Registered number
08741798
P & T Woodruff Haulage Ltd
Filleted Accounts
31 March 2023
P & T Woodruff Haulage Ltd
Registered number: 08741798
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 276,770 374,843
Current assets
Debtors 4 1,447 223
Cash at bank and in hand 42,315 4,835
43,762 5,058
Creditors: amounts falling due within one year 5 (146,026) (114,170)
Net current liabilities (102,264) (109,112)
Total assets less current liabilities 174,506 265,731
Creditors: amounts falling due after more than one year 6 (136,637) (197,654)
Provisions for liabilities (4,850) (16,913)
Net assets 33,019 51,164
Capital and reserves
Called up share capital 1 1
Profit and loss account 33,018 51,163
Shareholder's funds 33,019 51,164
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr T Woodruff
Director
Approved by the board on 16 November 2023
P & T Woodruff Haulage Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicle 20% reducing balance
Fixtures, fittings and equipment 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 252,214 49,814 144,224 446,252
Additions - 1,370 50,000 51,370
Disposals - (3,050) (191,974) (195,024)
At 31 March 2023 252,214 48,134 2,250 302,598
Depreciation
At 1 April 2022 - 18,974 52,435 71,409
Charge for the year - 5,954 186 6,140
On disposals - (610) (51,111) (51,721)
At 31 March 2023 - 24,318 1,510 25,828
Net book value
At 31 March 2023 252,214 23,816 740 276,770
At 31 March 2022 252,214 30,840 91,789 374,843
4 Debtors 2023 2022
£ £
Trade debtors 1,260 -
Other debtors 187 223
1,447 223
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 15,669 15,538
Obligations under finance lease and hire purchase contracts - 21,105
Taxation and social security costs 12,881 3,850
Other creditors 117,476 73,677
146,026 114,170
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 136,637 150,168
Obligations under finance lease and hire purchase contracts - 47,486
136,637 197,654
7 Related party transactions
Included within other creditors is a balance of £113,740 (2022: £67,487) due to the director. The balance is interest free, unsecured and has no set repayment terms.
8 Other information
P & T Woodruff Haulage Ltd is a private company limited by shares and incorporated in England. Its registered office is:
31 Maes Y Siglen
Caerphilly
CF83 2RT
P & T Woodruff Haulage Ltd 08741798 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts April 2022 Mr T Woodruff No description of principal activity 08741798 2021-04-01 2022-03-31 08741798 core:WithinOneYear 2022-03-31 08741798 core:AfterOneYear 2022-03-31 08741798 core:ShareCapital 2022-03-31 08741798 core:RetainedEarningsAccumulatedLosses 2022-03-31 08741798 2022-04-01 2023-03-31 08741798 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08741798 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 08741798 bus:Director40 2022-04-01 2023-03-31 08741798 1 2022-04-01 2023-03-31 08741798 2 2022-04-01 2023-03-31 08741798 core:LandBuildings 2022-04-01 2023-03-31 08741798 core:PlantMachinery 2022-04-01 2023-03-31 08741798 core:Vehicles 2022-04-01 2023-03-31 08741798 countries:England 2022-04-01 2023-03-31 08741798 bus:FRS102 2022-04-01 2023-03-31 08741798 bus:FullAccounts 2022-04-01 2023-03-31 08741798 2023-03-31 08741798 core:WithinOneYear 2023-03-31 08741798 core:AfterOneYear 2023-03-31 08741798 core:ShareCapital 2023-03-31 08741798 core:RetainedEarningsAccumulatedLosses 2023-03-31 08741798 core:LandBuildings 2023-03-31 08741798 core:PlantMachinery 2023-03-31 08741798 core:Vehicles 2023-03-31 08741798 2022-03-31 08741798 core:LandBuildings 2022-03-31 08741798 core:PlantMachinery 2022-03-31 08741798 core:Vehicles 2022-03-31 iso4217:GBP xbrli:pure