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Registration number: 06718573

McGuinness Haulage Ltd
Annual Report and Unaudited Financial Statements
for the Year Ended 30 September 2024

McGuinness Haulage Ltd

Contents

Company Information | 1
Director's Report | 2
Profit and Loss Account and Statement of Retained Earnings | 3
Balance Sheet | 4 to 5
Notes to the Unaudited Financial Statements | 6 to 13
Detailed Profit and Loss Account | 14 to 16

McGuinness Haulage Ltd

Company Information

Director | Mr Shaun Colbeck McGuinness

Registered office | Greenbank Howick Cross Lane Penwortham Preston Lancashire PR1 0NS

McGuinness Haulage Ltd

Director's Report for the Year Ended 30 September 2024

The director presents his report and the financial statements for the year ended 30 September 2024.

Director of the company

The director who held office during the year was as follows:

Mr Shaun Colbeck McGuinness

Principal activity

The principal activity of the company is haulage contractors

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 27 November 2024

......................................... Mr Shaun Colbeck McGuinness Director

McGuinness Haulage Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 September 2024

| Note | 2024 £ | 2023 £
Turnover |  | 7,992,791 | 8,122,026
Cost of sales |  | (5,507,262) | (6,233,219)
Gross profit |  | 2,485,529 | 1,888,807
Administrative expenses |  | 1,767,091 | 1,549,624
Operating profit |  | 718,438 | 339,183
Interest payable and similar charges |  | (326,983) | (320,269)
|  | (326,983) | (320,269)
Profit before tax | 4 | 391,455 | 18,914
Taxation |  | (192,581) | 42,446
Profit for the financial year |  | 198,874 | 61,360
Retained earnings brought forward |  | 779,554 | 892,494
Dividends paid |  | (170,100) | (174,300)
Retained earnings carried forward |  | 808,328 | 779,554

McGuinness Haulage Ltd

(Registration number: 06718573)
Balance Sheet as at 30 September 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 6 | 5,840,162 | 5,890,174
Investments | 7 | 100 | 100
|  | 5,840,262 | 5,890,274
Current assets |  |  |
Stocks | 8 | 429,777 | 408,326
Debtors | 9 | 1,319,142 | 1,362,635
Cash at bank and in hand |  | - | 5,222
|  | 1,748,919 | 1,776,183
Creditors: Amounts falling due within one year | 10 | (3,196,428) | (3,011,922)
Net current liabilities |  | (1,447,509) | (1,235,739)
Total assets less current liabilities |  | 4,392,753 | 4,654,535
Creditors: Amounts falling due after more than one year | 10 | (2,733,438) | (3,216,575)
Provisions for liabilities |  | (850,887) | (658,306)
Net assets |  | 808,428 | 779,654
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Retained earnings |  | 808,328 | 779,554
Shareholders' funds |  | 808,428 | 779,654

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 27 November 2024

McGuinness Haulage Ltd

(Registration number: 06718573)
Balance Sheet as at 30 September 2024

......................................... Mr Shaun Colbeck McGuinness Director

McGuinness Haulage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Greenbank
Howick Cross Lane
Penwortham
Preston
Lancashire
PR1 0NS
England

These financial statements were authorised for issue by the director on 27 November 2024.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

McGuinness Haulage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, less any estimated residual value, over their estimated useful lives as follows:

Asset class | Depreciation method and rate
Vehicles and trailers | 10% straight line, 15 % straight line and 25% reducing balance
Plant and machinery | 25% reducing balance and 5% straight line
Office building | 10% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10% straight line

McGuinness Haulage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

McGuinness Haulage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 44).

McGuinness Haulage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4 | Profit before tax

Arrived at after charging/(crediting)

| 2024 £ | 2023 £
Depreciation expense | 879,931 | 702,353

5 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 October 2023 | 40,000 | 40,000
At 30 September 2024 | 40,000 | 40,000
Amortisation
At 1 October 2023 | 40,000 | 40,000
At 30 September 2024 | 40,000 | 40,000
Carrying amount
At 30 September 2024 | - | -

6 | Tangible assets

| Motor vehicles £ | Office building £ | Plant and equipment £ | Total £
Cost or valuation
At 1 October 2023 | 7,244,807 | 18,832 | 299,145 | 7,562,784
Additions | 1,495,540 | 1,735 | 9,328 | 1,506,603
Disposals | (1,208,998) | - | - | (1,208,998)
At 30 September 2024 | 7,531,349 | 20,567 | 308,473 | 7,860,389
Depreciation
At 1 October 2023 | 1,611,869 | 1,953 | 58,787 | 1,672,609
Charge for the year | 856,375 | 2,056 | 21,499 | 879,930
Eliminated on disposal | (532,312) | - | - | (532,312)
At 30 September 2024 | 1,935,932 | 4,009 | 80,286 | 2,020,227
Carrying amount
At 30 September 2024 | 5,595,417 | 16,558 | 228,187 | 5,840,162
At 30 September 2023 | 5,632,937 | 16,879 | 240,358 | 5,890,174

McGuinness Haulage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7 | Investments

| 2024 £ | 2023 £
Investments in subsidiaries | 100 | 100

Subsidiaries | £
Cost or valuation
At 1 October 2023 | 100
Provision
Carrying amount
At 30 September 2024 | 100
At 30 September 2023 | 100

8 | Stocks

| 2024 £ | 2023 £
Work in progress | 429,777 | 408,326

9 | Debtors

Current | Note | 2024 £ | 2023 £
Trade debtors |  | 1,038,008 | 1,075,377
Amounts owed by related parties | 12 | 170,865 | 249,664
Prepayments |  | 27,877 | 13,940
Staff loans |  | 2,682 | 9,870
Accrued income |  | 79,710 | -
VAT/PAYE |  | - | 13,784
|  | 1,319,142 | 1,362,635

McGuinness Haulage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10 | Creditors

Creditors: amounts falling due within one year

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Bank loans, finance leases and factoring | 11 | 2,550,997 | 2,384,514
Trade creditors |  | 313,339 | 474,231
Amounts owed to related parties | 12 | 33,722 | 1,756
VAT and social security |  | 259,443 | 78,248
Credit cards |  | 24,272 | 25,076
Accrued expenses |  | 5,760 | 40,113
Staff pensions |  | 8,895 | 7,984
|  | 3,196,428 | 3,011,922
Due after one year |  |  |
Bank loans, finance leases and factoring | 11 | 2,733,438 | 3,216,575

11 | Loans and borrowings

| 2024 £ | 2023 £
Non-current loans and borrowings
Bank borrowings | 6,875 | 36,875
Hire purchase contracts | 2,726,563 | 3,179,700
| 2,733,438 | 3,216,575

| 2024 £ | 2023 £
Current loans and borrowings
Bank borrowings | 30,000 | 30,000
Bank overdrafts | 112 | -
HP and finance lease liabilities | 1,509,687 | 1,302,258
Factoring account | 1,011,198 | 1,052,256
| 2,550,997 | 2,384,514

McGuinness Haulage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

12 | Related party transactions

Summary of transactions with parent

McGuinness Holdings Ltd

Summary of transactions with subsidiaries

Integrity Haulage Ltd

Loans to related parties

2024 | Parent £ | Subsidiary £ | Total £
At start of period | 131,661 | 96,837 | 228,498
At end of period | 131,661 | 96,837 | 228,498

13 | Taxation

Tax charged/(credited) in the income statement

| 2024 £ | 2023 £
Current taxation |  |
UK corporation tax adjustment to prior periods | - | (251,166)
Deferred taxation |  |
Arising from origination and reversal of timing differences | 192,581 | 208,720
Tax expense/(receipt) in the income statement | 192,581 | (42,446)

McGuinness Haulage Ltd

Detailed Profit and Loss Account for the Year Ended 30 September 2024

| 2024 £ | 2023 £
Turnover (analysed below) | 7,992,791 | 8,122,026
Cost of sales (analysed below) | 5,507,262 | 6,233,219
Gross profit | 2,485,529 | 1,888,807
Gross profit (%) | 31.1% | 23.26%
Administrative expenses |  |
Employment costs (analysed below) | 224,967 | 222,785
Establishment costs (analysed below) | 59,057 | 83,005
General administrative expenses (analysed below) | 455,864 | 386,126
Finance charges (analysed below) | 87,087 | 78,077
Depreciation costs (analysed below) | 879,931 | 702,353
Other expenses (analysed below) | 60,185 | 77,278
| 1,767,091 | 1,549,624
Operating profit | 718,438 | 339,183
Interest payable and similar expenses (analysed below) | 326,983 | 320,269
Profit before tax | 391,455 | 18,914

McGuinness Haulage Ltd

Detailed Profit and Loss Account for the Year Ended 30 September 2024

| 2024 £ | 2023 £

Turnover |  |
Sales | 7,992,791 | 8,122,026

Cost of sales |  |
Opening work in progress | 408,327 | 368,235
Diesel | 2,022,026 | 2,295,022
Haulage repairs, maintenance and direct costs | 654,962 | 781,680
Closing work in progress | (429,777) | (408,326)
Wages and salaries (excluding directors) | 2,060,720 | 2,027,578
Staff NIC (Employers) | 191,869 | 180,539
Staff pensions (Other) | 43,903 | 39,930
Subcontract cost | 555,232 | 948,561
| 5,507,262 | 6,233,219

Employment costs |  |
Wages and salaries (excluding directors) | 120,016 | 114,026
Staff NIC (Employers) | 12,483 | 10,588
Directors NIC (Employers) | 2,290 | 747
Staff pensions (Defined contribution) | 2,518 | 5,993
Directors pensions (Defined contribution) | 80,000 | 79,100
Keyman insurance | 2,623 | 2,592
Staff training | 4,680 | 3,510
Staff welfare and workwear | 357 | 6,229
| 224,967 | 222,785

Establishment costs |  |
Rent | 7,129 | 6,000
Light, heat and power | 1,222 | 1,254
Business insurance | 38,226 | 34,616
Repairs and maintenance | 12,480 | 41,135
| 59,057 | 83,005

General administrative expenses |  |
Telephone and internet | 10,927 | 11,243
Computer software and maintenance costs | 16,276 | 12,574
Printing, postage and stationery | 8,800 | 9,684
Trade subscriptions | 7,004 | 12,001
Charitable donations | 754 | 729
Sundry and cleaning | 9,168 | 5,496
Vehicle washing | 19,066 | 15,069
Fleet insurance | 219,916 | 139,842
Parking charges | 43,165 | 40,843
Travel, subsistence and tolls | 88,448 | 104,273

McGuinness Haulage Ltd

Detailed Profit and Loss Account for the Year Ended 30 September 2024

| 2024 £ | 2023 £

Advertising | 4,636 | 6,683
Customer entertaining (disallowable for tax) | 9,143 | 8,804
Accountancy fees | 4,738 | 4,673
Management accounts, payroll and auto enrolment fees | 9,610 | 10,000
Legal and professional fees | 3,677 | 2,615
Bad debts written off | - | 1,381
Leasing payments | 536 | 216
| 455,864 | 386,126

Finance charges |  |
Factoring charges | 81,235 | 73,147
Bank and credit card charges | 5,852 | 4,930
| 87,087 | 78,077

Depreciation costs |  |
Depreciation of plant and machinery (owned) | 21,499 | 20,878
Depreciation of motor vehicles (owned) | 856,375 | 679,648
Depreciation of office building | 2,057 | 1,827
| 879,931 | 702,353

Other expenses |  |
(Profit)/loss on disposal of tangible fixed assets | 60,185 | 77,278

Interest payable and similar expenses |  |
Bank interest payable | 3,332 | 4,929
Bank loan interest payable | 7,500 | 7,500
Hire purchase interest and charges | 312,182 | 307,840
Other interest payable | 3,969 | -
| 326,983 | 320,269