Company registration number 00587618 (England and Wales)
LEEDS COMMERCIAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
LEEDS COMMERCIAL LIMITED
COMPANY INFORMATION
Directors
Mr C J Miller
Mr P R Bumford
Mr J G Wilson
Mr L D Margel
Company number
00587618
Registered office
The Old Test Station
Patrick Green
Leeds
West Yorkshire
England
LS26 8HE
Auditor
BHP LLP
Mayesbrook House
Lawnswood Business Park
Redvers Close
Leeds
LS16 6QY
Solicitors
Bury & Walkers LLP
Britannic House
Regent Street
Barnsley
South Yorkshire
S70 2EQ
LEEDS COMMERCIAL LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
LEEDS COMMERCIAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

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

Review of the business

The company has continued to maintain six operating depots: Leeds, Bradford, Barnsley, Sherburn, Manchester and Bristol. All depots were fully operational during the year and have contributed positively to the result for the year.

 

Turnover remained broadly flat for the year at £41.44M (2023 - £41.58M). Political uncertainty before and after the election impacted some of our key construction sectors including utilities and highways.

 

The company remains confident about future business prospects and invested £30.2M in new vehicles. The fleet size steadily increased to end the year at 2,106 vehicles (2023 – 1,993) up 5.7%. The original cost of the fleet increased 5.4% to £139.7M (2023 - £132.5M)

 

The number of second-hand fleet vehicles sold reduced 9% year-on-year and represented 19% of the fleet. The high cost of new vehicles in the marketplace sustained high selling values of second-hand equipment and margins on disposal remained better than the Board had expected, but they were still lower than last year. The combination of lower volumes and margins compared with last year reduced profits on disposal by £1.1M year on year.

 

Gross profit declined £3.0M year on year to £16.4M (2023 – £19.4M) due mainly to the increase in fleet depreciation, up £1.1M, lower profits on fleet disposals, down £1.1M, and higher employment costs, up £0.7M. Gross profit % fell by 7.1 % to 39.7%.

 

The fall in gross profit is reflected in the profit before tax which decreased year on year by £3.1M to £8.7M. After-tax profits decreased by £2.6M to £6.5M. Dividends of £3.0M were declared and net assets increased by £3.5M to £52.1M.

 

Overall, the result beat the Board’s expectations at the start of the year mainly due to better than expected margins on second-hand vehicle sales.

 

The closing hire purchase obligation increased 6.6% year on year and at the year-end represented 54.6% (2023 – 53.2%) of the fleet net book value.

Post balance sheet events

The higher level of borrowing at the year-end released funds which were held as cash pending the acquisition of the freehold property adjacent to the existing premises at Patrick Green, Leeds. The premises were acquired on 4 November 2024 at a price of £5.0M.

LEEDS COMMERCIAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Principal risks and uncertainties

The commercial vehicle hire market continues to be highly competitive with rental rates remaining under pressure. This could result in a loss of key customers to competitors. The company manages this risk by developing and maintaining strong relationships with key customers and ensuring it offers a market leading level of service.

The company recognises the risks arising from of a failure to deliver key support and engineering services to the highest standards. The business has an unwavering dedication to maintenance compliance and health and safety which means customers can be reassured about the quality and condition of the vehicles. The company has invested in the latest IT systems to manage, schedule and control maintenance. In addition, it works with vehicle manufacturers and bodybuilders to improve and develop the fleet with better and safer methods of working for drivers and operators.

The business needs to secure hire purchase funding from lenders to fund the purchase of new vehicles. It currently has a ready source of funding from a carefully selected pool of lenders at very competitive rates. The facilities available from these lenders are significantly in excess of foreseeable requirements.

As is typical in this sector, the balance sheet shows net current liabilities due to the inclusion of future hire purchase payments. These are covered by future rental incomes which provide matching cashflows but are not recognised in current assets until billed. Any vehicle which is not adequately utilised would be sold to settle any outstanding hire purchase liability. Hire purchase terms are such that residual values on sale exceed the outstanding hire purchase liability. The business also maintains a substantial pool of new vehicles available for re-financing which provide additional liquidity in addition to normal banking facilities. Budgets and cashflow forecasts are used by the directors, with substantial safety margins, to ensure that liabilities are met as they fall due.

The company’s borrowings are a mix of fixed and variable interest rates. Any increases in the variable rate would increase future borrowing costs. The directors monitor interest rate fluctuations and would consider available financial instruments to limit exposure should the need arise. No such financial instruments are currently considered necessary.

The construction sector has always been a key sector for the business due to its need for large volumes of specialist vehicles but the business continues to seek opportunities to diversify its client base into other areas to reduce its exposure to any one sector.

The realisable value of the fleet at the point of disposal depends on the state of the used vehicle market at the time. This can be volatile due to fluctuations in demand, exchange rates and the cost of new vehicles. Consequently, depreciation rates are set to ensure vehicle carrying values are not overstated.

Factors in the general economy which can potentially impact the business include inflation, interest rates and wider supply chain issues. At the present time the directors’ have no specific areas of significant concern but will continue to monitor the impact of these issues. We remain vigilant for signs of change in the wider economy.

The directors are conscious of the increasing impact of environmentally friendly regulations. The risk is mitigated by our fleet replacement policy which ensures that vehicles meet the latest technical specifications and standards. At the year-end the average age of fleet vehicles was 2.5 years.

LEEDS COMMERCIAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Key performance indicators

 

 

Year on year variance*

 

 

%

Turnover

Down

(0.3%)

Gross profit

Down

(15.5%)

Gross profit %

Down

(7.1%)

Administrative expenses

Up

(1.8%)

Hire purchase interest payable

Up

(8.7%)

Profit before tax

Down

(26.4%)

 

 

 

Original cost of fleet

Up

5.4%

NBV of fleet

Up

3.8%

Fleet size

Up

5.7%

Utilisation rates

Down

(3.4%)

 

 

 

Hire purchase obligations

Up

(6.6%)

Ratio of hire purchase obligations to NBV

Up

(1.4%)

 

 

 

Employees

Up

7.5%

 

 

 

*Note – a positive variance indicates an increase in incomes and assets or decrease in costs and liabilities

 

Non-financial KPIs include MOT pass rates which we expect to be exceptionally high due to our rigorous maintenance procedures. Any failures are fully investigated and reported.

 

Health & Safety statistics are monitored recording actual accidents and near misses with the aim reducing accidents to an absolute minimum. There were no major/RIDDOR reportable incidents, 3 minor accidents, no lost time accidents and no reported near misses in the financial year.

 

Staff turnover is monitored. During the year the number of leavers represented 13% (2023 – 16%) of the average workforce. Having regard to the specific circumstances of each individual case and the nature of some work within the business the directors consider this to be normal for the sector.

Future Developments

The directors anticipate that the company will remain profitable in the year to 30 September 2025. Although the market is competitive, demand for the rental fleet has remained very strong. Fleet numbers are increasing in line with customer demand. The results in the first quarter have been encouraging.

The company will continue to seek new opportunities to grow organically and through acquisition but only when growth can be achieved profitably.

On behalf of the board

Mr C J Miller
Director
14 March 2025
LEEDS COMMERCIAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

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 commercial vehicle hire.

Results and dividends

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

Ordinary dividends were paid amounting to £3,000,000. The directors do not recommend payment of a final dividend.

Directors

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

Mr C J Miller
Mr P R Bumford
Mr J G Wilson
Mr L D Margel
Auditor

The auditor BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

This Streamlined Energy and Carbon Report ("SECR") relates to the activities of Leeds Commercial Limited for the financial year 1st October 2023 - 30th September 2024.

 

Financial Year

2024

2023

% Change

Energy (kWh)

 

 

 

 

 

 

 

Total Energy Consumption

2,937,554

3,219,130

-9%

Fuels Used in Company Premises

1,133,776

1,214,176

-7%

Fuels Used in Company Vehicles

1,203,528

1,398,485

-14%

Purchased Electricity

600,250

606,470

-1%

Business Travel (Grey Fleet)

0

0

-

 

 

 

 

Emissions (tCO2e)

 

 

 

 

 

 

 

Total Emissions

638

703

-9%

Fuels Used in Company Premises

207

222

-7%

Fuels Used in Company Vehicles

306

355

-14%

Purchased Electricity

124

126

-1%

Business Travel (Grey Fleet)

0

0

-

 

 

 

 

Intensity Ratio

 

 

 

 

 

 

 

Turnover

£41,444,509

£41,580,633

-0.3%

tCO2e per £1,000,000 of turnover

15.37

16.90

-9%

 

LEEDS COMMERCIAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -

Methodology

The GHG assessment was conducted with the support of Nero Carbon LTD. The methodology of Nero’s GHG Calculator conforms to The GHG Protocol Standard and ISO14064-1. Activity data entered into the calculator were multiplied by conversion factors published by the Department for Environment, Food & Rural Affairs and the Department for Energy Security and Net Zero.


Purchased electricity emissions reported using the location-based method (grid average emissions).

 

Completed Carbon Reduction Initiatives

 

Future Initiatives:

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.

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.

Quality, Environmental and Health & Safety matters

The company is committed to maintaining its Quality, Environmental Management and Health & Safety Systems and is accredited under ISO 9001, ISO 14001 and ISO 45001 respectively.

 

LEEDS COMMERCIAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
On behalf of the board
Mr C J Miller
Director
14 March 2025
LEEDS COMMERCIAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LEEDS COMMERCIAL LIMITED
- 7 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

LEEDS COMMERCIAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LEEDS COMMERCIAL LIMITED (CONTINUED)
- 8 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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;

 

 

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

To address the risks of fraud through management bias and override controls, 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 director’s and other management and the inspection of regulatory and legal correspondence.

 

As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of the nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

Chris Neale (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
Mayesbrook House
Lawnswood Business Park
Redvers Close
Leeds
LS16 6QY
14 March 2025
LEEDS COMMERCIAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
41,444,509
41,580,633
Cost of sales
(25,003,057)
(22,127,081)
Gross profit
16,441,452
19,453,552
Administrative expenses
(5,780,949)
(5,681,127)
Other operating income
157,980
81,730
Operating profit
4
10,818,483
13,854,155
Interest receivable and similar income
8
245,917
161,622
Interest payable and similar expenses
9
(2,326,835)
(2,143,385)
Profit before taxation
8,737,565
11,872,392
Tax on profit
10
(2,245,823)
(2,769,239)
Profit for the financial year
6,491,742
9,103,153

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

LEEDS COMMERCIAL LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
88,674,496
86,068,256
Current assets
Stocks
279,843
551,644
Debtors falling due after more than one year
13
1,566,820
1,550,977
Debtors falling due within one year
13
5,190,074
5,790,691
Cash at bank and in hand
11,982,326
5,363,439
19,019,063
13,256,751
Creditors: amounts falling due within one year
14
(26,324,772)
(23,571,532)
Net current liabilities
(7,305,709)
(10,314,781)
Total assets less current liabilities
81,368,787
75,753,475
Creditors: amounts falling due after more than one year
15
(24,144,736)
(22,565,715)
Provisions for liabilities
Deferred tax liability
18
5,068,710
4,524,161
(5,068,710)
(4,524,161)
Net assets
52,155,341
48,663,599
Capital and reserves
Called up share capital
20
195,300
195,300
Capital redemption reserve
62,825
62,825
Profit and loss reserves
51,897,216
48,405,474
Total equity
52,155,341
48,663,599
The financial statements were approved by the board of directors and authorised for issue on 14 March 2025 and are signed on its behalf by:
Mr C J Miller
Director
Company registration number 00587618 (England and Wales)
LEEDS COMMERCIAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
195,300
62,825
40,302,321
40,560,446
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
9,103,153
9,103,153
Dividends
11
-
-
(1,000,000)
(1,000,000)
Balance at 30 September 2023
195,300
62,825
48,405,474
48,663,599
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
6,491,742
6,491,742
Dividends
11
-
-
(3,000,000)
(3,000,000)
Balance at 30 September 2024
195,300
62,825
51,897,216
52,155,341
LEEDS COMMERCIAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
22,896,008
23,932,590
Interest paid
(2,326,835)
(2,143,385)
Income taxes paid
(1,497,785)
(1,160,994)
Net cash inflow from operating activities
19,071,388
20,628,211
Investing activities
Purchase of tangible fixed assets
(30,303,343)
(32,032,726)
Proceeds from disposal of tangible fixed assets
15,702,713
17,051,969
Interest received
245,917
161,622
Net cash used in investing activities
(14,354,713)
(14,819,135)
Financing activities
Increase/(repayment) of borrowings
2,253,221
(2,464,491)
Proceeds of hire purchase agreements
23,270,275
17,787,688
Repayment of hire purchase agreements
(20,621,284)
(22,335,916)
Dividends paid
(3,000,000)
(1,000,000)
Net cash generated from/(used in) financing activities
1,902,212
(8,012,719)
Net increase/(decrease) in cash and cash equivalents
6,618,887
(2,203,643)
Cash and cash equivalents at beginning of year
5,363,439
7,567,082
Cash and cash equivalents at end of year
11,982,326
5,363,439
LEEDS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
1
Accounting policies
Company information

Leeds Commercial Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Test Station, Patrick Green, Leeds, West Yorkshire, England, LS26 8HE.

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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At 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. true

 

As covered in the Strategic Report and is typical in this sector, the balance sheet shows net current liabilities due to the inclusion of future hire purchase payments. The directors are confident that future rental incomes from hired-out vehicles, or the sales receipts receivable from vehicles no longer required, will exceed the hire purchase obligations falling due at any time. In addition, the directors have access to numerous unutilised and agreed lending facilities and substantial unencumbered assets due to the level of equity in the balance sheet.

 

The Directors have also considered the impact of the current economic environment and are confident in the ability of the business to generate sufficient cash to mitigate the risk of rising interest rates and inflationary pressure in the supply chain on cash flow.

 

Consequently the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover on contract and hire sales is recognised in the period in which the services are provided. Turnover is measured at the fair value of the consideration received or receivable, 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.

 

Turnover from the supply of related services such as vehicle repairs is recognised at the point the service is provided.

 

 

 

 

 

 

 

 

 

 

LEEDS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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:

Freehold buildings
2% to 10% straight line
Leasehold buildings
Over the life of the lease
Fixtures and fittings
25% reducing balance
Motor vehicles
20% reducing balance
Motor vehicles for hire
20% reducing balance

Freehold land and assets in the course of construction are not depreciated.

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 cost of sales.

Included within Motor vehicles for hire are vehicles under construction. There is no depreciation charged on these until the asset is available for use.

1.5
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.

1.6
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.

LEEDS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.7
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.

LEEDS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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.

Derecognition of financial liabilities

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

1.8
Equity instruments

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

1.9
Taxation

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

Current tax

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

Deferred tax

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

 

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

LEEDS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.10
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.

1.11
Retirement benefits

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

1.12
Leases

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

 

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

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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.

LEEDS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty

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

Depreciation

The depreciation policy has been set according to management's experience of the useful lives of a typical asset in each category. It is not considered practical to use a per unit basis to allocate depreciation. The depreciation charged during the year was £19,134,028 (2023: £18,112,930) which the directors feel is a fair reflection of the benefits derived from consumption of the tangible fixed assets in use during the period.

 

In respect of motor vehicles a full year of depreciation is charged in the year of addition and none in the year of disposal because the directors believe this better reflects the consumption of the economic benefit of the assets.

Dilapidations provision

The Directors have determined that a provision is not required in relation to Manchester or Bradford sites because no significant changes to the properties have been made and the properties are being kept in good working condition.

3
Turnover

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

2024
2023
£
£
Turnover analysed by class of business
Hire sales
30,920,656
30,187,331
Contract sales
7,470,879
8,290,128
Fuel sales
358,466
331,513
Repair sales
2,242,880
2,350,622
Miscellaneous sales
451,628
421,039
41,444,509
41,580,633
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
7,450,704
7,493,650
Depreciation of tangible fixed assets held under finance leases
11,683,324
10,619,280
Profit on disposal of tangible fixed assets
(6,985,073)
(8,225,295)
Profit on second hand vehicle trading
(154,565)
-
0
Operating lease charges
129,667
117,665
LEEDS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
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
21,060
20,446
6
Employees

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

2024
2023
Number
Number
Administration & support
43
41
Sales
14
13
Operations
101
93
Total
158
147

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
7,310,552
6,910,597
Social security costs
807,332
778,294
Pension costs
354,683
319,370
8,472,567
8,008,261
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
511,358
581,159
Company pension contributions to defined contribution schemes
146,456
123,448
657,814
704,607
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
159,699
163,244
LEEDS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
132,091
54,842
Other interest income
113,826
106,780
Total income
245,917
161,622
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
132,091
54,842
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
2,250,099
2,070,238
Other interest
76,736
73,147
2,326,835
2,143,385
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,695,203
1,500,371
Adjustments in respect of prior periods
6,071
(85,450)
Total current tax
1,701,274
1,414,921
Deferred tax
Origination and reversal of timing differences
544,549
1,354,318
Total tax charge
2,245,823
2,769,239
LEEDS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Taxation
(Continued)
- 22 -

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

2024
2023
£
£
Profit before taxation
8,737,565
11,872,392
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
2,184,391
2,612,903
Tax effect of expenses that are not deductible in determining taxable profit
9,828
5,263
Adjustments in respect of prior years
6,071
(85,450)
Remeasurement of deferred tax for changes in tax rates
-
0
149,795
Deferred tax movement not recognised
-
0
102,598
Fixed asset differences
45,533
(15,870)
Taxation charge for the year
2,245,823
2,769,239
11
Dividends
2024
2023
£
£
Interim paid
3,000,000
1,000,000
LEEDS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
12
Tangible fixed assets
Freehold buildings
Leasehold buildings
Fixtures and fittings
Motor vehicles
Motor vehicles for hire
Total
£
£
£
£
£
£
Cost
At 1 October 2023
10,665,899
830,603
2,283,762
2,035,791
130,488,472
146,304,527
Additions
-
0
8,009
64,195
249,419
29,981,720
30,303,343
Disposals
-
0
-
0
-
0
(60,270)
(23,016,279)
(23,076,549)
Transfers
-
0
-
0
-
0
(5,404)
5,404
-
0
At 30 September 2024
10,665,899
838,612
2,347,957
2,219,536
137,459,317
153,531,321
Depreciation and impairment
At 1 October 2023
991,257
183,841
1,672,343
798,660
56,590,170
60,236,271
Depreciation charged in the year
167,814
14,316
171,941
276,673
18,503,284
19,134,028
Eliminated in respect of disposals
-
0
-
0
-
0
(28,796)
(14,484,678)
(14,513,474)
Transfers
-
0
-
0
-
0
1,296
(1,296)
-
0
At 30 September 2024
1,159,071
198,157
1,844,284
1,047,833
60,607,480
64,856,825
Carrying amount
At 30 September 2024
9,506,828
640,455
503,673
1,171,703
76,851,837
88,674,496
At 30 September 2023
9,674,642
646,762
611,419
1,237,131
73,898,302
86,068,256

Included within Motor vehicles for hire are vehicles under construction with a cost of £2,903,711 (2023: £4,246,845). These vehicles are held at cost as there is no depreciation charged until the asset becomes available for use.

The net carrying value of tangible fixed assets includes the following in respect of assets held under hire purchase agreements.

2024
2023
£
£
Motor vehicles
46,733,295
42,477,123

Freehold & leasehold land and buildings with a carrying amount of £2,360,417 (2023 - £2,425,038) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

 

Assets under hire purchase obligations are secured against the assets to which they relate.

LEEDS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,508,779
5,216,158
Other debtors
251
1,031
Prepayments and accrued income
681,044
573,502
5,190,074
5,790,691
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
1,566,820
1,550,977
Total debtors
6,756,894
7,341,668
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
17
18,451,816
17,381,846
Other borrowings
16
3,146,210
892,989
Trade creditors
1,113,712
1,105,327
Corporation tax
951,455
747,966
Other taxation and social security
873,837
1,461,860
Other creditors
725,057
722,221
Accruals and deferred income
1,062,685
1,259,323
26,324,772
23,571,532
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
24,144,736
22,565,715

Obligations under hire purchase contracts are secured on the assets to which they relate.

LEEDS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
16
Loans and overdrafts
2024
2023
£
£
Other loans
3,146,210
892,989
Payable within one year
3,146,210
892,989
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
18,451,816
17,381,846
In two to five years
24,144,736
22,565,715
42,596,552
39,947,561

Hire purchase payments represent net capital repayments payable by the company for certain vehicles. Agreements include purchase options at the end of the period, and no restrictions are placed on the use of the assets. The average hire purchase term is 4 years. Hire purchase agreements are on a mixture of fixed and variable repayment basis and no arrangements have been entered into for contingent capital repayments.

18
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances / depreciation
5,078,337
4,534,583
Short term timing differences
(9,627)
(10,422)
5,068,710
4,524,161
2024
Movements in the year:
£
Liability at 1 October 2023
4,524,161
Charge to profit or loss
544,549
Liability at 30 September 2024
5,068,710

 

LEEDS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
354,683
319,370

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

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
135,450
135,450
135,450
135,450
Ordinary B shares of £1 each
29,925
29,925
29,925
29,925
Ordinary C shares of £1 each
29,925
29,925
29,925
29,925
195,300
195,300
195,300
195,300

The Ordinary A, Ordinary B and Ordinary C shares are entitled to vote at shareholders meetings and are entitled to receive dividends.

 

The holder of the Ordinary A shares holds the casting vote.

21
Financial commitments, guarantees and contingent liabilities

The company's bankers hold a debenture including a fixed charge over certain freehold and leasehold property, first fixed charge over book and other debtors, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertakings both present and future.

 

Assets under hire purchase obligations are secured against the assets to which they relate.

22
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
40,393
114,600
Between two and five years
51,200
79,002
In over five years
709,598
722,424
801,191
916,026
LEEDS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
8,167,515
25,479,343
24
Related party transactions
Remuneration of key management personnel

Key management personnel are the directors of the business. Their remuneration is disclosed within the Directors' remuneration note.

 

Directors' transactions

 

Dividends totalling £3,000,000 (2023 - £1,000,000) were paid in the year in respect of shares held by a company Director and their family members.

 

The company has been provided loans by a Director and their family members. Interest is charged on these loans at 5%. The amount due as at 30 September 2024 was £3,146,210 (2023 - £892,989).

 

The company rents a property from a pension scheme of which one of the directors is a trustee. The rent paid during the year was £110,089 (2023 - £101,800).

 

A loan was made to an entity under common control during the prior year, on which interest is charged at 2.5% above base rate. The balance due at the 30 September 2024 was £1,566,820 (2023 - £1,550,977).

25
Cash generated from operations
2024
2023
£
£
Profit after taxation
6,491,742
9,103,153
Adjustments for:
Taxation charged
2,245,823
2,769,239
Finance costs
2,326,835
2,143,385
Investment income
(245,917)
(161,622)
Gain on disposal of tangible fixed assets
(6,985,073)
(8,225,295)
Profit on second hand vehicle trading
(154,565)
-
Depreciation and impairment of tangible fixed assets
19,134,028
18,112,930
Decrease in provisions
-
0
(200,000)
Movements in working capital:
Decrease/(increase) in stocks
271,801
(363,338)
Decrease in debtors
584,774
650,687
(Decrease)/increase in creditors
(773,440)
103,451
Cash generated from operations
22,896,008
23,932,590
LEEDS COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
26
Analysis of changes in net debt
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
5,363,439
6,618,887
11,982,326
Borrowings excluding overdrafts
(892,989)
(2,253,221)
(3,146,210)
Obligations under finance leases
(39,947,561)
(2,648,991)
(42,596,552)
(35,477,111)
1,716,675
(33,760,436)
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