2022-04-012023-03-312023-03-31false00337279FRED PROUDFOOT 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FRED PROUDFOOT LIMITED

Registered Number
00337279
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

FRED PROUDFOOT LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

PROUDFOOT, Brian Cyril
PROUDFOOT, John James
PROUDFOOT, Raymond Neil
PROUDFOOT, Stephen Andrew
PROUDFOOT, William John

Registered Address

Fpl Buildings
Low Harker
Carlisle
CA6 4DP

Registered Number

00337279 (England and Wales)
FRED PROUDFOOT LIMITED
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets61,651,2871,597,643
Investments7380,000390,058
2,031,2871,987,701
Current assets
Debtors105,1551,158
Cash at bank and on hand727,759385,776
732,914386,934
Creditors amounts falling due within one year11(349,346)(291,788)
Net current assets (liabilities)383,56895,146
Total assets less current liabilities2,414,8552,082,847
Creditors amounts falling due after one year12(244,711)-
Provisions for liabilities13(241,400)(153,400)
Net assets1,928,7441,929,447
Capital and reserves
Called up share capital102,000102,000
Profit and loss account1,826,7441,827,447
Shareholders' funds1,928,7441,929,447
The financial statements were approved and authorised for issue by the Board of Directors on 14 September 2023, and are signed on its behalf by:
PROUDFOOT, William John
Director
Registered Company No. 00337279
FRED PROUDFOOT LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Smallest group in which results are consolidated
The company was under the control of the Proudfoot family throughout the current and previous year. There is no ultimate controlling party. The company and the group headed by it qualify as a small group, as such the parent and the group are exempt from producing group accounts.
3.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 rendering of services. 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.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Land and buildings - 2% straight line Plant and machinery - 20% - 33% straight line basis and 10% - 25 % reducing balance basis
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
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.
Leases policy
Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
5.Employee information

20232022
Average number of employees during the year1313
6.Property, plant and equipment

Land & buildings

Plant & machinery

Total

£££
Cost or valuation
At 01 April 22583,1032,797,4403,380,543
Additions-385,475385,475
Disposals-(317,642)(317,642)
At 31 March 23583,1032,865,2733,448,376
Depreciation and impairment
At 01 April 2292,7561,690,1441,782,900
Charge for year6,542236,440242,982
On disposals-(228,793)(228,793)
At 31 March 2399,2981,697,7911,797,089
Net book value
At 31 March 23483,8051,167,4821,651,287
At 31 March 22490,3471,107,2961,597,643
Included within land and buildings is £255,996 (2022 - £255,996) of land which is not depreciated.
7.Fixed asset investments
Investments in subsidiary companies comprises of a 95% shareholding in Haulage Express Limited, a company incorporated in England & Wales.

Investments in groups1

Total

££
Cost or valuation
At 01 April 22390,058390,058
Disposals(10,058)(10,058)
At 31 March 23380,000380,000
Net book value
At 31 March 23380,000380,000
At 31 March 22390,058390,058

Notes

1Investments in group undertakings and participating interests
8.Off balance sheet pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £120,000 (2022 - £120,000).
9.Description of nature of transactions and balances with related parties
During the year management charges of £200,000 (2022 - £200,000) were received by the company from Haulage Express Limited, a 95% subsidiary. Furthermore, during the year £458,121 (2022 - £458,121) was received by the company from Haulage Express Limited in respect of vehicle and trailer hire. During the year Haulage Express Limited occupied premises owned by the company rent free (2022 - same). Included within other creditors is a balance of £199,964 (2022 - £169,719) owed to the directors in respect of their current account maintained with the company during the year. This balance is unsecured, interest free and has no set date for repayment. During the year insurance of £14,000 (2022 - £14,000) was recharged to the company by Haulage Express Limited. The sum of £14,000 (2022 - £nil) was outstanding in this respect at the reporting date and is included in accruals and deferred income.
10.Debtors

2023

2022

££
Trade debtors / trade receivables3,962-
Prepayments and accrued income1,1931,158
Total5,1551,158
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.
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables8,88412,713
Taxation and social security47,03353,958
Other creditors267,035213,040
Accrued liabilities and deferred income26,39412,077
Total349,346291,788
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. A pension fund loan equal to £67,071 (2022 - £43,321) is included within other creditors within one year and is secured against the freehold property owned by the company at Low Harker.
12.Creditors after one year

2023

2022

££
Other creditors244,711-
Total244,711-
A pension fund loan equal to £244,711 (2022 - £nil) is included within other creditors after one year and is secured against the freehold property owned by the company at Low Harker.
13.Provisions for liabilities
The provision for deferred tax arises from the fair value adjustment on plant and machinery tangible fixed assets.

2023

2022

££
Net deferred tax liability (asset)241,400153,400
Total241,400153,400