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Company registration number:
01588928
Highway Recovery Limited
Unaudited Filleted Financial Statements for the year ended
30 September 2023
Highway Recovery Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Highway Recovery Limited
Year ended
30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
Highway Recovery Limited
for the year ended
30 September 2023
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Highway Recovery Limited
, as a body. Our work has been undertaken solely to prepare for your approval the
financial statements
of
Highway Recovery Limited
and state those matters that we have agreed to state to the Board of Directors of
Highway Recovery Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Highway Recovery Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Highway Recovery Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Highway Recovery Limited
. You consider that
Highway Recovery Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Highway Recovery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Walters Hawson Limited
Norham House
Mountenoy Road
Rotherham
South Yorkshire
S60 2AJ
United Kingdom
Date:
13 November 2023
Highway Recovery Limited
Statement of Financial Position
30 September 2023
20232022
Note££
Fixed assets    
Tangible assets 5
1,767,258
 
1,653,699
 
Current assets    
Stocks
7,400
 
7,400
 
Debtors 6
247,597
 
195,572
 
Cash at bank and in hand
719,260
 
443,418
 
974,257
 
646,390
 
Creditors: amounts falling due within one year 7
(540,209
)
(404,762
)
Net current assets
434,048
 
241,628
 
Total assets less current liabilities 2,201,306   1,895,327  
Creditors: amounts falling due after more than one year 8
(298,567
)
(194,402
)
Provisions for liabilities
(301,000
)
(206,000
)
Net assets
1,601,739
 
1,494,925
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
1,601,639
 
1,494,825
 
Shareholders funds
1,601,739
 
1,494,925
 
For the year ending
30 September 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
13 November 2023
, and are signed on behalf of the board by:
M Carnevale
Director
Company registration number:
01588928
Highway Recovery Limited
Notes to the Financial Statements
Year ended
30 September 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Norham House Mountenoy Road
,
Moorgate
,
Rotherham
,
South Yorkshire
,
S60 2AJ
.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered and goods supplied, 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Freehold property - 2% straight line
Plant and machinery
20% straight line
Motor vehicles
25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Finance leases and hire purchase contracts

Assets held under finance leases 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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

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 pension plan

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.

4 Average number of employees

The average number of persons employed by the company during the year was
28
(2022:
26.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 October 2022
718,053
 
2,247,512
 
2,965,565
 
Additions -  
261,584
 
261,584
 
Disposals -  
(237,056
)
(237,056
)
At
30 September 2023
718,053
 
2,272,040
 
2,990,093
 
Depreciation      
At
1 October 2022
87,543
 
1,224,323
 
1,311,866
 
Charge
5,200
 
142,824
 
148,024
 
Disposals -  
(237,055
)
(237,055
)
At
30 September 2023
92,743
 
1,130,092
 
1,222,835
 
Carrying amount      
At
30 September 2023
625,310
 
1,141,948
 
1,767,258
 
At 30 September 2022
630,510
 
1,023,189
 
1,653,699
 

6 Debtors

20232022
££
Trade debtors
233,107
 
183,395
 
Other debtors
14,490
 
12,177
 
247,597
 
195,572
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
19,500
 
21,000
 
Trade creditors
52,713
 
45,757
 
Taxation and social security
124,660
 
37,038
 
Other creditors
343,336
 
300,967
 
540,209
 
404,762
 
The bank loan is secured on company assets. Included in other creditors are hire purchase liabilities totalling £95620, (2022 £84928).

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
130,295
 
148,710
 
Other creditors
168,272
 
45,692
 
298,567
 
194,402
 
The bank loan is secured on company assets. Included in other creditors are hire purchase liabilities totalling £168272, (2022 £45692).
Included within creditors: amounts falling due after more than one year is an amount of £52000 (2022 £65000 ) in respect of liabilities repayable by instalments which fall due for payment after more than five years from the reporting date.
Creditors due after more than 5 years comprise a normal term mortgage at a commercial rate.

9 Directors' advances, credit and guarantees

During the year Mark Carnevale entered into advances and credits with the company. Respectively, the balance brought forward, the advances/(credits) made, the amounts repaid and balance carried forward were £1000, £19285, (£19000), £1285 (2022 £0, £20000, (£19000), £1000). Interest is charged on the overdrawn balance.

10 Controlling party

The company is controlled by Mr T J Carnevale