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Martin Haulage Limited

Registration number : 09895946



















Annual Report and Unaudited Financial Statements

for the year ended 31 December 2022

 

Martin Haulage Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Martin Haulage Limited

Company Information

Director

Mr Gary Vincent Martin

Registered office

Maghull Business Centre
1 Liverpool Road North
Maghull
Merseyside
L31 2HB

Accountants

McParland Williams Limited
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

 

Martin Haulage Limited

(Registration number: 09895946)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

85,833

104,443

Current assets

 

Debtors

6

28,311

26,407

Cash at bank and in hand

 

7,509

8,774

 

35,820

35,181

Creditors: Amounts falling due within one year

7

(26,483)

(31,685)

Net current assets

 

9,337

3,496

Total assets less current liabilities

 

95,170

107,939

Creditors: Amounts falling due after more than one year

7

(71,588)

(89,485)

Net assets

 

23,582

18,454

Capital and reserves

 

Called up share capital

3

3

Profit and loss account

23,579

18,451

Total equity

 

23,582

18,454

For the financial year ending 31 December 2022 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 19 October 2023
 

.........................................
Mr Gary Vincent Martin
Director

   
     
 

Martin Haulage Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2022

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:
Maghull Business Centre
1 Liverpool Road North
Maghull
Merseyside
L31 2HB

These financial statements were authorised for issue by the director on 19 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.

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:

 

Martin Haulage Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2022

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

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.

Borrowings

 

Martin Haulage Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2022

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 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.

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 the director) during the year, was 2 (2021 - 1).

 

Martin Haulage Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2022

20,000

20,000

At 31 December 2022

20,000

20,000

Amortisation

At 1 January 2022

20,000

20,000

At 31 December 2022

20,000

20,000

Carrying amount

At 31 December 2022

-

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £- (2021 - £-).
 

 

Martin Haulage Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2022

5

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2022

223,535

223,535

Additions

10,000

10,000

At 31 December 2022

233,535

233,535

Depreciation

At 1 January 2022

119,092

119,092

Charge for the year

28,610

28,610

At 31 December 2022

147,702

147,702

Carrying amount

At 31 December 2022

85,833

85,833

At 31 December 2021

104,443

104,443

6

Debtors

Note

2022
£

2021
£

Trade debtors

 

10,426

3,777

Other debtors

 

14,640

22,630

Income tax asset

3,245

-

 

28,311

26,407

 

Martin Haulage Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

9

17,897

30,335

Trade creditors

 

-

1,239

Director's loan account

-

20

Taxation and social security

 

8,323

-

Other creditors

 

263

91

 

26,483

31,685

Due after one year

 

Loans and borrowings

9

71,588

89,485

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

71,588

89,485

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

Ordinary 'A' shares of £1 each

2

2

2

2

 

3

3

3

3

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Hire purchase contracts

71,588

89,485

 

Martin Haulage Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2022

2022
£

2021
£

Current loans and borrowings

Hire purchase contracts

17,897

30,335