REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
P D BANNISTER HAULAGE LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants |
1 Valley Court |
Canal Road |
Bradford |
West Yorkshire |
BD1 4SP |
P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631) |
PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
3,527,283 | 3,060,824 |
820,376 | 285,374 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
822,763 | 439,162 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
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 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
P D BANNISTER HAULAGE LIMITED (REGISTERED NUMBER: 03182631) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Profit and loss account |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Profit for the year | - | 178,249 | 178,249 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 30 June 2023 |
Changes in equity |
Profit for the year | - | 358,033 | 358,033 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 30 June 2024 |
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 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) |
Amount introduced by directors | 24,440 | 34,252 |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 315,097 | 238,794 |
Finance income | (2,387 | ) | (351 | ) |
1,715,376 | 1,096,308 |
Decrease in stocks |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
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 | 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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer Equipment | - |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Distribution, selling and production. | 227 | 178 |
Administration | 22 | 20 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
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 |
Loss on disposal of fixed assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest |
PAYE interest |
Hire purchase |
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 |
Deferred tax | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses |
Adjustments to tax charge in respect of previous periods |
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 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Charge written back | - | (19,786 | ) | - |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
Additions |
Disposals | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Charge written back | - | 2,066 | (17,720 | ) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Directors' loan accounts | 384,645 | 409,085 |
Prepayments and accrued income |
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) |
Hire purchase contracts (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 530,514 | 439,528 |
Other creditors |
Accruals and deferred income |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 13) |
Hire purchase contracts (see note 14) |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Between one and five years |
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 |
Provided during year |
Balance at 30 June 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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) |