Silverfin false 31/05/2023 01/06/2022 31/05/2023 A D Foster 11/05/2010 K L Foster Andrew David Foster 15 October 2023 The principal activity of the Company during the financial year was haulage contracting and hay and straw merchants. 07248712 2023-05-31 07248712 bus:Director1 2023-05-31 07248712 2022-05-31 07248712 core:CurrentFinancialInstruments 2023-05-31 07248712 core:CurrentFinancialInstruments 2022-05-31 07248712 core:Non-currentFinancialInstruments 2023-05-31 07248712 core:Non-currentFinancialInstruments 2022-05-31 07248712 core:ShareCapital 2023-05-31 07248712 core:ShareCapital 2022-05-31 07248712 core:RetainedEarningsAccumulatedLosses 2023-05-31 07248712 core:RetainedEarningsAccumulatedLosses 2022-05-31 07248712 core:Goodwill 2022-05-31 07248712 core:Goodwill 2023-05-31 07248712 core:LeaseholdImprovements 2022-05-31 07248712 core:PlantMachinery 2022-05-31 07248712 core:Vehicles 2022-05-31 07248712 core:OfficeEquipment 2022-05-31 07248712 core:LeaseholdImprovements 2023-05-31 07248712 core:PlantMachinery 2023-05-31 07248712 core:Vehicles 2023-05-31 07248712 core:OfficeEquipment 2023-05-31 07248712 2022-06-01 2023-05-31 07248712 bus:FullAccounts 2022-06-01 2023-05-31 07248712 bus:SmallEntities 2022-06-01 2023-05-31 07248712 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 07248712 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 07248712 bus:Director1 2022-06-01 2023-05-31 07248712 bus:Director2 2022-06-01 2023-05-31 07248712 bus:Director3 2022-06-01 2023-05-31 07248712 core:Goodwill core:TopRangeValue 2022-06-01 2023-05-31 07248712 core:Goodwill 2022-06-01 2023-05-31 07248712 core:PlantMachinery 2022-06-01 2023-05-31 07248712 core:Vehicles 2022-06-01 2023-05-31 07248712 core:OfficeEquipment core:TopRangeValue 2022-06-01 2023-05-31 07248712 2021-06-01 2022-05-31 07248712 core:LeaseholdImprovements 2022-06-01 2023-05-31 07248712 core:OfficeEquipment 2022-06-01 2023-05-31 07248712 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Company No: 07248712 (England and Wales)

ANDY FOSTER'S HAULAGE LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

ANDY FOSTER'S HAULAGE LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

ANDY FOSTER'S HAULAGE LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2023
ANDY FOSTER'S HAULAGE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2023
DIRECTORS A D Foster
K L Foster
SECRETARY K L Foster
REGISTERED OFFICE 3 Filers Way
Weston Gateway Business Park
Weston-Super-Mare
BS24 7JP
United Kingdom
COMPANY NUMBER 07248712 (England and Wales)
CHARTERED ACCOUNTANTS Albert Goodman LLP
3 Filers Way
Weston Gateway Business Park
Weston-super-Mare
Somerset
BS24 7JP
ANDY FOSTER'S HAULAGE LIMITED

BALANCE SHEET

As at 31 May 2023
ANDY FOSTER'S HAULAGE LIMITED

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 31,500 42,000
Tangible assets 4 113,444 192,398
144,944 234,398
Current assets
Debtors 5 80,335 108,430
Cash at bank and in hand 174,197 89,369
254,532 197,799
Creditors: amounts falling due within one year 6 ( 328,058) ( 330,896)
Net current liabilities (73,526) (133,097)
Total assets less current liabilities 71,418 101,301
Creditors: amounts falling due after more than one year 7 ( 14,444) 0
Provision for liabilities ( 21,570) ( 34,526)
Net assets 35,404 66,775
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 34,404 65,775
Total shareholders' funds 35,404 66,775

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Andy Foster's Haulage Limited (registered number: 07248712) were approved and authorised for issue by the Board of Directors on 15 October 2023. They were signed on its behalf by:

Andrew David Foster
Director
ANDY FOSTER'S HAULAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
ANDY FOSTER'S HAULAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Andy Foster's Haulage Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3 Filers Way, Weston Gateway Business Park, Weston-Super-Mare, BS24 7JP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of straw, hay and haulage services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.
Goodwill being the amount paid in connection with the acquisition of a business in 2010, has a net book value at 1 June 2016 of £105,000. At this date the useful economic life is considered to be 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2022 150,000 150,000
At 31 May 2023 150,000 150,000
Accumulated amortisation
At 01 June 2022 108,000 108,000
Charge for the financial year 10,500 10,500
At 31 May 2023 118,500 118,500
Net book value
At 31 May 2023 31,500 31,500
At 31 May 2022 42,000 42,000

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 June 2022 10,686 7,701 331,691 3,008 353,086
Disposals 0 0 ( 144,909) 0 ( 144,909)
At 31 May 2023 10,686 7,701 186,782 3,008 208,177
Accumulated depreciation
At 01 June 2022 0 2,161 155,723 2,804 160,688
Charge for the financial year 0 782 32,650 153 33,585
Disposals 0 0 ( 99,540) 0 ( 99,540)
At 31 May 2023 0 2,943 88,833 2,957 94,733
Net book value
At 31 May 2023 10,686 4,758 97,949 51 113,444
At 31 May 2022 10,686 5,540 175,968 204 192,398

5. Debtors

2023 2022
£ £
Trade debtors 75,655 84,137
Other debtors 4,680 24,293
80,335 108,430

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 43,037 29,032
Taxation and social security 58,098 7,853
Obligations under finance leases and hire purchase contracts 13,333 40,000
Other creditors 213,590 254,011
328,058 330,896

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 14,444 0

There are no amounts included above in respect of which any security has been given by the small entity.