Silverfin false 31/03/2023 01/04/2022 31/03/2023 P A King R C W King S R King S J Smith 02/07/2019 20 November 2023 The principal activity of the company during the period was that of a haulage company. 01312576 2023-03-31 01312576 bus:Director4 2023-03-31 01312576 2022-03-31 01312576 core:CurrentFinancialInstruments 2023-03-31 01312576 core:CurrentFinancialInstruments 2022-03-31 01312576 core:Non-currentFinancialInstruments 2023-03-31 01312576 core:Non-currentFinancialInstruments 2022-03-31 01312576 core:ShareCapital 2023-03-31 01312576 core:ShareCapital 2022-03-31 01312576 core:RetainedEarningsAccumulatedLosses 2023-03-31 01312576 core:RetainedEarningsAccumulatedLosses 2022-03-31 01312576 core:LandBuildings 2022-03-31 01312576 core:PlantMachinery 2022-03-31 01312576 core:Vehicles 2022-03-31 01312576 core:LandBuildings 2023-03-31 01312576 core:PlantMachinery 2023-03-31 01312576 core:Vehicles 2023-03-31 01312576 core:CostValuation 2022-03-31 01312576 core:AdditionsToInvestments 2023-03-31 01312576 core:DisposalsDecreaseInInvestments 2023-03-31 01312576 core:CostValuation 2023-03-31 01312576 bus:OrdinaryShareClass1 2023-03-31 01312576 bus:OrdinaryShareClass2 2023-03-31 01312576 bus:OrdinaryShareClass3 2023-03-31 01312576 bus:OrdinaryShareClass4 2023-03-31 01312576 core:WithinOneYear 2023-03-31 01312576 core:WithinOneYear 2022-03-31 01312576 core:BetweenOneFiveYears 2023-03-31 01312576 core:BetweenOneFiveYears 2022-03-31 01312576 2022-04-01 2023-03-31 01312576 bus:FullAccounts 2022-04-01 2023-03-31 01312576 bus:SmallEntities 2022-04-01 2023-03-31 01312576 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 01312576 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 01312576 bus:Director1 2022-04-01 2023-03-31 01312576 bus:Director2 2022-04-01 2023-03-31 01312576 bus:Director3 2022-04-01 2023-03-31 01312576 bus:Director4 2022-04-01 2023-03-31 01312576 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 01312576 core:PlantMachinery core:BottomRangeValue 2022-04-01 2023-03-31 01312576 core:PlantMachinery core:TopRangeValue 2022-04-01 2023-03-31 01312576 core:Vehicles core:BottomRangeValue 2022-04-01 2023-03-31 01312576 core:Vehicles core:TopRangeValue 2022-04-01 2023-03-31 01312576 2021-04-01 2022-03-31 01312576 core:LandBuildings 2022-04-01 2023-03-31 01312576 core:PlantMachinery 2022-04-01 2023-03-31 01312576 core:Vehicles 2022-04-01 2023-03-31 01312576 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 01312576 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 01312576 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 01312576 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 01312576 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 01312576 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 01312576 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 01312576 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 01312576 bus:OrdinaryShareClass4 2022-04-01 2023-03-31 01312576 bus:OrdinaryShareClass4 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01312576 (England and Wales)

KINGS HEAVY HAULAGE (BRISTOL) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

KINGS HEAVY HAULAGE (BRISTOL) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

KINGS HEAVY HAULAGE (BRISTOL) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
KINGS HEAVY HAULAGE (BRISTOL) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,768,776 5,410,143
2,768,776 5,410,143
Current assets
Stocks 59,628 78,217
Debtors 5 1,446,464 1,424,436
Cash at bank and in hand 386,637 833,951
1,892,729 2,336,604
Creditors: amounts falling due within one year 6 ( 1,219,030) ( 1,863,344)
Net current assets 673,699 473,260
Total assets less current liabilities 3,442,475 5,883,403
Creditors: amounts falling due after more than one year 7 ( 63,179) ( 319,468)
Provision for liabilities ( 1,048,311) ( 999,589)
Net assets 2,330,985 4,564,346
Capital and reserves
Called-up share capital 8 20,000 20,000
Profit and loss account 2,310,985 4,544,346
Total shareholders' funds 2,330,985 4,564,346

For the financial 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.

Directors' responsibilities:

The financial statements of Kings Heavy Haulage (Bristol) Limited (registered number: 01312576) were approved and authorised for issue by the Director on 20 November 2023. They were signed on its behalf by:

S R King
Director
KINGS HEAVY HAULAGE (BRISTOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
KINGS HEAVY HAULAGE (BRISTOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kings Heavy Haulage (Bristol) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Kings Heavy Haulage (Bristol) Ltd, 1 Moorend Farm Avenue, Bristol, BS11 0FR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight line basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 2 - 15 years straight line
Vehicles 5 - 15 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 41 41

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2022 2,613,256 277,871 5,439,885 8,331,012
Additions 86,333 51,726 428,675 566,734
Disposals ( 2,699,589) 0 ( 281,067) ( 2,980,656)
At 31 March 2023 0 329,597 5,587,493 5,917,090
Accumulated depreciation
At 01 April 2022 0 195,400 2,725,469 2,920,869
Charge for the financial year 0 18,707 469,355 488,062
Disposals 0 0 ( 260,617) ( 260,617)
At 31 March 2023 0 214,107 2,934,207 3,148,314
Net book value
At 31 March 2023 0 115,490 2,653,286 2,768,776
At 31 March 2022 2,613,256 82,471 2,714,416 5,410,143

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 April 2022 0
Additions 2,604,622
Disposals ( 2,604,622)
At 31 March 2023 0
Carrying value at 31 March 2023 0
Carrying value at 31 March 2022 0

Land and buildings equivalent to NBV were transferred to the company's subsidiary, Cabot Park Property Ltd, on 30 March 2023. On the same date, the investment in Cabot Park Property Ltd was disposed of to KHHB Holdings Ltd by way of a distribution-in-specie of the shares.

5. Debtors

2023 2022
£ £
Trade debtors 1,090,568 1,035,881
Prepayments and accrued income 351,798 233,436
Other debtors 4,098 155,119
1,446,464 1,424,436

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 412,981 392,181
Amounts owed to directors 87,872 472,192
Accruals 78,176 68,649
Taxation and social security 347,027 264,360
Obligations under finance leases and hire purchase contracts (secured) 259,816 375,458
Other creditors 33,158 290,504
1,219,030 1,863,344

Hire purchase liabilities of £259,816 (2022 - £375,458) are secured against the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 63,179 319,468

Hire purchase liabilities of £63,179 (2022 - £319,468) are secured against the assets to which they relate.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100,010 A Ordinary shares of £ 0.10 each (2022: 10,001 shares of £ 1.00 each) 10,001 10,001
10,000 B Ordinary shares of £ 0.10 each (2022: 1,000 shares of £ 1.00 each) 1,000 1,000
59,990 C Ordinary shares of £ 0.10 each (2022: 5,999 shares of £ 1.00 each) 5,999 5,999
30,000 D Ordinary shares of £ 0.10 each (2022: 3,000 shares of £ 1.00 each) 3,000 3,000
20,000 20,000

During the year, the shares were subdivided from £1.00 shares to £0.10 shares.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 152,843 265,554
between one and five years 109,824 0
262,667 265,554

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Key management personnel 87,872 472,192

These amounts are interest free and have no fixed date for repayment.

During the year, the directors received dividends of £313,595 (2022: £669,257).