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Registration number: 05489988

J. Taylor (Haulage Contractor) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

J. Taylor (Haulage Contractor) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

J. Taylor (Haulage Contractor) Limited

Company Information

Director

JJ Taylor

Registered office

3 Orwell Close
Bury
Lancashire
BL8 1UU

Accountants

The Moffatts Partnership LLP
Suite 1.1, First Floor
Jackson House
Sibson Road
Sale
M33 7RR

 

J. Taylor (Haulage Contractor) Limited

(Registration number: 05489988)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

247,542

116,350

Current assets

 

Debtors

5

152,699

175,771

Cash at bank and in hand

 

170,375

263,543

 

323,074

439,314

Creditors: Amounts falling due within one year

6

(157,477)

(244,846)

Net current assets

 

165,597

194,468

Total assets less current liabilities

 

413,139

310,818

Creditors: Amounts falling due after more than one year

6

(212,352)

(176,673)

Provisions for liabilities

(47,033)

(22,107)

Net assets

 

153,754

112,038

Capital and reserves

 

Called up share capital

7

3

3

Retained earnings

153,751

112,035

Shareholders' funds

 

153,754

112,038

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

J. Taylor (Haulage Contractor) Limited

(Registration number: 05489988)
Balance Sheet as at 30 November 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 January 2024
 

.........................................
JJ Taylor
Director

 

J. Taylor (Haulage Contractor) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 Orwell Close
Bury
Lancashire
BL8 1UU

These financial statements were authorised for issue by the director on 30 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis on preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised under the accrual model. Income is recognised in the same period that the related expenditure the grant is intended to compensate is incurred.

 

J. Taylor (Haulage Contractor) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & equipment

25% straight line basis

Vehicles

20/25% straight line basis

Office equipment

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

J. Taylor (Haulage Contractor) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

J. Taylor (Haulage Contractor) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2022 - 5).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

25,678

409,486

435,164

Additions

-

274,794

274,794

Disposals

-

(55,178)

(55,178)

At 30 November 2023

25,678

629,102

654,780

Depreciation

At 1 December 2022

20,830

297,984

318,814

Charge for the year

1,975

96,565

98,540

Eliminated on disposal

-

(10,116)

(10,116)

At 30 November 2023

22,805

384,433

407,238

Carrying amount

At 30 November 2023

2,873

244,669

247,542

At 30 November 2022

4,848

111,502

116,350

 

J. Taylor (Haulage Contractor) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

147,992

167,960

Prepayments

4,707

7,811

 

152,699

175,771

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

80,667

73,767

Trade creditors

 

18,565

40,616

Taxation and social security

 

35,320

98,092

Accruals and deferred income

 

1,700

1,575

Other creditors

 

21,225

30,796

 

157,477

244,846

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

212,352

176,673

 

J. Taylor (Haulage Contractor) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

Ordinary B Shares of £1 each

2

2

2

2

 

3

3

3

3

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

67,879

Hire purchase contracts

182,598

42,408

Other borrowings

29,754

66,386

212,352

176,673

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

25,454

Hire purchase contracts

44,054

14,909

Other borrowings

36,613

33,404

80,667

73,767