Company Registration number:
S R Keedwell Holdings Limited
for the Year Ended 31 October 2025
S R Keedwell Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
S R Keedwell Holdings Limited
Company Information
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Director |
S R Keedwell |
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Registered office |
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Auditors |
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S R Keedwell Holdings Limited
Strategic Report for the Year Ended 31 October 2025
The director presents his strategic report for the year ended 31 October 2025.
Principal activity
The principal activity of the company is an investment company. The principal activities of the group are road haulage and associated activities.
Fair review of the business
The results for the year and the year-end position, together with comparatives are summarised as follows:
The company's key financial and other performance indicators during the year were as follows:
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Unit |
2025 |
2024 |
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Revenue |
£m |
51.1 |
50.8 |
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Gross profit |
£m |
7 |
7.2 |
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Gross profit margin |
% |
13.7 |
14.3 |
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EBITDA |
£m |
4.7 |
3.5 |
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Net profit before tax |
£m |
2 |
.4 |
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Net current assets |
£m |
16.7 |
14.8 |
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Net assets |
£m |
30.6 |
28.3 |
The general haulage industry, and the group, remains highly capital intensive with relatively low gross and net profit margins. Over recent years the industry has seen both operating costs and pricing pressures increase, thereby further impacting the margins.
Revenue performance is monitored closely by management against gross margins and the return per vehicle, with the aim of ensuring strong utilisation of the vehicles but not at the cost of profits. As part of this the fleet size is constantly being reviewed, and the nature of the work undertaken is challenged.
In addition to this the board continues to monitor costs, with particular focus on employee and fuel costs compared with the cost of utilising subcontractors. The aim is to improve the gross profit margins. Control of these costs has been challenging this year due to increased wage demands from drivers, and general overhead increases.
As noted in the prior year, measures continue to be taken to improve operational efficiency and profitability by addressing vehicle utilisation, removing inefficient work patterns and a drive to improve customer rates. These continue to be key areas of focus for the board, and whilst accepting significant progress is still required, they are confident that the actions being taken will enable profitability to continue to improve. The year-end balance sheet position remains strong, with the group well positioned to address the challenging market.
Future developments
The external commercial environment is expected to remain competitive, and the cost of fuel remains significant. However, the board continues to focus on improving margins through a mix of pricing and cost controls. The board are focusing on areas where the business is more efficient, moving into more profitable sectors and are engaging with a number of significant local developments and remain confident that these will provide growth both in revenue and margin.
Since the year end the group’s 2025 trading has continued to improve. As a board we continue to monitor the technological changes within our industry, including fuel types and driverless vehicles and the changing employee environment, with particular focus on recruitment and retention of employees.
S R Keedwell Holdings Limited
Strategic Report for the Year Ended 31 October 2025
Principal risks and uncertainties
The management of the business and the execution of the group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to competition from both National and independent hauliers, fuel prices and the employment and retention of additional HGV drivers. Management monitor these closely ensuring their pricing remains appropriately competitive and that the group is attractive to employees in what is currently an employee market. Fuel price changes are passed on to customers where possible or absorbed.
A number of unforeseen risks have arisen in the past few years, including the Covid-19 pandemic, the effects of the Ukraine and Middle East conflicts and the high inflationary economic environment, and all have impacted the group’s trading. In order to address these challenges, the directors continually assessed the risks in detail, concluding that the company remains well placed to navigate such issues. The costs and cash requirements are managed closely, and the company seeks to ensure tight controls over the credit procedures and where applicable, government support has been obtained.
Section 172 Companies Act 2006
Section 172 of the Companies Act 2006 requires a director of a group to act in the way he or she considers, in good faith, would most likely promote the success of the group for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, amongst other matters to the:
• Likely consequences of any decision in the long term;
• Interest of the group’s employees;
• Need to foster the group’s business relationships with suppliers, customers and others;
• Impact of the group’s operations on the community and environment;
• Desirability of the group maintaining a reputation for high standards of business conduct, and
• Need to act fairly towards members of the group
My plan is designed to have a long-term beneficial impact on the group and to contribute to its success in delivering high quality and vast ranges of goods to its customers. I will continue to operate our business within the budgetary controls and in line with our regulatory targets.
Our employees are fundamental to the delivery of our plan. I aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations in the way we do business.
Our aim is to continue to engage with our customers which enables us to gain an understanding of their needs and expectations in order for us to deliver the highest quality service. We also aim to act responsibly and fairly in how we engage with our customers and our suppliers and co-operate with our regulators; all of whom are integral to the successful delivery of our plan.
Our plan took into account the impact of the group’s operations on the community and environment and our wider social responsibilities.
As director, my intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance.
The group is an owner managed business and so our responsibilities towards shareholders is directly interconnected with our responsibility as management.
S R Keedwell Holdings Limited
Strategic Report for the Year Ended 31 October 2025
Approved by the Board on
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S R Keedwell Holdings Limited
Director's Report for the Year Ended 31 October 2025
The director presents his report and the consolidated financial statements for the year ended 31 October 2025.
Dividends
Ordinary dividends of £70,793 (2024: £51,162) were paid during the year. The director does not recommend payment of a final dividend.
Director of the Group
The director who held office during the year was as follows:
Financial instruments
Objectives and policies
The group's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors, loans to participating interests and finance lease agreements. The main purpose of these instruments is to raise funds to finance the group's operations.
Price risk, credit risk, liquidity risk and cash flow risk
Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The group makes use of money market facilities where funds are available.
In respect of loans and borrowings these comprise loans from the director and the group having finance leased assets. The loan from the director is interest free and payable on demand. The director is aware of the group's required finance and has determined that these will only be repaid in whole or in part when finance is available. The interest charged on the finance leases is fixed and monthly repayments are also fixed. The group manages the liquidity risk by ensuring there are sufficient funds to meet the payments.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
S R Keedwell Holdings Limited
Director's Report for the Year Ended 31 October 2025
Engagement with employees and employment of disabled persons
The group ensures that employees are made aware of factors that affect the performance of the group and that employees are provided with information on matters which concern them. Employees are also regularly consulted to ensure that their views are taken into account in decisions that affect their interests.
During the year, the group gave full and fair consideration to applications for employment from disabled persons having regard to their particular aptitudes, when related to any suitable opportunities available.
Group policy provides that existing employees who become disabled shall continue employment with the group, if at all possible, subject to any appropriate training.
Training, career development and promotion apply equally to all employees, taking into consideration their aptitudes and abilities.
Environmental matters
Whilst the director is conscious and active in the group's requirement to further address the group's greenhouse gas (GHG) emissions and energy consumption, the company and its subsidiaries have taken the permitted exemptions and not provided the Streamlined Energy and Carbon Reporting information.
Future Developments
The future developments of the business are included within the strategic report.
Going concern
As stated in note 2, the director has concluded that it is appropriate to prepare the financial statements on a going concern basis.
Disclosure of information to the auditor
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.
Reappointment of auditors
The auditors Albert Goodman LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the Board on
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S R Keedwell Holdings Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 Group and the company and of the profit or loss of the Group for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
S R Keedwell Holdings Limited
Independent Auditor's Report to the Members of S R Keedwell Holdings Limited
Opinion
We have audited the financial statements of S R Keedwell Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 October 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated 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 Group's and the parent company's affairs as at 31 October 2025 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 auditor 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
S R Keedwell Holdings Limited
Independent Auditor's Report to the Members of S R Keedwell Holdings Limited
Other information
The director is 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.
S R Keedwell Holdings Limited
Independent Auditor's Report to the Members of S R Keedwell Holdings Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the 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 |
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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 the director
As explained more fully in the Director's responsibilities statement set out on page 7, 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 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.
S R Keedwell Holdings Limited
Independent Auditor's Report to the Members of S R Keedwell Holdings Limited
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:
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the haulage sector; |
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, environmental and health and safety legislation; |
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships; |
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tested journal entries to identify unusual transactions; |
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
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investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation; |
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enquiring of management as to actual and potential litigation and claims; and |
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reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors. |
S R Keedwell Holdings Limited
Independent Auditor's Report to the Members of S R Keedwell Holdings Limited
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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.
For and on behalf of
Goodwood House
Blackbrook Park Avenue
Somerset
TA1 2PX
S R Keedwell Holdings Limited
Consolidated Profit and Loss Account
for the Year Ended 31 October 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit/(loss) |
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( |
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Income from participating interests |
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- |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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Share of profit of equity accounted investees |
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Profit before tax |
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Taxation |
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( |
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Profit for the financial year |
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Profit/(loss) attributable to: |
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Owners of the company |
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Minority interests |
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S R Keedwell Holdings Limited
Consolidated Statement of Comprehensive Income
for the Year Ended 31 October 2025
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2025 |
2024 |
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Profit for the year |
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Total comprehensive income for the year |
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Total comprehensive income attributable to: |
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Owners of the company |
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Minority interests |
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S R Keedwell Holdings Limited
(Registration number: 12521524)
Consolidated Balance Sheet as at 31 October 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Other reserves |
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Retained earnings |
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Equity attributable to owners of the company |
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Minority interests |
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Shareholders' funds |
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Approved and authorised by the
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S R Keedwell Holdings Limited
(Registration number: 12521524)
Balance Sheet as at 31 October 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes as it prepares group accounts. The company made a profit after tax for the financial year of £894,555 (2024 - profit of £510,149).
Approved and authorised by the
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S R Keedwell Holdings Limited
Consolidated Statement of Changes in Equity
for the Year Ended 31 October 2025
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Share capital |
Share premium |
Merger reserve |
Retained earnings |
Total |
Non-controlling interests - Equity |
Total equity |
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At 1 November 2024 |
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Profit for the year |
- |
- |
- |
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Dividends |
- |
- |
- |
( |
( |
- |
( |
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At 31 October 2025 |
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Share capital |
Share premium |
Merger reserve |
Retained earnings |
Total |
Non-controlling interests - Equity |
Total equity |
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At 1 November 2023 |
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Profit for the year |
- |
- |
- |
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Dividends |
- |
- |
- |
( |
( |
- |
( |
|
At 31 October 2024 |
10,000 |
11,676 |
3,700,000 |
24,244,092 |
27,965,768 |
329,378 |
28,295,146 |
S R Keedwell Holdings Limited
Statement of Changes in Equity
for the Year Ended 31 October 2025
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Share capital |
Retained earnings |
Total |
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At 1 November 2024 |
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Profit for the year |
- |
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At 31 October 2025 |
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Share capital |
Retained earnings |
Total |
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At 1 November 2023 |
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Profit for the year |
- |
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At 31 October 2024 |
10,000 |
5,558,444 |
5,568,444 |
S R Keedwell Holdings Limited
Consolidated Statement of Cash Flows
for the Year Ended 31 October 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Loss on disposal of tangible assets |
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Profit from disposals of investments |
( |
- |
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Finance income |
( |
( |
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Finance costs |
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Share of profit/loss of equity accounted investees |
( |
( |
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Income tax expense |
( |
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Income from participating interests |
(340,000) |
- |
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Working capital adjustments |
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Increase in stocks |
( |
( |
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(Increase)/decrease in trade debtors |
( |
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(Decrease)/increase in trade creditors |
( |
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Cash generated from operations |
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Income taxes received |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
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Acquisition of intangible assets |
- |
( |
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Proceeds from disposal of investments in joint ventures and associates |
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- |
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Income from participating interests |
340,000 |
- |
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Net cash flows from investing activities |
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( |
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Cash flows from financing activities |
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Interest paid |
( |
( |
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Net payments to finance lease creditors |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 November 2024 |
|
|
|
|
Cash and cash equivalents at 31 October 2025 |
13,258,186 |
12,837,907 |
|
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
|
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
Commerce Way
Highbridge
Somerset
TA9 4AG
|
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 have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK 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.
These financial statements are presented in Sterling (£).
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October 2025.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
Judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these significant judgements and estimates have been made include:
1. The going concern basis of preparation
The director considers it appropriate to prepare the financial statements on a going concern basis. In forming this conclusion the director has assessed the group’s future trading and cash requirements.
As noted within the strategic report, the director continues to monitor revenue closely against gross margins and the return per vehicle, with the aim of ensuring strong utilisation of the vehicles but not at the cost of profits. As part of this the fleet size is constantly being reviewed, and the nature of the work undertaken is challenged.
The director's trading and cash forecasts for the next 12 months seek to address the impact of the current and potential economic environment created by ongoing world events and UK pressures. The director has concluded that impact on the group's operations and the funding requirements can be successfully navigated. The director has therefore prepared the financial statements on a going concern basis, concluding that the group will be able to meet its liabilities as they fall due for at least 12 months from the date of approving the financial statements.
2. Depreciation rates
The director assesses and adopts an appropriate depreciation rate for each class of asset based on the anticipated useful economic life and expected residual value of the assets. These are reassessed annually for changes in legislation and other factors that may limit the useful economic life and the potential residual value. The current year depreciation charge is £3,774,867 and so a change in the adopted rate may materially impact the result for the financial year. There has been no change in the current year.
3. Investments and debtors provision
Management assess the value of investments and the recoverability of debtors at each period end. The value of investments that is considered to be impaired and any debtors that are not considered to be recoverable are provided for.
Turnover recognition
Turnover represents the receipts or amounts receivable for the provision of haulage services, the rental of warehouse areas, the hire of haulage vehicles, tyre fitting and workshop repairs. Turnover is reported net of value added tax. Turnover for haulage services, tyre fitting and workshop repairs is recognised at the point of delivery. Turnover for warehouse rent and hire of haulage vehicles is recognised in the period to which it relates.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 group operates and generates taxable income.
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the Group. 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.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold land and buildings |
2% straight line |
|
Long leasehold land and buildings |
straight line over 99 years |
|
Short leasehold and buildings |
15% reducing balance |
|
Plant and machinery |
15-25% reducing balance |
|
Fixtures, fittings and equipment |
15-25% reducing balance |
|
Motor vehicles |
25% reducing balance |
|
Lorries and trailers |
25% reducing balance |
Investment property
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group’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.
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
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 useful economic life |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Other debtors and loans receivable are initially recognised at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest method less any provision for impairment.
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.
When stock is utilised, the carrying amount of such stock is recognised as an expense in the period that it is utilised. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the impairment loss is recognised immediately in profit or loss.
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group 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.
Short term trade creditors are measured at the transaction price, which is deemed to equate to amortised cost. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Other creditors are initially recognised at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
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.
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
Dividends
Dividend distribution to the Group’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
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 the profit and loss account 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.
Financial instruments
Classification
Financial assets – trade and other debtors, accrued income, amounts owed by group undertakings and other debtors are basic financial instruments, and are debt instruments measured at amortised cost. Prepayments are not financial instruments.
Cash at bank – is classified as a basic financial instrument and is measured at face value.
Financial liabilities – trade creditors, amounts owed to group undertakings, bank loans, accrued expenses and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security and corporation tax creditors are not included in the financial instruments disclosure definition.
Reserves
Called up share capital represents the nominal value of shares that have been issued.
Share premium account includes any premiums received on the issue of share capital. Transaction costs associated with the issuing of shares are deducted from the share premium.
Profit and loss account includes all current and prior period profits and losses.
The other reserve arises on consolidation, is non-distributable and relates to the fair value amount in excess of the nominal value of the ordinary shares issued as consideration for an acquisition.
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
|
Turnover |
The analysis of the Group's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Haulage |
50,547,891 |
50,125,226 |
|
Warehouse rent |
55,686 |
36,451 |
|
Hire |
61,742 |
211,194 |
|
Workshop and tyre fitting |
|
|
|
|
|
|
Other operating income |
The analysis of the Group's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Miscellaneous other operating income |
108,524 |
137,214 |
|
Rent receivable |
658,345 |
808,064 |
|
Other operating income |
24,950 |
93,473 |
|
|
|
|
Operating profit/(loss) |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
- |
|
Operating lease expense - plant and machinery |
|
|
|
Operating lease expense - other |
|
|
|
Loss on disposal of property, plant and equipment |
|
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
- |
|
|
|
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the Group (including the director) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
5,000 |
4,750 |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
35,400 |
34,250 |
|
|
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
All other non-audit services |
|
|
|
|
|
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
( |
( |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax (receipt)/expense in the income statement |
( |
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
( |
( |
|
Decrease from tax losses for which no deferred tax asset was recognised |
( |
- |
|
Decrease from effect of joint-ventures and associates results reported net of tax |
( |
( |
|
Tax decrease from effect of dividends from UK companies |
( |
- |
|
Tax decrease from effect of adjustment in research and development tax credit |
( |
( |
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
(151,027) |
- |
|
Total tax (credit)/charge |
( |
|
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
|
Intangible assets |
Group
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 November 2024 |
|
|
|
At 31 October 2025 |
|
|
|
Amortisation |
||
|
At 1 November 2024 |
|
|
|
Amortisation charge |
|
|
|
At 31 October 2025 |
|
|
|
Carrying amount |
||
|
At 31 October 2025 |
|
|
|
At 31 October 2024 |
|
|
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Lorries and trailers |
Total |
|
|
Cost or valuation |
||||||
|
At 1 November 2024 |
|
|
|
|
|
|
|
Additions |
- |
|
|
|
|
|
|
Disposals |
- |
- |
( |
( |
( |
( |
|
At 31 October 2025 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 November 2024 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
( |
|
At 31 October 2025 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 31 October 2025 |
|
|
|
|
|
|
|
At 31 October 2024 |
|
|
|
|
|
|
Included within the net book value of land and buildings above is £2,246,947 (2024 - £2,356,233) in respect of freehold land and buildings, £370,833 (2024 - £375,312) in respect of long leasehold land and buildings and £102,179 (2024 - £102,799) in respect of short leasehold land and buildings.
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Lorries and trailers |
9,841,801 |
11,440,125 |
Restriction on title and pledged as security
Company
|
Land and buildings |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 November 2024 |
|
|
|
|
|
At 31 October 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 November 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 October 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 October 2025 |
|
|
- |
|
|
At 31 October 2024 |
|
|
|
|
Included within the net book value of land and buildings above is £2,165,747 (2024 - £2,264,883) in respect of freehold land and buildings.
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
|
Investment properties |
Group and company
|
2025 |
|
|
At 1 November 2024 and 31 October 2025 |
|
Assets held as investment properties that were acquired in 2005 are carried at their purchase cost of £341,712, which the director considers to materially reflect their fair value at 31 October 2025.
The properties are residential and the director is confident, having assessed the local market, that the carrying value is materially consistent with their fair value.
Assets now held as investment properties that were acquired in 2009 and 2010 are carried at their combined transfer value from property, plant and equipment of £1,243,919, which the director considers to materially reflect their fair value at 31 October 2025.
There has been no valuation of investment property by an independent valuer.
|
Investments |
Group
Details of undertakings
|
2025 |
2024 |
|
|
Investments in associates |
5,145,009 |
4,211,627 |
|
Investments in joint ventures |
170,301 |
170,301 |
|
5,315,310 |
4,381,928 |
Aggregate financial information of associates
|
2025 |
2024 |
|
|
Group's share of profit or loss in associates |
|
|
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
Details of the investments (including principal place of business of unincorporated entities) in which the Group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Associates |
||||
|
|
Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX |
Ordinary |
|
|
|
England |
||||
|
|
Small Business Accountancy Company, 52 Clare Street, Bridgwater, Somerset, TA6 3EN |
Ordinary |
|
|
|
England |
||||
|
|
Kings Weston Lane St Andrews Road, Avonmouth, Bristol, BS11 9BY |
Ordinary |
|
|
|
England |
||||
|
|
Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX |
Ordinary |
|
|
|
England |
||||
|
|
Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX |
Ordinary |
|
|
|
England |
||||
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
Associate undertakings
|
The principal activity of Jays Logistics (South West) Limited is |
|
The principal activity of Black-Ram Recycling Limited is |
|
The principal activity of City West Commercials (Highbridge) Limited is |
|
The principal activity of Keedwell (Scotland) Holdings Limited is |
|
The principal activity of Keedwell (Scotland) Limited is |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Investments in associates |
|
|
|
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 November 2024 |
|
|
Carrying amount |
|
|
At 31 October 2025 |
|
|
At 31 October 2024 |
|
|
Associates |
£ |
|
Cost |
|
|
At 1 November 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 October 2025 |
|
|
At 31 October 2024 |
|
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Goodwood House, Blackbrook Park Avenue, Taunton, Somerset |
Ordinary |
|
|
|
England |
||||
|
|
Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX |
Ordinary |
|
|
|
England |
||||
|
Associates |
||||
|
|
Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX |
Ordinary |
|
|
|
United Kingdom |
||||
|
|
Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX |
Ordinary |
|
|
|
England |
||||
|
|
Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX |
Ordinary |
|
|
|
England |
||||
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
Indirect subsidiary undertakings
Details of the indirect investments in which R. T. Keedwell Holdings Limited holds more than 50% of the nominal value of any class of share capital are as follows:
Alberti Limited, 90% (2024 - 90%)
Ken Jones Transport (Goldcliff) Limited, 100% (2024 - 100%)
K & W Brick Haulage Limited, 100% (2024 - 100%)
R.T. Keedwell Limited, 100% (2024 - 100%)
R T Keedwell Group Limited, 0% (2024 - 100%)
Keedwell Konnect Limited, 90% (2024 - 90%)
Truck Tech Yorkshire Limited, 60% (2024 - 60%)
Junction 22 Trailers Limited, 100% (2024 - 100%)
TA9 Truck Tyres Limited, 100% (2024 - 100%)
|
Subsidiary undertakings |
|
Walrow Tyre Services Limited The principal activity of Walrow Tyre Services Limited is |
|
R. T. Keedwell Holdings Limited The principal activity of R. T. Keedwell Holdings Limited is |
|
Associates |
|
Keedwell (Scotland) Holdings Limited The principal activity of Keedwell (Scotland) Holdings Limited is |
|
Keedwell (Scotland) Limited The principal activity of Keedwell (Scotland) Limited is |
For the year ended 31 October 2025, the direct subsidiaries R T Keedwell Holdings Limited and Walrow Tyre Services Limited were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
For the year ended 31 October 2025, the indirect subsidiaries Junction 22 Limited, Ken Jones Transport (Goldcliff) Limited, TA9 Truck Tyres Limited, and Truck Tech Yorkshire Limited were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
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Stocks |
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Group |
Company |
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2025 |
2024 |
2025 |
2024 |
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Stocks |
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- |
- |
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Debtors |
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Group |
Company |
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Current |
Note |
2025 |
2024 |
2025 |
2024 |
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Trade debtors |
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Amounts owed by group undertakings |
- |
- |
333,450 |
- |
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Amounts owed by associated undertakings |
570,195 |
605,046 |
- |
- |
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Other debtors |
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- |
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Prepayments |
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Corporation tax |
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- |
- |
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Cash and cash equivalents |
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Group |
Company |
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2025 |
2024 |
2025 |
2024 |
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Cash on hand |
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Cash at bank |
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Short-term deposits |
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- |
- |
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S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
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Creditors |
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Group |
Company |
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Note |
2025 |
2024 |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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- |
- |
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Trade creditors |
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Amounts owed to group undertakings |
- |
- |
- |
10,813 |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other creditors |
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Accrued expenses |
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Due after one year |
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Loans and borrowings |
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- |
- |
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S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
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Provisions for liabilities |
Group
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Deferred tax |
Total |
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At 1 November 2024 |
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Increase (decrease) in existing provisions |
( |
( |
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At 31 October 2025 |
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Deferred tax
Group
Deferred tax assets and liabilities
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2025 |
Asset |
Liability |
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Tax depreciation |
- |
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Provisions |
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- |
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Tax losses |
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- |
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2024 |
Asset |
Liability |
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Tax depreciation |
- |
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Provisions |
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- |
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Tax losses |
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- |
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Pension and other schemes |
Defined contribution pension scheme
The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Group to the scheme and amounted to £
Contributions totalling £
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
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Loans and borrowings |
Current loans and borrowings
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Group |
Company |
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2025 |
2024 |
2025 |
2024 |
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Hire purchase contracts |
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- |
- |
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Other borrowings |
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- |
- |
- |
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- |
- |
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Non-current loans and borrowings
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Group |
Company |
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2025 |
2024 |
2025 |
2024 |
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Hire purchase contracts |
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- |
- |
Hire purchase contracts are denominated in sterling with a nominal interest rate of between 1.5% and 6%. The carrying amount at year end is £9,919,299 (2024 - £11,581,712).
Hire purchase contracts are secured on the lorries and trailers they are financing and repayable in monthly instalments over 3 to 6 years from the date they are advanced. The group uses hire purchase contracts in order to acquire lorries and trailers. There are purchase options within the contracts, which are at the option of the lessee.
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
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Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
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2025 |
2024 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
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Contingent liabilities |
Group
The Group has provided an unlimited guarantee in favour of Barclays Bank PLC covering the liabilities of all companies within the S R Keedwell Holdings Limited group (excluding Walrow Tyre Services Limited) and West Trucks (Highbridge) Limited. The amount is £Nil (2024 - £Nil). The bank has secured this debt against the freehold property owned by the Group and an unlimited debenture over all assets of the company.
S R Keedwell Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 October 2025
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Related party transactions |
Group
Key management compensation
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2025 |
2024 |
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Salaries and other short term employee benefits |
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Summary of transactions with associates
The group maintains interest free loan and trading accounts with its associates which are repayable on demand. At the balance sheet date the amount due from its associates was £294,238 (2024 - £338,021).
Summary of transactions with other related parties
Sales and purchase ledger accounts are maintained with these companies and transactions are carried out under standard trading terms. At the balance sheet date the group owed £833,710 (2024 - owed from £267,025) to these companies.
The group's director is a trustee of a Pension Scheme for which the group has paid rent to of £146,000 (2024 - £146,000).
Company
Summary of transactions with subsidiaries
The company received rental income from non-wholly owned subsidiaries of £55,143 (2024: £43,797).
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Parent and ultimate parent undertaking |
The ultimate controlling party is