Company registration number 00325778 (England and Wales)
FERGUSONS TRANSPORT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
FERGUSONS TRANSPORT LIMITED
COMPANY INFORMATION
Directors
A Ferguson
E Ferguson
A Wappat
H Whitaker
S Whitaker
M Arkle
H Dixon-Patterson
Secretary
H Whitaker
Company number
00325778
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
FERGUSONS TRANSPORT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 31
FERGUSONS TRANSPORT 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 company.

 

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.

FERGUSONS TRANSPORT 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
FERGUSONS TRANSPORT 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 company continued to be that of logistical operations, comprising haulage, handling and storage.

Results and dividends

The results for the year are set out on page 10. Interim dividends were paid amounting to £41,987 (2023 £59,044) in respect of the 'M' Ordinary shares. Interim dividends amounting to £21,600 (2023 £21,600) have been paid in respect of the 'B' Preference shares. The directors do not recommend payment of a final dividend with regards to either class of share.

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
A Wappat
H Whitaker
S Whitaker
M Arkle
S Arkle
(Resigned 28 February 2025)
H Dixon-Patterson
Financial instruments
Liquidity risk

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

Interest rate risk

The company 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 effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company 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 company's policy is to consult and discuss with employees any significant matters likely to affect their interests.

The company continues to engage with its UK employees through meetings and forums in order to ensure their interests are considered in the context of the company’s principal decisions.

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

The company 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 24 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 company 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

In accordance with the company's articles, a resolution proposing that Greaves West & Ayre be reappointed as auditor of the company will be put at a General Meeting.

Energy and carbon report

As the company is not classed as a large company in this reporting period, it is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

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

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

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FERGUSONS TRANSPORT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
Statement of disclosure to auditor

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

On behalf of the board
A Ferguson
Director
28 May 2025
FERGUSONS TRANSPORT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FERGUSONS TRANSPORT LIMITED
- 6 -
Opinion

We have audited the financial statements of Fergusons Transport Limited (the 'company') for the year ended 30 September 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

 

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

FERGUSONS TRANSPORT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FERGUSONS TRANSPORT 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 company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

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

FERGUSONS TRANSPORT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FERGUSONS TRANSPORT 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
FERGUSONS TRANSPORT LIMITED
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
115,090
211,324

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

FERGUSONS TRANSPORT LIMITED
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
FERGUSONS TRANSPORT LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
6,911,686
6,824,086
Investments
13
2
2
6,911,688
6,824,088
Current assets
Stocks
15
154,507
192,482
Debtors
16
9,036,949
9,144,111
9,191,456
9,336,593
Creditors: amounts falling due within one year
17
(9,524,406)
(9,652,608)
Net current liabilities
(332,950)
(316,015)
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
Deferred tax liability
21
(429,269)
(385,924)
Net assets
2,507,602
2,456,098
Capital and reserves
Called up share capital
23
1,190,021
1,190,021
Share premium account
47,498
47,498
Profit and loss reserves
1,270,083
1,218,579
Total equity
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:
A Ferguson
Director
Company Registration No. 00325778
FERGUSONS TRANSPORT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
1,190,021
47,498
1,087,899
2,325,418
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
211,324
211,324
Dividends
11
-
-
(80,644)
(80,644)
Balance at 30 September 2023
1,190,021
47,498
1,218,579
2,456,098
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
115,090
115,090
Dividends
11
-
-
(63,587)
(63,587)
Balance at 30 September 2024
1,190,021
47,498
1,270,083
2,507,602
FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
1
Accounting policies
Company information

Fergusons Transport Limited is a private company limited by shares incorporated in England and Wales. The registered office is Northumberland Business Park West, Cramlington, Northumberland, NE23 7RH.

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.

This 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:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Fergusons Transport Limited is a subsidiary of Fergytrux Limited which owns 89% of its ordinary shares. The results of Fergusons Transport Limited are included in the consolidated financial statements of Fergytrux Limited which are publicly available.

FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.2
Going concern

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

 

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 company 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 company’s financial performance and position beyond that already anticipated by the forecasts, the company 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 24 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. 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.

1.3
Turnover

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

 

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.

1.4
Tangible fixed assets

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

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

Leasehold Property Improvements
33% Straight Line
Fixtures, Fittings, Plant and Machinery
Computer Equipment 20%-33% Straight Line
Fixtures&Fittings 15% Reducing Balance, 25% Straight Line
Plant & 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 credited or charged to profit or loss.

FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Fixed asset investments

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

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

1.6
Impairment of fixed assets

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

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.

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.

1.7
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.

1.8
Cash and cash equivalents

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

FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Financial instruments

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

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

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

 

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 company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
Taxation

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

Current tax

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

FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Deferred tax

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

 

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

1.12
Employee benefits

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

 

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

 

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

1.13
Retirement benefits

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

 

The company 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 company in an independently administered fund. The pension cost charge represents contributions payable by the company 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).

1.14
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.

FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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.

3
Turnover and other revenue

An analysis of the company'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
FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other significant 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 company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
25,720
24,495
6
Employees

The average monthly number of persons (including directors) employed by the 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
FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
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 (2023 - 4).

Remuneration disclosed above include 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
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 bank overdrafts and loans
202,604
159,845
Interest on finance leases and hire purchase contracts
275,522
201,417
478,126
361,262
10
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
43,345
(39,168)
FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Taxation
(Continued)
- 23 -

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) for the year
43,345
(39,168)
11
Dividends
2024
2023
£
£
Interim paid
63,587
80,644
FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
12
Tangible fixed assets
Leasehold improvements
Fixtures, Fittings, Plant and Machinery
Motor Vehicles
Total
£
£
£
£
Cost
At 1 October 2023
48,742
1,789,899
14,440,470
16,279,111
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
15,594,437
17,496,385
Depreciation and impairment
At 1 October 2023
42,559
1,464,457
7,948,010
9,455,026
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
8,991,344
10,584,699
Carrying amount
At 30 September 2024
-
0
308,593
6,603,093
6,911,686
At 30 September 2023
6,183
325,444
6,492,459
6,824,086

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

2024
2023
£
£
Motor Vehicles
4,185,681
5,938,908
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
2
2
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 & 30 September 2024
2
Carrying amount
At 30 September 2024
2
At 30 September 2023
2
FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
14
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held
Direct
Indirect
Redpath of Wooler Limited
Northumberland Business West Park West, Cramlington, Northumberland, NE23 7RH
Dormant and exempt from audit
Ordinary
100.00
0
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Redpath of Wooler Limited
2
-
0
15
Stocks
2024
2023
£
£
Raw materials and consumables
154,507
192,482
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,880,804
4,320,138
Amounts due from associate undertakings
3,589,149
3,537,896
Other debtors
10,484
7,588
Prepayments and accrued income
1,556,512
1,278,489
9,036,949
9,144,111
FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
2,660,558
2,349,260
Obligations under finance leases
20
1,483,635
1,550,918
Trade creditors
2,728,563
3,071,591
Taxation and social security
1,377,151
1,348,044
Other creditors
48,111
32,151
Accruals and deferred income
1,226,388
1,300,644
9,524,406
9,652,608

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
2024
2023
Notes
£
£
Obligations under finance leases
20
3,641,867
3,666,051

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

Amounts included above which fall due after five years are as follows:
Payable by instalments
67,948
244,342
19
Loans and overdrafts
2024
2023
£
£
Bank credit facility
2,187,179
2,284,876
Bank overdrafts
473,379
64,384
2,660,558
2,349,260
Payable within one year
2,660,558
2,349,260

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.

 

 

FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
20
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
1,735,819
1,783,642
In two to five years
3,917,808
3,787,399
In over five years
69,561
255,392
5,723,188
5,826,433
Less: future finance charges
(597,686)
(609,464)
5,125,502
5,216,969

Finance lease payments represent rentals payable by the company 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.

21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,264,823
1,363,296
Tax losses
(835,554)
(977,372)
429,269
385,924
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.

FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
297,534
223,602

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

23
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
106,150 Ordinary shares of £1 each
106,150
106,150
13,121 Ordinary M shares of £1 each
13,121
13,121
119,271
119,271
Preference share capital
Issued and fully paid
540,000 'B' Preference shares of £1 each
540,000
540,000
530,750 'A' Preference shares of £1 each
530,750
530,750
1,070,750
1,070,750

The 106,150 ordinary shares have full voting, dividend and capital distribution (including on winding up) rights attached to them; they do not confer any rights of redemption.

 

The 13,121 'M' ordinary shares have separate dividend entitlement which is determined by the directors, voting rights (limited to a maximum 15% for the class as a whole) and full participation in return of surplus capital in the event of wind up.

 

The 530,750 'A' preference shares are limited to £1 on winding up and are non-voting. The shares are redeemable at the company's option at some future date. The shares are entitled to a maximum annual dividend rate of 10% of nominal value and are paid at the discretion of the company.

 

The 540,000 'B' preference shares are limited to £1 on winding up and are non-voting. The shares are redeemable at the company's option at some future date. The shares are entitled to a maximum annual dividend rate of 4% of nominal value. If it is agreed to pay any dividend, a dividend must first be paid on the 'B' preference shares before any payment in respect of the Ordinary, Ordinary M and 'A' Preference shares.

 

24
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).

 

FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
25
Operating lease commitments

Operating lease payments represent rentals payable by the company 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 company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

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
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
-
1,265,000
27
Related party transactions
Transactions with related parties

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

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
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
FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
27
Related party transactions
(Continued)
- 30 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
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 due from 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
Other information

The company is party to the multilateral guarantee detailed in note 24. The guarantee secures the bank borrowings of its parent company 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 1.5% 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.

28
Directors' transactions

Dividends totalling £21,600 (2023: £21,600) were paid in the year in respect of 'B' preference shares held by the company's directors. Dividends totalling £19,082 (2023: £26,834) were also paid in the year in respect of 'M' ordinary shares held by the company's directors.

29
Ultimate controlling party

The parent company of Fergusons Transport Ltd is Fergytrux Ltd, which owns 89% of its ordinary shares and is a company registered in the UK.

FERGUSONS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
29
Ultimate controlling party
(Continued)
- 31 -

The following are the parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
Fergytrux Limited
Smallest group
Fergytrux Limited

Group accounts are available to the public, copies of the accounts can be obtained from Companies House.

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