ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
For the Year Ended
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Lambert Brothers Haulage Limited
Company Information
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Lambert Brothers Haulage Limited
Contents
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Lambert Brothers Haulage Limited
Strategic Report
For the Year Ended 31 December 2020
The directors present their strategic report and financial statements for the year ended 31 December 2020.
The principal activity of the company continues to be the provision of transport, distribution and warehousing services.
The directors are pleased to confirm that turnover for the year ended 31 December 2020 was £12,797,650 compared to £14,931,300 for the year ended 31 December 2019. The company continues to target domestic trade and endeavours to profitably grow this service provision. The Gross Profit for the year was down to £701,295 compared to £1,891,219 for the year ended 31 December 2019. Gross margin decreased from 12.7% to 5.5% largely as a result of challenges of Covid which impact revenues. There is an exceptional item of £8,131,804 relating to profit on sale of property. Overall profit after tax was £5,599,405 compared to £115,130 for the year ended 31st December 2019. Covid related furlough payments of £520,247 were received during the year. Effects of Covid-19 The Directors can confirm that the company has full policies and procedures on dealing with matters arising from the Coronavirus and how it effects the business and its employees. The business has ensured that all Risk Assessments in relation to Covid-19 have been completed and issued and an internal committee was formed to develop and continue to monitor all issues around Covid-19 as changes and updates occur.
The Directors have assessed the main risks to the company as being the availability of qualified drivers and resources to meet future growth, and the price sensitive nature of pallet network business. The directors believe that these risks are mitigated by the continued efforts to maintain a competitive advantage through high customer service levels, increasing use of new technology and policies to attract and retain high calibre staff.
The company is exposed to minimal level of price risk, credit risk, liquidity risk, and cashflow risk. The company manages these risks by financing its operations through retained profits to fund capital expenditure programmes in the most efficient manner. The management objectives are to retain sufficient liquid funds to enable it to meet its day to day requirements, minimise the company's exposure to fluctuating interest rates, and match the repayment schedule of any external borrowings or overdrafts with the future cash flows expected to arise from the company's trading activities. The company makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company.
Page 1
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Lambert Brothers Haulage Limited
Strategic Report (continued)
For the Year Ended 31 December 2020
The company's financial KPI's focus on a number of critical areas. Gross margin remains the major factor in shaping the future success of the business and this is evidenced by the improving performance year on year.
Business liquidity runs in parallel with margins and is closely monitored through both debtor and creditor management. Other financial KPI's are as follows: - Working capital analysis - Cashflow forecasting - Review of turnover: actual v forecast - Analysis of overhead expenditure: actual v forecast
Non financial KPI's are numerous but centre on the following:
- Supplier on-time delivery performance - Employee workforce management - Health and Safety
This report was approved by the board and signed on its behalf.
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Lambert Brothers Haulage Limited
Directors' Report
For the Year Ended 31 December 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £5,599,405 (2019 -£115,130).
Dividends of £nil (2019: £Nil) were paid in the year. The directors do not propose a final dividend (2019: £nil).
The directors who served during the year were:
The directors consider that the forthcoming financial year will be another year of solid performance building further security for all the company's stakeholders.
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Lambert Brothers Haulage Limited
Directors' Report (continued)
For the Year Ended 31 December 2020
There were no post balance sheet events.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Lambert Brothers Haulage Limited
Independent Auditors' Report to the Members of Lambert Brothers Haulage Limited
We have audited the financial statements of Lambert Brothers Haulage Limited (the 'Company') for the year ended 31 December 2020, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Lambert Brothers Haulage Limited
Independent Auditors' Report to the Members of Lambert Brothers Haulage Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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Lambert Brothers Haulage Limited
Independent Auditors' Report to the Members of Lambert Brothers Haulage Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. • The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. • Supporting documentation relating to the Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations - Detecting and responding to the risks of fraud • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. • The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. • The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-bribery and Corruption, Coronavirus Job Retention Scheme, Goods Vehicle (Licensing of Operators) Act, and The Vehicle Drivers Regulations. Audit response to risks identified Our procedures to respond to the risks identified included the following: • Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. • Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. • Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect irregularities. • Enquiring of management about any actual and potential litigation and claims. • Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud. • Reading minutes of meetings of those charges with governance. • Carrying out substantive testing to confirm the validity and accuracy of ‘furlough’ claims.
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Lambert Brothers Haulage Limited
Independent Auditors' Report to the Members of Lambert Brothers Haulage Limited (continued)
We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments. We have identified accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. • Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and • Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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 Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Lancashire Gate
21 Tiviot Dale
Stockport
Cheshire
SK1 1TD
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Lambert Brothers Haulage Limited
Statement of Comprehensive Income
For the Year Ended 31 December 2020
Page 9
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Lambert Brothers Haulage Limited
Registered number: 00654382
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 26 form part of these financial statements.
Page 10
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Lambert Brothers Haulage Limited
Statement of Changes in Equity
For the Year Ended 31 December 2020
Statement of Changes in Equity
For the Year Ended 31 December 2019
Page 11
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Lambert Brothers Haulage Limited
Notes to the Financial Statements
For the Year Ended 31 December 2020
Lambert Brothers Haulage Limited is a private company limited by members capital incorporated in England and Wales, company number 00654382. The address of the registered office and principal place of buisness is Woodside Avenue, Eastleigh, Hampshire, SO50 4ZR.
The nature of the company's operations and its principal activity is the provision of road haulage and warehousing services.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Kinaxia Limited as at 31 December 2020 and these financial statements may be obtained from the Registrar of Companies.
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Lambert Brothers Haulage Limited
Notes to the Financial Statements
For the Year Ended 31 December 2020
2.Accounting policies (continued)
When a sale and leaseback transaction results in an operating lease, and it is clear that the transition is established at fair value any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price. In that case any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used.
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Lambert Brothers Haulage Limited
Notes to the Financial Statements
For the Year Ended 31 December 2020
2.Accounting policies (continued)
Page 14
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Lambert Brothers Haulage Limited
Notes to the Financial Statements
For the Year Ended 31 December 2020
2.Accounting policies (continued)
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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Lambert Brothers Haulage Limited
Notes to the Financial Statements
For the Year Ended 31 December 2020
2.Accounting policies (continued)
The Company only 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 non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
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Lambert Brothers Haulage Limited
Notes to the Financial Statements
For the Year Ended 31 December 2020
Provision for impairment loss on trade debtors Management exercises judgement in providing for impairment loss on trade receivables. The balance of trade debtors at 31 December 2020 is £2,234,732 (2019 - £3,044,629). Other estimates and judgements Management also exercises judgement in estimating the useful life of property, plant and equipment. The net book value of tangible fixed assets at 31 December is £936,630 (2019 - £4,537,802).
Analysis of turnover by country of destination:
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Lambert Brothers Haulage Limited
Notes to the Financial Statements
For the Year Ended 31 December 2020
Page 18
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Lambert Brothers Haulage Limited
Notes to the Financial Statements
For the Year Ended 31 December 2020
Page 19
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Lambert Brothers Haulage Limited
Notes to the Financial Statements
For the Year Ended 31 December 2020
12.Taxation (continued)
The main rate of corporation tax is due to increase to 25% in the tax year commencing 1st April 2023 for companies where profits exceed £250,000. A tapered rate will be introduced for profits above £50,000 up to the £250,000 limit.
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Lambert Brothers Haulage Limited
Notes to the Financial Statements
For the Year Ended 31 December 2020
Page 21
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Lambert Brothers Haulage Limited
Notes to the Financial Statements
For the Year Ended 31 December 2020
Page 22
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Lambert Brothers Haulage Limited
Notes to the Financial Statements
For the Year Ended 31 December 2020
Page 23
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Lambert Brothers Haulage Limited
Notes to the Financial Statements
For the Year Ended 31 December 2020
Profit and loss account
Profit and loss account includes all current and prior period retained profits and losses.
Page 24
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Lambert Brothers Haulage Limited
Notes to the Financial Statements
For the Year Ended 31 December 2020
The company is party to a fixed and floating charge over its assets to secure the liabilities of Kinaxia Logistics Limited and its subsidiaries.
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £164,699 (2019 - £196,740). Contributions totalling £52,839 (2019 - £50,961) were payable at the balance sheet date and are included in creditors.
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Lambert Brothers Haulage Limited
Notes to the Financial Statements
For the Year Ended 31 December 2020
The immediate parent undertaking is Kinaxia Transport and Warehousing Limited, a company registered in England and Wales.
The ultimate parent undertaking is Kinaxia Limited, a company registered in England and Wales. Kinaxia is the parent company for the largest group for which group accounts are prepared. The consolidated financial statements of Kinaxia Limited are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, C14 3UZ. There is no overall controlling party of Kinaxia Limited.
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