REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Audited Financial Statements for the Year Ended 30 September 2023 |
for |
H & R Gray Haulage Limited |
REGISTERED NUMBER: |
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: |
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 |
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: |
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. |
for and on behalf of |
Statutory Auditor |
Unit 5 |
Gateway Business Park |
Beancross Road |
Grangemouth |
FK3 8WX |
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 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
733,754 | 937,510 |
Interest payable and similar expenses | 5 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
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 |
Investments | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 |
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 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (13,890 | ) | - |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Amount withdrawn by directors | - | (48,000 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 436,627 | 285,026 |
Finance income | (600 | ) | - |
1,653,086 | 1,643,795 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 | ( |
) | 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 |
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 |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.9.23 | 30.9.22 |
Employees |
30.9.23 | 30.9.22 |
£ | £ |
Director's remuneration |
Director's pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
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 |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.9.23 | 30.9.22 |
£ | £ |
Bank interest |
Bank loan interest |
Other interest |
Hire purchase |
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 |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses |
Adjustments to tax charge in respect of previous periods | ( |
) |
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 |
8. | TANGIBLE FIXED ASSETS |
Long | Plant and | Motor | Computer |
leasehold | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
Transfer to ownership | (18,500 | ) | (149,521 | ) | (168,021 | ) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Transfer to ownership | (18,192 | ) | (107,279 | ) | (125,471 | ) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
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 |
Additions |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
10. | STOCKS |
30.9.23 | 30.9.22 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade debtors |
Amounts owed by related parties |
Other debtors |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Amounts owed to related parties | - | 5,953 |
Social security and other taxes |
VAT | 202,223 | 205,254 |
Other creditors |
Invoice discounting account | 1,821,603 | 1,810,214 |
Directors' current accounts | 509 | 509 |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans (see note 14) |
Hire purchase contracts (see note 15) |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Between one and five years |
Non-cancellable operating | leases |
30.9.23 | 30.9.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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 |
Hire purchase contracts | 5,488,080 | 2,151,259 |
Invoice discounting account | 1,821,603 | 1,810,214 |
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 |
Provided during year |
Balance at 30 September 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.23 | 30.9.22 |
value: | £ | £ |
Ordinary A | £1 | 126,090 | 126,090 |
Ordinary B | £1 | 7,005 | 7,005 |
Ordinary C | £1 | 7,005 | 7,005 |
140,100 | 140,100 |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 October 2022 |
Profit for the year |
Dividends | ( |
) |
At 30 September 2023 |
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 |
30.9.23 | 30.9.22 |
£ | £ |
Sales |
Purchases |
Amount due from related party |
Amount due to related party |
21. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr R A Gray. |