Registered number
08324790
R & C HAULAGE LIMITED
Report and Accounts
31 January 2023
R & C HAULAGE LIMITED
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicle 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 24,995 220,375 245,370
Additions - 29,000 29,000
At 31 January 2023 24,995 249,375 274,370
Depreciation
At 1 February 2022 6,249 124,567 130,816
Charge for the year 4,687 24,556 29,243
At 31 January 2023 10,936 149,123 160,059
Net book value
At 31 January 2023 14,059 100,252 114,311
At 31 January 2022 18,746 95,808 114,554
4 Debtors 2023 2022
£ £
Trade debtors 16,027 22,380
Other debtors 13,710 13,710
29,737 36,090
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 40,185 40,295
Trade creditors - 4,455
Other taxes and social security costs 7,185 12,307
Net wages 1,401 302
Other creditors 930 357
59,701 67,716
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,167 34,167
7 Other information
R & C HAULAGE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Compound A Former Sports Ground
Rowley Lane
Borehamwood
Hertfordshire
WD6 1RX
R & C HAULAGE LIMITED
Registered number: 08324790
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 114,311 114,554
Current assets
Debtors 4 29,737 36,090
Cash at bank and in hand 7,099 36,612
36,836 72,702
Creditors: amounts falling due within one year 5 (59,701) (67,716)
Net current (liabilities)/assets (22,865) 4,986
Total assets less current liabilities 91,446 119,540
Creditors: amounts falling due after more than one year 6 (24,167) (34,167)
Provisions for liabilities (21,719) (21,765)
Net assets 45,560 63,608
Capital and reserves
Called up share capital 2 2
Profit and loss account 45,558 63,606
Shareholders' funds 45,560 63,608
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Wayne Long
Director
Approved by the board on 4 August 2023
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