Dowse Haulage Limited - Period Ending 2024-12-31

Registration number: 4687501

Dowse Haulage Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

Dowse Haulage Limited

Contents

Strategic Report	1 to 2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 8
Profit and Loss Account	9
Balance Sheet	10
Statement of Changes in Equity	11
Statement of Cash Flows	12
Notes to the Financial Statements	13 to 26

Dowse Haulage 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 that of a haulage contractor. This remains unchanged since last year.

Fair review of the business

The company operates as a haulage contractor throughout the UK, specialising in the movement of bulk powders.

Turnover has increased by 11.1% in the year ended 31 December 2024. At the end of the respective periods, 80 vehicles were operated at 31 December 2024 compared to 75 vehicles in the previous period, to facilitate the additional sales seen.

Gross profit has been maintained, as capital expenditure to maintain a modern fleet ensures operations run efficiently.

Market conditions in the construction sector were strong in 2024. Company performance remains in line with expectations and we are pleased with the company's resilience and remain confident about its longer term prospects.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs	Unit	2024	2023
Turnover growth	%	11	(7)
Gross profit margin	%	25	25
Operating profit margin	%	21	22

Dowse Haulage Limited

Strategic Report for the Year Ended 31 December 2024

Principal risks and uncertainties

As with any business, Dowse Haulage Limited faces risks and uncertainties in the course of its day to day operations. The company's fortunes are intertwined with the construction sector; the ultimate consumers of bulk powders. Growth has remained strong, in spite of the economic uncertainty seen since Autumn 2024. The successful management of risk is essential to enable the company to deliver its strategic objectives.

Noted below is a summary of the company’s principal risks and uncertainties. Control of each of these is critical to the ongoing success of the business. As such, their management is primarily the responsibility of the directors who are supported by the management throughout the company.

Financial risks:
The Company’s operations expose it to a variety of financial risks, principally credit risk and liquidity risk.

The effects of credit risk are controlled by the adoption of policies that require appropriate credit checking and monitoring of the key customer and new accounts.

Liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of HP financing for new assets and ensuring that sufficient funds are available to meet amounts due. There are sufficient cash reserves for ongoing trade.

Despite the challenging global economy, our performance remains strong with minimal use of external finance mitigating the effects of a higher interest rate environment then has been seen in recent history. We, as management, are managing this risk, keeping abreast of any developments and adapting to the latest market conditions.

Competitors in the Market:
The risk of competitors is managed by continually ensuring that the pricing remains competitive and the quality of the service provided is of the highest standard through strict quality control procedures and staff training.

Fuel prices:
Strict buying control processes ensure the impact of fuel prices is minimised.

Operational risk:
Operational risk is managed by ensuring an adequate supply of vehicles and trailers are always available and that the fleet is well maintained. The company also have comprehensive health and safety policies.

Approved and authorised by the Board on 23 September 2025 and signed on its behalf by:

Mr M Dowse
Director

Dowse Haulage 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:

Mr P E Day (appointed 28 June 2024)

Mr M Dowse

Financial instruments

Objectives and policies

The director takes the management of risk very seriously and as such has appropriate policies and procedures in place. Managing risk is seen as a key attribute of the company and strict health and safety policies are in place as well as detailed working procedures that minimise risk.

Price risk, credit risk, liquidity risk and cash flow risk

The business’ principal financial instruments comprise of bank balances, trade debtors, trade creditors, loan and hire purchase agreements. The main purpose of these instruments is to finance the business’ operations.

In respect of bank balances, the liquidity risk is managed by maintaining sufficient cash reserves with flexibility provided through the availability of an overdraft facility.

Trade debtors are managed in respect of credit and cash flow risk by the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors’ liquidity risk is managed by ensuring there are sufficient funds available to meet amounts due.

Credit risk associated with loan and hire purchase agreements is mitigated through ensuring sufficient bank balances are available to cover repayments as they fall due.

Future developments

Trade continue to goes from strength to strength. Having a modern and well maintained fleet has meant we can continue to meet customer demand and remain competitively priced.

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 Board on 23 September 2025 and signed on its behalf by:

Mr M Dowse
Director

Dowse Haulage 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:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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.

Dowse Haulage Limited

Independent Auditor's Report to the Members of Dowse Haulage Limited

Opinion

We have audited the financial statements of Dowse Haulage Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

Dowse Haulage Limited

Independent Auditor's Report to the Members of Dowse Haulage 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:

•	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

•	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 4], 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:

Dowse Haulage Limited

Independent Auditor's Report to the Members of Dowse Haulage Limited

	In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
•	the nature of the industry and sector, control environment and business performance including the design of remuneration policies;
•	the company’s own assessment of the risks that irregularities may occur either as a result of fraud or error;
•	results of our enquiries of management about their own identification and assessment of the risks of irregularities;
•	the key laws and regulations under which the business operates and whether management were aware of any instances of non-compliance;
•	whether the management have knowledge of any actual, suspected or alleged fraud;
•	the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
•	the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
	In addition to the above, our procedures to respond to risks identified included the following:
•	reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described above as having a direct effect on the financial statements;
•	enquiring of management, concerning any actual and potential litigation and claims;
•	performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
•	in addressing the risk of fraud in revenue recognition, in addition to our testing described above we have performed focussed testing on trades close to the year-end combined with analytical review procedures to assess accuracy and completeness of revenue recognised;
•	in addressing the risk of fraud in the use of purchase ledger and credit card transactions, we have reviewed the controls surrounding the transactions and whether purchases have been appropriately authorised at each relevant stage;
•	in addressing the risk of fraud through the theft of small tools, equipment and fuel, we have tested the control procedures relating to purchase orders and assessed the security protocols regarding entry and exit to site and access to fuel tanks;
•	in addressing the risk of fraud in payroll, we have tested the control procedures surrounding the authorisation of both timesheets and the payroll itself, sought confirmation over the responsibility of staff members involved in the payroll process and confirmed the existence of a sample of employees; and
•	in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Dowse Haulage Limited

Independent Auditor's Report to the Members of Dowse Haulage Limited

We also communicated relevant identified laws and regulations and potential fraud risks to all
engagement team members and remained alert to any indications of fraud or non-compliance with
laws and regulations throughout the audit.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities,
including those leading to a material misstatement in the financial statements or non-compliance with
regulation. This risk increases the more that compliance with a law or regulation is removed from the
events and transactions reflected in the financial statements, as we will be less likely to become
aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to
fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or
misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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.

Robert Smith FCA (Senior Statutory Auditor)
For and on behalf of RNS Chartered Accountants, Statutory Auditor

50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

23 September 2025

Dowse Haulage Limited

Profit and Loss Account for the Year Ended 31 December 2024

	Note	2024 £	2023 £
Turnover	3	14,384,329	12,949,043
Cost of sales		(10,815,490)	(9,643,025)
Gross profit		3,568,839	3,306,018
Administrative expenses		(567,227)	(537,437)
Other operating income	4	46,802	40,060
Operating profit	5	3,048,414	2,808,641
Other interest receivable and similar income	6	44,588	37,972
Interest payable and similar expenses	7	(19,524)	(13,020)
		25,064	24,952
Profit before tax		3,073,478	2,833,593
Tax on profit	11	(771,742)	(710,188)
Profit for the financial year		2,301,736	2,123,405

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Dowse Haulage Limited

(Registration number: 4687501)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	12	1	1
Tangible assets	13	10,508,656	9,540,592
		10,508,657	9,540,593
Current assets
Stocks	14	218,232	134,457
Debtors	15	3,166,316	2,672,674
Cash at bank and in hand	16	2,702,639	1,560,007
		6,087,187	4,367,138
Creditors: Amounts falling due within one year	17	(1,144,967)	(1,268,140)
Net current assets		4,942,220	3,098,998
Total assets less current liabilities		15,450,877	12,639,591
Creditors: Amounts falling due after more than one year	17	-	(57,798)
Provisions for liabilities	18	(2,568,648)	(1,886,300)
Net assets		12,882,229	10,695,493
Capital and reserves
Called up share capital	20	100	100
Profit and loss account		12,882,129	10,695,393
Shareholders' funds		12,882,229	10,695,493

Approved and authorised by the Board on 23 September 2025 and signed on its behalf by:

Mr M Dowse
Director

Dowse Haulage Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

	Share capital £	Retained earnings £	Total £
At 1 January 2024	100	10,695,393	10,695,493
Profit for the year	-	2,301,736	2,301,736
Dividends	-	(115,000)	(115,000)
At 31 December 2024	100	12,882,129	12,882,229

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

8,809,988

8,810,088

Profit for the year

-

2,123,405

2,123,405

Dividends

-

(238,000)

(238,000)

At 31 December 2023

100

10,695,393

10,695,493

Dowse Haulage Limited

Statement of Cash Flows for the Year Ended 31 December 2024

	Note	2024 £	2023 £
Cash flows from operating activities
Profit for the year		2,301,736	2,123,405
Adjustments to cash flows from non-cash items
Depreciation and amortisation	5	1,154,957	791,942
Loss/(profit) on disposal of tangible assets		113,030	(136,893)
Finance income	6	(44,588)	(37,972)
Finance costs	7	14,452	12,947
Income tax expense	11	771,742	710,188
		4,311,329	3,463,617
Working capital adjustments
Increase in stocks	14	(83,775)	(91,749)
(Increase)/decrease in trade debtors	15	(493,642)	598,956
Increase/(decrease) in trade creditors	17	122,371	(97,112)
Cash generated from operations		3,856,283	3,873,712
Income taxes paid	11	-	(83,179)
Net cash flow from operating activities		3,856,283	3,790,533
Cash flows from investing activities
Interest received	6	44,588	37,972
Acquisitions of tangible assets		(3,327,300)	(5,314,624)
Proceeds from sale of tangible assets		1,091,249	707,831
Net cash flows from investing activities		(2,191,463)	(4,568,821)
Cash flows from financing activities
Interest paid	7	(14,452)	(12,947)
Repayment of other borrowing		(392,736)	71,061
Payments to finance lease creditors		-	(76,489)
Dividends paid		(115,000)	(238,000)
Net cash flows from financing activities		(522,188)	(256,375)
Net increase/(decrease) in cash and cash equivalents		1,142,632	(1,034,663)
Cash and cash equivalents at 1 January		1,560,007	2,594,670
Cash and cash equivalents at 31 December		2,702,639	1,560,007

Dowse Haulage Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England.

The principal place of business is:
12b The Flarepath
Elsham Wold Industrial Estate
Brigg
North Lincolnshire
DN20 0SP

The address of its registered office is:
The Poplars
Bridge Street
Brigg
North Lincolnshire
DN20 8NQ

2	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.

Dowse Haulage Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is reviewed where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

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 value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Dowse Haulage Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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 over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fixtures and equipment	15% straight line basis or over three years
Motor vehicles	20% straight line basis
Lorries and trailers	10% and 20% straight line basis
Expenditure on leasehold property	10% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	over 10 years

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. 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.

Dowse Haulage Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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 at the transaction price.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

Dowse Haulage Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

	2024 £	2023 £
Sale of goods	14,308,783	12,854,586
Rendering of services	75,546	94,457
	14,384,329	12,949,043

The analysis of the company's Turnover for the year by market is as follows:

	2024 £	2023 £
UK	14,384,329	12,949,043

4	Other operating income

The analysis of the company's other operating income for the year is as follows:

	2024 £	2023 £
Miscellaneous other operating income	7,802	1,060
Management fee	39,000	39,000
	46,802	40,060

5	Operating profit

Arrived at after charging/(crediting):

	2024 £	2023 £
Depreciation expense	1,154,957	791,942
Operating lease expense - plant and machinery	4,651	8,550
Loss/(profit) on disposal of property, plant and equipment	113,030	(136,893)

Dowse Haulage Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6	Other interest receivable and similar income

	2024 £	2023 £
Interest income on bank deposits	42,999	37,972
Other finance income	1,589	-
	44,588	37,972

7	Interest payable and similar expenses

	2024 £	2023 £
Interest on obligations under finance leases and hire purchase contracts	-	1,564
Interest expense on other finance liabilities	14,452	11,383
Foreign exchange gains	5,072	73
	19,524	13,020

8	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2024 £	2023 £
Wages and salaries	4,551,979	4,143,813
Social security costs	443,618	408,898
Pension costs, defined contribution scheme	90,445	85,272
	5,086,042	4,637,983

Dowse Haulage Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

	2024 No.	2023 No.
Administration and support	11	11
Distribution	72	71
Other departments	10	10
	93	92

9	Directors' remuneration

The directors' remuneration for the year was as follows:

	2024 £	2023 £
Remuneration	8,572	8,627

10	Auditors' remuneration

	2024 £	2023 £
Audit of the financial statements	7,000	6,900
Other fees to auditors
All other assurance services	9,148	9,480

Dowse Haulage Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Taxation

Tax charged/(credited) in the profit and loss account

	2024 £	2023 £
Current taxation
UK corporation tax	89,394	-
Deferred taxation
Arising from origination and reversal of timing differences	682,348	710,188
Tax expense in the income statement	771,742	710,188

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 25% (2023 - 25%).

The differences are reconciled below:

	2024 £	2023 £
Profit before tax	3,073,478	2,833,593
Corporation tax at standard rate	768,370	708,398
Tax decrease from effect of capital allowances and depreciation	(213,590)	(1,177,094)
Effect of expense not deductible in determining taxable profit (tax loss)	2,381	929
Effect of tax losses	(467,767)	467,767
Deferred tax expense from unrecognised temporary difference from a prior period	682,348	710,188
Total tax charge	771,742	710,188

Dowse Haulage Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax

Deferred tax assets and liabilities

2024	Asset £	Liability £
Difference between accumulated depreciation and capital allowances	-	2,568,648
	-	2,568,648

2023	Asset £	Liability £
Difference between accumulated depreciation and capital allowances	-	1,886,300
	-	1,886,300

12	Intangible assets

Goodwill
£

Total
£

Cost or valuation

At 1 January 2024

150,502

150,502

At 31 December 2024

150,502

150,502

Amortisation

At 1 January 2024

150,501

150,501

At 31 December 2024

150,501

150,501

Carrying amount

At 31 December 2024

1

1

At 31 December 2023

1

1

Dowse Haulage Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

13	Tangible assets

Land and buildings
£

Furniture, fittings and equipment
£

Motor vehicles
£

Lorries and trailers
£

Total
£

Cost or valuation

At 1 January 2024

157,215

539,644

335,280

13,034,999

14,067,138

Additions

63,818

38,642

149,107

3,075,733

3,327,300

Disposals

-

-

(57,000)

(2,309,870)

(2,366,870)

At 31 December 2024

221,033

578,286

427,387

13,800,862

15,027,568

Depreciation

At 1 January 2024

41,464

421,333

172,665

3,891,084

4,526,546

Charge for the year

15,139

35,002

50,196

1,054,620

1,154,957

Eliminated on disposal

-

-

(27,075)

(1,135,516)

(1,162,591)

At 31 December 2024

56,603

456,335

195,786

3,810,188

4,518,912

Carrying amount

At 31 December 2024

164,430

121,951

231,601

9,990,674

10,508,656

At 31 December 2023

115,751

118,311

162,615

9,143,915

9,540,592

Included within the net book value of land and buildings above is £164,430 (2023 - £115,751) in respect of long leasehold land and buildings.

14

Stocks

	2024 £	2023 £
Other stocks	218,232	134,457

Dowse Haulage Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

15

Debtors

	2024 £	2023 £
Trade debtors	3,058,128	2,578,596
Other debtors	1,631	9,136
Prepayments	106,557	84,942
	3,166,316	2,672,674

16	Cash and cash equivalents

	2024 £	2023 £
Cash at bank	360,543	535,451
Short-term deposits	2,342,096	1,024,556
	2,702,639	1,560,007

17

Creditors

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	21	-	334,938
Trade creditors		165,042	384,445
Amounts due to related parties	22	343,148	464
Social security and other taxes		506,727	515,681
Outstanding defined contribution pension costs		10,758	10,637
Other payables		16,283	8,000
Accrued expenses		13,615	13,975
Corporation tax liability	11	89,394	-
		1,144,967	1,268,140
Due after one year
Loans and borrowings	21	-	57,798

18	Provisions for liabilities

	Deferred tax £	Total £
At 1 January 2024	1,886,300	1,886,300
Increase in existing provisions	682,348	682,348
At 31 December 2024	2,568,648	2,568,648

Dowse Haulage Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

19	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 £90,445 (2023 - £85,272).

Contributions totalling £10,758 (2023 - £10,637) were payable to the scheme at the end of the year and are included in creditors.

20	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	80	80	80	80
Ordinary 'B' shares of £1 each	10	10	10	10
Ordinary 'C' shares of £1 each	10	10	10	10
	100	100	100	100

21	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £

Other borrowings	-	334,938

Non-current loans and borrowings

	2024 £	2023 £

Other borrowings	-	57,798

Dowse Haulage Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Other borrowings

Other borrowings is denominated in sterling with a nominal interest rate of 6%. The carrying amount at year end is £Nil (2023 - £392,736).

Other borrowings relate to loans from Turners (Soham) Limited, which is being repaid by monthly instalments. This company became a subsidiary of Turners (Soham) Limited during the year and the loan balance is now included within related party balances and due to be repaid by instalments within one year.

22	Related party transactions

Summary of transactions with parent

Turners (Soham) Limited The company became a subsidiary of Turners (Soham) Limited during the year. Previously Turners (Soham) Limited had a minority shareholding in the company.

During the year the company made sales of goods and services to the value of £1,691,607 (2023 - £1,513,779) and purchased goods and services to the value of £2,781,9954 (2023 - £1,818,064) from the parent company.

At the balance sheet date the amount due from the parent company and included within trade debtors was £Nil (2023 - £47,730) and the amount due to the parent company and included within trade creditors was £Nil (2023 - £123,146).

At the balance sheet date the amount due to the parent company was £333,793.

Summary of transactions with other related parties

Group companies During the year the company sold goods and services to the value of £341,534 (2023 - £101,502) to, and purchased goods and services to the value of £115,806 (2023 - £40,884) from group companies.

At the balance sheet date the amount due to group companies was £6,570 (2023 - £18,508) and the amount due from group companies was £1,461 (2023 - £38,450).

Dowse Haulage Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

23	Parent and ultimate parent undertaking

The company became a subsidiary company on 28 June 2024.

The company's immediate parent is Turners (Soham) Limited, incorporated in England.

The ultimate parent is Turners (Soham) Holdings Limited, incorporated in England.

The ultimate controlling party is P E Day, by virtue of his controlling shareholding in Turners (Soham) Holdings Limited.

The parent of the largest group in which these financial statements are consolidated is Turners (Soham) Holdings Limited, incorporated in England and Wales.

The address of Turners (Soham) Holdings Limited is:
Fordham Road
Newmarket
Suffolk
CB8 7NR

	Goodwill £	Total £
Cost or valuation
At 1 January 2024	150,502	150,502
At 31 December 2024	150,502	150,502
Amortisation
At 1 January 2024	150,501	150,501
At 31 December 2024	150,501	150,501
Carrying amount
At 31 December 2024	1	1
At 31 December 2023	1	1

	Land and buildings £	Furniture, fittings and equipment £	Motor vehicles £	Lorries and trailers £	Total £
Cost or valuation
At 1 January 2024	157,215	539,644	335,280	13,034,999	14,067,138
Additions	63,818	38,642	149,107	3,075,733	3,327,300
Disposals	-	-	(57,000)	(2,309,870)	(2,366,870)
At 31 December 2024	221,033	578,286	427,387	13,800,862	15,027,568
Depreciation
At 1 January 2024	41,464	421,333	172,665	3,891,084	4,526,546
Charge for the year	15,139	35,002	50,196	1,054,620	1,154,957
Eliminated on disposal	-	-	(27,075)	(1,135,516)	(1,162,591)
At 31 December 2024	56,603	456,335	195,786	3,810,188	4,518,912
Carrying amount
At 31 December 2024	164,430	121,951	231,601	9,990,674	10,508,656
At 31 December 2023	115,751	118,311	162,615	9,143,915	9,540,592