Registered number
04696150
J & G Vesty Haulage Limited
Unaudited Filleted Accounts
31 March 2023
J & G Vesty Haulage Limited
Registered number: 04696150
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,591,024 1,532,035
Current assets
Debtors 4 695,189 700,246
Cash at bank and in hand 128,883 304,521
824,072 1,004,767
Creditors: amounts falling due within one year 5 (751,238) (785,109)
Net current assets 72,834 219,658
Total assets less current liabilities 1,663,858 1,751,693
Creditors: amounts falling due after more than one year 6 (245,871) (184,323)
Provisions for liabilities (296,617) (276,180)
Net assets 1,121,370 1,291,190
Capital and reserves
Called up share capital 60 60
Profit and loss account 1,121,310 1,291,130
Shareholders' funds 1,121,370 1,291,190
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.
G Vesty
Director
Approved by the board on 9 October 2023
J & G Vesty Haulage Limited
Notes to the Accounts
for the year ended 31 March 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 (as applied to small entities by section 1A of the standard).
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, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures & fittings 15% on cost
Motor vehicles 12.5% on cost
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. 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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 28 28
3 Tangible fixed assets
Fixtures & fittings Motor vehicles Total
£ £ £
Cost
At 1 April 2022 25,349 2,661,931 2,687,280
Additions - 404,235 404,235
Disposals - (210,740) (210,740)
At 31 March 2023 25,349 2,855,426 2,880,775
Depreciation
At 1 April 2022 14,006 1,141,239 1,155,245
Charge for the year 3,519 341,727 345,246
On disposals - (210,740) (210,740)
At 31 March 2023 17,525 1,272,226 1,289,751
Net book value
At 31 March 2023 7,824 1,583,200 1,591,024
At 31 March 2022 11,343 1,520,692 1,532,035
4 Debtors 2023 2022
£ £
Trade debtors 651,839 665,444
Other debtors 43,350 34,802
695,189 700,246
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 179,329 258,059
Trade creditors 180,239 170,001
Taxation and social security costs 113,860 130,274
Other creditors 277,810 226,775
751,238 785,109
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 245,871 184,323
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 425,200 442,382
Secured creditors are hire purchase liabilities which are secured on those fixed assets to which the contracts relate.
8 Other information
J & G Vesty Haulage Limited is a private company limited by shares and incorporated in England. Its registered office is:
Church View
Church Close
Broughton Astley
Leicestershire
LE9 6XS
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