Viamaster Transport Limited - Limited company accounts 23.1

REGISTERED NUMBER: 01011790 (England and Wales)

VIAMASTER TRANSPORT LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

A B Warrington

D K Warrington

SECRETARY:

A B Warrington

REGISTERED OFFICE:

Europort Distribution Centre

Altofts Lane

Castleford

West Yorkshire

WF10 5PZ

REGISTERED NUMBER:

01011790 (England and Wales)

AUDITORS:

BPR Audit Limited

Statutory Auditors

Glenewes House

Gate Way Drive

Leeds

West Yorkshire

LS19 7XY

BANKERS:

Handelsbanken

9th Floor

West One

114 Wellington Street

Leeds

West Yorkshire

LS1 1BA

The directors present their strategic report for the year ended 30 September 2022.

REVIEW OF BUSINESS

Viamaster Transport Limited is a specialist in road haulage services for both national and international distribution, including extensive warehousing services.

The company has experienced another year of continued growth with an increase in turnover of £2,462,154 in this financial period, which equates to an increase of 17.69%. The growth has been across both transport and storage. The gross margin has also improved to 21.38% (2021 - 20.28%). A significant factor is stabilising fuel prices and increased availability of drivers.

The impact on the balance sheet has been a healthy increase in net assets of £1,832,655

Financial position at the reporting date

The company continues to invest in tangible fixed assets with additions of £1,155,692 in the year.

The detailed results for the year and financial position of the company are as shown in the annexed financial statements.

Business relationships

We continue to be supported by a strong customer base and in return reciprocate this support. With renewed contracts we are confident of similar results in the forthcoming year.

People

The loyalty and commitment shown by the employees throughout the entire organisation remains key. Staff retention and length of service is a key factor in our customer retention success due to unwavering service levels.

Our focus is on the driver and warehouse retention.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks affecting the company are:

Market share

Despite the company experiencing a sustained position this year in their market share, competition still

remains as ever the main risk. Improvements in services offered and recent relocation mean the company

are in a strong position to look forward to the future and increase our client base.

Maintenance of the company's fixed assets

In order to provide customers with the high level service they expect it is essential that the company's assets

are maintained to a high standard. The company manages this risk through planned maintenance

programmes for vehicles and other items of plant and through continued investment in its fleet.

Employee motivation

The company's employees are central to its operations. The company is committed to encouraging employee

involvement throughout the business to ensure that the workforce remain motivated and committed.

General

Other than factors outside the company's control, the directors are not aware of any significant risk which may

adversely impact on the company during the forthcoming financial year. In the view of the directors, the

performance of the company's business is primarily dependent upon maintaining a high level of service and

well maintained fleet and the directors intend to continue to optimise this position in the interests of all

stakeholders in the company.

KEY PERFORMANCE INDICATORS

In order to achieve the growth in the profitability and cash flow, strong financial management is carried out by the company. A number of key financial performance indicators are used as measures to ensure the company grows, remains financially strong to meet its obligations and invests in the future. The indicators are all drawn from the accounts and are shown below:

2022

2021

Turnover

£16,377,369

£13,915,215

Gross profit margin

21.38%

20.28%

Profit before tax (exc revaluation gains)

£1,690,538

£1,321,363

Shareholders' funds

£8,186,338

£6,353,683

FUTURE DEVELOPMENTS

The company's intentions for the year to 30 September 2023 remain to be:

Further develop its staff, services and technology.

Engage further with its existing clients promoting cost and service efficiencies.

Attract and engage with new clients.

ON BEHALF OF THE BOARD:

A B Warrington - Director

16 June 2023

The directors present their report with the financial statements of the company for the year ended 30 September 2022.

DIVIDENDS

The total distribution of dividends for the year ended 30 September 2022 will be £326,199.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2021 to the date of this report.

A B Warrington

D K Warrington

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the 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 auditors are aware of that information.

ON BEHALF OF THE BOARD:

A B Warrington - Director

16 June 2023

Opinion

We have audited the financial statements of Viamaster Transport Limited (the 'company') for the year ended 30 September 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 September 2022 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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 designed procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures were capable of detecting irregularities, including fraud is detailed below:

To identify risks of material misstatement due to irregularities, including fraud (fraud risks) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures involved enquiring of the directors as to the company's policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud. We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards and considering our overall knowledge of the control environment, we performed procedures to address the risk of management override of controls, in particular the risk that management may be able to make inappropriate accounting entries. We concluded that there was limited opportunity for manipulation or management override of controls. We performed procedures including a review of journal entries to supporting documentation. We did not identify any additional fraud risks.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The company is subject to laws and regulations that directly affect the financial statements, including financial reporting and taxation legislation, and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and key management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

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

A further description of our responsibilities 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 Report of the Auditors.

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 a Report of the Auditors 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.

Martin Garrity ACA FCCA (Senior Statutory Auditor)

for and on behalf of BPR Audit Limited

Statutory Auditors

Glenewes House

Gate Way Drive

Leeds

West Yorkshire

LS19 7XY

16 June 2023

TURNOVER

16,377,369

13,915,215

Cost of sales

12,876,066

11,093,353

GROSS PROFIT

3,501,303

2,821,862

Administrative expenses

1,974,264

1,683,138

1,527,039

1,138,724

Other operating income

286,179

317,523

Gain on revaluation of

investment property

1,050,000

-

OPERATING PROFIT

4

2,863,218

1,456,247

Interest receivable and similar income

632

-

2,863,850

1,456,247

Interest payable and similar expenses

5

123,312

134,884

PROFIT BEFORE TAXATION

2,740,538

1,321,363

Tax on profit

6

581,684

445,690

PROFIT FOR THE FINANCIAL YEAR

2,158,854

875,673

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,158,854

875,673

FIXED ASSETS

Tangible assets

8

8,507,159

8,289,014

Investments

9

11

11

Investment property

10

3,750,000

2,700,000

12,257,170

10,989,025

CURRENT ASSETS

Stocks

11

106,881

48,480

Debtors

12

2,988,085

2,689,437

Cash at bank

1,243,725

262,337

4,338,691

3,000,254

CREDITORS

Amounts falling due within one year

13

5,853,906

3,048,586

NET CURRENT LIABILITIES

(1,515,215

)

(48,332

)

TOTAL ASSETS LESS CURRENT LIABILITIES

10,741,955

10,940,693

CREDITORS

Amounts falling due after more than one year

14

(1,256,998

)

(3,708,812

)

PROVISIONS FOR LIABILITIES

18

(1,298,619

)

(878,198

)

NET ASSETS

8,186,338

6,353,683

CAPITAL AND RESERVES

Called up share capital

19

30,000

30,000

Non-distributable reserve

20

1,378,505

591,005

Retained earnings

20

6,777,833

5,732,678

SHAREHOLDERS' FUNDS

8,186,338

6,353,683

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2023 and were signed on its behalf by:

D K Warrington - Director

Called up

share

Retained

Non-distributable

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 October 2020

30,000

5,135,924

638,285

5,804,209

Changes in equity

Dividends

-

(326,199

)

-

(326,199

)

Total comprehensive income

-

875,673

-

875,673

Transfer of non-distributable

reserves

-

47,280

(47,280

)

-

Balance at 30 September 2021

30,000

5,732,678

591,005

6,353,683

Changes in equity

Dividends

-

(326,199

)

-

(326,199

)

Total comprehensive income

-

2,158,854

-

2,158,854

Transfer of non-distributable

reserves

-

(787,500

)

787,500

-

Balance at 30 September 2022

30,000

6,777,833

1,378,505

8,186,338

Cash flows from operating activities

Cash generated from operations

1

2,314,163

2,091,363

Interest paid

(75,302

)

(86,822

)

Interest element of hire purchase payments paid

(48,010

)

(55,698

)

Government grants

-

2,597

Tax paid

(86,115

)

(152,926

)

Net cash from operating activities

2,104,736

1,798,514

Cash flows from investing activities

Purchase of tangible fixed assets

(1,155,692

)

(1,269,690

)

Sale of tangible fixed assets

200,364

109,583

Interest received

632

-

Net cash from investing activities

(954,696

)

(1,160,107

)

Cash flows from financing activities

Loan repayments in year

(195,000

)

(340,650

)

Capital repayments in year

352,547

269,401

Equity dividends paid

(326,199

)

(326,199

)

Net cash from financing activities

(168,652

)

(397,448

)

Increase in cash and cash equivalents

981,388

240,959

Cash and cash equivalents at beginning of year

2

262,337

21,378

Cash and cash equivalents at end of year

2

1,243,725

262,337

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2022

2021

£

£

Profit before taxation

2,740,538

1,321,363

Depreciation charges

777,860

761,207

Profit on disposal of fixed assets

(40,677

)

(14,501

)

Gain on revaluation of fixed assets

(1,050,000

)

-

Government grants

-

(2,597

)

Finance costs

123,312

134,884

Finance income

(632

)

-

2,550,401

2,200,356

Increase in stocks

(58,401

)

(31,874

)

Increase in trade and other debtors

(298,648

)

(561,193

)

Increase in trade and other creditors

120,811

484,074

Cash generated from operations

2,314,163

2,091,363

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2022

30/9/22

1/10/21

£

£

Cash and cash equivalents

1,243,725

262,337

Year ended 30 September 2021

30/9/21

1/10/20

£

£

Cash and cash equivalents

262,337

21,378

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/10/21

Cash flow

At 30/9/22

£

£

£

Net cash

Cash at bank

262,337

981,388

1,243,725

262,337

981,388

1,243,725

Debt

Finance leases

(1,516,878

)

(352,547

)

(1,869,425

)

Debts falling due within 1 year

(195,000

)

(2,576,172

)

(2,771,172

)

Debts falling due after 1 year

(2,771,172

)

2,771,172

-

(4,483,050

)

(157,547

)

(4,640,597

)

Total

(4,220,713

)

823,841

(3,396,872

)

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below.

Significant judgements and estimates

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.

Estimates and judgements are continually evaluated and are based on historical experience and other

factors, including expectations of future events.

In preparing these financial statements, the directors have had to make the following judgement:

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives which are assessed annually by the directors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account

During the year depreciation of £777,860 (2021: £761,207) has been provided.

The net carrying amount of assets is £8,507,159 (2021: £8,289,014).

Turnover

Turnover is recognised in the accounts when the company obtains the right to consideration in exchange for performance and is stated at the net invoice value, excluding value added tax. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to that date based on the stage of completion of the contract activity at the balance sheet date.

Rental income is accounted for when income is due.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost less residual value

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

10% and 25% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are capitalised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial assets and liabilities are initially measured at transaction price, except for those financial assets classified as at fair value through profit or loss.

Basic financial instruments

Basic financial instruments are those with relatively straight forward terms and would normally include cash, bank balances, trade debtors, trade creditors and uncomplicated bank loans.

Where the arrangement does not constitute a financing transaction, e.g. trade debtors on normal commercial terms, the debtor will be valued initially at transaction price (i.e. cost) and subsequently at transaction price less impairment (if any) due to concerns over recoverability.

Other financial instruments

Other financial instruments are those that do not qualify as basic due to the fact that they have more complicated terms and would normally include complex bank loans, derivatives (including interest rate SWAPS), options and foreign exchange forward contracts, investments in convertible debt and convertible preference shares, rights, warrants and futures contracts and asset-backed securities.

The company has no 'other financial instruments' at the present time.

Investments

Investments where shares are publicly traded, or their fair value is reliably measurable, are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Government grants

Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model.

3.	EMPLOYEES AND DIRECTORS

2022

2021

£

£

Wages and salaries

4,321,617

3,841,780

Social security costs

470,979

388,947

Other pension costs

122,676

152,053

4,915,272

4,382,780

The average number of employees during the year was as follows:

2022

2021

Drivers and support staff

121

114

Directors

2

2

123

116

2022

2021

£

£

Directors' remuneration

151,340

144,899

Directors' pension contributions to money purchase schemes

33,502

47,812

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2022

2021

£

£

Hire of plant and equipment

135,976

157,703

Depreciation - owned assets

326,580

296,417

Depreciation - assets on hire purchase contracts

451,280

464,790

Profit on disposal of fixed assets

(40,677

)

(14,501

)

Auditors' remuneration

14,500

12,000

Rents received

(286,179

)

(297,426

)

Grants received

-

(2,597

)

Fair value gain on investment property

(1,050,000

)

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2022

2021

£

£

Bank interest

-

473

Bank loan interest

72,559

68,477

Other interest

2,743

10,236

Hire purchase interest

48,010

55,698

123,312

134,884