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Registration number: 4129949

T H Crawforth Transport Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

T H Crawforth Transport Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

T H Crawforth Transport Limited

Company Information

Directors

C M Gardham

T H Crawforth

T J Crawforth

Registered office

Windy Ridge
1 Market Hill
Hedon, Hull
HU12 8JB

 

T H Crawforth Transport Limited

(Registration number: 4129949)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

27,309

30,028

Current assets

 

Debtors

6

158,306

104,158

Cash at bank and in hand

 

11,452

26,801

 

169,758

130,959

Creditors: Amounts falling due within one year

7

(285,489)

(243,730)

Net current liabilities

 

(115,731)

(112,771)

Total assets less current liabilities

 

(88,422)

(82,743)

Creditors: Amounts falling due after more than one year

7

(44,566)

(64,829)

Net liabilities

 

(132,988)

(147,572)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(133,088)

(147,672)

Shareholders' deficit

 

(132,988)

(147,572)

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 July 2022 and signed on its behalf by:
 

.........................................
T J Crawforth
Director

 

T H Crawforth Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 4129949.

The address of its registered office is:
Windy Ridge
1 Market Hill
Hedon, Hull
HU12 8JB

These financial statements were authorised for issue by the Board on 28 July 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - '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.

The financial statements are presented in sterling and are rounded to the nearest pound.

Going concern

The Directors recognise that there is concern over the ability of the Company to continue as a going concern due to the net current liabilities position of £115,731 and insolvent balance sheet total of £132,988.

The main reason for this position is a large Directors' loan balance at the year end amounting to £151,196. The Directors have confirmed that they will not seek repayment of this until the Company has sufficient reserves to do so.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of transport services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

T H Crawforth Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on cost

Equipment, fixtures and fittings

25% on cost

Goodwill

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

Amortisation

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

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less any bad debts. A provision for the bad debts of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

T H Crawforth Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2021 - 11).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2021

151,500

151,500

At 31 March 2022

151,500

151,500

Amortisation

At 1 April 2021

151,500

151,500

At 31 March 2022

151,500

151,500

Carrying amount

At 31 March 2022

-

-

 

T H Crawforth Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

5,618

381,580

387,198

Additions

-

31,270

31,270

Disposals

-

(15,000)

(15,000)

At 31 March 2022

5,618

397,850

403,468

Depreciation

At 1 April 2021

4,476

352,694

357,170

Charge for the year

473

33,516

33,989

Eliminated on disposal

-

(15,000)

(15,000)

At 31 March 2022

4,949

371,210

376,159

Carrying amount

At 31 March 2022

669

26,640

27,309

At 31 March 2021

1,142

28,886

30,028

6

Debtors

2022
£

2021
£

Trade debtors

154,482

100,468

Other debtors

-

14

Prepayments and accrued income

3,824

3,676

Total current trade and other debtors

158,306

104,158

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

52,681

19,516

Taxation and social security

 

37,040

32,962

Other creditors

 

934

2

Accruals and deferred income

 

8,714

10,123

Obligations under hire purchase agreements

8

25,270

19,954

Bank borrowings

8

9,654

5,000

Other borrowings

8

151,196

156,173

 

285,489

243,730

 

T H Crawforth Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Bank borrowings

8

34,513

45,000

Obligations under hire purchase agreements

8

10,053

19,829

 

44,566

64,829

2022
£

2021
£

Due after more than five years

After more than five years by instalments

-

5,000

-

-

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

34,513

45,000

Obligations under finance lease and hire purchase contracts

10,053

19,829

44,566

64,829

2022
£

2021
£

Current secured loans and borrowings

Bank borrowings

9,654

5,000

Obligations under finance lease and hire purchase contracts

25,270

19,954

Other borrowings

151,196

156,173

186,120

181,127

The obligations under finance lease and hire purchase contracts are secured on the assets they relate to. Other borrowings relate to unsecured Director loan balances. Bank borrowings are unsecured and accrue interest at 2.5% per annum.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £24,385 (2021 - £45,677). The company had a commitment relating to the leasing of a truck.

 

T H Crawforth Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

10

Related party transactions

Other transactions with directors

At the year end, the amount due to the Directors was as follows:

T H Crawforth £122,139 (2021: £127,182)
T J Crawforth £12,605 (2021: £18,294)
C M Gardham £16,452 (2021: £10,697)

All amounts are usecured, interest free and repayable on demand.