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Registration number: 4637859

D & P Haulage Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

D & P Haulage Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

D & P Haulage Limited

Company Information

Directors

P G Charlton

D R Charlton

Registered office

Tower House Lane
Saltend
Hull
East Yorkshire
HU12 8EE

 

D & P Haulage Limited

(Registration number: 4637859)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

10,000

Tangible assets

5

2,700,397

2,265,083

Investment property

6

60,844

60,844

 

2,761,241

2,335,927

Current assets

 

Stocks

7

60,729

65,767

Debtors

8

2,034,062

2,268,678

Cash at bank and in hand

 

900

800

 

2,095,691

2,335,245

Creditors: Amounts falling due within one year

9

(2,386,580)

(2,228,131)

Net current (liabilities)/assets

 

(290,889)

107,114

Total assets less current liabilities

 

2,470,352

2,443,041

Creditors: Amounts falling due after more than one year

9

(837,549)

(639,707)

Provisions for liabilities

(385,010)

(296,119)

Net assets

 

1,247,793

1,507,215

Capital and reserves

 

Called up share capital

10

10

Retained earnings

1,247,783

1,507,205

Shareholders' funds

 

1,247,793

1,507,215

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their 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 Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 November 2023 and signed on its behalf by:
 

.........................................
P G Charlton
Director

 

D & P Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 4637859.

The address of its registered office is:
Tower House Lane
Saltend
Hull
East Yorkshire
HU12 8EE
England

These financial statements were authorised for issue by the Board on 7 November 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of haulage 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.

Haulage revenue and pallet sales are recognised when the services have been provided to the customer.

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.

 

D & P Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and machinery

15% reducing balance

Equipment, fixtures and fittings

15% reducing balance

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit and loss.

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 the directors estimate to be 20 years. This policy is considered appropriate as the acquired business has demonstrated substantial growth in turnover and profitability sufficient for a useful life of 20 years to be assumed. In addition, the goodwill is considered to be capable of continued measurement so that annual impairment reviews are feasible.

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 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and all 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.

 

D & P Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Trade debtors

Trade debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.

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.

Borrowings

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.

 

D & P Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 86 (2022 - 83).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

200,000

200,000

At 31 July 2023

200,000

200,000

Amortisation

At 1 August 2022

190,000

190,000

Amortisation charge

10,000

10,000

At 31 July 2023

200,000

200,000

Carrying amount

At 31 July 2023

-

-

At 31 July 2022

10,000

10,000

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

224,372

6,171,112

6,395,484

Additions

14,157

1,190,364

1,204,521

Disposals

-

(987,958)

(987,958)

At 31 July 2023

238,529

6,373,518

6,612,047

Depreciation

At 1 August 2022

146,856

3,983,545

4,130,401

Charge for the year

13,341

633,955

647,296

Eliminated on disposal

-

(866,047)

(866,047)

At 31 July 2023

160,197

3,751,453

3,911,650

Carrying amount

At 31 July 2023

78,332

2,622,065

2,700,397

At 31 July 2022

77,515

2,187,568

2,265,083

 

D & P Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Investment properties

2023
£

At 1 August

60,844

At 31 July

60,844

The investment property was subject to valuation by the directors who are not professionally qualified valuers. The methods and significant assumptions used to ascertain the fair value of £60,844 are as follows: the property was valued at a similar value by the company's bankers in August 2014, and the directors do not consider that there has been any significant change in fair value since that date.

7

Stocks

2023
£

2022
£

Other inventories

60,729

65,767

8

Debtors

2023
£

2022
£

Trade debtors

1,713,640

1,945,046

Other debtors

284,474

296,312

Prepayments and accrued income

35,948

27,320

Total current trade and other debtors

2,034,062

2,268,678

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

745,957

529,457

Trade creditors

 

656,238

782,936

Taxation and social security

 

230,306

291,331

Other creditors

 

13,099

7,428

Accruals and deferred income

 

23,856

20,710

Obligations under hire purchase and finance lease

10

717,124

596,269

 

2,386,580

2,228,131

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Obligations under hire purchase and finance lease

10

837,549

639,707

 

D & P Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

10

Loans and borrowings

2023
£

2022
£

Current secured loans and borrowings

Bank borrowings

745,957

529,457

Hire purchase contracts

717,124

596,269

1,463,081

1,125,726

2023
£

2022
£

Non-current secured loans and borrowings

Hire purchase contracts

837,549

639,707

The bank borrowings are secured against the assets of the entity .Hire purchase obligations are secured against the assets to which they relate.

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £15,000 (2022 - £15,000).

12

Related party transactions

Transactions with Directors

2023

At 1 August 2022
£

Advances to Director
£

Repayments by Director
£

At 31 July 2023
£

P G Charlton

Unsecured interest free loan repayable on demand

133,197

122,039

(133,500)

121,736

         
       

D R Charlton

Unsecured interest free loan repayable on demand

107,116

123,144

(133,500)

96,760

         
       

 

Other transactions with Directors

At the year end, the amount due by the Directors to the Company was £218,496 (2022: £240,312). The amount is unsecured, interest-free and repayable on demand.

Summary of transactions with other related parties

DDP (Hull) Limited (a company controlled by D R Charlton and P G Charlton).
 At the year end, D&P Haulage Limited was owed a balance by DDP (Hull) Limited of £56,000 (2022: £56,000) in respect of a loan.