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23 October 2023
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No description of principal activity
2022-05-01
Sage Accounts Production Advanced 2021 - FRS102_2021
1,000
1,000
xbrli:pure
xbrli:shares
iso4217:GBP
SC097820
2022-05-01
2023-04-30
SC097820
2023-04-30
SC097820
2022-04-30
SC097820
2021-05-01
2022-04-30
SC097820
2022-04-30
SC097820
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2022-05-01
2023-04-30
SC097820
core:FurnitureFittings
2022-05-01
2023-04-30
SC097820
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2023-04-30
SC097820
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2022-04-30
SC097820
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SC097820
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SC097820
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2023-04-30
SC097820
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2023-04-30
SC097820
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2023-04-30
SC097820
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2022-05-01
2023-04-30
SC097820
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2022-05-01
2023-04-30
SC097820
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2023-04-30
SC097820
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2022-04-30
SC097820
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2023-04-30
SC097820
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2022-04-30
SC097820
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2022-04-30
SC097820
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SC097820
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2022-04-30
SC097820
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2023-04-30
SC097820
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2022-04-30
SC097820
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2023-04-30
SC097820
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2022-04-30
SC097820
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2023-04-30
SC097820
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2022-04-30
SC097820
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2023-04-30
SC097820
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2022-04-30
SC097820
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2023-04-30
SC097820
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2022-04-30
SC097820
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2023-04-30
SC097820
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2023-04-30
SC097820
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2022-04-30
SC097820
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2022-04-30
SC097820
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2022-04-30
SC097820
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2022-04-30
SC097820
bus:Director1
2023-04-30
SC097820
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2021-04-30
SC097820
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2022-04-30
SC097820
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2021-05-01
2022-04-30
SC097820
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2022-05-01
2023-04-30
SC097820
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2022-05-01
2023-04-30
SC097820
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2022-05-01
2023-04-30
SC097820
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2022-05-01
2023-04-30
SC097820
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2022-05-01
2023-04-30
SC097820
core:InvestmentPropertyIncludedWithinPPE
2022-04-30
SC097820
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2023-04-30
COMPANY REGISTRATION NUMBER:
SC097820
Filleted Financial Statements |
|
Year ended 30 April 2023
Directors' responsibilities statement |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 |
|
|
Directors' Responsibilities Statement |
|
Year ended 30 April 2023
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of Financial Position |
|
30 April 2023
Fixed assets
Tangible assets |
5 |
|
2,908,217 |
2,596,043 |
|
|
|
|
|
Current assets
Stocks |
72,241 |
|
40,100 |
Debtors |
7 |
2,156,780 |
|
2,124,275 |
|
------------ |
|
------------ |
|
2,229,021 |
|
2,164,375 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
2,321,415 |
|
2,587,227 |
|
------------ |
|
------------ |
Net current liabilities |
|
92,394 |
422,852 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
2,815,823 |
2,173,191 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
1,090,767 |
720,834 |
|
|
|
|
|
Provisions |
|
195,966 |
190,419 |
|
|
------------ |
------------ |
Net assets |
|
1,529,090 |
1,261,938 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
25,000 |
25,000 |
Share premium account |
|
1,265 |
1,265 |
Capital redemption reserve |
|
76,265 |
76,265 |
Profit and loss account |
|
1,426,560 |
1,159,408 |
|
|
------------ |
------------ |
Shareholders funds |
|
1,529,090 |
1,261,938 |
|
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
23 October 2023
, and are signed on behalf of the board by:
Company registration number:
SC097820
Notes to the Financial Statements |
|
Year ended 30 April 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Georgetown, Ballindalloch, Moray, AB37 9BA.
2.
Statement of compliance
A & F Grant Limited are tanker haulage contractors that provide haulage services across the UK. These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents amounts receivable for haulage services net of VAT and trade discounts. Turnover is recognised at the point of completion of delivery. Turnover also includes amounts receivable in respect of the sale of fuel, tank washes and storage charges. The sale of fuel and tank washes are net of VAT and trade discounts and recognised at the point of sale. Storage charges are invoiced for the period to which they relate.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Property & Improvements |
- |
10% straight line |
|
Plant & Vehicles |
- |
20-25% reducing balance |
|
Fixtures & fittings |
- |
15% straight line |
|
|
|
|
Investment property
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, bank loans and directors' loans to the company. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transition costs. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid. Investments in equity shares which are not publicly traded and where the fair value of the shares cannot be measured reliably are initially measured at cost, including transaction costs. The investment is not measured except where impairment has been identified.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
55
(2022:
50
).
5.
Tangible assets
|
Leasehold Property |
Plant & Machinery |
Fixtures & Fittings |
Investment Property |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 May 2022 |
816,295 |
7,092,782 |
6,646 |
140,000 |
8,055,723 |
Additions |
– |
1,014,647 |
7,353 |
– |
1,022,000 |
Disposals |
– |
(
203,897) |
– |
– |
(
203,897) |
|
--------- |
------------ |
-------- |
--------- |
------------ |
At 30 April 2023 |
816,295 |
7,903,532 |
13,999 |
140,000 |
8,873,826 |
|
--------- |
------------ |
-------- |
--------- |
------------ |
Depreciation |
|
|
|
|
|
At 1 May 2022 |
810,782 |
4,643,592 |
5,306 |
– |
5,459,680 |
Charge for the year |
1,239 |
688,810 |
721 |
– |
690,770 |
Disposals |
– |
(
184,841) |
– |
– |
(
184,841) |
|
--------- |
------------ |
-------- |
--------- |
------------ |
At 30 April 2023 |
812,021 |
5,147,561 |
6,027 |
– |
5,965,609 |
|
--------- |
------------ |
-------- |
--------- |
------------ |
Carrying amount |
|
|
|
|
|
At 30 April 2023 |
4,274 |
2,755,971 |
7,972 |
140,000 |
2,908,217 |
|
--------- |
------------ |
-------- |
--------- |
------------ |
At 30 April 2022 |
5,513 |
2,449,190 |
1,340 |
140,000 |
2,596,043 |
|
--------- |
------------ |
-------- |
--------- |
------------ |
|
|
|
|
|
|
The Investment Property is included at fair value. The 2022 valuation was undertaken by the directors, at open market value. The directors are satisfied that the current market value is not materially different from the value included within the financial statements. The Investment Property has not been formally valued by an independent valuer.
6.
Investments
|
Other investments other than loans |
|
£ |
Cost |
|
At 1 May 2022 and 30 April 2023 |
1,000 |
|
------- |
Impairment |
|
At 1 May 2022 and 30 April 2023 |
1,000 |
|
------- |
|
|
Carrying amount |
|
At 30 April 2023 |
– |
|
------- |
At 30 April 2022 |
– |
|
------- |
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
1,091,088 |
1,284,311 |
Other debtors |
1,065,692 |
839,964 |
|
------------ |
------------ |
|
2,156,780 |
2,124,275 |
|
------------ |
------------ |
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
599,194 |
601,905 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
105,925 |
329,761 |
Trade creditors |
868,545 |
661,068 |
Social security and other taxes |
56,621 |
170,391 |
Other creditors |
1,290,324 |
1,426,007 |
|
------------ |
------------ |
|
2,321,415 |
2,587,227 |
|
------------ |
------------ |
|
|
|
The bank overdrawn balance of £95,926 (2022: £194,760) and the invoice finance balance, which is included within other creditors, of £439,830 (2022 - £726,870), are secured by a charge over the debtor book and a floating charge over the assets of the company.
The bank overdraft facility is further secured by a floating charge from Grant's Ballindalloch Haulage Limited.
Obligations under hire purchase and finance leases of £657,936 (2022 - £483,407) included within other creditors are secured on the assets concerned.
9.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
25,000 |
35,000 |
Other creditors |
1,065,767 |
685,834 |
|
------------ |
--------- |
|
1,090,767 |
720,834 |
|
------------ |
--------- |
|
|
|
Obligations under hire purchase and finance leases of £1,065,767 (2022 - £685,834) shown as other creditors are secured on the assets concerned.
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2022: £5,000) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10.
Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
|
2023 |
2022 |
|
£ |
£ |
Tangible assets |
88,873 |
152,290 |
|
-------- |
--------- |
|
|
|
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
24,900 |
24,900 |
Later than 1 year and not later than 5 years |
99,600 |
99,600 |
Later than 5 years |
148,950 |
161,850 |
|
--------- |
--------- |
|
273,450 |
286,350 |
|
--------- |
--------- |
|
|
|
12.
Summary audit opinion
The auditor's report for the year dated
23 October 2023
was
unqualified
.
The senior statutory auditor was
Deborah Newton
, for and on behalf of
Ritsons
.
13.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2023 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr F Grant |
(
46) |
306 |
(
3,500) |
(
3,240) |
|
|
---- |
---- |
------- |
------- |
|
|
|
|
|
|
|
2022 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr F Grant |
1,341 |
263 |
(
1,650) |
(
46) |
|
|
------- |
---- |
------- |
---- |
|
|
|
|
|
|
14.
Related party transactions
The company was under the control of the directors throughout the current and previous year. Fred Grant is also the director and shareholder of Grant's Ballindalloch Timber Haulage Ltd. Included within other debtors is an amount of £745,768 (2022: £749,156) due from Grant's Ballindalloch Timber Haulage Ltd. The directors have agreed the balance will be repaid over 5 years. The company made sales to Grant's Ballindalloch Timber Haulage Ltd in the year of £158,525 (2022: £149,340) and purchases from Grant's Ballindalloch Timber Haulage Ltd in the year of £94,949 (2022: £1,659).