2022-04-012023-03-312023-03-31falseSC031221HAULAGE EXPRESS 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HAULAGE EXPRESS LIMITED

Registered Number
SC031221
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2023

HAULAGE EXPRESS LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

PROUDFOOT, Brian Cyril
PROUDFOOT, William John

Registered Address

51 Rae Street
Dumfries
DG1 1JD

Place of Business

F P L Buildings

Low Harker

Carlisle

CA6 4DP


Registered Number

SC031221 (Scotland)
HAULAGE EXPRESS LIMITED
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets6708,376610,728
708,376610,728
Current assets
Stocks968,64081,225
Debtors10640,577786,098
Cash at bank and on hand715,075554,035
1,424,2921,421,358
Creditors amounts falling due within one year11(324,741)(227,735)
Net current assets (liabilities)1,099,5511,193,623
Total assets less current liabilities1,807,9271,804,351
Provisions for liabilities12(133,100)(113,100)
Net assets1,674,8271,691,251
Capital and reserves
Called up share capital400,000400,000
Profit and loss account1,274,8271,291,251
Shareholders' funds1,674,8271,691,251
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. SC031221
HAULAGE EXPRESS 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 Scotland. 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
As part of a small group, this company is exempt from producing group accounts. These accounts are for this company alone. This company's parent undertaking is Fred Proudfoot Limited, a company registered in England and Wales, company number 00337279.
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 Statement of Income and Retained Earnings.

Reducing balance (%)Straight line (years)
Plant and machinery15-
Vehicles2510
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement
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.
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 year4040
6.Property, plant and equipment

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 April 22147,0221,135,4911,282,513
Additions-332,800332,800
Disposals-(212,398)(212,398)
At 31 March 23147,0221,255,8931,402,915
Depreciation and impairment
At 01 April 22107,275564,510671,785
Charge for year5,657189,395195,052
On disposals-(172,298)(172,298)
At 31 March 23112,932581,607694,539
Net book value
At 31 March 2334,090674,286708,376
At 31 March 2239,747570,981610,728
7.Off balance sheet pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £23,655 (2022 - £20,859).
8.Description of nature of transactions and balances with related parties
During the year management charges of £200,000 (2022 - £200,000) were paid to Fred Proudfoot Limited, the parent company which owns 95% of the issued share capital. Furthermore during the year £458,121 (2022 - £458,121) was paid to Fred Proudfoot Limited for vehicle and trailer hire. Nothing was outstanding at the reporting date in this respect (2022 - £nil). During the year the company occupied premises owned by Fred Proudfoot Limited rent free (2022 - same). During the year insurance of £14,000 (2022 - £14,000) was recharged to Fred Proudfoot Limited. The sum of £14,000 (2022 - £nil) was outstanding in this respect at the reporting date and is included in prepayments and accrued income.
9.Stocks

2023

2022

££
Raw materials and consumables68,64081,225
Total68,64081,225
10.Debtors

2023

2022

££
Trade debtors / trade receivables383,684462,625
Prepayments and accrued income256,893323,473
Total640,577786,098
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 payables194,74699,867
Taxation and social security92,066117,031
Accrued liabilities and deferred income37,92910,837
Total324,741227,735
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.
12.Provisions for liabilities
The provision for deferred tax arises from the fair value adjustment on tangible fixed assets.

2023

2022

££
Net deferred tax liability (asset)133,100113,100
Total133,100113,100