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REGISTERED NUMBER: 03182631 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

P D BANNISTER HAULAGE LIMITED

P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Profit and Loss Account 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


P D BANNISTER HAULAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: David Bannister
Betty Bannister
Paul Leadbeater
Louise Leadbeater





REGISTERED OFFICE: West Yorkshire Industrial Estate
Weaverthorpe Road
Bradford
West Yorkshire
BD4 6SX





REGISTERED NUMBER: 03182631 (England and Wales)





AUDITORS: Walter Dawson & Son
Chartered Accountants
1 Valley Court
Canal Road
Bradford
West Yorkshire
BD1 4SP

P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

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

REVIEW OF BUSINESS
The principal activity of the company continues to be that of a haulage contractor with supplementary activities comprising warehousing and re-pack services. As such, its key performance indicators are turnover, EBITDA, gross profit and net profit.

P D Bannisters principle continues to be offering a range of distribution, warehousing and packaging solutions whilst working with some of the leading retailers and food manufacturers.

Strategic focus this year was placed upon fulfilling the newly negotiated contacts and ensuring that increased sales can be delivered on time and with improved efficiency. Further investment into the fleet of vehicles has continued in the new financial year. The project of modernising the fleet to ensure it complies with the latest legislation whilst also benefitting from more fuel-efficient vehicles is now complete. Following a period of investment the company is now using surplus cashflows on a programme of debt reduction.

This Years financial performance represents an improved result on previous years across all measures. Turnover has increased due to the new contracts that were agreed in the previous year and increased volume now being fully recognised in the current financial year. Contracts have been tendered for and secured with all main customers with long term contracts now finalised and signed.

An opportunity to acquire an additional warehouse on the existing site arose during the current financial the current year. With the confidence of the new long term contracts, the property was secured on the 27th September 2024 and an increase in storage efficiency and overhead savings will be seen in future years.

PRINCIPAL RISKS AND UNCERTAINTIES
Increases in the salaries of employees due to consistent government minimum wages rises has seen the business constantly review salaries to keep pay in line with the current market. Challenges the business has faced have been the increased volume of work undertaken. Wages costs have increased in warehousing and haulage and the use of agency and subcontractors has been a necessity to satisfy the increased workload and manage customer expectations.

The Buinesss continues to recognise the requirement to comply with the full compliance of driver and vehicle operation laws and regulations, regular training is key in combating the risk of non-compliance.

Fluctuating fuel prices impacts massively on this business sector and the directors have negotiated fuel prices & escalators into all new contracts to manage this risk, the benefit has been seen In the Increase in gross profit margin this year compared with 2023. The Directors recognise the need to manage the logistical side as effectively as possible to mitigate the impact of rising fuel prices. The modernisation of the fleet will ensure that the company continues to benefit from improved efficiencies.

Trade debtors are managed closely with continual reviews of any credit terms offered to customers, with strict adherence to company policies regarding debt collections.

The directors continue to monitor market trends however as most customers are based in the food and beverage sector the directors are confident their services will be in demand in the future.


P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

FINANCIAL KEY PERFORMANCE INDICATORS
The directors consider turnover, EBITDA gross profit and net profit to be the key financial performance indicators, during the year the movements on these have been:


2024 2023 Movement
Turnover £ 25,530,694 £ 22,978,144 11.1% Increase
Gross Profit £ 4,347,659 £ 3,346,198 29.9% Increase
Gross Profit
Percentage


17.0 %

14.6%

2.4% Increase
EBITDA £ 1,660,893 £ 1,077,053 54.2% Increase
Net Profit/ (Loss) £ 507,666 £ 200,368 153.4% Increase


Sale prices & gross profit percentages are monitored regularly across the business to ensure that the company remains price competitive whilst maximising sales potential.

Although not a key performance indicator, the company continues to keep a tight control over overhead expenditure, whilst also ensuring that customers experience the highest possible level of service.

GOING CONCERN
The directors have made a positive going concern assessment based on the latest audited accounts and the financial projection of the next twelve months. The company trading performance and profitability continue to improve. Aligned to a balance sheet that continues to improve there are no concerns regarding the companies ongoing trading for the foreseeable future.

ON BEHALF OF THE BOARD:





David Bannister - Director


16 June 2025

P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of that of haulage contractors.

DIVIDENDS
The directors recommend the payment of a dividend of £125,000 (2023:£125,000)

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

David Bannister
Betty Bannister
Paul Leadbeater
Louise Leadbeater

FINANCIAL INSTRUMENTS
Financial Instruments and Risk Management

The company's financial assets and liabilities consist of trade debtors and creditors, cash balances, bank loans and overdrafts, finance leases and hire purchase contracts.

The directors manage the company's exposure to financial risk by researching the credit worthiness of customers and by seeking advice from the company's providers of finance and its other external financial advisers.

Currency risk is restricted to the short term settlement of trading balances with customers and suppliers.

The company does not trade speculatively in derivatives or similar instruments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-select suitable accounting policies and then apply them consistently;
-make judgements 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 company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Walter Dawson & Son, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





David Bannister - Director


16 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
P D BANNISTER HAULAGE LIMITED

Opinion
We have audited the financial statements of P D Bannister Haulage Limited (the 'company') for the year ended 30 June 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
P D BANNISTER HAULAGE LIMITED


Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
P D BANNISTER HAULAGE LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risk 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 discussion with directors and other management, and form our commercial knowledge and experience of the sector;
- we focussed on specific laws and regulations which considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- 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 a susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and overide 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 set out in note 2 and where indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
P D BANNISTER HAULAGE LIMITED

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.

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 Report of the Auditors.

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 a Report of the Auditors 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.




John Richard Hall FCA (Senior Statutory Auditor)
for and on behalf of Walter Dawson & Son
Chartered Accountants
1 Valley Court
Canal Road
Bradford
West Yorkshire
BD1 4SP

16 June 2025

P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £    £    £   

TURNOVER 25,530,694 22,978,144

Cost of sales 21,183,035 19,631,946
GROSS PROFIT 4,347,659 3,346,198

Distribution costs 369,860 330,815
Administrative expenses 3,157,423 2,730,009
3,527,283 3,060,824
820,376 285,374

Other operating income - 153,437
OPERATING PROFIT 4 820,376 438,811

Interest receivable and similar income 2,387 351
822,763 439,162

Interest payable and similar expenses 5 315,097 238,794
PROFIT BEFORE TAXATION 507,666 200,368

Tax on profit 6 149,633 22,119
PROFIT FOR THE FINANCIAL YEAR 358,033 178,249

P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 358,033 178,249


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

358,033

178,249

P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 6,309,976 6,194,142

CURRENT ASSETS
Stocks 9 34,565 35,940
Debtors 10 6,210,455 5,318,738
Cash at bank and in hand 518,170 431,007
6,763,190 5,785,685
CREDITORS
Amounts falling due within one year 11 7,586,989 6,379,978
NET CURRENT LIABILITIES (823,799 ) (594,293 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,486,177

5,599,849

CREDITORS
Amounts falling due after more than
one year

12

(2,700,787

)

(3,197,125

)

PROVISIONS FOR LIABILITIES 16 (350,716 ) (201,083 )
NET ASSETS 2,434,674 2,201,641

CAPITAL AND RESERVES
Called up share capital 17 10,000 10,000
Profit and loss account 2,424,674 2,191,641
SHAREHOLDERS' FUNDS 2,434,674 2,201,641

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2025 and were signed on its behalf by:





David Bannister - Director


P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up Profit
share and loss Total
capital account equity
£    £    £   
Balance at 1 July 2022 10,000 2,138,392 2,148,392

Changes in equity
Profit for the year - 178,249 178,249
Total comprehensive income - 178,249 178,249
Dividends - (125,000 ) (125,000 )
Balance at 30 June 2023 10,000 2,191,641 2,201,641

Changes in equity
Profit for the year - 358,033 358,033
Total comprehensive income - 358,033 358,033
Dividends - (125,000 ) (125,000 )
Balance at 30 June 2024 10,000 2,424,674 2,434,674

P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,028,983 1,063,051
Interest paid (144,064 ) (113,927 )
Interest element of hire purchase
payments paid

(171,033

)

(124,867

)
Tax paid (149,626 ) (101,029 )
Net cash from operating activities 1,564,260 723,228

Cash flows from investing activities
Purchase of tangible fixed assets (1,039,270 ) (2,552,252 )
Sale of tangible fixed assets 28,436 140,838
Interest received 2,387 351
Net cash from investing activities (1,008,447 ) (2,411,063 )

Cash flows from financing activities
Loan repayments in year (106,155 ) (85,253 )
Capital repayments in year (261,935 ) 1,380,854
Amount introduced by directors 24,440 34,252
Equity dividends paid (125,000 ) (125,000 )
Net cash from financing activities (468,650 ) 1,204,853

Increase/(decrease) in cash and cash equivalents 87,163 (482,982 )
Cash and cash equivalents at
beginning of year

2

431,007

913,989

Cash and cash equivalents at end of
year

2

518,170

431,007

P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 507,666 200,368
Depreciation charges 844,629 638,242
Loss on disposal of fixed assets 50,371 19,255
Finance costs 315,097 238,794
Finance income (2,387 ) (351 )
1,715,376 1,096,308
Decrease in stocks 1,375 1,629
Increase in trade and other debtors (916,157 ) (1,332 )
Increase/(decrease) in trade and other creditors 1,228,389 (33,554 )
Cash generated from operations 2,028,983 1,063,051

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 518,170 431,007
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 431,007 913,989


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 431,007 87,163 518,170
431,007 87,163 518,170
Debt
Finance leases (2,518,665 ) 261,935 (2,256,730 )
Debts falling due within 1 year (97,841 ) (43,743 ) (141,584 )
Debts falling due after 1 year (1,566,237 ) 149,898 (1,416,339 )
(4,182,743 ) 368,090 (3,814,653 )
Total (3,751,736 ) 455,253 (3,296,483 )

P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

P D Bannister Haulage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer Equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Finance costs of debt
The finance costs of debt, including interest and issue costs, are allocated to each period over the term of the debt and charged to the profit and loss account at a constant rate on the outstanding amount.

Income recognition
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 8,915,140 7,425,581
Social security costs 844,017 717,123
Other pension costs 150,425 121,253
9,909,582 8,263,957

The average number of employees during the year was as follows:
2024 2023

Distribution, selling and production. 227 178
Administration 22 20
249 198

2024 2023
£    £   
Directors' remuneration 184,559 181,423

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 862,349 638,242
Loss on disposal of fixed assets 50,371 19,255
Auditors' remuneration 10,000 8,000
Foreign exchange differences (440 ) 7,948

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 141,381 113,927
PAYE interest 2,683 -
Hire purchase 171,033 124,867
315,097 238,794

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 46,266

Deferred tax 149,633 (24,147 )
Tax on profit 149,633 22,119

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 507,666 200,368
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 25%)

126,917

50,092

Effects of:
Capital allowances in excess of depreciation (290,362 ) (633,489 )
Utilisation of tax losses 313,078 559,250
Adjustments to tax charge in respect of previous periods - 46,266
Total tax charge 149,633 22,119

P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 125,000 125,000

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2023 4,329,659 7,624,729 287,379
Additions - 963,589 47,588
Disposals - (332,000 ) -
At 30 June 2024 4,329,659 8,256,318 334,967
DEPRECIATION
At 1 July 2023 2,328,177 3,624,505 157,100
Charge for year 86,593 717,354 40,633
Eliminated on disposal - (253,193 ) -
Charge written back - (19,786 ) -
At 30 June 2024 2,414,770 4,068,880 197,733
NET BOOK VALUE
At 30 June 2024 1,914,889 4,187,438 137,234
At 30 June 2023 2,001,482 4,000,224 130,279

P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles Equipment Totals
£    £    £   
COST
At 1 July 2023 36,000 296,234 12,574,001
Additions - 28,093 1,039,270
Disposals - - (332,000 )
At 30 June 2024 36,000 324,327 13,281,271
DEPRECIATION
At 1 July 2023 28,169 241,908 6,379,859
Charge for year 1,958 15,811 862,349
Eliminated on disposal - - (253,193 )
Charge written back - 2,066 (17,720 )
At 30 June 2024 30,127 259,785 6,971,295
NET BOOK VALUE
At 30 June 2024 5,873 64,542 6,309,976
At 30 June 2023 7,831 54,326 6,194,142

The net book value of tangible fixed assets includes £2,939,742 (2023:£3,333,075) in respect of fixed assets held under hire purchase contracts and finance leases.The depreciation charge for the year on those assets amounted to £483,227 (2023:£455,109)

9. STOCKS
2024 2023
£    £   
Stocks 34,565 35,940

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,273,966 4,470,645
Other debtors 218,135 201,928
Directors' loan accounts 384,645 409,085
Prepayments and accrued income 333,709 237,080
6,210,455 5,318,738

P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) 141,584 97,841
Hire purchase contracts (see note 14) 972,282 887,777
Trade creditors 2,291,089 2,277,677
Tax - 149,626
Social security and other taxes 220,564 182,066
VAT 530,514 439,528
Other creditors 3,158,517 2,181,044
Accruals and deferred income 272,439 164,419
7,586,989 6,379,978

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 13) 1,416,339 1,566,237
Hire purchase contracts (see note 14) 1,284,448 1,630,888
2,700,787 3,197,125

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 141,584 97,841

Amounts falling due between one and two years:
Bank loans - 1-2 years 139,524 97,841

Amounts falling due between two and five years:
Bank loans - 2-5 years 392,820 293,523

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalments 883,995 1,174,873
883,995 1,174,873

Interest on the bank loan is charged at a commercial rate, over its remaining term. The bank loan is secured by a charge on the company's freehold properties and a debenture over the assets and undertakings of the company.

P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 972,282 887,777
Between one and five years 1,284,448 1,630,888
2,256,730 2,518,665

15. SECURED DEBTS

Other creditors includes £3,122,335 (2023:£2,147,402) owed to Natwest Bank Invoice finance.This is secured against the Company's trade debts. Hire purchase agreements are secured against the assets to which the liability relates.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 350,716 201,083

Deferred
tax
£   
Balance at 1 July 2023 201,083
Provided during year 149,633
Balance at 30 June 2024 350,716

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000

18. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the company in an independently administered fund.The pension cost represents contributions payable by the company to the fund and amounted to £150,425 (2023:£121,253)

Contributions totalling £36,182 (2023:£33,642) were payable to the fund and included in creditors.

P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
David Bannister
Balance outstanding at start of year 296,515 323,945
Amounts repaid (9,060 ) (27,430 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 287,455 296,515

Betty Bannister
Balance outstanding at start of year 112,570 119,392
Amounts repaid (15,380 ) (6,822 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 97,190 112,570

20. RELATED PARTY DISCLOSURES

Mr D J Bannister has control over a majority of the shares in the company, and together with his involvement in its day-to-day management, is deemed to be the controlling party for the purpose of Financial Reporting Standard No.102.

Mrs B Bannister is also a director of the company.

Debtors includes £287,455 (2023:£296,515) owed by Mr DJ Bannister and £97,190 (2023:£112,570) owed by Mrs B Bannister.

Dividends were paid during the year to Mr D J Bannister amounting to £93,750 (2023:£93,750) and Mrs B Bannister £31,250 (2023:£31,250)