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COMPANY REGISTRATION NUMBER: 07174933
Tony M Rees Bulk Haulage Limited
Filleted Unaudited Financial Statements
31 March 2023
Tony M Rees Bulk Haulage Limited
Financial Statements
Year ended 31 March 2023
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Tony M Rees Bulk Haulage Limited
Officers and Professional Advisers
The board of directors
Mr T M Rees
Mrs S Rees
Registered office
2 South Place
Porthcawl
United Kingdom
CF36 3DB
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Tony M Rees Bulk Haulage Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
6
639,378
538,348
CURRENT ASSETS
Stocks
7
30,000
30,000
Debtors
8
275,346
184,402
Cash at bank and in hand
477
6,284
---------
---------
305,823
220,686
CREDITORS: amounts falling due within one year
9
474,197
277,692
---------
---------
NET CURRENT LIABILITIES
168,374
57,006
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
471,004
481,342
CREDITORS: amounts falling due after more than one year
10
286,004
337,264
PROVISIONS
Taxation including deferred tax
138,831
103,379
---------
---------
NET ASSETS
46,169
40,699
---------
---------
CAPITAL AND RESERVES
Called up share capital
11
2
2
Profit and loss account
46,167
40,697
--------
--------
SHAREHOLDERS FUNDS
46,169
40,699
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 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 .
Tony M Rees Bulk Haulage Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 20 December 2023 , and are signed on behalf of the board by:
Mr T M Rees
Director
Company registration number: 07174933
Tony M Rees Bulk Haulage Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. GENERAL INFORMATION
Tony M Rees Bulk Haulage Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are that of freight and transport by road.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 March 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements. Afterdate records have been obtained to confirm that the company has continued to trade. The business has received funding support and results have improved since the prior year end.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined benefit plan for the benefit of its employees. A liability for the company’s obligations under the plan is recognised net of plan assets. The net change in the net defined benefit liability is recognised as the cost of the defined benefit plan during the period. Pension plan assets are measured at fair value and the defined benefit obligation is measured on an actuarial basis using the projected unit method.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Stock provisioning The company sells stock items and is subject to consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. Goodwill and intangible fixed assets Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortised and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rendering of services When the outcome of a transaction can be estimated reliably, turnover from haulage is recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. 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 the 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 the rates and allowances that apply to the sale of the asset.
Intangible assets - goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. Provision is made for any impairment.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 Years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% Straight Line
Motor Vehicles
-
15% Straight Line
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
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. Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 10 (2022: 10 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
36,000
--------
Amortisation
At 1 April 2022 and 31 March 2023
36,000
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
--------
6. TANGIBLE ASSETS
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
1,250
1,029,338
1,030,588
Additions
389,093
389,093
Disposals
( 134,929)
( 134,929)
------
-----------
-----------
At 31 March 2023
1,250
1,283,502
1,284,752
------
-----------
-----------
Depreciation
At 1 April 2022
1,250
490,990
492,240
Charge for the year
164,428
164,428
Disposals
( 11,294)
( 11,294)
------
-----------
-----------
At 31 March 2023
1,250
644,124
645,374
------
-----------
-----------
Carrying amount
At 31 March 2023
639,378
639,378
------
-----------
-----------
At 31 March 2022
538,348
538,348
------
-----------
-----------
7. STOCKS
2023
2022
£
£
Raw materials and consumables
30,000
30,000
--------
--------
8. DEBTORS
2023
2022
£
£
Trade debtors
200,040
173,064
Other debtors
75,306
11,338
---------
---------
275,346
184,402
---------
---------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
88,183
34,539
Trade creditors
119,680
20,377
Social security and other taxes
71,003
12,456
Other creditors
195,331
210,320
---------
---------
474,197
277,692
---------
---------
Bank loans and overdrafts are secured by a fixed & floating charge over the company's assets and a personal guarantee. Obligations under finance leases and hire purchase contracts are secured over the assets in which they relate. The total amount of secured liabilities is £501,039 (2022: £534,267).
10. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,000
37,489
Other creditors
261,004
299,775
---------
---------
286,004
337,264
---------
---------
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
At the year end the directors owed the £nil (2022: £4,467) No interest has been incurred in relation to this balance.
13. RELATED PARTY TRANSACTIONS
2023 2022
£ £
Balance due (to)/from key management personnel 14,653
No interest has been incurred in relation to this balance.