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Company registration number: 08935043
J S Lowrie Haulage Limited
Unaudited filleted financial statements
31 March 2023
J S Lowrie Haulage Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
J S Lowrie Haulage Limited
Directors and other information
Director Mr J S Lowrie
Company number 08935043
Registered office Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Business address 4 St Andrews Road
Rochford
Essex
SS4 1NP
Accountant Andrew Murphy Chartered Accountants
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
J S Lowrie Haulage Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 7 719,354 592,652
_______ _______
719,354 592,652
Current assets
Debtors 8 531,837 504,074
Cash at bank and in hand 1,566,136 1,361,480
_______ _______
2,097,973 1,865,554
Creditors: amounts falling due
within one year 9 ( 831,993) ( 738,042)
_______ _______
Net current assets 1,265,980 1,127,512
_______ _______
Total assets less current liabilities 1,985,334 1,720,164
Creditors: amounts falling due
after more than one year 10 ( 245,912) ( 196,568)
Provisions for liabilities 11 ( 136,677) ( 112,604)
_______ _______
Net assets 1,602,745 1,410,992
_______ _______
Capital and reserves
Called up share capital 13 1 1
Profit and loss account 1,602,744 1,410,991
_______ _______
Shareholders funds 1,602,745 1,410,992
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 November 2023 , and are signed on behalf of the board by:
Mr J S Lowrie
Director
Company registration number: 08935043
J S Lowrie Haulage Limited
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2021 1 1,326,323 1,326,324
Profit for the year 125,668 125,668
_______ _______ _______
Total comprehensive income for the year - 125,668 125,668
Dividends paid and payable ( 41,000) ( 41,000)
_______ _______ _______
Total investments by and distributions to owners - ( 41,000) ( 41,000)
_______ _______ _______
At 31 March 2022 and 1 April 2022 1 1,410,991 1,410,992
Profit for the year 232,753 232,753
_______ _______ _______
Total comprehensive income for the year - 232,753 232,753
Dividends paid and payable ( 41,000) ( 41,000)
_______ _______ _______
Total investments by and distributions to owners - ( 41,000) ( 41,000)
_______ _______ _______
At 31 March 2023 1 1,602,744 1,602,745
_______ _______ _______
J S Lowrie Haulage Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Sovereign House, 82 West Street, Rochford, Essex, SS4 1AS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 in finance costs in profit or loss in the period it arises.
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 in finance costs 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 16 (2022: 14 ).
5. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 4,720 13,419
_______ _______
Deferred tax:
Origination and reversal of timing differences 24,073 112,604
_______ _______
Tax on profit 28,793 126,023
_______ _______
6. Dividends
Equity dividends
2023 2022
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 41,000 41,000
_______ _______
7. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2022 2,310 1,231,038 1,233,348
Additions - 366,684 366,684
_______ _______ _______
At 31 March 2023 2,310 1,597,722 1,600,032
_______ _______ _______
Depreciation
At 1 April 2022 578 640,118 640,696
Charge for the year 578 239,404 239,982
_______ _______ _______
At 31 March 2023 1,156 879,522 880,678
_______ _______ _______
Carrying amount
At 31 March 2023 1,154 718,200 719,354
_______ _______ _______
At 31 March 2022 1,732 590,920 592,652
_______ _______ _______
8. Debtors
2023 2022
£ £
Trade debtors 512,835 494,074
Other debtors 19,002 10,000
_______ _______
531,837 504,074
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 89,408 103,509
Corporation tax 4,720 13,419
Social security and other taxes 155,863 112,306
Other creditors 582,002 508,808
_______ _______
831,993 738,042
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 245,912 196,568
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 April 2022 112,604 112,604
Additions 24,073 24,073
_______ _______
At 31 March 2023 136,677 136,677
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 11) 136,677 112,604
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 136,677 112,604
_______ _______
13. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
14. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr J S Lowrie ( 391,487) ( 42,040) 144,716 ( 288,811)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr J S Lowrie ( 430,632) ( 55,695) 94,840 ( 391,487)
_______ _______ _______ _______
15. Controlling party
John Lowrie is the controlling party.