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REGISTERED NUMBER: 04314395 (England and Wales)


























STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022

FOR

HEWICKS HAULAGE LIMITED

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


HEWICKS HAULAGE LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022







DIRECTORS: Mr C A Hewick
Mrs C A Hewick
Mr C Brinkley
Mr C J Raison





SECRETARY: Mrs C A Hewick





REGISTERED OFFICE: Fleming Court
Leigh Road
Eastleigh
Hampshire
SO50 9PD





BUSINESS ADDRESS: Loft Farm
Cockfield
Bury St Edmunds
Suffolk
IP30 0LJ





REGISTERED NUMBER: 04314395 (England and Wales)





AUDITORS: Langdowns DFK Limited
Statutory Auditor
Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

STRATEGIC REPORT
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022


The directors present their strategic report for the period 1 December 2020 to 31 January 2022.

REVIEW OF BUSINESS, DEVELOPMENT AND PERFORMANCE
The Company provides specialist liquids transport, traction and freight. The Company uses an established modern fleet of vehicles to provide these services throughout the United Kingdom and has a team of dedicated, highly qualified and experienced drivers with specialist knowledge and training in the handling of foodstuffs and feed products.

The Directors consider the two main key performance indicators of the business to be turnover and profit.

Turnover for the 14 month period to 31 January 2022 was £9,942,620 compared to £6,879,647 for the 12 months to 30 November 2020. This is a 23.9% increase when compared to annualised figures for the period.

Profit for the 14 month period to 31 January 2022 was £344,059 compared to £267,097 for the 12 months to 30 November 2020. This is a 10.4% increase when compared to annualised figures for the period.

The Company has seen an increase for its services in the period. Part of this increase can be explained by the effect caused by the lockdown period during the Covid 19 pandemic. During lockdown, there was a restriction on freight services, however once the United Kingdom came out of lockdown the company experienced the usual demand plus the backlog from the period when there were restrictions.

During the period the Company invested in new fleet vehicles. The increase in the number of vehicles in the fleet enabled the Company to cope with the increased demand for services and as a result increased the turnover of the business. The Directors also believe that it is important to invest in new fleet vehicles on a regular basis so that the Company has a modern fleet and so that it can provide its customers with the best possible service.

In addition to the key performance indicators above, the company also monitors revenue per vehicle and revenue per mile as well as costs per vehicle. The Directors keep these under review to ensure the whole fleet is working in the most efficient way.

Subsequent to the year end the Company acquired 100% of Cave Liquid Haulage Limited. The trade, assets and liabilities of Cave Liquid Haulage Limited were hived up into the Company. This reorganisation will enable the Company to expand to different areas of the industry such as 'bulk liquids' and 'farm infrastructure' along with streamlining costs and overheads as one combined trading entity.


HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

STRATEGIC REPORT
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors consider that there are several principal risks to the Company:

Financing
The Company uses various financial instruments for financing, including bank loans, other loans and hire purchase contracts. The main purpose of these financial instruments is to provide financing for the investment in the fleet of haulage vehicles. The risk to the Company is the increased cost of borrowing. The Directors look to minimise this risk by taking out finance under fixed rate agreements.

Experienced Drivers
The industry in general has a shortage of experienced, high quality drivers. The Company needs to ensure that the drivers it uses are experienced and trained to the highest standard. The Directors of the company are very experienced within the industry and use this experience in the recruitment process to ensure the highest quality drivers are recruited.

Transport Costs
Transport costs are a significant proportion of cost of sales for the Company. The Company keeps these costs under constant review as any change in transport costs can have an impact on profitability of the Company.

Covid 19 Pandemic
The Covid 19 pandemic continues to pose a risk to the business through the potential for disruption and restrictions to haulage services. However, as the country learns to live and adapt to the effects of the pandemic, the Company expects the demand for haulage services to remain stable.

BY ORDER OF THE BOARD:




Mrs C A Hewick - Secretary


11 August 2022

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022


The directors present their report with the financial statements of the company for the period 1 December 2020 to 31 January 2022.

DIVIDENDS
No dividends will be distributed for the period ended 31 January 2022.

RESEARCH AND DEVELOPMENT
Hewicks Haulage Limited has not directly undertaken any research and development activities.

FUTURE DEVELOPMENTS
Since the year end, Hewicks Haulage Limited has acquired a subsidiary company, Cave Liquid Haulage Limited, by way of a share for share exchange.The trade, assets and liabilities of Cave Liquid Haulage Limited have been hived up to Hewicks Haulage Limited.

EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period 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 December 2020 to the date of this report.

Mr C A Hewick
Mrs C A Hewick
Mr C Brinkley
Mr C J Raison

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Langdowns DFK Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

BY ORDER OF THE BOARD:



Mrs C A Hewick - Secretary


11 August 2022

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HEWICKS HAULAGE LIMITED


Opinion
We have audited the financial statements of Hewicks Haulage Limited (the 'company') for the period ended 31 January 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 31 January 2022 and of its profit for the period 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HEWICKS HAULAGE LIMITED


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 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:

As part of our audit planning procedures we identify the significant laws and regulations applicable to the company based upon our knowledge of the company, the industry in which it operates and from making enquiries with management. We consider those laws and regulations where non-compliance may have a material effect on the financial statements and those which have a direct impact on the financial statements. We identified that the most significant laws and regulations applicable during the year were compliance with the requirements of the Companies Act 2006 and compliance with regulations in connection with haulage and specialist liquids transportation.

Audit procedures performed by the engagement team in relation to laws and regulations include making enquiries of management as to any known or suspected instances of non-compliance, maintaining awareness throughout the course of the audit as to any indications of instances of non-compliance and undertaking a review of the disclosures in the financial statements to supporting information and to disclosure checklists.

We also consider areas that are at a higher risk of causing material misstatement in the financial statements due to irregularities, including those resulting from fraud and how such fraud may occur. We discuss with senior management the key controls in place to mitigate the risk of fraud and enquire as to whether they are aware of, or suspect, any fraudulent activities having taken place.

Throughout the audit, we maintain an appropriate level of professional scepticism when provided with information and explanations. We consider the appropriateness of significant accounting journals that were processed during the year, assess the reasonableness of any significant accounting estimates and consider whether there were any indications of bias by management during the year that represents a risk of material misstatement due to fraud. We also carry out analytical procedures to identify any unusual or unexpected variances to expectations as these may be an indication of management over-ride or management bias.

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.

Other matter
The comparative figures of the company for the year ended 30 November 2020 were not audited.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HEWICKS HAULAGE LIMITED


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.




Graham Taylor (Senior Statutory Auditor)
for and on behalf of Langdowns DFK Limited
Statutory Auditor
Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD

6 September 2022

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022

Period
1.12.20
to Year Ended
31.1.22 30.11.20
Notes £    £   

TURNOVER 4 9,942,620 6,879,647

Cost of sales 8,886,028 6,068,148
GROSS PROFIT 1,056,592 811,499

Administrative expenses 589,074 463,963
467,518 347,536

Other operating income 69,852 71,815
OPERATING PROFIT 6 537,370 419,351

Interest receivable and similar income - 37
537,370 419,388

Interest payable and similar expenses 7 132,708 88,187
PROFIT BEFORE TAXATION 404,662 331,201

Tax on profit 8 60,603 64,104
PROFIT FOR THE FINANCIAL PERIOD 344,059 267,097

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

344,059

267,097

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

BALANCE SHEET
31 JANUARY 2022

2022 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 5,000,967 4,271,879

CURRENT ASSETS
Debtors 11 1,208,713 1,120,849
Cash at bank and in hand 943,628 615,236
2,152,341 1,736,085
CREDITORS
Amounts falling due within one year 12 3,384,706 2,846,137
NET CURRENT LIABILITIES (1,232,365 ) (1,110,052 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,768,602

3,161,827

CREDITORS
Amounts falling due after more than one
year

13

(1,330,009

)

(1,127,896

)

PROVISIONS FOR LIABILITIES 17 (350,908 ) (290,305 )
NET ASSETS 2,087,685 1,743,626

CAPITAL AND RESERVES
Called up share capital 18 100 2
Retained earnings 19 2,087,585 1,743,624
SHAREHOLDERS' FUNDS 2,087,685 1,743,626

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2022 and were signed on its behalf by:





Mr C A Hewick - Director


HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 December 2019 2 1,476,527 1,476,529

Changes in equity
Total comprehensive income - 267,097 267,097
Balance at 30 November 2020 2 1,743,624 1,743,626

Changes in equity
Issue of share capital 98 - 98
Total comprehensive income - 344,059 344,059
Bonus share issue - (98 ) (98 )
Balance at 31 January 2022 100 2,087,585 2,087,685

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

CASH FLOW STATEMENT
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022

Period
1.12.20
to Year Ended
31.1.22 30.11.20
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,934,681 2,005,171
Interest paid (79,408 ) (49,394 )
Interest element of hire purchase payments
paid

(53,300

)

(38,793

)
Net cash from operating activities 1,801,973 1,916,984

Cash flows from investing activities
Purchase of tangible fixed assets (675,508 ) (847,128 )
Sale of tangible fixed assets 321,000 289,499
Interest received - 37
Net cash from investing activities (354,508 ) (557,592 )

Cash flows from financing activities
Cash inflow from long term loans 239,032 -
Loan repayments in year - (151,130 )
Capital repayments in year (1,358,105 ) (811,613 )
Net cash from financing activities (1,119,073 ) (962,743 )

Increase in cash and cash equivalents 328,392 396,649
Cash and cash equivalents at beginning
of period

2

615,236

218,587

Cash and cash equivalents at end of
period

2

943,628

615,236

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
1.12.20
to Year Ended
31.1.22 30.11.20
£    £   
Profit before taxation 404,662 331,201
Depreciation charges 1,354,793 923,952
Profit on disposal of fixed assets (118,058 ) (16,070 )
Finance costs 132,708 88,187
Finance income - (37 )
1,774,105 1,327,233
Increase in trade and other debtors (87,864 ) (130,601 )
Increase in trade and other creditors 248,440 808,539
Cash generated from operations 1,934,681 2,005,171

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:

Period ended 31 January 2022
31.1.22 1.12.20
£    £   
Cash and cash equivalents 943,628 615,236
Year ended 30 November 2020
30.11.20 1.12.19
£    £   
Cash and cash equivalents 615,236 218,587


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.12.20 Cash flow changes At 31.1.22
£    £    £    £   
Net cash
Cash at bank
and in hand 615,236 328,392 943,628
615,236 328,392 943,628
Debt
Finance leases (1,530,580 ) 1,358,105 (1,611,315 ) (1,783,790 )
Debts falling due
within 1 year (247,228 ) 163,478 (195,653 ) (279,403 )
Debts falling due
after 1 year (388,101 ) (402,510 ) 195,653 (594,958 )
(2,165,909 ) 1,119,073 (1,611,315 ) (2,658,151 )
Total (1,550,673 ) 1,447,465 (1,611,315 ) (1,714,523 )

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022


1. STATUTORY INFORMATION

Hewicks Haulage 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements cover the period 1 December 2020 to 31 January 2022. The company changed its accounting reference date to 31 January 2022 due to a reorganisation in the company and the acquisition of a 100% subsidiary from 1 February 2022. The comparatives are for the period 1 December 2019 to 30 November 2020.

The company's principal place of business is Loft Farm, Cockfield, Bury St Edmunds, Suffolk, IP30 0LJ.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The company prepares its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The previous financial statements, for the year ended 30 November 2020, were prepared in accordance with FRS 102 including the provisions of Section 1A "Small Entities". The current financial statements, for the period ended 31 January 2022, have been prepared in accordance with FRS 102, but not including the provisions of Section 1A "Small Entities" due to the current size of Hewicks Haulage Limited.

Significant judgements and estimates
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and the underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company makes significant investment in tangible fixed assets due to the industry it is in. The company has to consider the estimated useful life and depreciation rates to ensure the value of the tangible fixed assets are written down each year at the most appropriate value. The directors have to consider the type of asset and use their considerable knowledge of the industry to set these policies. The directors keep these under review and assess the levels of profit or loss made on disposals of tangible fixed assets to consider if they are using the most appropriate rates.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover from the sale of haulage services is recognised when the outcome of a transaction can be estimated reliably and is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the date the haulage service is provided.

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% straight line
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on reducing balance
Equipment - 25% on reducing balance

All fixed assets are initially recorded at cost.

Government grants
Government 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 accrual model.

Taxation
Taxation for the period 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
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 period 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 useful lives or the lease term, whichever is the shorter.

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

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

Pension costs and other post-retirement benefits
The company contributes to 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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022


3. ACCOUNTING POLICIES - continued

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in administrative expenses.

Provisions
Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefit will be required to settle the obligation and a reliable estimate can be made.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period
1.12.20
to Year Ended
31.1.22 30.11.20
£    £   
Haulage 9,637,620 6,619,647
Storage, rental and blending 305,000 260,000
9,942,620 6,879,647

5. EMPLOYEES AND DIRECTORS
Period
1.12.20
to Year Ended
31.1.22 30.11.20
£    £   
Wages and salaries 2,995,052 2,176,495
Social security costs 289,113 196,392
Other pension costs 60,664 42,817
3,344,829 2,415,704

The average number of employees during the period was as follows:
Period
1.12.20
to Year Ended
31.1.22 30.11.20

Driver staff 52 50
Admin staff 10 9
62 59

Period
1.12.20
to Year Ended
31.1.22 30.11.20
£    £   
Directors' remuneration 128,436 102,788
Directors' pension contributions to money purchase schemes 2,781 2,456

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022


5. EMPLOYEES AND DIRECTORS - continued

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

Money purchase schemes 4 4

The key management personnel of Hewicks Haulage Limited are the board of directors.

6. OPERATING PROFIT

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

PeriodYear Ended
1.12.2030.11.20
to
31.1.22
££
Depreciation1,354,793923,952
Profit on disposal of fixed assets(118,058)(16,070)
Operating leases - land and buildings167,673143,720
Auditors' remuneration10,000-

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.12.20
to Year Ended
31.1.22 30.11.20
£    £   
Other interest payable 79,408 49,394
Hire purchase 53,300 38,793
132,708 88,187

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1.12.20
to Year Ended
31.1.22 30.11.20
£    £   
Deferred tax 60,603 64,104
Tax on profit 60,603 64,104

UK corporation tax has been charged at 19% .

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022


8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.12.20
to Year Ended
31.1.22 30.11.20
£    £   
Profit before tax 404,662 331,201
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2020 - 19%)

76,886

62,928

Effects of:
Expenses not deductible for tax purposes 1,640 662
Capital allowances in excess of depreciation (143,514 ) (103,061 )
Timing differences 151 27
Tax losses carried forward 64,837 39,444
Deferred tax 60,603 64,104
Total tax charge 60,603 64,104

9. GOVERNMENT GRANTS

During the period the company received government grant income, under the Coronavirus Job Retention Scheme, totalling £nil (2020: £28,330) and under Coronavirus Business Interruption Loan Scheme, totalling £26,482 (2020: £nil).

10. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 December 2020 50,751 8,349,241 15,230
Additions 3,790 2,278,525 1,129
Disposals - (1,056,750 ) -
At 31 January 2022 54,541 9,571,016 16,359
DEPRECIATION
At 1 December 2020 6,006 4,151,821 12,635
Charge for period 12,521 1,333,324 938
Eliminated on disposal - (853,808 ) -
At 31 January 2022 18,527 4,631,337 13,573
NET BOOK VALUE
At 31 January 2022 36,014 4,939,679 2,786
At 30 November 2020 44,745 4,197,420 2,595

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022


10. TANGIBLE FIXED ASSETS - continued

Motor
vehicles Equipment Totals
£    £    £   
COST
At 1 December 2020 17,345 36,330 8,468,897
Additions - 3,379 2,286,823
Disposals - - (1,056,750 )
At 31 January 2022 17,345 39,709 9,698,970
DEPRECIATION
At 1 December 2020 9,207 17,349 4,197,018
Charge for period 1,849 6,161 1,354,793
Eliminated on disposal - - (853,808 )
At 31 January 2022 11,056 23,510 4,698,003
NET BOOK VALUE
At 31 January 2022 6,289 16,199 5,000,967
At 30 November 2020 8,138 18,981 4,271,879

The net book value of plant and machinery assets, included in the above, which are held under hire purchase contracts are £2,594,763 (2020: £2,103,012).

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2020
£    £   
Trade debtors 904,930 920,687
Other debtors 8,942 7,220
Prepayments and accrued income 294,841 192,942
1,208,713 1,120,849

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2020
£    £   
Bank loans and overdrafts (see note 14) 50,000 78,310
Other loans (see note 14) 229,403 168,918
Hire purchase contracts (see note 15) 1,048,739 790,785
Trade creditors 508,831 291,017
Social security and other taxes 64,533 48,713
VAT 133,573 184,482
Other creditors 1,017,949 1,190,385
Directors' current accounts 427 427
Accruals and deferred income 331,251 93,100
3,384,706 2,846,137

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2020
£    £   
Bank loans (see note 14) 170,833 225,000
Other loans (see note 14) 424,125 163,101
Hire purchase contracts (see note 15) 735,051 739,795
1,330,009 1,127,896

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022


14. LOANS

An analysis of the maturity of loans is given below:

2022 2020
£    £   
Amounts falling due within one year or on demand:
Bank loans 50,000 78,310
Other loans 229,403 168,918
279,403 247,228

Amounts falling due between one and two years:
Bank loans - 1-2 years 50,000 50,000
Other loans - 1-2 years 139,431 120,256
189,431 170,256

Amounts falling due between two and five years:
Bank loans - 2-5 years 120,833 150,000
Other loans - 2-5 years 284,694 42,845
405,527 192,845

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - 25,000

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2022 2020
£    £   
Net obligations repayable:
Within one year 1,048,739 790,785
Between one and five years 735,051 739,795
1,783,790 1,530,580

Non-cancellable operating leases
2022 2020
£    £   
Within one year 165,908 143,720
Between one and five years 289,576 395,230
455,484 538,950

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022


16. SECURED DEBTS

The following secured debts are included within creditors:

2022 2020
£    £   
Bank loans 220,833 303,310
Other loans 653,528 332,019
Hire purchase contracts 1,783,790 1,530,580
2,658,151 2,165,909

Hire purchase contracts are secured over the assets acquired under the agreements.

Other loans are secured by way of a Debenture and Fixed Charge.

Bank loans are secured by way of a Mortgage of Chattels and a Debenture.

Bank loans include £220,833 (2020: £250,000) borrowed under the Coronavirus Business Interruption Loan Scheme. The UK Government has provided the lender with a limited guarantee of up to 80% of the capital of the loan.

17. PROVISIONS FOR LIABILITIES
2022 2020
£    £   
Deferred tax
Accelerated capital allowances 350,908 290,305

Deferred
tax
£   
Balance at 1 December 2020 290,305
Provided during period 60,603
Balance at 31 January 2022 350,908

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2020
value: £    £   
100 Ordinary £1 100 2
(2020 - 2 )

98 Ordinary shares of £1 were issued during the period as a bonus out of reserves.

Ordinary shares carry the right to one vote per share and are entitled to dividend and other distributions.

19. RESERVES
Retained
earnings
£   

At 1 December 2020 1,743,624
Profit for the period 344,059
Bonus share issue (98 )
At 31 January 2022 2,087,585

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2020 TO 31 JANUARY 2022


20. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2022 2020
£    £   
Amount due to related party 427 427

All directors of the company are considered to be key management personal. Key management personnel compensation is disclosed in note 5.

Other related parties
2022 2020
£    £   
Sales 1,879,004 1,560,338
Purchases 16,938 20,850
Wages paid 1,487 1,854
Rent paid 167,673 143,720
Interest paid 76,399 43,767
Amount due to related party 1,666,749 1,514,739

21. POST BALANCE SHEET EVENTS

Subsequent to the year end, on 1 February 2022, Cave Liquid Haulage Limited became a 100% subsidiary of Hewicks Haulage Limited and hived up all of its trade, assets and liabilities to Hewicks Haulage Limited. Cave Liquid Haulage Limited became a dormant company from 1 February 2022. Hewicks Haulage Limited acquired the shares in Cave Liquid Haulage Limited by way of a share for share exchange.