Company registration number 13573385 (England and Wales)
J. LONG & SONS (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
J. LONG & SONS (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr S P Long
Mr M A Long
Mr J C Long
Ms D L Long
Mrs B Long
Mr D A Long
Mrs D G Long
Mrs J Long
Company number
13573385
Registered office
C/O Longs Of Leeds
Sandleas Way
Leeds
LS15 8AW
Auditor
Azets Audit Services Limited
Triune Court
Monks Cross Drive
York
YO32 9GZ
J. LONG & SONS (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
J. LONG & SONS (HOLDINGS) 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 group provides a quality haulage, storage & distribution service that continually improves and develops to meet the requirements and expectations of its customers.

The directors are satisfied with the results for the year given the appreciable challenges faced by the UK road transport sector. It is widely reported that the sector has been impacted by the wider geopolitical events affecting supply-chains and causing higher costs for key resources. Closer to home, the UK economy has stalled, and a change of Government did not improve the economic outlook or confidence to date and introduced further significant costs for businesses in the FY25 period. Overall, the directors are confident that the company will continue to maintain its current level of activity and results for the foreseeable future.

2024 experienced a small reduction (5.5%) in General Traffic revenues over 2023, which were reflective of the downtown in the economy, and which were also seen in part via a decrease in associated warehouse demand & related storage activities. The directors are satisfied that the turnover levels are maximised based on resources available and achieved in spite of sector and supply-chain challenges.

As a consequence of the lack of qualified driver availability, this has placed additional pressures on labour costs, most notably wages, agency, and sub-contraction costs.

The directors are satisfied with the level of continued customer engagement and support and have worked hard to retain all key accounts, throughout the challenges faced by the sector. The business did incur additional costs and impact upon revenues by the restructuring and relocation of two key clients during the year, which were outside of the control of the business. However, the long-term view remains positive for these clients and their respective markets, and revenues are forecast to return to previous levels during FY25. Longs of Leeds remain a supplier of choice with many prominent brands and demand remains stable for the services provided. The business continued to maintain strong revenues from warehousing, added value and 3PL contract services.

Principal risks and uncertainties

Overall turnover in the period decreased by £1,383k i.e. 6.94%, with a small resulting decline in Gross margin. This was as a direct consequence of the challenges faced within the sector as outlined above. Specifically, the challenging economic conditions and inflationary costs around vehicles/fleet, parts & maintenance, labour, and the use of agency drivers to support the operational requirements of the business, which increased costs & reduced GP margin.

The company has completed a renewal program of new Euro 6 vehicles to ensure an economical viable fleet which will meet all current legal requirements, which includes the introduction of Clean Air Zones into most major cities, Direct Vision Standard, and other legislation.

Stable cashflow has been achieved throughout the year, with careful control on all debtors and creditors. During FY24 the business migrated from the previous outdated financial legacy systems across to a modern Sage Intacct package, which whilst successful and necessary to modernise the financial capabilities, did incur significant investment and implementation support costs during FY24.

Development and performance

The cash held at the end of the year ensured the business was financially able to meet their ongoing commitments.

The directors & SLT continue to work with current and new customers to grow all parts of the business including haulage, distribution, and storage.

J. LONG & SONS (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Key performance indicators

The principal risks and uncertainties faced by the company include the ongoing impact of an economic downturn, continued geo-political events and the associated impact upon demand within the sector and the corresponding unrealistic downward pressures on rates this causes.

The senior management and directors are addressing this to ensure they are in the best position they can be to ensure this does not impact on the business as they have done in previous years. Continued investment has been made into the development of the senior management team and promotion of Stephanie Boycott to HR Director.

Fuel prices are closely monitored and through strong relationships with suppliers, fuel surcharge agreements are in place to reduce the uncertainty of fluctuations in the oil price. The company also benefits from a diverse haulage supplier base thereby not placing too much reliance on supply from any one provider and the company reviews haulage rates on a periodic basis. The current economic climate has increased uncertainty in the ability of the company's customers to meet their obligations as they fall due. The company manages this risk by a regular and ongoing review of customer accounts and maintaining a close working relationship with its main customers.

Risks identified by the directors during the year are addressed when reviewing the monthly management accounts and reports, together with regular senior management and board meetings.

Other performance indicators

The directors are actively addressing the challenges around rising costs and margin pressures and are confident of future improvements.

Total turnover decreased by £1,383k or 6.94%, whereas GP Margin increased slightly as shown as a consequence of the actions taken.

 

Metric          2024             2023

Turnover            £18,539,542             £19,922,121

Cost of Sales        £16,261,535             £17,155,269

GP             £2,278,007             £2,776,852

GP%             12.3%              13.9%

 

Turnover         2024              2023

Traffic             £15,375,407    83%         £16,273,484    82%

Warehouse         £2,803,990    15%         £3,401,479    17%

Other             £360,145      2%         £247,158     1%    

             £18,539,542             £19,922,121

Other information and explanations

The company is exposed to risks regarding the fluctuations in fuel prices, but not exposed within its contracts for foreign exchange rates. The directors do not consider it necessary to enter hedging arrangements to mitigate this risk with fuel, given that all contracts are subject to the inclusion of a Fuel Escalator mechanism.

J. LONG & SONS (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

On behalf of the board

Mr M A Long
Director
12 June 2025
J. LONG & SONS (HOLDINGS) 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 and group continued to be that of road haulage contractors.

Results and dividends

The results for the year are set out on page 9.

Ordinary interim dividends were paid amounting to £173,022 (2023 - £130,424). 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 S P Long
Mr M A Long
Mr J C Long
Ms D L Long
Mrs B Long
Mr D A Long
Mrs D G Long
Mrs J Long
Qualifying third party indemnity provisions

Directors are granted an indemnity from the Company in respect of the liabilities incurred as a result of their provisions to the extent permitted by law. These indemnities are qualifying third party indemnities and were in force during the financial year and at the date of approval of the financial statements.

Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

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

On behalf of the board
Mr M A Long
Director
12 June 2025
J. LONG & SONS (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

J. LONG & SONS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J. LONG & SONS (HOLDINGS) LIMITED
- 6 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

J. LONG & SONS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J. LONG & SONS (HOLDINGS) LIMITED
- 7 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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.

J. LONG & SONS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J. LONG & SONS (HOLDINGS) LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 Woodroffe (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited
13 June 2025
Chartered Accountants
Statutory Auditor
Triune Court
Monks Cross Drive
York
YO32 9GZ
J. LONG & SONS (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
18,539,542
19,922,121
Cost of sales
(16,261,535)
(17,155,269)
Gross profit
2,278,007
2,766,852
Administrative expenses
(2,525,936)
(2,457,962)
Other operating income
105,800
20,000
Operating (loss)/profit
4
(142,129)
328,890
Interest receivable and similar income
8
21,089
20,571
Interest payable and similar expenses
9
(18,529)
(34,588)
(Loss)/profit before taxation
(139,569)
314,873
Tax on (loss)/profit
10
28,584
23,623
(Loss)/profit for the financial year
(110,985)
338,496
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

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

J. LONG & SONS (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,622,098
2,170,180
Investments
13
255,000
250,000
1,877,098
2,420,180
Current assets
Stocks
15
114,411
149,279
Debtors
16
3,587,870
3,793,607
Cash at bank and in hand
684,743
714,661
4,387,024
4,657,547
Creditors: amounts falling due within one year
17
(3,870,802)
(4,225,939)
Net current assets
516,222
431,608
Total assets less current liabilities
2,393,320
2,851,788
Creditors: amounts falling due after more than one year
18
(120,064)
(252,529)
Provisions for liabilities
Deferred tax liability
21
85,291
127,287
(85,291)
(127,287)
Net assets
2,187,965
2,471,972
Capital and reserves
Called up share capital
23
1,400
1,400
Other reserves
155
155
Profit and loss reserves
2,186,410
2,470,417
Total equity
2,187,965
2,471,972
The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
12 June 2025
Mr M A Long
Director
Company registration number 13573385 (England and Wales)
J. LONG & SONS (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,128,831
1,129,737
Investments
13
1,400
1,400
Total assets less current liabilities
1,130,231
1,131,137
Capital and reserves
Called up share capital
23
1,400
1,400
Profit and loss reserves
1,128,831
1,129,737
Total equity
1,130,231
1,131,137

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £172,116 (2023 - £1,260,161 profit).

The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
12 June 2025
Mr M A Long
Director
Company registration number 13573385 (England and Wales)
J. LONG & SONS (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Merger reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
1
2,000
2,301,207
2,303,208
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
338,496
338,496
Issue of share capital
23
1,399
-
-
1,399
Dividends
11
-
-
(169,886)
(169,886)
Reduction of shares
23
-
-
600
600
Other movements
-
(1,845)
-
(1,845)
Balance at 30 September 2023
1,400
155
2,470,417
2,471,972
Year ended 30 September 2024:
Loss and total comprehensive income
-
-
(110,985)
(110,985)
Dividends
11
-
-
(173,022)
(173,022)
Balance at 30 September 2024
1,400
155
2,186,410
2,187,965
J. LONG & SONS (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
1
-
0
1
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
1,260,161
1,260,161
Issue of share capital
23
1,399
-
1,399
Dividends
11
-
(130,424)
(130,424)
Balance at 30 September 2023
1,400
1,129,737
1,131,137
Year ended 30 September 2024:
Profit and total comprehensive income
-
172,116
172,116
Dividends
11
-
(173,022)
(173,022)
Balance at 30 September 2024
1,400
1,128,831
1,130,231
J. LONG & SONS (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
198,124
976,476
Interest paid
(18,529)
(34,588)
Income taxes paid
(93,918)
(138,267)
Net cash inflow from operating activities
85,677
803,621
Investing activities
Purchase of tangible fixed assets
(21,579)
(179,435)
Proceeds from disposal of tangible fixed assets
254,477
60,781
Interest received
21,089
20,571
Net cash generated from/(used in) investing activities
253,987
(98,083)
Financing activities
Proceeds from issue of shares
-
155
Repayment of borrowings
(78,452)
(75,758)
Repayment of bank loans
(66,668)
(87,665)
Payment of finance leases obligations
(51,440)
(315,923)
Dividends paid to equity shareholders
(173,022)
(169,886)
Net cash used in financing activities
(369,582)
(649,077)
Net (decrease)/increase in cash and cash equivalents
(29,918)
56,461
Cash and cash equivalents at beginning of year
714,661
658,200
Cash and cash equivalents at end of year
684,743
714,661
J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
1
Accounting policies
Company information

J. Long & Sons (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Sandleas Way, Crossgates, Leeds, West Yorkshire, LS15 8AW.

 

The group consists of J. Long & Sons (Holdings) Limited and all of its subsidiaries.

1.1
Accounting convention

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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

 

1.2
Business combinations

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

 

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

J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company J. Long & Sons (Holdings) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

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

 

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

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

The Group applied the principles of merger accounting in consolidating the results, as control of J. Long & Sons (Haulage) Limited was acquired by J. Long & Sons (Holdings) Limited via a share-for-share exchange on 23 January 2023. Merger accounting requires that the results of the Group are presented as if the Group has always been in its present form, and does not require a re-evaluation of fair values as at the point of acquisition. Accordingly, as a result of this merger accounting a merger reserve is recognised within equity which represents the difference between the net assets of the group and the retained profits recognised by the group as at 23 January 2023.

1.4
Going concern

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

1.5
Turnover

Turnover represents amounts receivable for road haulage contracting and providing storage facilities net of VAT and trade discounts.

 

Road haulage turnover is recognised when the items are delivered, and invoiced once proof of delivery has been received.

 

Storage turnover is recognised to reflect the period storage services are available, as stated within rental agreements.

1.6
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 land and buildings
2% Straight line
Leasehold land and buildings
2% Straight line
Plant and equipment
15% Reducing balance or 25% Straight line
Fixtures and fittings
50% Straight line
Motor vehicles
25% Reducing balance
J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

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

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

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

 

The investment relates to an entity in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

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

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.

1.9
Stocks

Fuel is valued at the lower of cost and net realisable value. Amounts recoverable on contracts are stated at the net sales realisable value of the work done after provisions for contingencies.

1.10
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.

J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

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

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

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

Derecognition of financial liabilities

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

1.12
Equity instruments

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

1.13
Taxation

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

Current tax

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

J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Deferred tax

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

 

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

1.14
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.

1.15
Retirement benefits

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

1.16
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 leased asset are consumed.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

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

 

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

Key sources of estimation uncertainty

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

Depreciation

The depreciation policy has been set according to management's experience of the useful lives of a typical asset in each category, something which is reviewed annually. It is not considered practical to use a per unit basis to allocate depreciation without undue cost and therefore amounts are charged annually. The depreciation charged during the year was £246,857 (2023 - £384,117) which the directors feel is a fair reflection of the benefits derived from the consumption of the tangible fixed assets in use during the period.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Traffic
15,375,407
16,273,484
Warehouse
2,803,990
3,401,479
Other
360,145
247,158
18,539,542
19,922,121
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
18,539,542
19,922,121
2024
2023
£
£
Other revenue
Interest income
21,089
20,571
Grants received
20,000
20,000
85,800
-
J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Government grants
(20,000)
(20,000)
Depreciation of owned tangible fixed assets
211,222
272,606
Depreciation of tangible fixed assets held under finance leases
18,685
111,511
Loss/(profit) on disposal of tangible fixed assets
85,564
(1,743)
Operating lease charges
1,525,570
288,174
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 group and company
19,250
13,650
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration and management
47
43
8
6
Drivers
99
100
-
-
Warehouse
12
12
-
-
Mechanics
2
3
-
-
Total
160
158
8
6

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,315,531
5,046,983
-
0
-
0
Social security costs
543,538
504,430
-
-
Pension costs
125,829
116,886
-
0
-
0
5,984,898
5,668,299
-
0
-
0
J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
98,566
22,588
Company pension contributions to defined contribution schemes
1,543
-
100,109
22,588
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
21,089
20,571
9
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
16,091
23,023
Interest on finance leases and hire purchase contracts
2,438
11,565
Total finance costs
18,529
34,588
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
13,412
93,918
Deferred tax
Origination and reversal of timing differences
(41,996)
(117,541)
Total tax credit
(28,584)
(23,623)
J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Taxation
(Continued)
- 24 -

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

2024
2023
£
£
(Loss)/profit before taxation
(139,569)
314,873
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
(34,892)
69,272
Tax effect of expenses that are not deductible in determining taxable profit
39
7,062
Unutilised tax losses carried forward
-
0
6,217
Other permanent differences
-
0
(13,467)
Deferred tax adjustments in respect of prior years
-
0
(5,003)
Fixed asset difference
7,279
(84,659)
Other tax adjustments, reliefs and transfers
(1,010)
(3,045)
Taxation credit
(28,584)
(23,623)
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
173,022
130,424
J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
1,829,368
59,407
275,598
233,258
3,192,115
5,589,746
Additions
-
0
-
0
-
0
21,579
-
0
21,579
Disposals
-
0
-
0
(32,618)
(28,785)
(1,561,714)
(1,623,117)
At 30 September 2024
1,829,368
59,407
242,980
226,052
1,630,401
3,988,208
Depreciation and impairment
At 1 October 2023
712,703
46,335
202,224
177,691
2,280,613
3,419,566
Depreciation charged in the year
-
0
906
12,959
40,105
175,937
229,907
Eliminated in respect of disposals
-
0
-
0
(18,384)
(26,548)
(1,238,431)
(1,283,363)
At 30 September 2024
712,703
47,241
196,799
191,248
1,218,119
2,366,110
Carrying amount
At 30 September 2024
1,116,665
12,166
46,181
34,804
412,282
1,622,098
At 30 September 2023
1,116,665
13,072
73,374
55,567
911,502
2,170,180
Company
Freehold land and buildings
Leasehold land and buildings
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
1,144,035
13,963
1,157,998
Depreciation and impairment
At 1 October 2023
27,370
891
28,261
Depreciation charged in the year
-
0
906
906
At 30 September 2024
27,370
1,797
29,167
Carrying amount
At 30 September 2024
1,116,665
12,166
1,128,831
At 30 September 2023
1,116,665
13,072
1,129,737
J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Tangible fixed assets
(Continued)
- 26 -

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
-
0
153,304
-
0
-
0
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,400
1,400
Unlisted investments
255,000
125,000
-
0
-
0
Loans
-
0
125,000
-
0
-
0
255,000
250,000
1,400
1,400
Movements in fixed asset investments
Group
Investments
Loans
Total
£
£
£
Cost or valuation
At 1 October 2023
125,000
125,000
250,000
Valuation changes
130,000
(125,000)
5,000
At 30 September 2024
255,000
-
255,000
Carrying amount
At 30 September 2024
255,000
-
255,000
At 30 September 2023
125,000
125,000
250,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
1,400
Carrying amount
At 30 September 2024
1,400
At 30 September 2023
1,400
J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
J. Long & Sons (Haulage) Ltd
Sandleas Way, Crossgates, Leeds, West Yorkshire, LS15 8AW
Ordinary
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
114,411
149,279
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,792,529
2,757,015
-
0
-
0
Other debtors
3,980
4,520
-
0
-
0
Prepayments and accrued income
791,361
1,032,072
-
0
-
0
3,587,870
3,793,607
-
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
51,222
66,667
-
0
-
0
Obligations under finance leases
20
-
0
51,440
-
0
-
0
Other borrowings
19
81,242
78,452
-
0
-
0
Trade creditors
2,999,347
2,499,394
-
0
-
0
Corporation tax payable
13,412
93,918
-
0
-
0
Other taxation and social security
373,870
215,255
-
-
Other creditors
92,145
76,085
-
0
-
0
Accruals and deferred income
259,564
1,144,728
-
0
-
0
3,870,802
4,225,939
-
0
-
0

Included within accruals and deferred income is a deferred income balance of nil (2023: £20,000) relating to a grant from Leeds City Council. This funding was specifically received as a Large Vehicle Grant for use in the Leeds Clean Air Zone. This grant is being released to the profit and loss account in line with the depreciation charged on the purchase of the associated vehicles.

J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
-
0
51,223
-
0
-
0
Other borrowings
19
120,064
201,306
-
0
-
0
120,064
252,529
-
-
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
51,222
117,890
-
0
-
0
Other loans
201,306
279,758
-
0
-
0
252,528
397,648
-
-
Payable within one year
132,464
145,119
-
0
-
0
Payable after one year
120,064
252,529
-
0
-
0

Bank loans relate to a CBILS loan being drawn down which is secured under the UK Government's EFG guarantee. Capital repayments commenced in April 2021 at £5,556 per month and will continue until October 2025. Interest on this loan is subject to 3.25% above the Bank of England's Rate of interest.

 

Other borrowings relate to a pension scheme loan which is secured by mortgage charges over the company's premises together with a debenture over the assets of the company. The loan is repayable by monthly instalments of £7,249 and interest is charged at 3.5%.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
54,529
-
0
-
0
Less: future finance charges
-
0
(3,089)
-
0
-
0
-
51,440
-
0
-
0

 

J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
85,291
127,287
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
127,287
-
Credit to profit or loss
(41,996)
-
Liability at 30 September 2024
85,291
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
125,829
116,886

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

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
263
263
263
263
Ordinary C of £1 each
263
263
263
263
Ordinary D of £1 each
263
263
263
263
Ordinary E of £1 each
263
263
263
263
Ordinary F of £1 each
87
87
87
87
Ordinary G of £1 each
87
87
87
87
Ordinary H of £1 each
87
87
87
87
Ordinary I of £1 each
87
87
87
87
1,400
1,400
1,400
1,400
J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
23
Share capital
(Continued)
- 30 -

In the prior year, 1,399 shares were issued in exchange for the same number in J Long & Sons (Haulage) Limited.

 

The 'A', 'C', 'D', 'E', 'F', 'G', 'H' and 'I' Ordinary shares rank pari passu in all respects with each other.

24
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,512,357
1,521,437
-
-
Between two and five years
4,210,437
5,695,115
-
-
In over five years
285,085
293,399
-
-
6,007,879
7,509,951
-
-
25
Related party transactions
Transactions with related parties

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

Rental charge
Interest charge
2024
2023
2024
2023
£
£
£
£
Group
Other related parties
82,000
82,000
16,091
23,023

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Other related parties
201,306
279,758
J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
26
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr S P Long
-
22,584
41,170
(33,519)
30,235
Mr M A Long
-
(3,131)
3,131
-
-
19,453
44,301
(33,519)
30,235
27
Controlling party

The directors are of the opinion that there is no ultimate controlling party.

28
Share based payments

On 24 January 2023, J.Long & Sons (Haulage) Limited issued 155 Ordinary A shares of £1 each at par value. These 'growth' shares are entitled to a distribuition following a trade sale or exit, as governed by the Memorandum and Articles of Association.

 

At the date of issue these shares have been fair valued and on the grounds of materiality, and given uncertainty over the exact vesting period and vesting likelihood, the directors have not deemed it necessary to provide for this in the financial statements, and accordingly there is no impact on the reported profits arising from the issue of these shares.

29
Cash generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(110,985)
338,496
Adjustments for:
Taxation credited
(28,584)
(23,623)
Finance costs
18,529
34,588
Investment income
(21,089)
(20,571)
Loss/(gain) on disposal of tangible fixed assets
85,564
(1,743)
Depreciation and impairment of tangible fixed assets
229,907
384,117
Movements in working capital:
Decrease in stocks
34,868
11,961
Decrease in debtors
200,450
618,674
Decrease in creditors
(210,536)
(365,423)
Cash generated from operations
198,124
976,476
J. LONG & SONS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
30
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
714,661
(29,918)
684,743
Borrowings excluding overdrafts
(397,648)
145,120
(252,528)
Obligations under finance leases
(51,440)
51,440
-
265,573
166,642
432,215
2024-09-302023-10-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr S P LongMr M A LongMr J C LongMs D L LongMrs B LongMr D A LongMrs D G LongMrs J LongStephanie Boycottfalse13573385bus:Consolidated2023-10-012024-09-30135733852023-10-012024-09-3013573385bus:Director12023-10-012024-09-3013573385bus:Director22023-10-012024-09-3013573385bus:Director32023-10-012024-09-3013573385bus:Director42023-10-012024-09-3013573385bus:Director52023-10-012024-09-3013573385bus:Director62023-10-012024-09-3013573385bus:Director72023-10-012024-09-3013573385bus:Director82023-10-012024-09-3013573385bus:Director92023-10-012024-09-3013573385bus:RegisteredOffice2023-10-012024-09-3013573385bus:Consolidated2024-09-30135733852024-09-3013573385bus:Consolidated2022-10-012023-09-30135733852022-10-012023-09-3013573385bus:Consolidated2023-09-30135733852023-09-3013573385core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-09-3013573385core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-09-3013573385core:PlantMachinerybus:Consolidated2024-09-3013573385core:FurnitureFittingsbus:Consolidated2024-09-3013573385core:MotorVehiclesbus:Consolidated2024-09-3013573385core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-09-3013573385core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-09-3013573385core:PlantMachinerybus:Consolidated2023-09-3013573385core:FurnitureFittingsbus:Consolidated2023-09-3013573385core:MotorVehiclesbus:Consolidated2023-09-3013573385core:LandBuildingscore:OwnedOrFreeholdAssets2024-09-3013573385core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-09-3013573385core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-3013573385core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-09-3013573385core:ShareCapitalbus:Consolidated2024-09-3013573385core:ShareCapitalbus:Consolidated2023-09-3013573385core:OtherMiscellaneousReservebus:Consolidated2024-09-3013573385core:OtherMiscellaneousReservebus:Consolidated2023-09-3013573385core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-09-3013573385core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-09-3013573385core:ShareCapital2024-09-3013573385core:ShareCapital2023-09-3013573385core:RetainedEarningsAccumulatedLosses2024-09-3013573385core:RetainedEarningsAccumulatedLosses2023-09-3013573385core:ShareCapitalbus:Consolidated2022-09-3013573385core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-09-3013573385core:ShareCapital2022-09-3013573385core:RetainedEarningsAccumulatedLosses2022-09-3013573385core:ShareCapitalbus:Consolidated2022-10-012023-09-3013573385core:ShareCapital2022-10-012023-09-3013573385bus:Consolidated2022-09-3013573385core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-012024-09-3013573385core:LandBuildingscore:LongLeaseholdAssets2023-10-012024-09-3013573385core:PlantMachinery2023-10-012024-09-3013573385core:FurnitureFittings2023-10-012024-09-3013573385core:MotorVehicles2023-10-012024-09-3013573385core:UKTaxbus:Consolidated2023-10-012024-09-3013573385core:UKTaxbus:Consolidated2022-10-012023-09-3013573385bus:Consolidated12023-10-012024-09-3013573385bus:Consolidated12022-10-012023-09-3013573385bus:Consolidated22023-10-012024-09-3013573385bus:Consolidated22022-10-012023-09-3013573385bus:Consolidated32023-10-012024-09-3013573385bus:Consolidated32022-10-012023-09-3013573385core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-09-3013573385core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-09-3013573385core:PlantMachinerybus:Consolidated2023-09-3013573385core:FurnitureFittingsbus:Consolidated2023-09-3013573385core:MotorVehiclesbus:Consolidated2023-09-3013573385bus:Consolidated2023-09-3013573385core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-3013573385core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-09-30135733852023-09-3013573385core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-10-012024-09-3013573385core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-10-012024-09-3013573385core:PlantMachinerybus:Consolidated2023-10-012024-09-3013573385core:FurnitureFittingsbus:Consolidated2023-10-012024-09-3013573385core:MotorVehiclesbus:Consolidated2023-10-012024-09-3013573385core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-10-012024-09-3013573385core:MotorVehicles2024-09-3013573385core:MotorVehicles2023-09-3013573385core:UnlistedNon-exchangeTradedbus:Consolidated2024-09-3013573385core:UnlistedNon-exchangeTradedbus:Consolidated2023-09-3013573385core:UnlistedNon-exchangeTraded2024-09-3013573385core:UnlistedNon-exchangeTraded2023-09-3013573385core:Subsidiary12023-10-012024-09-3013573385core:Subsidiary112023-10-012024-09-3013573385core:CurrentFinancialInstruments2024-09-3013573385core:CurrentFinancialInstruments2023-09-3013573385core:CurrentFinancialInstrumentsbus:Consolidated2024-09-3013573385core:CurrentFinancialInstrumentsbus:Consolidated2023-09-3013573385core:WithinOneYearbus:Consolidated2024-09-3013573385core:WithinOneYearbus:Consolidated2023-09-3013573385core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3013573385core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3013573385core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-09-3013573385core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-09-3013573385core:Non-currentFinancialInstrumentscore:AfterOneYear2024-09-3013573385core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3013573385core:Non-currentFinancialInstrumentsbus:Consolidated2024-09-3013573385core:Non-currentFinancialInstrumentsbus:Consolidated2023-09-3013573385core:Non-currentFinancialInstruments2024-09-3013573385core:Non-currentFinancialInstruments2023-09-3013573385core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-09-3013573385core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-09-3013573385core:WithinOneYear2024-09-3013573385core:WithinOneYear2023-09-3013573385bus:PrivateLimitedCompanyLtd2023-10-012024-09-3013573385bus:FRS1022023-10-012024-09-3013573385bus:Audited2023-10-012024-09-3013573385bus:ConsolidatedGroupCompanyAccounts2023-10-012024-09-3013573385bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP