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Registered number: 01192054









BROCKS HAULAGE LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
BROCKS HAULAGE LIMITED
 
 
COMPANY INFORMATION


Directors
D M Brown 
W F T Brown 




Company secretary
J Hughes, ACMA



Registered number
01192054



Registered office
Leytonstone House
Hanbury Drive

London

England

E111GA




Independent auditor
Barnes Roffe Audit Limited
Chartered Accountants & Statutory Auditor

Leytonstone House

3 Hanbury Drive

London

E11 1GA





 
BROCKS HAULAGE LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent auditor's report
 
4 - 7
Consolidated statement of income and retained earnings
 
8
Consolidated balance sheet
 
9 - 10
Company balance sheet
 
11 - 12
Consolidated statement of cash flows
 
13 - 14
Consolidated analysis of net debt
 
15
Notes to the financial statements
 
16 - 33


 
BROCKS HAULAGE LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Business review
 
2023-2024 saw revenues returning to previous levels due to increase competition within the industry and trading conditions tightening. During the year turnover reduced by £5,238,719 to £10,963,138.
As well as turnover, the directors of the Group consider the key performance indicators to be gross and net profit. During the year, the group made a gross profit of £706,089 (2023 - £2,177,798) and net loss before tax of £437,795 (2023 - £877,664 profit before tax). The Group’s balance sheet remains string with net assets of £5,555,081 (2023 - £5,211,280).
The Group has prepared consolidated financial statements which incorporate its subsidiaries. Romford Chilled Transportation Limited and Brocks Gordon Ground Engineering Limited.
Romford Chilled Transportation Limited made a net loss before tax of £1,740 (2023 - £11,506 profit before tax) and has net assets of £151,915 (2023 - £153,655).
Brocks Gordon Ground Engineering Limited made a net profit before tax of £86,767 (2023 - £577,410) and has net assets of £1,369,170  (2023 - £1,282,405).
Land and buildings
The freehold land and buildings shown in the accounts at £949,760 have, in the opinion of the directors, a market value of approximately £3,500,000.


This report was approved by the board on 23 June 2025 and signed on its behalf.



D M Brown
Director

Page 1

 
BROCKS HAULAGE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Results and dividends

The loss for the year, after taxation, amounted to £331,235 (2023 - profit £660,965).

Interim dividends of £Nil (2023 - £Nil) have been paid during the year. The directors do not recommend thepayment of a final dividend.

Directors

The directors who served during the year were:

D M Brown 
W F T Brown 

Future developments

The Company and its subsidiaries, together the Group, continue to provide services under their principal activities and the Group seeks to continue to build upon its current client base which should result in continued revenue growth.

Page 2

 
BROCKS HAULAGE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006. 

This report was approved by the board on 23 June 2025 and signed on its behalf.
 





D M Brown
Director

Page 3

 
BROCKS HAULAGE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROCKS HAULAGE LIMITED
 

Opinion


We have audited the financial statements of Brocks Haulage Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated statement of income and retained earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 September 2024 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Page 4

 
BROCKS HAULAGE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROCKS HAULAGE LIMITED (CONTINUED)


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
BROCKS HAULAGE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROCKS HAULAGE LIMITED (CONTINUED)


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 Group financial statements.


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

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

the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company. including the Companies Act 2006 and ISO standards;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
 
making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and noncompliance with laws and
regulations.

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

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions:
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias: and
investigated the rationale behind significant or unusual transactions.
 
There are inherent limitations in our audit procedures described above. The more removed that laws andregulations are from financial statements, the less likely it is that we would become aware of non-compliance.Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations toenquiry of the directors and other management and the inspection of regulatory and legal correspondence, ifany.

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.
Page 6

 
BROCKS HAULAGE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROCKS HAULAGE LIMITED (CONTINUED)




A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: 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 2006Our 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.





Simon Liggins (Senior statutory auditor)
for and on behalf of
Barnes Roffe Audit Limited
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
London
E11 1GA

24 June 2025
Page 7

 
BROCKS HAULAGE LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
                                                                                                          Note
£
£

  

Turnover
 4 
10,963,138
16,201,851

Cost of sales
  
(10,257,049)
(14,024,053)

Gross profit
  
706,089
2,177,798

Administrative expenses
  
(1,138,936)
(1,294,083)

Operating (loss)/profit
 5 
(432,847)
883,715

Interest receivable and similar income
 9 
16,958
11,639

Interest payable and similar expenses
 10 
(21,906)
(17,690)

(Loss)/profit before tax
  
(437,795)
877,664

Tax on (loss)/profit
 11 
120,631
(216,699)

(Loss)/profit after tax
  
(317,164)
660,965

  

  

Retained earnings at the beginning of the year
  
5,867,245
5,206,280

(Loss)/profit for the year attributable to the owners of the parent
  
(317,164)
660,965

Retained earnings at the end of the year
  
5,550,081
5,867,245

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of income and retained earnings.

The notes on pages 16 to 33 form part of these financial statements.

Page 8

 
BROCKS HAULAGE LIMITED
REGISTERED NUMBER: 01192054

CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
                                                              Note
£
£

Fixed assets
  

Tangible assets
 13 
2,388,300
2,782,994

Current assets
  

Stocks
  
138,637
238,217

Debtors: amounts falling due within one year
 16 
3,439,064
3,299,946

Cash at bank and in hand
 17 
1,546,650
2,190,965

  
5,124,351
5,729,128

Creditors: amounts falling due within one year
  
(1,645,497)
(2,186,245)

Net current assets
  
 
 
3,478,854
 
 
3,542,883

Total assets less current liabilities
  
5,867,154
6,325,877

Creditors: amounts falling due after more than one year
  
(28,129)
(72,324)

Provisions for liabilities
  

Deferred taxation
 21 
(283,944)
(381,308)

  
 
 
(283,944)
 
 
(381,308)

Net assets
  
5,555,081
5,872,245


Capital and reserves
  

Called up share capital 
 22 
5,000
5,000

Profit and loss account
 23 
5,550,081
5,867,245

Equity attributable to owners of the parent Company
  
5,555,081
5,872,245


Page 9

 
BROCKS HAULAGE LIMITED
REGISTERED NUMBER: 01192054
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 June 2025.




D M Brown
Director

The notes on pages 16 to 33 form part of these financial statements.

Page 10

 
BROCKS HAULAGE LIMITED
REGISTERED NUMBER: 01192054

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
                                                         Note
£
£

Fixed assets
  

Tangible assets
 13 
2,348,288
2,733,168

Investments
 14 
94,067
94,067

  
2,442,355
2,827,235

Current assets
  

Stocks
  
116,677
199,801

Debtors: amounts falling due within one year
 16 
2,203,951
2,412,525

Cash at bank and in hand
 17 
1,175,782
1,126,051

  
3,496,410
3,738,377

Creditors: amounts falling due within one year
 18 
(1,498,631)
(1,581,728)

Net current assets
  
 
 
1,997,779
 
 
2,156,649

Total assets less current liabilities
  
4,440,134
4,983,884

  

Creditors: amounts falling due after more than one year
  
(28,129)
(72,324)

Provisions for liabilities
  

Deferred taxation
 21 
(283,944)
(381,308)

  
 
 
(283,944)
 
 
(381,308)

Net assets
  
4,128,061
4,530,252


Capital and reserves
  

Called up share capital 
 22 
5,000
5,000

Profit and loss account brought forward
  
4,525,252
4,320,165

Loss/(profit) for the year
  
(402,191)
205,087

Profit and loss account carried forward
  
4,123,061
4,525,252

  
4,128,061
4,530,252


Page 11

 
BROCKS HAULAGE LIMITED
REGISTERED NUMBER: 01192054
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 June 2025.


D M Brown
Director

The notes on pages 16 to 33 form part of these financial statements.

Page 12

 
BROCKS HAULAGE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(317,164)
660,965

Adjustments for:

Depreciation of tangible assets
459,779
556,830

Loss on disposal of tangible assets
-
(23,689)

Interest paid
21,906
17,690

Interest received
(16,958)
(11,639)

Taxation charge
(120,631)
216,699

Decrease in stocks
99,580
1,397

(Increase)/decrease in debtors
(115,851)
116,401

Increase/(decrease) in creditors
63,702
(541,145)

Corporation tax (paid)
(231,137)
(4,546)

Net cash generated from operating activities

(156,774)
988,963


Cash flows from investing activities

Purchase of tangible fixed assets
(65,085)
(224,650)

Sale of tangible fixed assets
-
45,940

Interest received
16,958
11,639

HP interest paid
(21,906)
(17,690)

Net cash from investing activities

(70,033)
(184,761)
Page 13

 
BROCKS HAULAGE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of/new finance leases
(417,508)
(324,486)

Net cash used in financing activities
(417,508)
(324,486)

Net (decrease)/increase in cash and cash equivalents
(644,315)
479,716

Cash and cash equivalents at beginning of year
2,190,965
1,711,249

Cash and cash equivalents at the end of year
1,546,650
2,190,965


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,546,650
2,190,965

1,546,650
2,190,965


The notes on pages 16 to 33 form part of these financial statements.

Page 14

 
BROCKS HAULAGE LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

2,190,965

(644,315)

1,546,650

Debt due within 1 year

-

-

-

Finance leases

(498,610)

417,508

(81,102)


1,692,355
(226,807)
1,465,548

The notes on pages 16 to 33 form part of these financial statements.

Page 15

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Brocks Haulage Limited ("the Company") is a private company limited by shares, incorporated in the United Kingdom. Its registered office is Leytonstone House, Leytonstone, London, E11 1GA.
The principal activity of the Company is that of haulage and waste disposal contractors.
The principal activity of the Company's subsidiary, Romford Chilled Transportation Limited, continued to be that of haulage contractors.
The principal activity of the Company's subsidiary, Brocks Gordon Ground Engineering Limited, is that of groundwork contractors for commercial and private engineering projects.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2014.

Page 16

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.3

Exemptions for qualifying entities under FRS 102

FRS102 section 1.12 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including notification of and no objection to, the use of exemptions by the Company's shareholders.
The Company has taken advantage of the following exemption:
(i) From preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the Company's cash flows.

Page 17

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

The Group has the following main sources of revenue:
Brocks Haulage Limited and Romford Chilled Transportation Limited ("the Company" for the purposes of this note)
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the Company and value added taxes. The Company recognises revenue when: (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the Company and (e) when the specific criteria relating to the Company's sales channels have been met, as described below:
Revenue is recognised upon completion of the Company's services and when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably;
• the costs incurred and the costs to complete the contract can be measured reliably.
Brocks Gordon Ground Engineering Limited ("the Company" for the purposes of this note)
The Company recognises revenue when: (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the Company's sales channels have been met, as described below:
(i)The Company provides building contract services. Revenue is recognised in respect of these services when a right to consideration has been obtained through performance under each contract.This will either be on completion of a contract or an interim consideration on account of work conducted to date, in accordance with the terms of the contract.
(ii) In the course of providing building contract services the Company's customers will retain a retention amount. The retention amount will be recognised in the accounting period when the Company considers it has fulfilled its obligations under the terms of each of its contracts.
All sales are normally made with credit terms. The element of financing is deemed immaterial and disregarded in the measurement of revenue.

  
2.5

Going concern

The Group meets its day-to-day working capital requirements through careful management of working capital positions. After making enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements.

Page 18

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
2.7

Leases assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 19

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 20

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 21

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Income and Retained Earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

  
2.20

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Page 22

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.21

Related party transactions

The Group and Company discloses transactions with related parties which are not wholly owned within the same Group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transaction on the Group financial statements.

  
2.22

Employee benefits

The Group provides a range of benefits to employees, including paid holiday arrangements and a defined contribution pension plan.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
(ii) Defined contribution pension plans
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the Group in an independently administered fund.
(iii) Termination benefits
The Group is committed, by legislation and/or contractual obligations, to make payments to employees when the Group terminates their employment. Such payments are termination benefits. Because termination benefits do not provide the Group with future economic benefits, the Group recognises these as an expense in the Statement of income and retained earnings. The Group will only recognise termination benefits as a liability and an expense when the Group is demonstrably committed to terminate the employment of an employee or Group of employees before the normal retirement date.

Page 23

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgments in applying the entity’s accounting policies
No significant judgments have had to be made by management in preparing these financial statements.
Critical accounting estimates and assumptions
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property plant and equipment, and note 2.12 for the useful economic lives for each class of assets.


4.


Turnover

The whole of the turnover is attributable to the principal activities of the group.
All turnover arose within the United Kingdom.


5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
459,779
551,981

Profit on disposal of tangible fixed assets
-
(23,689)

Other operating lease rentals
13,000
13,000

Defined pension contributions
56,978
65,573


6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
23,500
23,500

Page 24

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Wages and salaries
2,193,403
2,437,922
2,015,140
2,250,461

Social security costs
253,128
270,342
232,291
249,737

Cost of defined contribution scheme
56,978
65,573
52,093
61,054

2,503,509
2,773,837
2,299,524
2,561,252


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Office staff
11
11



Drivers etc
43
48

54
59


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
50,613
34,429



9.


Interest receivable

2024
2023
£
£


Other interest receivable
16,958
11,639


10.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
21,906
17,690

Page 25

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(23,267)
231,142


Total current tax
(23,267)
231,142

Deferred tax


Origination and reversal of timing differences
(97,364)
(14,443)

Total deferred tax
(97,364)
(14,443)


Tax on (loss)/profit
(120,631)
216,699

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(437,795)
877,664


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
(83,792)
193,086

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,103
2,651

Capital allowances for year in excess of depreciation
(17,893)
26,174

Book profit on chargeable assets
-
(5,212)

Lossess carried back
(22,484)
-

Losses carried forward
435
-

Total tax charge for the year
(120,631)
216,699


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 26

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements. The loss after tax of the parent Company for the year was £402,191 (2023 - profit £205,087).

Page 27

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
949,760
1,790,350
4,548,568
132,881
7,421,559


Additions
-
32,000
18,000
15,085
65,085



At 30 September 2024

949,760
1,822,350
4,566,568
147,966
7,486,644



Depreciation


At 1 October 2023
-
1,117,755
3,457,390
63,420
4,638,565


Charge for the year on owned assets
-
114,577
264,731
6,188
385,496


Charge for the year on financed assets
-
56,320
13,731
4,232
74,283



At 30 September 2024

-
1,288,652
3,735,852
73,840
5,098,344



Net book value



At 30 September 2024
949,760
533,698
830,716
74,126
2,388,300



At 30 September 2023
949,760
672,595
1,091,178
69,461
2,782,994

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
168,960
225,281

Motor vehicles
41,192
693,225

Furniture, fittings and equipment
23,980
28,211

234,132
946,717

Page 28

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           13.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£

Cost or valuation


At 1 October 2023
949,760
1,758,050
4,478,368
128,510
7,314,688


Additions
-
32,000
18,000
12,500
62,500



At 30 September 2024

949,760
1,790,050
4,496,368
141,010
7,377,188



Depreciation


At 1 October 2023
-
1,095,694
3,426,192
59,634
4,581,520


Charge for the year on owned assets
-
112,017
254,980
6,100
373,097


Charge for the year on financed assets
-
56,320
13,731
4,232
74,283



At 30 September 2024

-
1,264,031
3,694,903
69,966
5,028,900



Net book value



At 30 September 2024
949,760
526,019
801,465
71,044
2,348,288



At 30 September 2023
949,760
662,356
1,052,176
68,876
2,733,168

Included in land and buildings is freehold land with a costs of £949,760 (2023 - £949,760) which is not depreciated. The temporary building structures on the land have a neglible relative value compared to the costs of the properties as a whole.
Finance Leases
The net book value of assets held under finance leases or hire purchase contracts, included above, are £41,192 (2023 - £693,225).







14.


Fixed asset investments

Page 29

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Company





Unlisted investments

£



Cost or valuation


At 1 October 2023
94,067



At 30 September 2024
94,067




Romford Chilled Transportation Limited and Brocks Gordon Ground Engineering Limited were subsidiary companies of Brocks Haulage Limited throughout the year.
Brocks Haulage Limited has a 100% holding in both companies.
The principal activity of Romford Chilled Transportation limited was that of a haulage contractor.
The principale activity of Brocks Gordon Ground Engineering Limited was that of groundwork contractor.


15.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
138,637
238,217
116,677
199,801

138,637
238,217
116,677
199,801


The difference between purchase price or production cost of stocks and their replacement cost is not material.


16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,701,652
2,427,864
1,972,609
1,107,685

Amounts owed by group undertakings
-
-
117,855
1,262,559

Other debtors
149,176
221,055
45,939
22,561

Prepayments and accrued income
72,376
22,580
67,548
19,720

Amounts recoverable on long-term contracts
515,860
628,447
-
-

3,439,064
3,299,946
2,203,951
2,412,525


Page 30

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,546,650
2,190,965
1,175,782
1,126,051

1,546,650
2,190,965
1,175,782
1,126,051



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
1,244,062
1,008,027
1,065,474
597,591

Amounts owed to group undertakings
-
-
97,602
86,322

Corporation tax
-
231,137
-
98,104

Other taxation and social security
199,230
202,729
182,270
188,557

Obligations under finance lease and hire purchase contracts
52,973
426,286
52,973
426,286

Other creditors
107,232
193,274
75,312
159,868

Accruals and deferred income
42,000
124,792
25,000
25,000

1,645,497
2,186,245
1,498,631
1,581,728



19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Net obligations under finance leases and hire purchase contracts
28,129
72,324
28,129
72,324

28,129
72,324
28,129
72,324




Page 31

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
52,973
426,286
52,973
426,286

Between 1-5 years
28,129
72,324
28,129
72,324

81,102
498,610
81,102
498,610

Net onligations under finance leases and hire purchase contracts are secured against the assets to which they relate,


21.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(381,308)
(395,751)


Charged to profit or loss
97,364
14,443



At end of year
(283,944)
(381,308)

Company


2024
2023


£

£






At beginning of year
(381,308)
(395,751)


Charged to profit or loss
97,364
14,443



At end of year
(283,944)
(381,308)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(283,944)
(381,308)
(283,944)
(381,308)

(283,944)
(381,308)
(283,944)
(381,308)

Page 32

 
BROCKS HAULAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,000 (2023 - 5,000) Ordinary share shares of £1.00 each
5,000
5,000

There is a single class of ordinary share. There are no restrictions on the distribution of dividends and there payment of capital.



23.


Reserves

Profit and loss account
The profit and loss account represents cumulative distributable profits and losses net of dividends and other adjustments.


24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £83,077 (2023 - £65,573). Contributions totalling £7,667 (2023 - £12,086) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

At 30 September 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
13,000
13,000
13,000
13,000

Later than 1 year and not later than 5 years
-
13,000
-
13,000

13,000
26,000
13,000
26,000


26.


Related party transactions

The Group has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A, from disclosing other related party transactions as they are with other Companies that are wholly owned within the Group.
At the year end the Group owed two of the directors £67,645 
(2023 - £147,692).

 
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