IRIS Accounts Production v23.2.0.158 04314395 Board of Directors 1.2.22 31.1.23 31.1.23 general haulage work. true false true true false false true false Ordinary 1.00000 74562 74562 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REGISTERED NUMBER: 04314395 (England and Wales)


























STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

HEWICKS HAULAGE LIMITED

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










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 14


HEWICKS HAULAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







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 YEAR ENDED 31 JANUARY 2023


The directors present their strategic report for the year ended 31 January 2023.

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 and staff with specialist knowledge and training in the handling of food and feed products.

The Company has now acquired 100% share capital of it's sister company, Cave Liquid Haulage Limited. The trade, assets and liabilities of Cave Liquid Haulage Limited were hived up into the Company. This sister company did not specialise in haulage, owning no equipment, but traded in animal feed products and has contracts with breweries, dairies, and drink/food manufacturers throughout the United Kingdom to remove their surplus co-products. The Company has taken on all these contracts as well as the large customer base for the sale of these products in the pig farming and anaerobic digestate sectors.

The Company now has four specialist areas in the United Kingdom:-

- Collection and delivery of our own liquid co-products to our own customers
- Transportation of 3rd party liquid co-products to 3rd party customers
- Dry freight haulage, including brewery barrels
- Small amount of container haulage from the docks

The Company measures performance on a monthly basis through a range of systems and reports. Financial KPI's include sales, gross margin, net assets and cashflow, with turnover and operating profit being the two main key performance indicators considered by the Directors.

Turnover for the year ended 31 January 2023 was £11,047,699 compared to £9,942,620 for the 14 month period to 31 January 2022. This is a 29.6% increase when compared to annualised figures for the previous period.

Operating Profit for the year ended 31 January 2023 was £1,195,047 compared to £537,370 for the 14 month period to 31 January 2022. This is a 159.4% increase when compared to annualised figures for the previous period.

The Company continues to recruit new staff and to invest in its fleet to ensure that our high standards of service are maintained. The Directors recognise the challenges facing the haulage industry and continues to meet these head on with a view to drive profitability.

Subsequent to the year end Hewicks Haulage Limited Employee-Ownership Trust (The 'EOT') purchased all Ordinary shares, being 100% of the company's issued share capital and the EOT held a controlling interest in the Company.


HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors consider 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 financing instruments is to provide continuing investment in the fleet of haulage vehicles. The risk to the Company is the increased cost of borrowing, which the Directors look to minimise by taking out finance under fixed rate agreements.

Resourcing
The industry in general has a shortage of experienced, high quality drivers, caused by a number of factors including the United Kingdom leaving the European Union. The Company needs to ensure that the drivers it uses are highly trained in the specialist area of tankering liquid food/feed products with a need to meet stringent hygiene regulations. The Directors have managed this by providing pay increases, and supporting our valued drivers and staff with the introduction of a health insurance scheme.

Shortage of Vehicles
There is a worldwide shortage of new vehicles and vehicle components affecting the whole industry. The Company places regular orders for new vehicles each year, enabling them to keep replacing older, more costly vehicles as required.

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 changes in transport costs have an impact on the profitability of the Company. The sudden increase in fuel costs in 2022 were monitored closely and fuel escalators were put in place with the majority of our suppliers.

Economic Downturn
There has been a noticeable downturn in the general haulage industry since the start of 2023 caused by the current economic situation in the United Kingdom. This has resulted in competitive pricing for haulage in some sectors. As food/feed haulage is quite a niche market using costly and specialist equipment, the Company has been able to move drivers away from the container sector across to other areas.

BY ORDER OF THE BOARD:





Mrs C A Hewick - Secretary


27 September 2023

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2023


The directors present their report with the financial statements of the company for the year ended 31 January 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2023.

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

FUTURE DEVELOPMENTS
Since the year end, Hewicks Haulage Limited Employee-Ownership Trust (The 'EOT') purchased all Ordinary shares, being 100% of the company's issued share capital and the EOT held a controlling interest in the company.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year 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 February 2022 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


27 September 2023

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 year ended 31 January 2023 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 2023 and of its profit for the year 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, reviewing legal and professional invoices for 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.

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

27 September 2023

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023

Year Ended Period
31.1.23 1.12.20 to 31.1.22
Notes £    £    £    £   

TURNOVER 4 11,047,699 9,942,620

Cost of sales 9,225,954 8,886,028
GROSS PROFIT 1,821,745 1,056,592

Administrative expenses 660,760 589,074
1,160,985 467,518

Other operating income 34,062 69,852
OPERATING PROFIT 6 1,195,047 537,370

Income from shares in group undertakings 1,809,125 -
Interest receivable and similar income 7,443 -
1,816,568 -
3,011,615 537,370

Interest payable and similar expenses 7 106,285 132,708
PROFIT BEFORE TAXATION 2,905,330 404,662

Tax on profit 8 264,176 60,603
PROFIT FOR THE FINANCIAL YEAR 2,641,154 344,059

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,641,154

344,059

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 5,553,191 5,000,967
Investments 11 100 -
5,553,291 5,000,967

CURRENT ASSETS
Debtors 12 2,326,500 1,208,713
Cash at bank and in hand 963,219 943,628
3,289,719 2,152,341
CREDITORS
Amounts falling due within one year 13 2,350,821 3,384,706
NET CURRENT ASSETS/(LIABILITIES) 938,898 (1,232,365 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,492,189

3,768,602

CREDITORS
Amounts falling due after more than one
year

14

(1,145,824

)

(1,330,009

)

PROVISIONS FOR LIABILITIES 18 (617,426 ) (350,908 )
NET ASSETS 4,728,939 2,087,685

CAPITAL AND RESERVES
Called up share capital 19 200 100
Retained earnings 20 4,728,739 2,087,585
SHAREHOLDERS' FUNDS 4,728,939 2,087,685

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2023 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 YEAR ENDED 31 JANUARY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 December 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

Changes in equity
Issue of share capital 100 - 100
Total comprehensive income - 2,641,154 2,641,154
Balance at 31 January 2023 200 4,728,739 4,728,939

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023

Period
1.12.20
Year Ended to
31.1.23 31.1.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,163,756 1,934,681
Interest paid (59,720 ) (79,408 )
Interest element of hire purchase payments
paid

(46,565

)

(53,300

)
Tax paid (136,703 ) -
Net cash from operating activities 1,920,768 1,801,973

Cash flows from investing activities
Purchase of tangible fixed assets (638,595 ) (675,508 )
Sale of tangible fixed assets 42,250 321,000
Cash on hive-up of subsidiary 319,921 -
Interest received 7,443 -
Net cash from investing activities (268,981 ) (354,508 )

Cash flows from financing activities
Cash (outflow) / inflow from loans (500,496 ) 239,032
Capital repayments in year (1,131,700 ) (1,358,105 )
Net cash from financing activities (1,632,196 ) (1,119,073 )

Increase in cash and cash equivalents 19,591 328,392
Cash and cash equivalents at beginning
of year

2

943,628

615,236

Cash and cash equivalents at end of year 2 963,219 943,628

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
1.12.20
Year Ended to
31.1.23 31.1.22
£    £   
Profit before taxation 2,905,330 404,662
Depreciation charges 1,146,892 1,354,793
Loss/(profit) on disposal of fixed assets 8,149 (118,058 )
Finance costs 106,285 132,708
Finance income (1,816,568 ) -
2,350,088 1,774,105
Increase in trade and other debtors (129,365 ) (87,864 )
(Decrease)/increase in trade and other creditors (56,967 ) 248,440
Cash generated from operations 2,163,756 1,934,681

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:

Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 963,219 943,628
Period ended 31 January 2022
31.1.22 1.12.20
£    £   
Cash and cash equivalents 943,628 615,236


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.2.22 Cash flow changes At 31.1.23
£    £    £    £   
Net cash
Cash at bank
and in hand 943,628 19,591 963,219
943,628 19,591 963,219
Debt
Finance leases (1,783,790 ) 1,131,700 (1,092,870 ) (1,744,960 )
Debts falling due
within 1 year (279,403 ) 500,496 (410,264 ) (189,171 )
Debts falling due
after 1 year (594,958 ) - 189,431 (405,527 )
(2,658,151 ) 1,632,196 (1,313,703 ) (2,339,658 )
Total (1,714,523 ) 1,651,787 (1,313,703 ) (1,376,439 )

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023


4. HIVE-UP OF BUSINESS AND NON-CASH TRANSACTIONS

During the period, Hewicks Haulage Limited acquired 100% of a subsidiary as a share for share exchange and hived-up the assets and liabilities. The cash flow has been adjusted to reflect the following assets and liabilities at hive-up:

£
Fixed assets 18,044
Debtors 1,996,616
Cash at bank and in hand 319,921
Creditors - non debt (165,576 )
Creditors - debt (220,833 )
Tax creditor (136,703 )
Provisions (2,342 )

On hive-up Hewicks Haulage Limited received a dividend of £1,809,125. This has been treated as a non-cash transaction on hive-up.

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


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 February 2022 to 31 January 2023. In the previous period 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 2020 to 31 January 2022.

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.

Preparation of consolidated financial statements
The financial statements contain information about Hewicks Haulage Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 402 of the Companies Act 2006 from the requirements to prepare consolidated financial statements. The company considers that the subsidiary company is not material and under Section 405(2) the subsidiary company may be excluded from consolidation.

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 YEAR ENDED 31 JANUARY 2023


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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year 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 year 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.

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


3. ACCOUNTING POLICIES - continued

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.

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
Year Ended to
31.1.23 31.1.22
£    £   
Haulage 9,317,393 9,637,620
Storage, rental and blending - 305,000
Feed Goods 1,730,306 -
11,047,699 9,942,620

5. EMPLOYEES AND DIRECTORS
Period
1.12.20
Year Ended to
31.1.23 31.1.22
£    £   
Wages and salaries 2,741,949 2,995,052
Social security costs 278,758 289,113
Other pension costs 51,673 60,664
3,072,380 3,344,829

The average number of employees during the year was as follows:
Period
1.12.20
Year Ended to
31.1.23 31.1.22

Driver staff 57 52
Admin staff 9 10
66 62

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


5. EMPLOYEES AND DIRECTORS - continued

Period
1.12.20
Year Ended to
31.1.23 31.1.22
£    £   
Directors' remuneration 150,514 128,436
Directors' pension contributions to money purchase schemes 2,743 2,781

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):

Year EndedPeriod
31.1.231.12.20
to
31.1.22
££
Depreciation1,146,8921,354,793
Loss / (Profit) on disposal of fixed assets8,149(118,058)
Operating leases - land and buildings159,465167,673
Auditors' remuneration12,00010,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.12.20
Year Ended to
31.1.23 31.1.22
£    £   
Other interest payable 59,720 79,408
Hire purchase 46,565 53,300
106,285 132,708

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.12.20
Year Ended to
31.1.23 31.1.22
£    £   
Deferred tax 264,176 60,603
Tax on profit 264,176 60,603

UK corporation tax has been charged at 19% (2022 - 19%).

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


8. TAXATION - continued

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

Period
1.12.20
Year Ended to
31.1.23 31.1.22
£    £   
Profit before tax 2,905,330 404,662
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

552,013

76,886

Effects of:
Expenses not deductible for tax purposes 2,715 1,640
Income not taxable for tax purposes (343,734 ) -
Capital allowances in excess of depreciation (278,995 ) (143,514 )
Timing differences 93 151
Tax losses carried forward 67,908 64,837
Deferred tax 264,176 60,603
Total tax charge 264,176 60,603

Deferred tax has been charged at 25% (2022: 19%). The increase in tax rate has resulted in the deferred tax liability increasing by £148,182.

9. GOVERNMENT GRANTS

During the year the company received government grant income under Coronavirus Business Interruption Loan Scheme, totalling £3,324 (2022: £26,482).

10. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 February 2022 54,541 9,571,016 16,359
Additions - 1,664,366 8,569
Disposals - (218,480 ) (346 )
Transfer in - Hive-up assets - 50,473 1,099
At 31 January 2023 54,541 11,067,375 25,681
DEPRECIATION
At 1 February 2022 18,527 4,631,337 13,573
Charge for year 10,908 1,117,203 1,995
Eliminated on disposal - (168,093 ) (334 )
Transfer in - Hive-up assets - 35,760 601
At 31 January 2023 29,435 5,616,207 15,835
NET BOOK VALUE
At 31 January 2023 25,106 5,451,168 9,846
At 31 January 2022 36,014 4,939,679 2,786

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


10. TANGIBLE FIXED ASSETS - continued

Motor
vehicles Equipment Totals
£    £    £   
COST
At 1 February 2022 17,345 39,709 9,698,970
Additions 54,590 3,940 1,731,465
Disposals - - (218,826 )
Transfer in - Hive-up assets - 8,483 60,055
At 31 January 2023 71,935 52,132 11,271,664
DEPRECIATION
At 1 February 2022 11,056 23,510 4,698,003
Charge for year 11,338 5,448 1,146,892
Eliminated on disposal - - (168,427 )
Transfer in - Hive-up assets - 5,644 42,005
At 31 January 2023 22,394 34,602 5,718,473
NET BOOK VALUE
At 31 January 2023 49,541 17,530 5,553,191
At 31 January 2022 6,289 16,199 5,000,967

The net book value of plant and machinery assets, included in the above, which are held under hire purchase contracts are £3,017,802 (2022: £2,594,794).

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 100
At 31 January 2023 100
NET BOOK VALUE
At 31 January 2023 100

On 1 February 2022, the company acquired 100% of the issued share capital of Cave Liquid Haulage Limited in a share for share exchange. Hewicks Haulage Limited issued 100 Ordinary shares of £1 each in exchange for 100% of the issued share capital of the subsidiary company.

On 1 February 2022, Cave Liquid Haulage Limited hived up all of its trade, assets and liabilities to Hewicks Haulage Limited.

12. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,402,122 904,930
Other debtors 215,053 8,942
Directors' current accounts 74,562 -
Prepayments and accrued income 449,107 294,841
2,140,844 1,208,713

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


12. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Other debtors 185,656 -

Aggregate amounts 2,326,500 1,208,713

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 15) 50,000 50,000
Other loans (see note 15) 139,171 229,403
Hire purchase contracts (see note 16) 1,004,663 1,048,739
Trade creditors 595,457 508,831
Social security and other taxes 70,222 64,533
VAT 182,923 133,573
Other creditors 14,244 1,017,949
Directors' current accounts - 427
Accruals and deferred income 294,141 331,251
2,350,821 3,384,706

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 15) 120,833 170,833
Other loans (see note 15) 284,694 424,125
Hire purchase contracts (see note 16) 740,297 735,051
1,145,824 1,330,009

15. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 50,000 50,000
Other loans 139,171 229,403
189,171 279,403

Amounts falling due between one and two years:
Bank loans - 1-2 years 50,000 50,000
Other loans - 1-2 years 129,551 139,431
179,551 189,431

Amounts falling due between two and five years:
Bank loans - 2-5 years 70,833 120,833
Other loans - 2-5 years 155,143 284,694
225,976 405,527

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 1,004,663 1,048,739
Between one and five years 740,297 735,051
1,744,960 1,783,790

Non-cancellable operating leases
2023 2022
£    £   
Within one year 165,908 165,908
Between one and five years 123,667 289,576
289,575 455,484

17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 170,833 220,833
Other loans 423,865 653,528
Hire purchase contracts 1,744,960 1,783,790
2,339,658 2,658,151

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 £170,833 (2022: £220,833) 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.

18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 943,588 530,883
Covered by tax losses (326,162 ) (179,975 )
617,426 350,908

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 February 2022 350,908
Provided during year 264,176
Transferred on hive-up 2,342
Balance at 31 January 2023 617,426

Deferred tax has been charged at 25% (2022: 19%). The increase in tax rate has resulted in the deferred tax liability increasing by £148,182.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200 Ordinary £1 200 100
(2022 - 100 )

100 Ordinary shares of £1 were issued during the year as a share for share exchange to acquire 100% of the subsidiary company.

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

20. RESERVES
Retained
earnings
£   

At 1 February 2022 2,087,585
Profit for the year 2,641,154
At 31 January 2023 4,728,739

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 January 2023 and the period ended 31 January 2022:

2023 2022
£    £   
Mr C A Hewick and Mrs C A Hewick
Balance outstanding at start of year - -
Amounts advanced 74,562 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 74,562 -

The loans to directors were unsecured with interest paid on overdrawn balances at HM Revenue & Customs approved rates. The loans have no specified repayment dates, however it is the intention of the directors to repay the loans to the company by 31 October 2023.

HEWICKS HAULAGE LIMITED (REGISTERED NUMBER: 04314395)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


22. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Interest received 181 -
Amount due from related party 74,562 -
Amount due to related party - 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
2023 2022
£    £   
Sales - 1,879,004
Purchases - 16,938
Interest received 7,262 -
Wages paid 26,518 1,487
Rent paid 159,465 167,673
Interest paid 53,139 76,399
Amount due from related party 333,740 -
Amount due to related party 427,993 1,666,749

23. POST BALANCE SHEET EVENTS

Subsequent to the year end, the Hewicks Haulage Limited's Employee-Ownership Trust (The 'EOT') purchased all Ordinary, shares, being 100% of the company's issued share capital and the EOT held a controlling interest in the company.