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REGISTRAR OF COMPANIES

Registration number: 03712032

Wood Road Haulage Limited

Unaudited Financial Statements

30 April 2023

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Wood Road Haulage Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Wood Road Haulage Limited
for the Year Ended 30 April 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wood Road Haulage Limited for the year ended 30 April 2023 as set out on pages 2 to 10 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Wood Road Haulage Limited, as a body, in accordance with the terms of our engagement letter dated 9 March 2022. Our work has been undertaken solely to prepare for your approval the accounts of Wood Road Haulage Limited and state those matters that we have agreed to state to the Board of Directors of Wood Road Haulage 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 Wood Road Haulage Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wood Road Haulage Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wood Road Haulage Limited. You consider that Wood Road Haulage 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 accounts of Wood Road Haulage 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 accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

30 August 2023

 

Wood Road Haulage Limited

(Registration number: 03712032)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

265,149

486,468

Investment property

5

471,947

471,947

 

737,096

958,415

Current assets

 

Debtors

6

1,055,523

855,643

Cash at bank and in hand

 

324,206

312,675

 

1,379,729

1,168,318

Creditors: Amounts falling due within one year

7

(1,270,839)

(1,138,112)

Net current assets

 

108,890

30,206

Total assets less current liabilities

 

845,986

988,621

Creditors: Amounts falling due after more than one year

7

(114,981)

(284,587)

Provisions for liabilities

(64,139)

(109,886)

Net assets

 

666,866

594,148

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

666,766

594,048

Total equity

 

666,866

594,148

 

Wood Road Haulage Limited

(Registration number: 03712032)
Balance Sheet as at 30 April 2023 (continued)

For the financial year ending 30 April 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 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 Board on 30 August 2023
 

.........................................

P S Wood

Director

 

Wood Road Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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:
Clint Mill
Cornmarket
PENRITH
CA11 7HW

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Wood Road Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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:

Asset class

Depreciation method and rate

Furniture, fittings and office equipment

33% straight line basis/25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the local market prices and similar properties for comparable real estate determined annually by the director. Changes in fair value are recognised in profit or loss.

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 the sale of goods 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.

 

Wood Road Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

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.

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.

 

Wood Road Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 10).

 

Wood Road Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

4

Tangible assets

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 May 2022

670,432

10,287

680,719

Additions

32,000

1,109

33,109

Disposals

(250,306)

(3,541)

(253,847)

At 30 April 2023

452,126

7,855

459,981

Depreciation

At 1 May 2022

186,283

7,968

194,251

Charge for the year

84,211

1,513

85,724

Eliminated on disposal

(81,670)

(3,473)

(85,143)

At 30 April 2023

188,824

6,008

194,832

Carrying amount

At 30 April 2023

263,302

1,847

265,149

At 30 April 2022

484,149

2,319

486,468

5

Investment properties

£

At 1 May 2022

471,947

At 30 April 2023

471,947

There has been no valuation of investment property by an independent valuer. The value was determined by the director.

6

Debtors

2023
£

2022
£

Trade debtors

522,226

487,610

Other debtors

533,297

368,033

1,055,523

855,643

 

Wood Road Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

717,054

781,898

Trade creditors

 

282,289

192,792

Taxation and social security

 

33,763

39,019

Corporation tax liability

 

101,400

16,925

Other creditors

 

136,333

107,478

 

1,270,839

1,138,112

Due after one year

 

Loans and borrowings

8

114,981

284,587

 

Wood Road Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,927

21,195

Other borrowings

628,059

631,449

Obligations under hire purchase contracts

78,068

129,254

717,054

781,898

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

10,927

21,195

Obligations under hire purchase contracts

78,068

129,254

88,995

150,449

Bank borrowings are secured by fixed and floating charges over the company's assets.

Obligations under hire purchase contracts are secured on the assets to which they relate.

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,594

32,174

Obligations under hire purchase contracts

93,387

252,413

114,981

284,587

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

21,594

32,174

Obligations under hire purchase contracts

93,387

252,413

114,981

284,587

Bank borrowings are secured by fixed and floating charges over the company's assets.

Obligations under hire purchase contracts are secured on the assets to which they relate.