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Company Registration number: 10580878

Inter-Haul (Swindon) Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Inter-Haul (Swindon) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Inter-Haul (Swindon) Limited

(Registration number: 10580878)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

47,909

90,588

Current assets

 

Debtors

5

460,671

556,307

Cash at bank and in hand

 

98,972

99,285

 

559,643

655,592

Creditors: Amounts falling due within one year

6

(544,464)

(621,565)

Net current assets

 

15,179

34,027

Total assets less current liabilities

 

63,088

124,615

Creditors: Amounts falling due after more than one year

6

(22,435)

(47,690)

Provisions for liabilities

(9,102)

(17,211)

Net assets

 

31,551

59,714

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

31,451

59,614

Shareholders' funds

 

31,551

59,714

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 October 2023
 

.........................................
Mr M T Waite
Director

 

Inter-Haul (Swindon) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
C10 Main Road
Treforest Industrial Estate
Pontypridd
CF37 5UD

These financial statements were authorised for issue by the director on 16 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Inter-Haul (Swindon) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% on cost

Plant and machinery

10% on cost

Fixtures and fittings

10% on cost

Office equipment

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Inter-Haul (Swindon) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 21 (2022 - 22).

 

Inter-Haul (Swindon) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2022

32,152

8,020

9,844

185,779

At 31 March 2023

32,152

8,020

9,844

185,779

Depreciation

At 1 April 2022

9,508

2,364

6,839

126,496

Charge for the year

3,216

804

1,503

37,156

At 31 March 2023

12,724

3,168

8,342

163,652

Carrying amount

At 31 March 2023

19,428

4,852

1,502

22,127

At 31 March 2022

22,644

5,656

3,005

59,283

Total
£

Cost or valuation

At 1 April 2022

235,795

At 31 March 2023

235,795

Depreciation

At 1 April 2022

145,207

Charge for the year

42,679

At 31 March 2023

187,886

Carrying amount

At 31 March 2023

47,909

At 31 March 2022

90,588

5

Debtors

Current

2023
£

2022
£

Trade debtors

361,809

499,487

Prepayments

42,962

22,311

Other debtors

55,900

34,509

 

460,671

556,307

 

Inter-Haul (Swindon) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

26,075

33,112

Trade creditors

 

367,513

430,336

Taxation and social security

 

55,469

66,471

Accruals and deferred income

 

37,500

37,500

Other creditors

 

57,907

54,146

 

544,464

621,565

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £16,123 (2022 - £22,586).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

22,435

47,690

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £nil (2022 - £16,123).

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,435

31,567

Hire purchase contracts

-

16,123

22,435

47,690

 

Inter-Haul (Swindon) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,952

10,526

Hire purchase contracts

16,123

22,586

26,075

33,112

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

141,233

176,951

Later than one year and not later than five years

39,868

166,477

181,101

343,428

The amount of non-cancellable operating lease payments recognised as an expense during the year was £180,150 (2022 - £194,298).

10

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Directors' loan account

(82)

28,000

(28,140)

(222)

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Directors' loan account

(14,116)

54,534

(40,500)

(82)

         
       

 

These balances were interest free, unsecured and repayable on demand.

Summary of transactions with other related parties

Loan to/(from) shareholder
 

Loans from related parties

2023

Other related parties
£

Total
£

Advanced

12,000

12,000

Repaid

(13,860)

(13,860)

At end of period

(1,860)

(1,860)

Terms of loans from related parties

This balance was interest free and unsecured.