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COMPANY REGISTRATION NUMBER: 05292903
R D Thomas Haulage Limited
Filleted Unaudited Financial Statements
For the year ended
30 November 2021
R D Thomas Haulage Limited
Financial Statements
Year ended 30 November 2021
Contents
Page
Officers and professional advisers
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
R D Thomas Haulage Limited
Officers and Professional Advisers
The board of directors
Mr R D Thomas
Mrs S Thomas
Company secretary
Mr R D Thomas
Registered office
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Accountants
Clay Shaw Thomas Ltd
Chartered accountants
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Bankers
National Westminster Bank Plc
Wyndham House
Boverton
Llantwit Major
CF6 9XZ
R D Thomas Haulage Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of R D Thomas Haulage Limited
Year ended 30 November 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R D Thomas Haulage Limited for the year ended 30 November 2021, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
Clay Shaw Thomas Ltd Chartered accountants
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
19 August 2022
R D Thomas Haulage Limited
Statement of Financial Position
30 November 2021
2021
2020
Note
£
£
£
Fixed assets
Intangible assets
5
1,960
7,566
Tangible assets
6
250,754
331,253
---------
---------
252,714
338,819
Current assets
Debtors
7
53,644
56,813
Cash at bank and in hand
52,706
89,562
---------
---------
106,350
146,375
Creditors: amounts falling due within one year
8
188,460
176,860
---------
---------
Net current liabilities
82,110
30,485
---------
---------
Total assets less current liabilities
170,604
308,334
Creditors: amounts falling due after more than one year
9
22,468
60,216
Provisions
Taxation including deferred tax
46,423
61,659
---------
---------
Net assets
101,713
186,459
---------
---------
R D Thomas Haulage Limited
Statement of Financial Position (continued)
30 November 2021
2021
2020
Note
£
£
£
Capital and reserves
Called up share capital
200
200
Profit and loss account
101,513
186,259
---------
---------
Shareholders funds
101,713
186,459
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2021 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 August 2022 , and are signed on behalf of the board by:
Mr R D Thomas
Director
Company registration number: 05292903
R D Thomas Haulage Limited
Notes to the Financial Statements
Year ended 30 November 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Oldfield Road, Bocam Park, Bridgend, CF35 5LJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed whether there are any material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the directors have taken into account all available information about the future, including the impact of the Coronavirus on the business and conclude that the company has adequate resourses to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
The turnover in the profit and loss account represents amounts invoiced during the year for haulage contracting, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixture and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2020: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 December 2020 and 30 November 2021
56,064
--------
Amortisation
At 1 December 2020
48,498
Charge for the year
5,606
--------
At 30 November 2021
54,104
--------
Carrying amount
At 30 November 2021
1,960
--------
At 30 November 2020
7,566
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2020
14,251
3,490
460,933
478,674
Additions
100
1,960
2,060
--------
-------
---------
---------
At 30 November 2021
14,351
5,450
460,933
480,734
--------
-------
---------
---------
Depreciation
At 1 December 2020
6,932
1,940
138,549
147,421
Charge for the year
1,470
493
80,596
82,559
--------
-------
---------
---------
At 30 November 2021
8,402
2,433
219,145
229,980
--------
-------
---------
---------
Carrying amount
At 30 November 2021
5,949
3,017
241,788
250,754
--------
-------
---------
---------
At 30 November 2020
7,319
1,550
322,384
331,253
--------
-------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 November 2021
----
At 30 November 2020
306,646
---------
7. Debtors
2021
2020
£
£
Trade debtors
52,537
55,623
Other debtors
1,107
1,190
--------
--------
53,644
56,813
--------
--------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
9,952
3,155
Social security and other taxes
37,889
21,313
Other creditors
140,619
152,392
---------
---------
188,460
176,860
---------
---------
Hire purchase liabilities are secured on the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
22,468
60,216
--------
--------
Hire purchase liabilities are secured on the assets to which they relate.