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Registered number: NI626249 TIVANAGH HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
TIVANAGH HOLDINGS LIMITED COMPANY INFORMATION
Director | Patrick Derry
Company secretary | Fiona Derry
Registered number | NI626249
Registered office | 90 Charlestown Road
| Portadown
| Craigavon
| BT63 5PP
Independent auditors | AAB Group Accountants Limited
| Howard House
| 30 Northland Row
| Dungannon
| Co. Tyrone
| BT71 6AP
Bankers | AIB
| 4/8 Market Street
| Lurgan
| Craigavon
| BT66 6AQ
Solicitors | Tughans Solicitors
| Marlborough House
| 30 Victoria Street
| Belfast
| BT1 3GS
TIVANAGH HOLDINGS LIMITED CONTENTS
| Page
Group strategic report | 1 - 2
Director's report | 3 - 4
Independent auditors' report | 5 - 8
Consolidated statement of comprehensive income | 9
Consolidated balance sheet | 10
Company balance sheet | 11
Consolidated statement of changes in equity | 12
Company statement of changes in equity | 13
Consolidated statement of cash flows | 14 - 15
Consolidated analysis of net debt | 16
Notes to the financial statements | 17 - 36
TIVANAGH HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The director presents the strategic report for the year ended 31 December 2024.
Business review
Turnover has increased by 9.5% to £24.7m (2023: £22.5m). Overall, a net profit before tax of £1.2m was achieved for the year ended 31 December 2024 compared to a net profit before tax of £2.6m reported for the year ended 31 December 2023. The group's asset base remains strong, with net assets of £8.6m at 31 December 2024 (2023: £7.9m). The group's directors are satisfied with the group's performance in the year and the emphasis going forward continues to be on securing turnover that will result in sustainable profitability and cash flow.
Principal risks and uncertainties
The group uses financial instruments throughout its business. The core risks associated with the group's financial instruments (i.e. its interest-bearing loans, cash, short-dated liquid investments and finance leases, on the operational level trade receivables and payables) are interest rate risk, credit risk, liquidity risk and currency risk. The board reviews and agrees policies for the prudent management of these risks as follows: Liquidity and cash flow risk - The group's objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities. The group's policy is to ensure that sufficient resources are available either from cash balances, cash flows and near cash liquid investments to ensure all obligations can be met when they fall due. To achieve this the group ensures that its liquid investments are in highly rated counterparties; when relevant it limits the maturity of cash balances and borrows the majority of its debt needs under term financing. Finance and Interest rate risk - The group's objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability. Credit risk - The group has no significant concentrations of credit risk. Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually being monitored. Currency risk - The group's main activities are conducted in the UK and Ireland, which are conducted in sterling and euro. This results in low levels of currency transaction risk, variances affecting operational activities in this regard are reflected in the profit and loss account in the years in which they arise. Currency transaction risk is managed primarily by natural hedging (where possible) and balancing our supplier invoice currency. Inflation risk - As a result of the rising rate of inflation, the group has seen the impact of this through rising costs. The group have a policy in place to continually review costs and to minimise the impact of these rising costs where possible.
Financial key performance indicators
The group's key performance indicators are as follows:
| 2024 | 2023
Increase in sales | 9.5% | 1.6%
Gross profit margin | 28.2% | 32.1%
Shareholders' equity | £8.6m | £7.9m
Page 1
TIVANAGH HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 This report was approved by the board on 9 May 2025 and signed on its behalf.
Patrick Derry Director
Page 2
TIVANAGH HOLDINGS LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The director presents his report and the financial statements for the year ended 31 December 2024.
Principal activity
The principal activity of the company continued to be that of a holding company. The principal activities of the group continued to be that of refrigerated transport and refrigerated storage facilities.
Results and dividends
The profit for the year, after taxation, amounted to £866,978 (2023 - £1,864,237). Ordinary dividends were paid amounting to £118,309 (2023: £nil). The director does not recommend payment of a further dividend.
Director
The director who served during the year and up to the date of signing the financial statements was:
Patrick Derry
Auditors
The auditor, AAB Group Accountants Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Director's responsibilities statement
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the director is required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Future developments
The directors plan is to continue to secure and retain contracts which ensures that the company will continue a steady pace of growth. Page 3
TIVANAGH HOLDINGS LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of information to auditors
The director at the time when this Director's report is approved has confirmed that: ∙so far as is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and ∙ has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Group since the year end. This report was approved by the board on 9 May 2025 and signed on its behalf.
Patrick Derry Director
Page 4
TIVANAGH HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIVANAGH HOLDINGS LIMITED
Opinion
We have audited the financial statements of Tivanagh Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 Group's and of the parent company's affairs as at 31 December 2024 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. Page 5
TIVANAGH HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIVANAGH HOLDINGS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's 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: ∙adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of director's 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 Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent company or to cease operations, or has no realistic alternative but to do so. Page 6
TIVANAGH HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIVANAGH HOLDINGS LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group 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 misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company – Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management. As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. ∙Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. ∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion. ∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. Page 7
TIVANAGH HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIVANAGH HOLDINGS LIMITED (CONTINUED) We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 Auditors' 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. Teresa Campbell (Senior statutory auditor) for and on behalf of AAB Group Accountants Limited Statutory Auditors Howard House 30 Northland Row Dungannon Co. Tyrone BT71 6AP 9 May 2025 Page 8
TIVANAGH HOLDINGS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 24,684,612 | 22,548,431
Cost of sales |  | (17,713,002) | (15,302,516)
Gross profit |  | 6,971,610 | 7,245,915
Administrative expenses |  | (5,038,789) | (4,238,017)
Other operating income | 5 | 29,089 | 149,331
Operating profit | 6 | 1,961,910 | 3,157,229
Interest payable and similar expenses | 10 | (802,117) | (591,640)
Profit before taxation |  | 1,159,793 | 2,565,589
Tax on profit | 11 | (292,815) | (701,352)
Profit for the financial year |  | 866,978 | 1,864,237
Profit for the year attributable to: |  |  |
Owners of the parent company |  | 866,978 | 1,864,237
|  | 866,978 | 1,864,237
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 17 to 36 form part of these financial statements.
Page 9
TIVANAGH HOLDINGS LIMITED REGISTERED NUMBER: NI626249 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 15 |  | 18,602,765 |  | 15,757,771
|  |  | 18,602,765 |  | 15,757,771
Current assets |  |  |  |  |
Stocks | 17 | 27,070 |  | 22,218 |
Debtors: amounts falling due within one year | 18 | 7,082,504 |  | 7,006,294 |
Cash at bank and in hand | 19 | 1,333,708 |  | 760,539 |
|  | 8,443,282 |  | 7,789,051 |
Creditors: amounts falling due within one year | 20 | (6,110,688) |  | (4,733,056) |
Net current assets |  |  | 2,332,594 |  | 3,055,995
Total assets less current liabilities |  |  | 20,935,359 |  | 18,813,766
Creditors: amounts falling due after more than one year | 21 |  | (9,731,710) |  | (8,651,601)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 | (2,599,679) |  | (2,306,864) |
|  |  | (2,599,679) |  | (2,306,864)
Net assets |  |  | 8,603,970 |  | 7,855,301
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 200 |  | 200
Profit and loss account |  |  | 8,603,770 |  | 7,855,101
Equity attributable to owners of the parent company |  |  | 8,603,970 |  | 7,855,301
|  |  | 8,603,970 |  | 7,855,301
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 May 2025.
Patrick Derry
Director
The notes on pages 17 to 36 form part of these financial statements. Page 10
TIVANAGH HOLDINGS LIMITED REGISTERED NUMBER: NI626249 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 16 |  | 200 |  | 200
|  |  | 200 |  | 200
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 18 | 161,661 |  | 139,585 |
Cash at bank and in hand | 19 | 109,364 |  | 112,602 |
|  | 271,025 |  | 252,187 |
Creditors: amounts falling due within one year | 20 | (268,851) |  | (268,851) |
Net current assets/(liabilities) |  |  | 2,174 |  | (16,664)
Total assets less current liabilities |  |  | 2,374 |  | (16,464)
Net assets/(liabilities) |  |  | 2,374 |  | (16,464)
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 200 |  | 200
Profit and loss account brought forward |  | (16,664) |  | (14,053) |
Profit/(loss) for the year |  | 137,147 |  | (2,611) |
Other changes in the profit and loss account |  | (118,309) |  | - |
Profit and loss account carried forward |  |  | 2,174 |  | (16,664)
|  |  | 2,374 |  | (16,464)
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 May 2025.
Patrick Derry
Director
The notes on pages 17 to 36 form part of these financial statements. Page 11
TIVANAGH HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 200 | 5,990,864 | 5,991,064
Comprehensive income for the year |  |  |
Profit for the year | - | 1,864,237 | 1,864,237
At 1 January 2024 | 200 | 7,855,101 | 7,855,301
Comprehensive income for the year |  |  |
Profit for the year | - | 866,978 | 866,978
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (118,309) | (118,309)
At 31 December 2024 | 200 | 8,603,770 | 8,603,970
| The notes on pages 17 to 36 form part of these financial statements.
Page 12
TIVANAGH HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 200 | (14,053) | (13,853)
Comprehensive income for the year |  |  |
Loss for the year | - | (2,611) | (2,611)
At 1 January 2024 | 200 | (16,664) | (16,464)
Comprehensive income for the year |  |  |
Profit for the year | - | 137,147 | 137,147
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (118,309) | (118,309)
At 31 December 2024 | 200 | 2,174 | 2,374
| The notes on pages 17 to 36 form part of these financial statements.
Page 13
TIVANAGH HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 866,978 | 1,864,237
Adjustments for: |  |
Depreciation of tangible assets | 1,753,413 | 1,373,760
Loss on disposal of tangible assets | 1,720 | (152,905)
Government grants | (2,232) | (75,750)
Interest paid | 802,117 | 591,640
Taxation charge | 292,815 | 701,352
(Increase)/decrease in stocks | (4,852) | 12,372
(Increase) in debtors | (77,135) | (908,169)
Increase in creditors | 889,791 | 335,508
Net cash generated from operating activities | 4,522,615 | 3,742,045
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (3,002,156) | (4,122,012)
Sale of tangible fixed assets | 257,012 | 266,873
Government grants received | 2,232 | 75,750
HP interest paid | (120,269) | (102,908)
Net cash from investing activities | (2,863,181) | (3,882,297)
Cash flows from financing activities |  |
New secured loans | 876,726 | 3,666,390
Repayment of loans | (520,778) | (456,039)
Repayment of/new finance leases | (1,039,292) | (1,138,296)
Loans repaid from/(paid to) directors | - | 203,917
Movements on invoice discounting | 397,166 | (1,747,769)
Dividends paid | (118,309) | -
Interest paid | (681,848) | (488,732)
Net cash used in financing activities | (1,086,335) | 39,471
Page 14
TIVANAGH HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
|  | 2024 | 2023
|  | £ | £
Net increase/(decrease) in cash and cash equivalents | 573,099 | (100,781)
Cash and cash equivalents at beginning of year | 760,539 | 861,320
Cash and cash equivalents at the end of year | 1,333,638 | 760,539
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,333,708 | 760,539
Bank overdrafts | (70) | -
| 1,333,638 | 760,539
The notes on pages 17 to 36 form part of these financial statements.
Page 15
TIVANAGH HOLDINGS LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2024
| At 1 January 2024 | Cash flows | New finance leases | At 31 December 2024
| £ | £ | £ | £
Cash at bank and in hand | 760,539 | 573,169 | - | 1,333,708
Bank overdrafts | - | (70) | - | (70)
Debt due after 1 year | (7,389,668) | (357,384) | - | (7,747,052)
Debt due within 1 year | (742,386) | (394,805) | - | (1,137,191)
Finance leases | (2,171,077) | 1,039,292 | (1,854,983) | (2,986,768)
| (9,542,592) | 860,202 | (1,854,983) | (10,537,373)
The notes on pages 17 to 36 form part of these financial statements.
Page 16
TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Tivanagh Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in Northern Ireland. The registered office is 90 Charlestown Road, Portadown. Craigavon, BT63 5PP. The principal activity of the company continued to be that of a holding company. The principal activities of the group continued to be that of refrigerated transport and refrigerated storage facilities. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements: ∙Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures; ∙Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; ∙Section 33 ‘Related Party Disclosures’: Compensation for key management personnel. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 17
TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. Due to the ongoing performance and results of the group the parent company is deemed to be a going concern.
| 2.4 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 18
TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.10 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds. Page 19
TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.12 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 20
TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% | Straightline
|  |  |  | Plant and machinery | - | 20% | Reducing Balance
|  |  |  | Motor vehicles | - | 20% | Reducing Balance
|  |  |  | Fixtures and fittings | - | 20% | Reducing Balance
|  |  |  | Office equipment | - | 20% | Reducing Balance
|  |  |  | Other fixed assets | - | 20% | Reducing Balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.15 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is 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.
| 2.16 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 21
TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.17 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.18 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.19 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.20 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Page 22
TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.20 | Financial instruments (continued)
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled. Page 23
TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.21 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is 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.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Haulage sales | 21,929,077 | 20,121,220
| Storage sales | 2,755,535 | 2,427,211
|  | 24,684,612 | 22,548,431
Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 15,435,896 | 14,913,634
| Rest of Europe | 9,248,716 | 7,634,797
|  | 24,684,612 | 22,548,431
Page 24
TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Other operating income
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other operating income | - | 67,108
| Government grants receivable | 2,232 | 75,750
| Insurance claims receivable | 26,857 | 6,473
|  | 29,089 | 149,331
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | 6 | (9,701)
| Other operating lease rentals | 569,525 | 530,885
| Depreciation of owned tangible fixed assets | 1,221,291 | 631,199
| Depreciation of tangible fixed assets held under finance leases | 532,122 | 742,548
| Loss/(profit) on disposal of tangible fixed assets | 1,720 | (152,905)
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the company's auditors:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements | 1,925 | 1,850
| Fees payable to the company's auditors in respect of: |  |
| The auditing of accounts of associates of the company | 14,490 | 13,800
Page 25
TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Employees
| Staff costs, including director's remuneration, were as follows:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Wages and salaries | 3,295,007 | 2,782,008
| Social security costs | 291,600 | 235,679
| Cost of defined contribution scheme | 67,769 | 59,158
|  | 3,654,376 | 3,076,845
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Warehouse and coldstore | 72 | 47
|  | Garage | 10 | 8
|  | Administration | 36 | 36
|  |  | 118 | 91
| The company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)
9. | Director's remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Director's emoluments | 47,607 | 45,970
|  | 47,607 | 45,970
10. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 681,848 | 488,732
| Finance leases and hire purchase contracts | 120,269 | 102,908
|  | 802,117 | 591,640
Page 26
TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Origination and reversal of timing differences | 292,815 | 701,352
| Total deferred tax | 292,815 | 701,352
| Tax on profit | 292,815 | 701,352
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,159,793 | 2,565,589
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%) | 289,948 | 602,913
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 16,080 | (4,358)
| Capital allowances for year in excess of depreciation | (15,728) | (642,453)
| Utilisation of tax losses | (290,300) | 43,898
| Deferred tax | 292,815 | 701,352
| Total tax charge for the year | 292,815 | 701,352
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Final | 118,309 | -
|  | 118,309 | -
Page 27
TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Parent company profit for the year
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent company for the year was £137,147 (2023 - loss £2,611).
14. | Intangible assets
| Group and Company
|  | Goodwill
|  | £
| Cost |
| At 1 January 2024 | 760,000
| At 31 December 2024 | 760,000
| Amortisation |
| At 1 January 2024 | 760,000
| At 31 December 2024 | 760,000
| Net book value |
| At 31 December 2024 | -
| At 31 December 2023 | -
Page 28
TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Tangible fixed assets
| Group
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Lorries & trailers | Total
|  | £ | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |  |
| At 1 January 2024 | 10,367,010 | 3,263,956 | 71,682 | 47,879 | 252,197 | 6,441,252 | 20,443,976
| Additions | 469,110 | 2,152,820 | 5,979 | - | 7,879 | 2,221,351 | 4,857,139
| Disposals | - | (229,011) | - | - | - | (108,150) | (337,161)
| At 31 December 2024 | 10,836,120 | 5,187,765 | 77,661 | 47,879 | 260,076 | 8,554,453 | 24,963,954
| Depreciation |  |  |  |  |  |  |
| At 1 January 2024 | 508,346 | 1,273,104 | 19,308 | 24,604 | 131,286 | 2,729,557 | 4,686,205
| Charge for the year on owned assets | 193,657 | 530,672 | 5,348 | 4,655 | 23,082 | 463,877 | 1,221,291
| Charge for the year on financed assets | - | 68,605 | 5,924 | - | 2,064 | 455,529 | 532,122
| Disposals | - | (54,465) | - | - | - | (23,964) | (78,429)
| At 31 December 2024 | 702,003 | 1,817,916 | 30,580 | 29,259 | 156,432 | 3,624,999 | 6,361,189
| Net book value |  |  |  |  |  |  |
| At 31 December 2024 | 10,134,117 | 3,369,849 | 47,081 | 18,620 | 103,644 | 4,929,454 | 18,602,765
| At 31 December 2023 | 9,858,664 | 1,990,852 | 52,374 | 23,275 | 120,911 | 3,711,695 | 15,757,771
| Leasehold land and buildings with a carrying value of £10,134,117 (2023: £9,858,664) have been pledged as security for borrowings of the company.
Page 29
TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Plant and machinery | 273,685 | 213,706
| Motor vehicles | 40,654 | -
| Furniture, fittings and equipment | 8,258 | 10,312
| Lorries & Trailers | 1,822,116 | 2,817,687
|  | 2,144,713 | 3,041,705
16. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2024 | 200
| At 31 December 2024 | 200
| Subsidiary undertakings
| The following were subsidiary undertakings of the company:
| Name | Registered office | Class of shares | Holding
| DRT (NI) Limited | 90 Charlestown Road, Portadown, Craigavon, Northern Ireland, BT63 5PP | Ordinary | 100%
| Carn Coldstore Limited | 90 Charlestown Road, Portadown, Craigavon, Northern Ireland, BT63 5PP | Ordinary | 100%
Page 30
TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. | Stocks
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Raw materials and consumables | 27,070 | 22,218
|  | 27,070 | 22,218
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
18. | Debtors
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Trade debtors | 4,307,556 | 3,783,432 | - | -
| Amounts owed by group undertakings | - | - | 161,276 | 139,585
| Amounts owed by related undertakings | 2,078,509 | 1,489,421 | - | -
| Other debtors | 419,706 | 459,571 | 385 | -
| Prepayments and accrued income | 276,733 | 1,273,870 | - | -
|  | 7,082,504 | 7,006,294 | 161,661 | 139,585
| Amounts owed by group and related undertakings are unsecured, interest free and repayable on demand.
19. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Cash at bank and in hand | 1,333,708 | 760,539 | 109,364 | 112,602
| Less: bank overdrafts | (70) | - | - | -
|  | 1,333,638 | 760,539 | 109,364 | 112,602
Page 31
TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
20. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Bank overdrafts | 70 | - | - | -
| Bank loans | 614,446 | 615,882 | - | -
| Other loans | 522,745 | 125,579 | - | -
| Trade creditors | 1,279,109 | 1,115,012 | - | -
| Amounts owed to group undertakings | - | - | 218,651 | 218,651
| Amounts owed to related undertakings | 1,985,214 | 1,231,143 | 50,000 | 50,000
| Other taxation and social security | 153,351 | 158,321 | - | -
| Obligations under finance lease and hire purchase contracts | 1,002,110 | 909,144 | - | -
| Other creditors | 135,951 | 107,307 | - | -
| Accruals and deferred income | 417,692 | 470,668 | 200 | 200
|  | 6,110,688 | 4,733,056 | 268,851 | 268,851
| Amounts owed to group and related undertakings are unsecured, interest free and repayable on demand. Other loans includes invoice discounting liabilities totalling £522,745 (2023: £125,579), which are secured by a fixed charge over book debts, restricted director's indemnity and a mortgage debenture incorporating a fixed and floating charge over all group assets present and future. Bank loans and overdrafts are secured by a fixed and floating charge over all company assets of DRT (NI) Limited present and future including a specific charge over leasehold and development at Carn Industrial Estate, a legal charge over shareholding of DRT (NI) Limited and Carn Coldstore Limited, assignment over lease, assignment of life cover, unlimited cross company guarantee executed by DRT (NI) Limited, Carn Coldstore Limited, DRT (Drivers) Limited, DRT (Office) Limited & Tivanagh Holdings Limited supported by mortgage debentures incorporating a fixed and floating charge over all company assets present and future in the name of Carn Coldstore Limited, DRT (Drivers) Limited, DRT (Office) Limited & Tivanagh Holdings Limited and collateral warranties in respect of development at Carn Industrial Estate. Obligations under finance leases are secured upon the assets to which they relate.
21. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Bank loans | 7,747,052 | 7,389,668
| Net obligations under finance leases and hire purchase contracts | 1,984,658 | 1,261,933
|  | 9,731,710 | 8,651,601
Page 32
TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
22. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 614,446 | 615,882
| Other loans | 522,745 | 125,579
|  | 1,137,191 | 741,461
| Amounts falling due 2-5 years |  |
| Bank loans | 7,747,052 | 7,389,668
|  | 7,747,052 | 7,389,668
|  | 8,884,243 | 8,131,129
23. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Within one year | 1,002,110 | 909,144
| Between 1-5 years | 1,984,658 | 1,261,933
|  | 2,986,768 | 2,171,077
| Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
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TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
24. | Deferred taxation
| Group
|  | 2024
|  | £
| At beginning of year | (2,306,864)
| Charged to profit or loss | (292,815)
| At end of year | (2,599,679)
| Company
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Accelerated capital allowances | (2,666,031) | (2,399,168)
| Tax losses carried forward | 48,642 | 90,393
| Other short term timing differences | 17,710 | 1,911
|  | (2,599,679) | (2,306,864)
25. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 200 (2023 - 200) Ordinary shares of £1.00 each | 200 | 200
26. | Capital commitments
| At 31 December 2024 the Group and company had capital commitments as follows:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Contracted for but not provided in these financial statements | - | (644,358)
|  | - | (644,358)
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TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
27. | Pension commitments
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £67,769 (2023 - £59,158). Contributions totalling £12,012 (2023 - £10,382) were payable to the fund at the balance sheet date and are included in creditors.
28. | Commitments under operating leases
| At 31 December 2024 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Not later than 1 year | 408,692 | 524,234
| Later than 1 year and not later than 5 years | 319,767 | 495,851
|  | 728,459 | 1,020,085
29.Director's personal guarantees The director has provided a guarantee of £1,000,000 on assignment of life cover in relation to bank borrowings of the group and a restricted directors indemnity in relation to factored debts of the group.
30. | Related party transactions
| During the year the group entered into the following transactions with companies that are deemed related parties by virtue of common shareholders and directors:
|  | 2024 | 2023
|  | £ | £
| Sales to related undertakings |  |
| Kilmore Storage and Distribution Limited | - | 30,050
| Brennan Refridgerated Transport Limited | 269,701 | 255,849
| Coldspeed Refridgerated Transport Limited | 983,956 | 678,703
| Purchases from related undertakings |  |
| Brennan Refridgerated Transport Limited | 695,910 | 234,363
| Coldspeed Refridgerated Transport Limited | 1,022,636 | 935,103
| Derry Refridgerated Transport Limited | 25,200 | 25,200
| Kilmore Freight Limited | 165,650 | -
| Management charge from related undertakings |  |
| DRT (Drivers) Ltd | 5,083,160 | 4,370,689
| DRT (Office) Ltd | - | 44,412
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TIVANAGH HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
31. | Related party balances
| The following amounts were outstanding at the reporting end date:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed to related undertakings |  |
| Kilmore Storage and Distribution Limited | 52,100 | 76,510
| Brennan Refridgerated Transport Limited | 395,047 | 74,350
| Coldspeed Refridgerated Transport Limited | 291,873 | 335,198
| Derry Refridgerated Transport Limited | 57,255 | 49,215
| DRT (Drivers) Ltd | 1,044,717 | 667,268
| DRT (Office) Ltd | 28,602 | 28,602
| Kilmore Freight Limited | 115,620 | -
|  | 1,985,214 | 1,231,143
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed by related undertakings |  |
| Kilmore Storage and Distribution Limited | 375,089 | 276,933
| Brennan Refridgerated Transport Limited | 274,063 | 203,985
| Coldspeed Refridgerated Transport Limited | 181,618 | 209,763
| DRT (Office) Ltd | 89,597 | 88,734
| Kilmore Freight Limited | 123,961 | 103,505
| Derry Refridgerated Transport Limited | 35,933 | 7,530
| DRT (Drivers) Ltd | 556,974 | 330,577
| Derry Refridgerated Transport (DRT) Limited | 441,274 | 268,394
|  | 2,078,509 | 1,489,421
32. | Controlling party
The ultimate controlling party is Patrick Derry by virtue of his shareholding in the parent company.
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