Company registration number SC065227 (Scotland)
MOFFAT & WILLIAMSON LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
MOFFAT & WILLIAMSON LIMITED
COMPANY INFORMATION
Directors
Mr George Devine
Mrs Lesley Devine
Mr Fraser Pearce
Mrs Sharon Smith
Mr Lindsay Devine
Company number
SC065227
Registered office
The Old Railway Yard
St Fort
Newport On Tay
DD6 8RG
Auditor
Findlays Audit Limited
11 Dudhope Terrace
Dundee
DD3 6TS
MOFFAT & WILLIAMSON LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Statement of cash flows
9
Notes to the financial statements
10 - 21
MOFFAT & WILLIAMSON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

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

Review of the business

The accounts for the year to 30 November 2024 are very positive in the opinion of the directors. Turnover has increased by over £1m to £7.9m for the year. This is in line with expectations given the new contracts won over the past years.

Wages and Salaries remain relatively high, however percentage of wages cost to turnover has improved significantly from 2023, again as was expected. The company pride themselves on being good employers and has invested in the team to allow for continued expansion to services. There has also been additional expense undertaken to convert buses to be Euro 6 emission standards and compliant with the new LEZ in Dundee, and also converting service buses to a 70 seat configuration. The vast majority of this expenditure is now complete.

This Company has returned a profit before interest and tax of £284,339 for the year, compared to a loss of £218,179 for the same period last year. The directors knew that the two years ended 30 November 2022 and 30 November 2023 would be difficult given the price pressures experienced and the fact that contracts had been extended without full tenders and at only minimal price changes. They are pleased that with the outturn results to 30 November 2024, and continue to build on these in the coming years.

Principal risks and uncertainties

Most of the tenders for services have now been awarded and this gives some certainty for the coming 3 to 4 years. There are some more tenders for existing and new routes coming up which the directors will carefully consider in terms of capacity and value as always.

The main risk for the business is increasing wage and fuel costs. The directors are content that all potential mitigations are already built into the business to best cope with these.

Key performance indicators

The main Key performance indicators used in the business are those of Gross Margin excluding depreciation, turnover and cash flow. The company has a good handle on all of these, and the November 2024 outcome is by no way unexpected.

Other information and explanations

The company continues to seek opportunities to increase turnover and profitability. The company continues to improve and develop its relationships with all it’s customers and in particular its relationships within the local authorities, and the services it provides to them.

Successful tender applications have been awarded commencing in August 2025 for a further three to four year term. There are several other tender opportunities which will be assessed as to whether these fit with the Companies capacity and whether they offer viable additions to the companies existing business.

On behalf of the board

Mr George Devine
Director
28 August 2025
MOFFAT & WILLIAMSON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -

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

Principal activities
Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. 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 George Devine
Mrs Lesley Devine
Mr Fraser Pearce
Mrs Sharon Smith
Mr Lindsay Devine
Auditor

In accordance with the company's articles, a resolution proposing that Findlays Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

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 company and of the profit or loss of the company 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 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.

MOFFAT & WILLIAMSON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
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 company’s auditor 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 company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr George Devine
Director
28 August 2025
MOFFAT & WILLIAMSON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MOFFAT & WILLIAMSON LIMITED
- 4 -
Opinion

We have audited the financial statements of Moffat & Williamson Limited (the 'company') for the year ended 30 November 2024 which comprise the statement of income and retained earnings, the balance sheet, the 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 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 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:

MOFFAT & WILLIAMSON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF MOFFAT & WILLIAMSON LIMITED
- 5 -
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 and 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 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.

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.

Irregularities, including fraud are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mis-statements in respect of irregularities, including fraud and non-compliance with laws and regulations is detailed below

 

The audit team has appropriate skills and expertise required and through discussions with management and Directors knowledge of the sector to ensure any non compliance is recognised and all necessary disclosures are made. the controls in place help the charity mitigate the risk of fraud and also aids them in highlighting any instances of fraud that might have occurred.

 

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

MOFFAT & WILLIAMSON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF MOFFAT & WILLIAMSON LIMITED
- 6 -

Because of the field in which the client operates we identified the following areas as those most likely to have a material impact on the financial statements:

 

Direct impact on financial statements:

 

Indirect impact on financial statements:

 

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

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.

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Alexander Squires, C.A. (Senior Statutory Auditor)
For and on behalf of Findlays Audit Limited
Chartered Accountants
Statutory Auditor
Dundee
DD3 6TS
28 August 2025
Findlays is eligible for appointment as auditor of the company by virtue of its eligibility for appointment as auditor of a company under s 1212 of the Companies Act 2006
MOFFAT & WILLIAMSON LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
7,937,546
6,884,623
Cost of sales
(7,175,125)
(6,445,351)
Gross profit
762,421
439,272
Distribution costs
(129,043)
(138,621)
Administrative expenses
(349,039)
(651,830)
Other operating income
-
0
133,000
Operating profit/(loss)
4
284,339
(218,179)
Interest receivable and similar income
8
171
11,802
Interest payable and similar expenses
9
(86,624)
(48,750)
Profit/(loss) before taxation
197,886
(255,127)
Tax on profit/(loss)
10
-
0
39,745
Profit/(loss) for the financial year
197,886
(215,382)
Retained earnings brought forward
3,972,165
4,187,547
Retained earnings carried forward
4,170,051
3,972,165

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

The notes on pages 10 to 21 form part of these financial statements.

MOFFAT & WILLIAMSON LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
4,307,674
2,318,685
Current assets
Stocks
12
147,707
156,471
Debtors
13
2,719,928
3,005,221
Cash at bank and in hand
303,134
331,123
3,170,769
3,492,815
Creditors: amounts falling due within one year
14
(1,272,755)
(923,399)
Net current assets
1,898,014
2,569,416
Total assets less current liabilities
6,205,688
4,888,101
Creditors: amounts falling due after more than one year
15
(1,618,234)
(498,533)
Provisions for liabilities
Deferred tax liability
17
282,215
282,215
(282,215)
(282,215)
Net assets
4,305,239
4,107,353
Capital and reserves
Called up share capital
19
135,188
135,188
Profit and loss reserves
4,170,051
3,972,165
Total equity
4,305,239
4,107,353

The notes on pages 10 to 21 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 28 August 2025 and are signed on its behalf by:
Mr George Devine
Director
Company registration number SC065227 (Scotland)
MOFFAT & WILLIAMSON LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 9 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
817,076
(39,095)
Interest paid
(86,624)
(48,750)
Income taxes paid
-
0
(134,905)
Net cash inflow/(outflow) from operating activities
730,452
(222,750)
Investing activities
Purchase of tangible fixed assets
(2,502,657)
(1,096,676)
Proceeds from disposal of tangible fixed assets
441,000
278,000
Repayment of loans
(24,642)
-
0
Interest received
171
11,802
Net cash used in investing activities
(2,086,128)
(806,874)
Financing activities
Repayment of bank loans
(20,640)
(23,526)
Payment of finance leases obligations
1,345,109
(120,434)
Net cash generated from/(used in) financing activities
1,324,469
(143,960)
Net decrease in cash and cash equivalents
(31,207)
(1,173,584)
Cash and cash equivalents at beginning of year
218,290
1,391,874
Cash and cash equivalents at end of year
184,355
218,290
Relating to:
Cash at bank and in hand
303,134
331,123
Bank overdrafts included in creditors payable within one year
(118,779)
(112,833)

The notes on pages 10 to 21 form part of these financial statements.

MOFFAT & WILLIAMSON LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation

Tangible fixed assets are depreciated over a period to reflect their estimated useful lives. The applicability of the assumed lives is reviewed annually, taking into account factors such as physical condition, maintenance and obsolescence.

 

Fixed assets are also assessed as to whether there are indicators of impairment. This assessment involves consideration of the economic viability of the purpose for which the asset is used.

Deferred Tax

Deferred tax is calculated based on the difference between capital allowances and net book value of assets.

2
Accounting policies
Company information

Moffat & Williamson Limited is a private company limited by shares incorporated in Scotland. The registered office is The Old Railway Yard, St Fort, Newport On Tay, DD6 8RG.

2.1
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 £.

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

2.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

MOFFAT & WILLIAMSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2
Accounting policies
(Continued)
- 11 -
2.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

2.4
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
40 years straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
15-33% reducing balance
Motor vehicles
25% reducing balance
Buses & Coaches
Between 5-20% reducing balance

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 credited or charged to profit or loss.

2.5
Impairment of fixed assets

At each reporting period end date, the company 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

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.

MOFFAT & WILLIAMSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
2
Accounting policies
(Continued)
- 12 -

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.

2.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2.7
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.

2.8
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

MOFFAT & WILLIAMSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
2
Accounting policies
(Continued)
- 13 -
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 company 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 company after deducting all of its liabilities.

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.

MOFFAT & WILLIAMSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
2
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2.9
Equity instruments

Equity instruments issued by the company 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 company.

2.10
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 when the company has 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.

2.11
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.

2.12
Retirement benefits

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

2.13
Leases

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 leases asset are consumed.

MOFFAT & WILLIAMSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
2
Accounting policies
(Continued)
- 15 -
2.14
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.

3
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
171
11,802
Grants received
-
133,000
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Government grants
-
(133,000)
Fees payable to the company's auditor for the audit of the company's financial statements
5,827
13,013
Depreciation of owned tangible fixed assets
279,759
403,631
(Profit)/loss on disposal of tangible fixed assets
(204,363)
9,394
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 company
5,827
13,013
6
Employees

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

2024
2023
Number
Number
145
126
MOFFAT & WILLIAMSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
6
Employees
(Continued)
- 16 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,001,824
3,437,995
Social security costs
393,645
328,347
Pension costs
81,019
64,224
4,476,488
3,830,566
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
174,788
183,979
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
171
11,802
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
171
11,802
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
8,761
8,451
Other finance costs:
Interest on finance leases and hire purchase contracts
77,863
40,299
86,624
48,750
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
(152,066)
MOFFAT & WILLIAMSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
10
Taxation
2024
2023
£
£
(Continued)
- 17 -
Deferred tax
Origination and reversal of timing differences
-
0
112,321
Total tax charge/(credit)
-
0
(39,745)

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

2024
2023
£
£
Profit/(loss) before taxation
197,886
(255,127)
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 0%)
49,472
-
0
Adjustments in respect of prior years
-
0
(152,066)
Permanent capital allowances in excess of depreciation
(49,472)
-
0
Other non-reversing timing differences
-
0
112,321
Taxation charge/(credit) for the year
-
(39,745)
MOFFAT & WILLIAMSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 18 -
11
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Buses & Coaches
Total
£
£
£
£
£
£
Cost
At 1 December 2023
677,785
278,446
68,212
330,030
6,949,421
8,303,894
Additions
-
0
-
0
-
0
6,017
2,496,640
2,502,657
Disposals
-
0
-
0
-
0
(285,060)
(2,642,844)
(2,927,904)
At 30 November 2024
677,785
278,446
68,212
50,987
6,803,217
7,878,647
Depreciation and impairment
At 1 December 2023
343,360
276,383
60,270
253,486
5,051,710
5,985,209
Depreciation charged in the year
16,456
2,063
7,942
47,943
202,627
277,031
Eliminated in respect of disposals
-
0
-
0
-
0
(258,600)
(2,432,667)
(2,691,267)
At 30 November 2024
359,816
278,446
68,212
42,829
2,821,670
3,570,973
Carrying amount
At 30 November 2024
317,969
-
0
-
0
8,158
3,981,547
4,307,674
At 30 November 2023
334,425
2,063
7,942
76,544
1,897,711
2,318,685
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
147,707
156,471
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
145,589
115,044
Corporation tax recoverable
134,905
134,905
Amounts owed by group undertakings
1,916,110
1,914,910
Other debtors
497,632
417,624
Prepayments and accrued income
25,692
422,738
2,719,928
3,005,221
MOFFAT & WILLIAMSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
148,850
136,359
Obligations under finance leases
388,330
190,107
Trade creditors
410,085
348,286
Taxation and social security
94,363
77,194
Other creditors
4,173
5,120
Accruals and deferred income
226,954
166,333
1,272,755
923,399
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
96,895
124,080
Obligations under finance leases
1,521,339
374,453
1,618,234
498,533
Amounts included above which fall due after five years are as follows:
Payable by instalments
537,633
80,695
16
Loans and overdrafts
2024
2023
£
£
Bank loans
126,966
147,606
Bank overdrafts
118,779
112,833
245,745
260,439
Payable within one year
148,850
136,359
Payable after one year
96,895
124,080

The long-term loans are secured by fixed charges over all assets of the company

MOFFAT & WILLIAMSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
17
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
282,215
282,215
There were no deferred tax movements in the year.

The deferred tax liability set out above is expected to reverse within the next few years and relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
81,019
64,224

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totally £nil (2022 - £nil) were payable to the fund at the balance sheet date.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
135,188
135,188
135,188
135,188
20
Operating lease commitments

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

2024
2023
£
£
Within one year
2,516
2,516
Between two and five years
629
3,145
3,145
5,661
MOFFAT & WILLIAMSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 21 -
21
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
-
513,845
22
Ultimate controlling party

The ultimate parent of the company is Devine-Devine Transport Limited whose registered office is 11 Dudhope Terrace, Dundee. The ultimate controlling party is George Devine who is also a director in Moffat & Williamson Limited.

23
Analysis of changes in net debt
1 December 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
331,123
(27,989)
303,134
Bank overdrafts
(112,833)
(5,946)
(118,779)
218,290
(33,935)
184,355
Borrowings excluding overdrafts
(147,606)
20,640
(126,966)
Obligations under finance leases
(564,560)
(1,345,109)
(1,909,669)
(493,876)
(1,358,404)
(1,852,280)
24
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit/(loss) for the year after tax
197,886
(215,382)
Adjustments for:
Taxation charged/(credited)
-
0
(39,745)
Finance costs
86,624
48,750
Investment income
(171)
(11,802)
(Gain)/loss on disposal of tangible fixed assets
(204,363)
9,394
Depreciation and impairment of tangible fixed assets
277,031
403,631
Movements in working capital:
Decrease/(increase) in stocks
8,764
(14,887)
Decrease/(increase) in debtors
312,662
(226,519)
Increase in creditors
138,643
7,465
Cash generated from/(absorbed by) operations
817,076
(39,095)
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