Registration number:
Britcab Limited
for the Year Ended 31 December 2024
Britcab Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Britcab Limited
Company Information
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Directors |
Mr Richard Dale Wilsdon Mr Dale Evan Wilsdon Mr Gregory Christopher Wilsdon |
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Registered office |
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Accountants |
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Auditors |
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Britcab Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is portable building hire and sales
Fair review of the business
The principal activities of the company remain the supply of New and Refurbished Portable Cabins and Modular Buildings across the UK.
Britcab continue to service a large and ever-growing client base across the public and private sector.
The Company performed well throughout 2024 with all key metrics improving and successfully continued with its gradual transition from sale of second hand goods to a more ‘hire centric’ approach.
Despite fairly flat Market conditions (most notably in the latter part of the year), Britcab managed to increase turnover (2024 - £10.53m, 2023 - £9.5m) and, most importantly, show a healthy gross profit increase of just under 24% year on year.
The company is working hard to ensure its fixed costs remain low to ensure margins are increased going forward.
Britcab have identified some areas for improvement, and, towards the latter stages of the year, appointed a full time ‘compliance’ manager and another Sales Executive. This move has strengthened the team and will lead to further efficiencies going forward.
Whilst the ‘RAAC’ demand didn’t materialise as forecast, due to the diverse nature of clients, the increased stock of ‘ready to go’ modern Units and quality of service, Britcab were still able to successfully grow hire fleet revenue to £2.3m (from 1.7m in 2023).
Growth of the hire fleet remains the key focus for the firm in the immediate future.
Britcab’s quality of service and diverse product offering remains a key differentiator from its competitors.
During 2024, Britcab invested a substantial six figure sum in maintaining and improving facilities across its Northern Depots and made the strategic decision to increase storage facilities at the head office in York. Whilst this will have had a short term impact on costs, it will undoubtedly result in an increase in efficiency and production going forward.
We would again like to place on record our thanks to our suppliers, customers and loyal workforce – who continue to go above and beyond to ensure our continued success.
Britcab Limited
Strategic Report for the Year Ended 31 December 2024
Principal risks and uncertainties
The markets in which the company operates remain competitive and the company seeks to gain advantage using quick response times, competitive pricing and a higher standard of goods. Indeed, almost 90% of new hire units sent out were Brand New. This, in turn, will result in a better standard of available stock, shorter lead times and lower ongoing maintenance/refurbishment costs in future years.
As Britcab sell/hire such a diverse range of products, the business has not been overly affected by competitors low margin/aggressive pricing policy.
The Directors have assessed the changes in regulation/compliance within the industry, namely the changes in fire regulation - Joint Code of Practice clause 13.1. Strategic partnerships with long term suppliers have been utilised and Britcab are confident of being able to supply fire rated units where deemed appropriate.
The main risk remains trade creditors and rigorous credit checks are run (in house) on all prospective customers prior to raising an invoice. This lowers risk and ensures bad debts are kept to an absolute minimum.
Quarterly management accounts are produced for Directors approval.
The business remains unexposed to exchange rate fluctuations as key suppliers and customers are all UK based.
The company has healthy cash flow reserves and risk is spread across a diverse range of clients and sectors.
Approved and authorised by the
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Britcab Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Information included in the Strategic Report
The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments, research & development and financial instruments.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Britcab Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Britcab Limited
Independent Auditor's Report to the Members of Britcab Limited
Opinion
We have audited the financial statements of Britcab Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 31 December 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Britcab Limited
Independent Auditor's Report to the Members of Britcab Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 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 5], 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Britcab Limited
Independent Auditor's Report to the Members of Britcab Limited
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the modular building industry.
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery and employment 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 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 override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining accounting estimates were 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; and
• enquiring of management as to actual and potential litigation and claims;
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.
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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Britcab Limited
Independent Auditor's Report to the Members of Britcab Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
Statutory Auditor
Museum Street
York
YO1 7DN
Britcab Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2024
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Note |
31 December |
31 December |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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(682) |
13,221 |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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|
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Retained earnings brought forward |
4,568,129 |
4,315,034 |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
4,886,728 |
4,568,129 |
Britcab Limited
(Registration number: 06336187)
Balance Sheet as at 31 December 2024
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Note |
31 December |
31 December |
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Fixed assets |
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Tangible assets |
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Investment property |
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Other financial assets |
39,283 |
52,375 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Capital redemption reserve |
66 |
66 |
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Retained earnings |
4,886,728 |
4,568,129 |
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Shareholders' funds |
4,886,894 |
4,568,295 |
Approved and authorised by the
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Britcab Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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At 31 December 2024 |
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Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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At 31 December 2023 |
100 |
66 |
4,568,129 |
4,568,295 |
Britcab Limited
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
31 December |
31 December |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Profit on disposal of tangible assets |
( |
( |
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Finance income |
( |
( |
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Finance costs |
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Income tax expense |
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Working capital adjustments |
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Decrease/(increase) in stocks |
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( |
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Decrease/(increase) in trade debtors |
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( |
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(Decrease)/increase in trade creditors |
( |
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Cash generated from operations |
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
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Interest paid |
( |
( |
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Repayment of other borrowing |
( |
( |
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Payments to finance lease creditors |
( |
( |
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Dividends paid |
( |
( |
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Net cash flows from financing activities |
( |
( |
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Net decrease in cash and cash equivalents |
( |
( |
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Cash and cash equivalents at 1 January |
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Cash and cash equivalents at 31 December |
877,291 |
1,518,952 |
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Britcab Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Portable building sales are invoiced at the date of delivery or in the case of bespoke cabins at the point the work is completed to them, whichever is sooner. Revenue is recognised as sales at this point.
Portable buildings are hired on a variety of long and short term contracts. Income is recognised on an accruals basis over the period of hire.
Tax
The tax expense for the period comprises corporation tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Britcab Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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2 |
Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant & machinery |
15% reducing balance |
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Hire Fleet |
10% reducing balance |
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Motor vehicles |
25% reducing balance |
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Computer equipment |
20% reducing balance |
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Leasehold buildings |
10% straight line |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Britcab Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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2 |
Accounting policies (continued) |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Britcab Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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2 |
Accounting policies (continued) |
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
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31 December |
31 December |
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Sale of goods |
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Rendering of services |
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Grants received |
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Other revenue |
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
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31 December |
31 December |
|
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Miscellaneous other operating income |
|
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Britcab Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
31 December |
31 December |
|
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Gain on disposal of Tangible assets |
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Operating profit |
Arrived at after charging/(crediting)
|
31 December |
31 December |
|
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Depreciation expense |
|
|
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Profit on disposal of property, plant and equipment |
( |
( |
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Other interest receivable and similar income |
|
31 December |
31 December |
|
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Interest income on bank deposits |
|
|
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Other finance income |
|
- |
|
|
|
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Interest payable and similar expenses |
|
31 December |
31 December |
|
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Interest on bank overdrafts and borrowings |
|
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Interest on obligations under finance leases and hire purchase contracts |
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Britcab Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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31 December |
31 December |
|
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Wages and salaries |
|
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Pension costs, defined contribution scheme |
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Other employee expense |
|
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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31 December |
31 December |
|
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Production |
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Administration and support |
|
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Other departments |
|
|
|
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Directors' remuneration |
The directors' remuneration for the year was as follows:
|
31 December |
31 December |
|
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Remuneration |
|
|
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Contributions paid to money purchase schemes |
|
|
|
101,646 |
105,650 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
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31 December |
31 December |
|
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Accruing benefits under money purchase pension scheme |
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Britcab Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Auditors' remuneration |
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31 December |
31 December |
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Audit of the financial statements |
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Taxation |
Tax charged/(credited) in the profit and loss account
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31 December |
31 December |
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Current taxation |
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UK corporation tax |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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Tax expense in the income statement |
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The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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31 December |
31 December |
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Profit before tax |
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Corporation tax at standard rate |
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Tax decrease from effect of capital allowances and depreciation |
( |
( |
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Decrease from effect of different UK tax rates on some earnings |
- |
( |
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Effect of expense not deductible in determining taxable profit (tax loss) |
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Deferred tax expense from unrecognised temporary difference from a prior period |
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Total tax charge |
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Britcab Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Land and buildings |
Plant and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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Disposals |
( |
( |
( |
( |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
( |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Included within the net book value of land and buildings above is £119,923 (2023 - £81,571) in respect of short leasehold land and buildings.
Restriction on title and pledged as security
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Investment properties |
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31 December |
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At 1 January |
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At 31 December |
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Britcab Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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14 |
Investment properties (continued) |
The directors have had an informal valuation of the property carried out by an independent agent who is experienced in the market value of such properties. Due to the inflationary enviroment over the last 12 months the informal valuation concluded that the market value at the balance sheet date would not be significantly different from the current carrying value.
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Other non-current assets |
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Motor vehicles |
Total |
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Right to use assets |
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Cost or valuation |
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At 1 January 2024 |
69,835 |
69,835 |
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At 31 December 2024 |
69,835 |
69,835 |
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Depreciation |
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At 1 January 2024 |
17,460 |
17,460 |
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Depreciation |
13,092 |
13,092 |
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At 31 December 2024 |
30,552 |
30,552 |
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Carrying amount |
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At 31 December 2024 |
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39,283 |
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At 31 December 2023 |
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52,375 |
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Stocks |
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31 December |
31 December |
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Other inventories |
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Debtors |
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Current |
31 December |
31 December |
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Trade debtors |
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Other debtors |
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Prepayments |
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Britcab Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Cash and cash equivalents |
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31 December |
31 December |
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Cash at bank |
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Short-term deposits |
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Creditors |
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Note |
31 December |
31 December |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other payables |
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Accruals |
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Income tax liability |
122,413 |
104,284 |
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Due after one year |
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Loans and borrowings |
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Included within Loans & borrowings due within 1 year are amounts secured on assets of the company totalling £119,437 (2023: £106,441).
Included within Loans and borrowings due after one year are amounts secured on assets of the company totalling £119,405 (2023: £169,945).
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Provisions for liabilities |
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Deferred tax |
Total |
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At 1 January 2024 |
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Increase (decrease) in existing provisions |
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At 31 December 2024 |
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Britcab Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
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Share capital |
Allotted, called up and fully paid shares
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31 December |
31 December |
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No. |
£ |
No. |
£ |
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40 |
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40 |
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37 |
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37 |
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13 |
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13 |
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6 |
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6 |
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3 |
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3 |
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Ordinary F shares of £0.10 each |
25 |
3 |
25 |
3 |
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Rights, preferences and restrictions
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Ordinary shares have the following rights, preferences and restrictions: |
Britcab Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Loans and borrowings |
Non-current loans and borrowings
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31 December |
31 December |
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Hire purchase contracts |
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Other borrowings |
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Current loans and borrowings
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31 December |
31 December |
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Hire purchase contracts |
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Other borrowings |
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Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
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31 December |
31 December |
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Not later than one year |
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Later than one year and not later than five years |
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Operating leases
The total of future minimum lease payments is as follows:
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31 December |
31 December |
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Not later than one year |
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Later than one year and not later than five years |
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Britcab Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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24 |
Obligations under leases and hire purchase contracts (continued) |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
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Dividends |
Interim dividends paid
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31 December |
31 December |
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Interim dividend of 1.00 (2023 - 0.10) per each Ordinary A shares |
196,654 |
138,800 |
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Interim dividend of 1.00 (2023 - 0.10) per each Ordinary B shares |
148,154 |
135,042 |
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Interim dividend of 1.00 (2023 - 0.10) per each Ordinary C shares |
110,004 |
82,219 |
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Interim dividend of 1.00 (2023 - 0.10) per each Ordinary D shares |
39,341 |
13,655 |
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Interim dividend of 1.00 (2023 - 0.10) per each Ordinary E shares |
16,951 |
6,452 |
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Interim dividend of 1.00 (2023 - 0.10) per each Ordinary F shares |
11,925 |
6,452 |
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