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REGISTRAR OF COMPANIES

Registration number: 00909181

M.Woodhouse Transport (Lancaster) Limited

Financial Statements

31 January 2023

image-name

 

M.Woodhouse Transport (Lancaster) Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2

 

M.Woodhouse Transport (Lancaster) Limited

(Registration number: 00909181)
Balance Sheet as at 31 January 2023

Note

31 January 2023
£

31 January 2022
£

Fixed assets

 

Tangible assets

4

3,170,207

2,902,209

Current assets

 

Stocks

128,773

162,767

Debtors

5

1,436,187

1,386,246

Cash at bank and in hand

 

984,603

926,978

 

2,549,563

2,475,991

Creditors: Amounts falling due within one year

6

(978,366)

(1,139,049)

Net current assets

 

1,571,197

1,336,942

Total assets less current liabilities

 

4,741,404

4,239,151

Creditors: Amounts falling due after more than one year

6

(291,443)

(515,965)

Provisions for liabilities

(545,854)

(342,390)

Net assets

 

3,904,107

3,380,796

Capital and reserves

 

Allotted, called up and fully paid share capital

626

626

Capital redemption reserve

76

76

Profit and loss account

3,903,405

3,380,094

Total equity

 

3,904,107

3,380,796

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 July 2023 and signed on its behalf by:
 

.........................................

P J Housby

Director

 

M.Woodhouse Transport (Lancaster) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

1

General information

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

The address of its registered office is:
Pine Garage
Caton Road
LANCASTER
LA1 3PE

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Disclosure of long or short period

The previous period is a seven month period to agree to the parent company year end and therefore is not comparable to the current 12 month period.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 27 July 2023 was Steven Barnes, who signed for and on behalf of Dodd & Co Audit Limited.

 

M.Woodhouse Transport (Lancaster) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

Changes in accounting estimate

Depreciation

The company has updated its depreciation rates to fall in line with its parent company.

The effect of the change on assets, liabilities, income and expense in the current year is as follows:

 

£

Administration expenses

128,246

Tangible fixed assets

(128,246)

  

The increase in rates is estimated to increase depreciation charges by £108,000 a year.

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.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

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.

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.

 

M.Woodhouse Transport (Lancaster) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

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

Buildings

2% straight line basis

Plant and equipment - tractor units

25% reducing balance

Plant and equipment - trailers

15% reducing balance

Furniture, fittings and office equipment

25% reducing balance

Motor vehicles

25% reducing balance

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 the sale of goods 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

Borrowings

 

M.Woodhouse Transport (Lancaster) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 48 (2022 - 47).

 

M.Woodhouse Transport (Lancaster) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 February 2022

1,727,350

85,396

4,084,912

47,741

5,945,399

Additions

18,700

3,572

929,700

2,080

954,052

Disposals

-

-

(660,491)

(40)

(660,531)

At 31 January 2023

1,746,050

88,968

4,354,121

49,781

6,238,920

Depreciation

At 1 February 2022

749,297

62,342

2,203,808

27,743

3,043,190

Charge for the year

25,646

6,424

508,269

5,403

545,742

Eliminated on disposal

-

-

(520,189)

(30)

(520,219)

At 31 January 2023

774,943

68,766

2,191,888

33,116

3,068,713

Carrying amount

At 31 January 2023

971,107

20,202

2,162,233

16,665

3,170,207

At 31 January 2022

978,053

23,054

1,881,104

19,998

2,902,209

5

Debtors

31 January 2023
£

31 January 2022
£

Trade debtors

1,091,245

1,097,623

Other debtors

344,942

288,623

1,436,187

1,386,246

 

M.Woodhouse Transport (Lancaster) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

6

Creditors

Note

31 January 2023
£

31 January 2022
£

Due within one year

 

Loans and borrowings

7

124,854

220,799

Trade creditors

 

451,601

584,469

Taxation and social security

 

233,033

212,593

Corporation tax liability

 

17,474

56,118

Other creditors

 

151,404

65,070

 

978,366

1,139,049

Due after one year

 

Loans and borrowings

7

291,443

515,965

7

Loans and borrowings

31 January 2023
£

31 January 2022
£

Current loans and borrowings

Bank borrowings

-

47,619

Finance lease liabilities

124,854

173,180

124,854

220,799

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

31 January 2023
£

31 January 2022
£

Bank borrowings

-

47,619

Finance lease liabilities

124,854

173,180

124,854

220,799

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

 

M.Woodhouse Transport (Lancaster) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

31 January 2023
£

31 January 2022
£

Non-current loans and borrowings

Bank borrowings

-

162,699

Finance lease liabilities

291,443

353,266

291,443

515,965

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

31 January 2023
£

31 January 2022
£

Bank borrowings

-

162,699

Finance lease liabilities

291,443

353,266

291,443

515,965

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

8

Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities not to disclose transactions with entities that are wholly owned members of the group.

There are no other related party transactions that are required to be disclosed.

9

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Bulman's Bulk & Haulage Limited, incorporated in United Kingdom. Its registered office address is Haweswater Road, Penrith Industrial Estate, Penrith, CA11 9EU.

The parent of the smallest and largest group in which these financial statements are consolidated is Bulman's Bulk & Haulage Limited.