
Director
Company Registration No. 05919848
FERGYTRUX LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 October 2022
106,150
429,600
1,183,466
1,719,216
606,202
2,325,418
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
168,854
168,854
42,470
211,324
Dividends
-
-
-
-
(80,644)
(80,644)
Balance at 30 September 2023
106,150
429,600
1,352,320
1,888,070
568,028
2,456,098
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
83,206
83,206
31,884
115,090
Dividends
-
-
-
-
(63,587)
(63,587)
Balance at 30 September 2024
106,150
429,600
1,435,526
1,971,276
536,325
2,507,601
FERGYTRUX LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
Share capital
Share premium account
Total
£
£
£
Balance at 1 October 2022
106,150
429,600
535,750
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 30 September 2023
106,150
429,600
535,750
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 30 September 2024
106,150
429,600
535,750
FERGYTRUX LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
1,864,011
1,515,514
Interest paid
(478,126)
(361,262)
Net cash inflow from operating activities
1,385,885
1,154,252
Investing activities
Purchase of tangible fixed assets
(1,807,969)
(3,323,234)
Proceeds on disposal of tangible fixed assets
47,249
233,589
Interest received
218,592
163,528
Net cash used in investing activities
(1,542,128)
(2,926,117)
Financing activities
Repayment of bank loans
(97,697)
271,875
Payment of finance leases obligations
(91,468)
1,515,235
Dividends paid to non-controlling interests
(63,587)
(80,644)
Net cash (used in)/generated from financing activities
(252,752)
1,706,466
Net decrease in cash and cash equivalents
(408,995)
(65,399)
Cash and cash equivalents at beginning of year
(64,382)
1,017
Cash and cash equivalents at end of year
(473,377)
(64,382)
Relating to:
Cash at bank and in hand
2
2
Bank overdrafts included in creditors payable within one year
(473,379)
(64,384)
FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
1
Accounting policies
Company information

Fergytrux Limited (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Northumberland Business Park West, Cramlington, Northumberland, NE23 7RH.

 

The group consists of Fergytrux Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £0 profit).

FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated financial statements incorporate those of Fergytrux Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

 

The company meets its working capital requirements through its operating cash flow, however group bank facilities are available if needed.

 

The financial forecasts prepared and post year end trading performance indicate that the group will maintain sufficient financial headroom to enable it to meet its liabilities as they fall due in the normal course of business for at least the next twelve months following approval of these financial statements. Notwithstanding any further potential ongoing impact on the group's financial performance and position beyond that already anticipated by the forecasts, the group maintains net funds, working capital and confirmed funding facilities which the directors consider are sufficient to fully mitigate the risks due to the current economic environment.

 

As per note 26 the group is party to a multilateral guarantee with related party businesses. The directors have reviewed the financial projections of one of these related party businesses and have identified a potential cash flow shortfall during the 12 months from the date of approval of these financial statements. The directors have a clear strategy for ensuring these funds will be available to meet the necessary cash requirements in that business and have taken steps to implement this strategy. The directors have a reasonable expectation that related party businesses have adequate financial and other resources to continue in operational existence for the foreseeable future. Accordingly, they continue to prepare the financial statements on a going concern basis.

1.4
Turnover

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

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 over their useful lives on the following bases:

Leasehold improvements
33% Straight Line
Fixtures, fittings, plant and machinery
Computer Equipment 20%-33% Straight Line                     Fixtures&Fittings 15% Reducing Balance, 25% Straight Line                            Plant and Machinery 15%-25% Reducing Balance
Motor vehicles
Vehicles 25% Reducing Balance                                                    Trailers 15% Reducing Balance

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 recognised in the profit and loss account.

FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. 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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group 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 group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
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.

1.10
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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.

FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 22 -
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 group 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 group after deducting all of its liabilities.

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

 

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.

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 23 -
1.11
Equity instruments

Equity instruments issued by the group 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 group.

1.12
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 group’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 if, and only if, there is 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.

1.13
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.

1.14
Retirement benefits

The pension costs charged in the financial statements represent the contribution payable by the group during the year.

 

The group operates a defined contribution pension scheme on behalf of the directors and certain employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £297,534 (2023 £223,602). Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end. At the year end contributions payable amounted to £36,939 (2023 £38,977).

FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 24 -
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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

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 of Plant, Property and Equipment

Plant, property and equipment is measured at cost less depreciation at each year end date. Depreciation is recognised so as to write off the cost or valuation of asset less their residual values over the useful lives per accounting policy 1.4.

 

The Company estimates the useful lives of property, plant and equipment based on the period over which the assets are expected to be available for use. The estimated useful lives of property, plant and equipment are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the relevant assets.

Provision for doubtful debts

Provision for doubtful debts is made based on a review of all outstanding accounts as at the balance sheet date. A considerable amount of judgement and estimate is required in assessing the ultimate realisation of these receivables, including the creditworthiness, the past collection history of each customer and subsequent collection up to date of report. The provision is updated as and when required to ensure any doubtful balance has been fully accounted for.

FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
3
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
Haulage
19,474,340
19,076,324
Warehousing
4,258,718
4,653,068
Fuel sales and other recharges
2,021,356
1,990,956
25,754,414
25,720,348
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
25,754,414
25,720,348
2024
2023
£
£
Other revenue
Interest income
218,592
163,528
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
333,623
293,118
Depreciation of tangible fixed assets held under finance leases
1,316,322
1,195,886
Loss/(profit) on disposal of tangible fixed assets
22,894
(36,998)
Operating lease charges
1,206,997
1,228,845
5
Auditor's remuneration
2024
2023
Fees payable to the group's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,550
3,280
Audit of the company's subsidiaries
25,720
24,495
29,270
27,775
For other services
Taxation compliance and all other non-audit services
2,859
6,465
FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
6
Employees

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

2024
2023
Number
Number
Executive directors
5
5
Drivers, fitters and workshop staff
261
270
266
275

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
9,485,312
9,183,507
Social security costs
887,277
907,968
Pension costs
297,534
223,602
10,670,123
10,315,077
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
546,592
524,268
Company pension contributions to defined contribution schemes
29,416
25,225
576,008
549,493
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 4).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
126,518
120,560
Company pension contributions to defined contribution schemes
15,000
11,000

 

FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
218,592
163,528
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
202,604
159,845
Other finance costs:
Interest on finance leases and hire purchase contracts
275,522
201,417
Total finance costs
478,126
361,262
10
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
43,345
(39,168)

The actual charge/(credit) 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
158,435
172,156
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
39,609
43,039
Tax effect of expenses that are not deductible in determining taxable profit
2,083
3,001
Tax effect of utilisation of tax losses not previously recognised
(141,819)
-
0
Unutilised tax losses carried forward
-
0
587,141
Permanent capital allowances in excess of depreciation
100,127
(631,316)
Other permanent differences
-
0
(1,865)
Origination and reversal of timing differences
43,345
(39,168)
Taxation charge/(credit)
43,345
(39,168)
FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
11
Tangible fixed assets
Group
Leasehold improvements
Fixtures, fittings, plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
48,742
1,789,899
14,440,469
16,279,110
Additions
-
0
64,107
1,743,864
1,807,971
Disposals
-
0
(800)
(589,897)
(590,697)
At 30 September 2024
48,742
1,853,206
15,594,436
17,496,384
Depreciation and impairment
At 1 October 2023
42,559
1,464,457
7,948,012
9,455,028
Depreciation charged in the year
6,183
80,156
1,563,606
1,649,945
Eliminated in respect of disposals
-
0
-
0
(520,272)
(520,272)
At 30 September 2024
48,742
1,544,613
8,991,346
10,584,701
Carrying amount
At 30 September 2024
-
0
308,593
6,603,092
6,911,686
At 30 September 2023
6,183
325,444
6,492,459
6,824,086
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
4,185,681
5,938,908
-
0
-
0
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
535,750
535,750
FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
535,750
Carrying amount
At 30 September 2024
535,750
At 30 September 2023
535,750
13
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Indirect
Fergusons Transport Limited
Northumberland Business Park West, Cramlington, Northumberland, NE23 7RH
Logistical operations
Ordinary & A Redeemable Preference
89.00
Redpath of Wooler Limited
Northumberland Business Park West, Cramlington, Northumberland, NE23 7RH
Dormant and exempt from audit
Ordinary
89.00

The investments in subsidiaries are all stated at cost. Fergusons Transport Limited is the immediate parent of Redpath of Wooler Limited with 100% shareholding.

14
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
7,480,437
7,865,622
-
-
Equity instruments measured at cost less impairment
-
-
535,750
535,750
Carrying amount of financial liabilities
Measured at amortised cost
11,789,122
11,970,615
-
-
FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
154,507
192,482
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,880,804
4,320,138
-
0
-
0
Amounts due from associate undertakings
3,589,149
3,537,896
-
-
Other debtors
10,484
7,588
-
0
-
0
Prepayments and accrued income
1,556,512
1,278,489
-
0
-
0
9,036,949
9,144,111
-
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
2,660,558
2,349,260
-
0
-
0
Obligations under finance leases
20
1,483,635
1,550,918
-
0
-
0
Trade creditors
2,728,563
3,071,591
-
0
-
0
Other taxation and social security
1,377,151
1,348,044
-
-
Other creditors
48,111
32,151
-
0
-
0
Accruals and deferred income
1,226,388
1,300,644
-
0
-
0
9,524,406
9,652,608
-
0
-
0

The directors consider that the carrying amount of trade creditors approximates to their fair value.

 

18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
3,641,867
3,666,051
-
0
-
0

The directors consider that the carrying amount of obligations under finance leases approximates to their fair value.

FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
18
Creditors: amounts falling due after more than one year
(Continued)
- 31 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
67,948
244,342
-
-
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank credit facility
2,187,179
2,284,876
-
0
-
0
Bank overdrafts
473,379
64,384
-
0
-
0
2,660,558
2,349,260
-
-
Payable within one year
2,660,558
2,349,260
-
0
-
0

The bank overdrafts are secured by a full mortgage debenture and legal charges over the assets of the company and the bank credit facility is secured by a fixed charge over book debts.

 

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,735,819
1,783,642
-
0
-
0
In two to five years
3,917,808
3,787,399
-
0
-
0
In over five years
69,561
255,392
-
0
-
0
5,723,188
5,826,433
-
-
Less: future finance charges
(597,686)
(609,464)
-
0
-
0
5,125,502
5,216,969
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. 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 3 to 7 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
21
Deferred taxation

Deferred tax assets and liabilities are offset where the group or 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
Group
£
£
Accelerated capital allowances
1,264,823
1,363,296
Tax losses
(835,554)
(977,372)
429,269
385,924
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
385,924
-
Charge to profit or loss
43,345
-
Liability at 30 September 2024
429,269
-

The deferred tax liability set out above is not expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

 

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
297,534
223,602

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
106,150 Ordinary shares of £1 each
106,150
106,150

The company has one class of ordinary shares which carry no right to fixed income.

 

FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 33 -
24
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
429,600
429,600
429,600
429,600

Share premium relates to a premium paid for the ordinary share capital of Fergusons Transport Limited. There have been no changes in share premium in the year.

25
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
1,352,320
1,183,466
-
-
Profit for the year
83,206
168,854
-
0
-
0
At the end of the year
1,435,526
1,352,320
-
0
-
26
Financial commitments, guarantees and contingent liabilities

The company is party to a multilateral guarantee given by Fergusons Blyth Limited, Fergytrux Limited, Fergyprops Limited, Ad Gefrin Distillery Limited, Ad Gefrin LLP and Fergusons Transport Limited to secure the bank borrowings of the Fergusons group of companies. At the year end, the total amount of borrowing covered under this guarantee was £20,158,844 (2023 £20,366,252).

 

27
Operating lease commitments

Operating lease payments represent rentals payable by the group for certain items of plant and machinery, motor vehicles and property. Leases are negotiated for an average term of 3-5 years. All renewals must be agreed with the Lessor.

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,209,027
1,206,361
-
-
Between two and five years
2,881,549
3,817,474
-
-
In over five years
458,800
688,200
-
-
4,549,376
5,712,035
-
-
FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 34 -
28
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
1,265,000
-
-
FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 35 -
29
Related party transactions
Transactions with related parties

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

Sale of goods
Purchase of goods
2024
2023
2024
2023
£
£
£
£
Group
Entities with control, joint control or significant influence over the group
107,849
95,007
2,817,405
2,591,196
Key management personnel
2,849
3,650
-
10,175
Other related parties
10,070
12,939
299,536
315,822
120,768
111,596
3,116,941
2,917,193

The following amounts were outstanding at the reporting end date:

Amounts owed to related parties
2024
2023
£
£
Entities with control, joint control or significant influence over the group
894,861
788,424
Other related parties
89,861
95,261
984,722
883,685

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts owed by related parties
£
£
Entities with control, joint control or significant influence over the company
6,600
1,846
Key management personnel
411
251
Other related parties
2,701
11,068
9,712
13,165

 

The company is party to the multilateral guarantee detailed in note 26. The guarantee secures the bank borrowings of this company, its subsidiary and other companies with joint control over the company.

At the year end, an unsecured loan of £3,589,149 (2023 £3,537,896) was owed by an entity under joint control. There are no fixed terms of repayment and interest is payable at 2% above UK base rate. During the year, interest of £239,149 (2023 £163,528) was receivable on this loan. Additionally, included within accruals is an amount of £100,000 (2023 £197,764) in respect of the provision of management services from this entity.

 

There are no provisions against any of the year-end recoverable amounts from related parties.

 

All transactions were conducted on an arms-length basis with no discounts applied. All amounts are unsecured unless otherwise stated.

FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 36 -
30
Directors' transactions

Within this company, ordinary dividends totalling £0 (2023 £0) were paid in the year in respect of shares held by the company's directors.

 

Within a subsidiary, preference dividends totalling £21,600 (2023 £21,600) and dividends totalling £19,082 (2023 £26,834 ) were paid in the year in respect of 'M' ordinary shares held by the company's directors.

31
Controlling party

Mr. A. Ferguson, a director of the company, and members of his close family, control the entity as a result of controlling directly or indirectly 89% of the issued share capital of ultimate parent company.

32
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
115,090
211,324
Adjustments for:
Taxation charged/(credited)
43,345
(39,168)
Finance costs
478,126
361,262
Investment income
(218,592)
(163,528)
Loss/(gain) on disposal of tangible fixed assets
23,176
(37,825)
Depreciation and impairment of tangible fixed assets
1,649,945
1,489,004
Movements in working capital:
Decrease in stocks
37,975
2,613
Decrease/(increase) in debtors
107,162
(1,401,243)
(Decrease)/increase in creditors
(372,217)
1,093,075
Cash generated from operations
1,864,010
1,515,514
33
Analysis of changes in net debt - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
2
-
2
Bank overdrafts
(64,384)
(408,995)
(473,379)
(64,382)
(408,995)
(473,377)
Borrowings excluding overdrafts
(2,284,876)
97,697
(2,187,179)
Obligations under finance leases
(5,216,969)
91,467
(5,125,502)
(7,566,227)
(219,831)
(7,786,058)
FERGYTRUX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 37 -
34
Analysis of changes in net funds - company
1 October 2023
30 September 2024
£
£
Cash at bank and in hand
-
-
2024-09-302023-10-01falsefalseCCH SoftwareCCH Accounts Production 2025.100A. FergusonE. FergusonS. WhitakerS. WhitakerH. Whitakerfalse05919848bus:Consolidated2023-10-012024-09-30059198482023-10-012024-09-3005919848bus:Director12023-10-012024-09-3005919848bus:Director22023-10-012024-09-3005919848bus:CompanySecretaryDirector12023-10-012024-09-3005919848bus:Director32023-10-012024-09-3005919848bus:CompanySecretary12023-10-012024-09-3005919848bus:Director42023-10-012024-09-3005919848bus:RegisteredOffice2023-10-012024-09-3005919848bus:Agent12023-10-012024-09-3005919848bus:Consolidated2024-09-30059198482024-09-3005919848bus:Consolidated2022-10-012023-09-30059198482022-10-012023-09-3005919848bus:Consolidated2023-09-3005919848core:LeaseholdImprovementsbus:Consolidated2024-09-3005919848core:FurnitureFittingsbus:Consolidated2024-09-3005919848core:LeaseholdImprovementsbus:Consolidated2023-09-3005919848core:FurnitureFittingsbus:Consolidated2023-09-3005919848core:MotorVehiclesbus:Consolidated2023-09-3005919848core:ShareCapitalbus:Consolidated2024-09-3005919848core:ShareCapitalbus:Consolidated2023-09-3005919848core:SharePremiumbus:Consolidated2024-09-3005919848core:SharePremiumbus:Consolidated2023-09-3005919848core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-09-3005919848core:Non-controllingInterestsbus:Consolidated2024-09-3005919848core:Non-controllingInterestsbus:Consolidated2023-09-3005919848core:ShareCapital2024-09-3005919848core:ShareCapital2023-09-3005919848core:SharePremium2024-09-3005919848core:SharePremium2023-09-3005919848core:ShareCapitalbus:Consolidated2022-09-3005919848core:SharePremiumbus:Consolidated2022-09-3005919848core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-09-3005919848core:ShareCapital2022-09-3005919848core:SharePremium2022-09-30059198482023-09-3005919848core:RetainedEarningsAccumulatedLosses2024-09-3005919848bus:Consolidated2022-09-3005919848core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-10-012024-09-3005919848core:FurnitureFittings2023-10-012024-09-3005919848core:MotorVehicles2023-10-012024-09-3005919848core:NetGoodwill2023-09-3005919848bus:Consolidated12023-10-012024-09-3005919848bus:Consolidated12022-10-012023-09-3005919848bus:Consolidated22023-10-012024-09-3005919848bus:Consolidated22022-10-012023-09-3005919848core:LeaseholdImprovementsbus:Consolidated2023-09-3005919848core:FurnitureFittingsbus:Consolidated2023-09-3005919848core:LeaseholdImprovementsbus:Consolidated2023-10-012024-09-3005919848core:FurnitureFittingsbus:Consolidated2023-10-012024-09-3005919848core:MotorVehiclesbus:Consolidated2023-10-012024-09-3005919848core:MotorVehiclesbus:Consolidated2024-09-3005919848core:MotorVehicles2024-09-3005919848core:MotorVehicles2023-09-3005919848core:Subsidiary12023-10-012024-09-3005919848core:Subsidiary22023-10-012024-09-3005919848core:Subsidiary112023-10-012024-09-3005919848core:CurrentFinancialInstruments2024-09-3005919848core:CurrentFinancialInstruments2023-09-3005919848core:CurrentFinancialInstrumentsbus:Consolidated2024-09-3005919848core:CurrentFinancialInstrumentsbus:Consolidated2023-09-3005919848core:WithinOneYearbus:Consolidated2024-09-3005919848core:WithinOneYearbus:Consolidated2023-09-3005919848core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3005919848core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3005919848core:Non-currentFinancialInstrumentsbus:Consolidated2024-09-3005919848core:Non-currentFinancialInstrumentsbus:Consolidated2023-09-3005919848core:Non-currentFinancialInstruments2024-09-3005919848core:Non-currentFinancialInstruments2023-09-3005919848core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-09-3005919848core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-09-3005919848core:WithinOneYear2024-09-3005919848core:WithinOneYear2023-09-3005919848core:BetweenTwoFiveYearsbus:Consolidated2024-09-3005919848core:BetweenTwoFiveYearsbus:Consolidated2023-09-3005919848core:BetweenTwoFiveYears2024-09-3005919848core:BetweenTwoFiveYears2023-09-3005919848core:MoreThanFiveYearsbus:Consolidated2024-09-3005919848core:MoreThanFiveYearsbus:Consolidated2023-09-3005919848core:MoreThanFiveYears2024-09-3005919848core:MoreThanFiveYears2023-09-3005919848bus:PrivateLimitedCompanyLtd2023-10-012024-09-3005919848bus:FRS1022023-10-012024-09-3005919848bus:Audited2023-10-012024-09-3005919848bus:ConsolidatedGroupCompanyAccounts2023-10-012024-09-3005919848bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP