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Registration number: 07580077

Laffey's Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Laffey's Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Laffey's Limited

Company Information

Directors

J B Laffey

M S Laffey

Registered office

The New House
Broad Fen Lane
Claypole
Newark
NG23 5AJ

Bankers

Lloyds Bank plc
27-28 Stodman Street
Newark
NG24 1AW

Accountants

Atkinson Saul Fairholm Limited
Chartered Accountants
21A Newland
Lincoln
LN1 1XP

 

Laffey's Limited

(Registration number: 07580077)
Balance Sheet as at 31 December 2022

Note

31 December
2022
£

31 December
2021
£

Fixed assets

 

Tangible assets

4

252,726

273,784

Current assets

 

Stocks

5

89,000

105,100

Debtors

6

323,606

439,682

Cash at bank and in hand

 

5,021

23,265

 

417,627

568,047

Creditors: Amounts falling due within one year

7

(451,908)

(498,989)

Net current (liabilities)/assets

 

(34,281)

69,058

Total assets less current liabilities

 

218,445

342,842

Creditors: Amounts falling due after more than one year

7

(167,018)

(239,984)

Provisions for liabilities

(12,333)

(12,603)

Net assets

 

39,094

90,255

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

38,894

90,055

Shareholders' funds

 

39,094

90,255

For the financial year ending 31 December 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 Directors' Report and Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 September 2023 and signed on its behalf by:
 

 

Laffey's Limited

(Registration number: 07580077)
Balance Sheet as at 31 December 2022

.........................................

J B Laffey
Director

 

Laffey's Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The New House
Broad Fen Lane
Claypole
Newark
NG23 5AJ

These financial statements were authorised for issue by the Board on 27 September 2023.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of 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.

Tax

The tax expense for the period comprises current and deferred 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.

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.

 

Laffey's Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Land and buildings

Nil

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment 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.

 

Laffey's Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Laffey's Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability are charged as interest expense in the profit and loss account.


 

3

Staff numbers

The average number of persons employed by the company (including directors with contracts of employment) during the year was 3 (2021 - 3).

 

Laffey's Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

187,841

3,421

59,467

63,117

313,846

Additions

-

1,199

24,181

-

25,380

Disposals

-

-

(36,356)

-

(36,356)

At 31 December 2022

187,841

4,620

47,292

63,117

302,870

Depreciation

At 1 January 2022

-

607

14,691

24,765

40,063

Charge for the year

-

605

10,905

9,590

21,100

Eliminated on disposal

-

-

(11,019)

-

(11,019)

At 31 December 2022

-

1,212

14,577

34,355

50,144

Carrying amount

At 31 December 2022

187,841

3,408

32,715

28,762

252,726

At 31 December 2021

187,841

2,814

44,777

38,352

273,784

Included within the net book value of land and buildings above is £187,841 (2021 - £187,841) in respect of freehold land and buildings. The directors have reviewed the carrying amount in the accounts and feel it reflects the current fair value and no depreciation is required.

 

 

Laffey's Limited

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

5

Stocks

31 December
2022
£

31 December
2021
£

Work in progress

4,000

25,000

Other inventories

85,000

80,100

89,000

105,100

6

Debtors

31 December
2022
£

31 December
2021
£

Trade debtors

109,520

182,427

Other debtors

214,086

257,255

Total current trade and other debtors

323,606

439,682

 

Laffey's Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

31 December
2022
£

31 December
2021
£

Due within one year

 

Loans and borrowings

8

109,109

94,675

Trade creditors

 

181,156

277,342

Taxation and social security

 

130,860

118,373

Other creditors

 

30,783

8,599

 

451,908

498,989

Creditors: amounts falling due after more than one year

Note

31 December
2022
£

31 December
2021
£

Due after one year

 

Loans and borrowings

8

167,018

239,984

8

Loans and borrowings

31 December
2022
£

31 December
2021
£

Non-current loans and borrowings

Bank loans

142,481

138,509

Finance lease liabilities

24,537

48,757

Other borrowings

-

52,718

167,018

239,984

The bank borrowings and finance lease liabilities are secured creditors.

 

Laffey's Limited

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

31 December
2022
£

31 December
2021
£

Current loans and borrowings

Bank loans

22,885

22,885

Finance lease liabilities

27,192

33,891

Other borrowings

59,032

37,899

109,109

94,675

The bank borrowings and finance lease liabilities are secured creditors.

9

Related party transactions

Summary of transactions with other related parties

A loan account exists between the company and Hillbilly (Midlands) Limited, a company controlled by M S Laffey. At the year end the balance due from Hillbilly (Midlands) Limited was £53,305 (2021 - £52,176).