FRED PROUDFOOT LIMITED


Directors	PROUDFOOT, Brian Cyril
	PROUDFOOT, John James
	PROUDFOOT, Raymond Neil
	PROUDFOOT, Stephen Andrew
	PROUDFOOT, William John


Company Secretary	PROUDFOOT, William John


Registered Address	Fpl Buildings
	Low Harker
	Carlisle
	CA6 4DP


Registered Number	00337279 (England and Wales)

Notes to the Financial Statements
for the year ended 31 March 2026

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Defined contribution pension plan
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in other creditors in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Land and Buildings - 2% straight line Plant and Machinery - 20% - 33% straight line Motor Vehicles - 10% Straight line and 25% reducing balance

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:

Land and Buildings - 2% straight line
Plant and Machinery - 20% - 33% straight line
Motor Vehicles - 10% Straight line and 25% reducing balance

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	14		14

3.	Prior period adjustment
	During the year, the directors identified that depreciation on motor vehicles had been understated in the prior year as a result of an error in the application of the company’s depreciation policy, where the depreciation rate of 10% reducing balance has been used instead of the more appropriate 10 years straight line. In accordance with FRS 102 Section 10, the error has been treated as a prior period error and the comparative figures have been restated accordingly. The correction has reduced the carrying amount of tangible fixed assets and reduced retained earnings at the beginning of the current year by £215,824. The comparative profit for the prior year has been reduced by £215,824.

Prior period adjustment

During the year, the directors identified that depreciation on motor vehicles had been understated in the prior year as a result of an error in the application of the company’s depreciation policy, where the depreciation rate of 10% reducing balance has been used instead of the more appropriate 10 years straight line. In accordance with FRS 102 Section 10, the error has been treated as a prior period error and the comparative figures have been restated accordingly.

The correction has reduced the carrying amount of tangible fixed assets and reduced retained earnings at the beginning of the current year by £215,824. The comparative profit for the prior year has been reduced by £215,824.

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Total
	£	£	£	£
Cost or valuation
At 01 April 25	583,103	284,297	2,505,823	3,373,223
Additions	-	12,433	347,490	359,923
Disposals	-	-	(213,670)	(213,670)
At 31 March 26	583,103	296,730	2,639,643	3,519,476
Depreciation and impairment
At 01 April 25	112,383	245,483	1,668,374	2,026,240
Charge for year	6,542	13,540	245,271	265,353
On disposals	-	-	(166,974)	(166,974)
At 31 March 26	118,925	259,023	1,746,671	2,124,619
Net book value
At 31 March 26	464,178	37,707	892,972	1,394,857
At 31 March 25	470,720	38,814	837,449	1,346,983

5.	Fixed asset investments
	Investments in subsidiary companies comprises of a 95% shareholding in Haulage Express Limited, a company incorporated in England & Wales. The Company holds physical gold bullion as an investment, and it is included within other investments. Gold is initially recognised at cost, being the purchase price plus directly attributable acquisition costs. At the reporting date, the gold is remeasured to fair value using the quoted market price for gold at the balance sheet date (based on observable market data). Changes in fair value are recognised in the profit and loss account within 'fixed asset investment gains and losses at fair value'. The gold is held in custody, and the Company retains legal title.

Fixed asset investments

Investments in subsidiary companies comprises of a 95% shareholding in Haulage Express Limited, a company incorporated in England & Wales.

The Company holds physical gold bullion as an investment, and it is included within other investments. Gold is initially recognised at cost, being the purchase price plus directly attributable acquisition costs. At the reporting date, the gold is remeasured to fair value using the quoted market price for gold at the balance sheet date (based on observable market data). Changes in fair value are recognised in the profit and loss account within 'fixed asset investment gains and losses at fair value'. The gold is held in custody, and the Company retains legal title.

	Investments in groups¹	Other investments²	Total
	£	£	£
Cost or valuation
At 01 April 25	380,000	-	380,000
Additions	-	112,047	112,047
Revaluations	-	(1,084)	(1,084)
At 31 March 26	380,000	110,963	490,963
Net book value
At 31 March 26	380,000	110,963	490,963
At 31 March 25	380,000	-	380,000

	Notes
	¹Investments in group undertakings and participating interests ²Other investments other than loans

6.	Debtors: amounts due within one year

	2026	2025
	£	£
Amounts owed by group undertakings	2,833	-
Prepayments and accrued income	1,304	1,266
Total	4,137	1,266

7.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	4,315	522
Taxation and social security	79,313	101,531
Other creditors	212,702	145,574
Accrued liabilities and deferred income	9,298	9,150
Total	305,628	256,777


	A pension fund loan equal to £73,290 (2025 - £71,155) is included within other creditors within one year and is secured against the freehold property owned by the company at Low Harker.

8.	Creditors: amounts due after one year

	2026	2025
	£	£
Bank borrowings and overdrafts	252,310	104,473
Total	252,310	104,473


	A pension fund loan equal to £31,183 (2025 - £104,473) is included within other creditors after one year and is secured against the freehold property owned by the company at Low Harker.

9.	Provisions for liabilities
	The provision for deferred tax arises due to accelerated capital allowances on plant and machinery tangible fixed assets.

	2026	2025
	£	£
Other provisions	216,000	246,300
Total	216,000	246,300

10.	Pension commitments
	The pension cost charge represents contributions payable by the company to the fund and amounted to £180,000 (2025 - £120,000).

11.	Related party transactions
	During the year management charges of £210,000 (2025 - £200,000) were received by the company from Haulage Express Limited, a 95% subsidiary. Furthermore, during the year £528,996 (2025 - £482,976) was received by the company from Haulage Express Limited in respect of vehicle and trailer hire. At the reporting date Haulage Express Limited owed the company £2,833 (2025 - £nil). During the year Haulage Express Limited occupied premises owned by the company rent free (2025 - same). Included within other creditors is a balance of £72,372 (2025 - £87,396) owed to the directors in respect of their current accounts maintained with the company during the year. These balances are unsecured, interest free and have no set date for repayment. During the year insurance of £15,500 (2025 - £15,000) was recharged to the company by Haulage Express Limited.

11.

Related party transactions

During the year management charges of £210,000 (2025 - £200,000) were received by the company from Haulage Express Limited, a 95% subsidiary. Furthermore, during the year £528,996 (2025 - £482,976) was received by the company from Haulage Express Limited in respect of vehicle and trailer hire. At the reporting date Haulage Express Limited owed the company £2,833 (2025 - £nil).

During the year Haulage Express Limited occupied premises owned by the company rent free (2025 - same).

Included within other creditors is a balance of £72,372 (2025 - £87,396) owed to the directors in respect of their current accounts maintained with the company during the year. These balances are unsecured, interest free and have no set date for repayment.

During the year insurance of £15,500 (2025 - £15,000) was recharged to the company by Haulage Express Limited.

12.	Parent-subsidiary relationships
	The company was under the control of the Proudfoot family throughout the current and previous year. There is no ultimate controlling party. The company and the group headed by it qualify as a small group, as such the parent and the group are exempt from producing group accounts.

	Notes	2026		2025
		£	£	£	£
Fixed assets
Tangible assets	4		1,394,857		1,346,983
Investments	5		490,963		380,000
			1,885,820		1,726,983
Current assets
Debtors	6	4,137		1,266
Cash at bank and on hand		517,275		496,921
		521,412		498,187
Creditors amounts falling due within one year	7	(305,628)		(256,777)
Net current assets (liabilities)			215,784		241,410
Total assets less current liabilities			2,101,604		1,968,393
Creditors amounts falling due after one year	8		(252,310)		(104,473)
Provisions for liabilities	9		(216,000)		(246,300)
Net assets			1,633,294		1,617,620
Capital and reserves
Called up share capital			102,000		102,000
Profit and loss account			1,531,294		1,515,620
Shareholders' funds			1,633,294		1,617,620