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REGISTERED NUMBER: SC189021 (Scotland)















Strategic Report, Report of the Director and

Audited Financial Statements for the Year Ended 30 September 2023

for

H & R Gray Haulage Limited

H & R Gray Haulage Limited (Registered number: SC189021)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Strategic Report 1

Report of the Director 2

Report of the Independent Auditors 3

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 12


H & R Gray Haulage Limited (Registered number: SC189021)

Strategic Report
for the Year Ended 30 September 2023

The director presents his strategic report for the year ended 30 September 2023.

REVIEW OF BUSINESS
The director is pleased to report a successful year for the company.

The company has generated £13,871,185 (2022: £13,618,816) of turnover due to excellent services provided. The company has generated £297,127 (2022: £652,484) of profits before tax to give satisfactory results.

At the year end the company had shareholders funds of £1,604,133 (2022: £1,397,376) including distributable funds of £1,464,033 (2022: £1,257,276). The director therefore believes the company's position to be satisfactory.

The director believes that there is a strong foundation to build the business further and improve on the current year's results.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have assessed the main risks facing the company as being increased competition from other national companies. These companies are able to sell similar services to those offered by the company at competitive prices, which could lead to decreasing margins. The directors believe that the quality of our service will help mitigate these risks and hope to see satisfactory trading results in the coming year.

ON BEHALF OF THE BOARD:





Mr R A Gray - Director


29 January 2024

H & R Gray Haulage Limited (Registered number: SC189021)

Report of the Director
for the Year Ended 30 September 2023

The director presents his report with the financial statements of the company for the year ended 30 September 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of haulage contractors

DIVIDENDS
The total distribution of dividends for the year will be £57,000.

DIRECTOR
Mr R A Gray held office during the whole of the period from 1 October 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr R A Gray - Director


29 January 2024

Report of the Independent Auditors to the Members of
H & R Gray Haulage Limited

Opinion
We have audited the financial statements of H & R Gray Haulage Limited (the 'company') for the year ended 30 September 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
H & R Gray Haulage Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
H & R Gray Haulage Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Greig Brown (Senior Statutory Auditor)
for and on behalf of Drummond Laurie CA
Statutory Auditor
Unit 5
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

31 January 2024

H & R Gray Haulage Limited (Registered number: SC189021)

Statement of Comprehensive Income
for the Year Ended 30 September 2023

30.9.23 30.9.22
Notes £    £   

TURNOVER 13,871,185 13,618,816

Cost of sales (12,101,431 ) (11,576,622 )
GROSS PROFIT 1,769,754 2,042,194

Administrative expenses (1,036,600 ) (1,104,684 )
OPERATING PROFIT 4 733,154 937,510

Interest receivable and similar income 600 -
733,754 937,510

Interest payable and similar expenses 5 (436,627 ) (285,026 )
PROFIT BEFORE TAXATION 297,127 652,484

Tax on profit 6 (33,370 ) (52,086 )
PROFIT FOR THE FINANCIAL YEAR 263,757 600,398

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

263,757

600,398

H & R Gray Haulage Limited (Registered number: SC189021)

Balance Sheet
30 September 2023

30.9.23 30.9.22
Notes £    £   
FIXED ASSETS
Tangible assets 8 7,488,008 3,805,386
Investments 9 48,045 34,155
7,536,053 3,839,541

CURRENT ASSETS
Stocks 10 219,119 192,323
Debtors 11 3,089,188 2,711,961
Cash at bank and in hand 173,605 728,089
3,481,912 3,632,373
CREDITORS
Amounts falling due within one year 12 (4,580,815 ) (3,793,906 )
NET CURRENT LIABILITIES (1,098,903 ) (161,533 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,437,150

3,678,008

CREDITORS
Amounts falling due after more than one
year

13

(4,398,079

)

(1,879,064

)

PROVISIONS FOR LIABILITIES 17 (434,938 ) (401,568 )
NET ASSETS 1,604,133 1,397,376

CAPITAL AND RESERVES
Called up share capital 18 140,100 140,100
Retained earnings 19 1,464,033 1,257,276
SHAREHOLDERS' FUNDS 1,604,133 1,397,376

The financial statements were approved by the director and authorised for issue on 29 January 2024 and were signed by:





Mr R A Gray - Director


H & R Gray Haulage Limited (Registered number: SC189021)

Statement of Changes in Equity
for the Year Ended 30 September 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2021 140,100 714,878 854,978

Changes in equity
Dividends - (58,000 ) (58,000 )
Total comprehensive income - 600,398 600,398
Balance at 30 September 2022 140,100 1,257,276 1,397,376

Changes in equity
Dividends - (57,000 ) (57,000 )
Total comprehensive income - 263,757 263,757
Balance at 30 September 2023 140,100 1,464,033 1,604,133

H & R Gray Haulage Limited (Registered number: SC189021)

Cash Flow Statement
for the Year Ended 30 September 2023

30.9.23 30.9.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,283,317 1,703,261
Interest paid (201,158 ) (179,967 )
Interest element of hire purchase payments
paid

(235,469

)

(105,059

)
Tax paid - 158,273
Net cash from operating activities 846,690 1,576,508

Cash flows from investing activities
Purchase of tangible fixed assets (282,468 ) (250,466 )
Purchase of fixed asset investments (13,890 ) -
Sale of tangible fixed assets 326,443 118,551
Interest received 600 -
Net cash from investing activities 30,685 (131,915 )

Cash flows from financing activities
Loan repayments in year (65,150 ) (101,935 )
Capital repayments in year (1,309,709 ) (669,159 )
Amount withdrawn by directors - (48,000 )
Equity dividends paid (57,000 ) (58,000 )
Net cash from financing activities (1,431,859 ) (877,094 )

(Decrease)/increase in cash and cash equivalents (554,484 ) 567,499
Cash and cash equivalents at beginning of
year

2

728,089

160,590

Cash and cash equivalents at end of year 2 173,605 728,089

H & R Gray Haulage Limited (Registered number: SC189021)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.9.23 30.9.22
£    £   
Profit before taxation 297,127 652,484
Depreciation charges 1,053,876 739,791
Profit on disposal of fixed assets (133,944 ) (33,506 )
Finance costs 436,627 285,026
Finance income (600 ) -
1,653,086 1,643,795
Increase in stocks (26,796 ) (16,642 )
Increase in trade and other debtors (383,179 ) (251,754 )
Increase in trade and other creditors 40,206 327,862
Cash generated from operations 1,283,317 1,703,261

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 173,605 728,089
Year ended 30 September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 728,089 160,590


H & R Gray Haulage Limited (Registered number: SC189021)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2023

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.10.22 Cash flow changes At 30.9.23
£    £    £    £   
Net cash
Cash at bank
and in hand 728,089 (554,484 ) 173,605
728,089 (554,484 ) 173,605
Debt
Finance leases (2,151,259 ) 1,309,709 (4,646,530 ) (5,488,080 )
Debts falling due
within 1 year (57,103 ) (3,694 ) - (60,797 )
Debts falling due
after 1 year (413,638 ) 68,844 - (344,794 )
(2,622,000 ) 1,374,859 (4,646,530 ) (5,893,671 )
Total (1,893,911 ) 820,375 (4,646,530 ) (5,720,066 )

H & R Gray Haulage Limited (Registered number: SC189021)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

H & R Gray Haulage Limited is a private limited company, limited by shares, domiciled in Scotland, registration number SC189021. The registered office is Unit 4A-D Bandeath Industrial Estate, Throsk, Stirling, FK7 7NP.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services in respect of haulage work, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold-5% straight line
Plant and machinery-20% straight line
Motor vehicles-10-33% straight line
Computer equipment-25% straight line

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors review the residual value of all tangible fixed assets using their knowledge of the industry and depreciate the assets to these residual values.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

H & R Gray Haulage Limited (Registered number: SC189021)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS
30.9.23 30.9.22
£    £   
Wages and salaries 4,216,099 3,742,633
Social security costs 429,707 413,819
Other pension costs 127,623 88,317
4,773,429 4,244,769

The average number of employees during the year was as follows:
30.9.23 30.9.22

Employees 99 98

30.9.23 30.9.22
£    £   
Director's remuneration 20,000 13,400
Director's pension contributions to money purchase schemes 36,600 402

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

H & R Gray Haulage Limited (Registered number: SC189021)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.23 30.9.22
£    £   
Depreciation - owned assets 229,802 211,520
Depreciation - assets on hire purchase contracts 824,075 528,271
Profit on disposal of fixed assets (133,944 ) (33,506 )
Auditors' remuneration 9,000 9,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.23 30.9.22
£    £   
Bank interest 2,720 2,277
Bank loan interest 35,180 85,309
Other interest 163,258 92,381
Hire purchase 235,469 105,059
436,627 285,026

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.23 30.9.22
£    £   
Current tax:
Over provision in prior year - (145,553 )

Deferred tax 33,370 197,639
Tax on profit 33,370 52,086

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.23 30.9.22
£    £   
Profit before tax 297,127 652,484
Profit multiplied by the standard rate of corporation tax in the UK of 22%
(2022 - 19%)

65,368

123,972

Effects of:
Expenses not deductible for tax purposes 4,425 1,140
Income not taxable for tax purposes (29,468 ) (6,366 )
Capital allowances in excess of depreciation (838,961 ) (123,663 )
Utilisation of tax losses - 4,917
Adjustments to tax charge in respect of previous periods - (145,553 )
Deferred tax movement 33,370 197,639
Losses carried forward 798,636 -
Total tax charge 33,370 52,086

H & R Gray Haulage Limited (Registered number: SC189021)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

7. DIVIDENDS
30.9.23 30.9.22
£    £   
Ordinary A shares of £1 each
Final 57,000 58,000

8. TANGIBLE FIXED ASSETS
Long Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2022 1,179,990 704,540 4,422,155 99,987 6,406,672
Additions 139,076 127,622 4,626,757 35,543 4,928,998
Disposals - (84,705 ) (647,873 ) - (732,578 )
At 30 September 2023 1,319,066 747,457 8,401,039 135,530 10,603,092
DEPRECIATION
At 1 October 2022 311,483 486,223 1,757,586 45,994 2,601,286
Charge for year 60,444 74,234 898,401 20,798 1,053,877
Eliminated on disposal - (64,176 ) (475,903 ) - (540,079 )
At 30 September 2023 371,927 496,281 2,180,084 66,792 3,115,084
NET BOOK VALUE
At 30 September 2023 947,139 251,176 6,220,955 68,738 7,488,008
At 30 September 2022 868,507 218,317 2,664,569 53,993 3,805,386

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 October 2022 155,834 3,407,875 3,563,709
Additions 88,270 4,558,260 4,646,530
Disposals - (295,963 ) (295,963 )
Transfer to ownership (18,500 ) (149,521 ) (168,021 )
At 30 September 2023 225,604 7,520,651 7,746,255
DEPRECIATION
At 1 October 2022 81,456 1,026,652 1,108,108
Charge for year 39,470 784,605 824,075
Eliminated on disposal - (189,766 ) (189,766 )
Transfer to ownership (18,192 ) (107,279 ) (125,471 )
At 30 September 2023 102,734 1,514,212 1,616,946
NET BOOK VALUE
At 30 September 2023 122,870 6,006,439 6,129,309
At 30 September 2022 74,378 2,381,223 2,455,601

H & R Gray Haulage Limited (Registered number: SC189021)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

9. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 October 2022 34,155
Additions 13,890
At 30 September 2023 48,045
NET BOOK VALUE
At 30 September 2023 48,045
At 30 September 2022 34,155

10. STOCKS
30.9.23 30.9.22
£    £   
Stocks 219,119 192,323

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 2,520,180 2,539,024
Amounts owed by related parties 375,086 38,468
Other debtors 5,834 5,834
Prepayments and accrued income 188,088 128,635
3,089,188 2,711,961

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans and overdrafts (see note 14) 60,797 57,103
Hire purchase contracts (see note 15) 1,434,795 685,833
Trade creditors 714,003 696,799
Amounts owed to related parties - 5,953
Social security and other taxes 170,975 102,583
VAT 202,223 205,254
Other creditors 164,664 39,225
Invoice discounting account 1,821,603 1,810,214
Directors' current accounts 509 509
Accruals and deferred income 11,246 190,433
4,580,815 3,793,906

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.23 30.9.22
£    £   
Bank loans (see note 14) 344,794 413,638
Hire purchase contracts (see note 15) 4,053,285 1,465,426
4,398,079 1,879,064

H & R Gray Haulage Limited (Registered number: SC189021)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

14. LOANS

An analysis of the maturity of loans is given below:

30.9.23 30.9.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 60,797 57,103

Amounts falling due between one and two years:
Bank loans - 1-2 years 44,378 60,797

Amounts falling due between two and five years:
Bank loans - 2-5 years 17,854 55,680

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 282,562 297,161

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.9.23 30.9.22
£    £   
Net obligations repayable:
Within one year 1,434,795 685,833
Between one and five years 4,053,285 1,465,426
5,488,080 2,151,259

Non-cancellable operating leases
30.9.23 30.9.22
£    £   
Within one year 152,647 204,248
Between one and five years 319,632 456,917
In more than five years 6,401 21,763
478,680 682,928

H & R Gray Haulage Limited (Registered number: SC189021)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

16. SECURED DEBTS

The following secured debts are included within creditors:

30.9.23 30.9.22
£    £   
Bank loans 405,591 470,741
Hire purchase contracts 5,488,080 2,151,259
Invoice discounting account 1,821,603 1,810,214
7,715,274 4,432,214

Cambridge & Counties Bank Limited have a standard security and floating charge over the assets of the company. They also hold a security over the assets of the family farm Messrs H&R Gray.

HSBC also hold a floating charge over the assets of the company.

Hire purchase contracts are secured on the assets to which they relate.

17. PROVISIONS FOR LIABILITIES
30.9.23 30.9.22
£    £   
Deferred tax 434,938 401,568

Deferred
tax
£   
Balance at 1 October 2022 401,568
Provided during year 33,370
Balance at 30 September 2023 434,938

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.23 30.9.22
value: £    £   
126,090 Ordinary A £1 126,090 126,090
7,005 Ordinary B £1 7,005 7,005
7,005 Ordinary C £1 7,005 7,005
140,100 140,100

19. RESERVES
Retained
earnings
£   

At 1 October 2022 1,257,276
Profit for the year 263,757
Dividends (57,000 )
At 30 September 2023 1,464,033

H & R Gray Haulage Limited (Registered number: SC189021)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

20. RELATED PARTY DISCLOSURES

Other related parties
30.9.23 30.9.22
£    £   
Sales 112,755 135,682
Purchases 37,425 14,662
Amount due from related party 375,086 38,468
Amount due to related party - 5,953

21. ULTIMATE CONTROLLING PARTY

The controlling party is Mr R A Gray.