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Registration number: 02670033

R.P. & S Heywood (Haulage) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

R.P. & S Heywood (Haulage) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

R.P. & S Heywood (Haulage) Limited

(Registration number: 02670033)
Statement of Financial Position as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

740,152

730,073

Current assets

 

Debtors

5

145,385

161,504

Cash at bank and in hand

 

203,809

146,314

 

349,194

307,818

Creditors: Amounts falling due within one year

6

(24,474)

(41,265)

Net current assets

 

324,720

266,553

Total assets less current liabilities

 

1,064,872

996,626

Provisions for liabilities

(24,837)

(25,388)

Net assets

 

1,040,035

971,238

Capital and reserves

 

Called up share capital

95

95

Revaluation reserve

98,663

98,663

Profit and loss account

941,277

872,480

Shareholders' funds

 

1,040,035

971,238

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

 

R.P. & S Heywood (Haulage) Limited

(Registration number: 02670033)
Statement of Financial Position as at 30 April 2023 (continued)

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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 4 March 2024 and signed on its behalf by:
 


P E Heywood
Director

 

R.P. & S Heywood (Haulage) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is the provision of recycling services and the rental of industrial units.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

R.P. & S Heywood (Haulage) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tax

The tax expense for the period comprises current and 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

 

R.P. & S Heywood (Haulage) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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 and machinery

25% straight line

Motor vehicles

15% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. No depreciation is charged on investment property.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

R.P. & S Heywood (Haulage) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

4

Tangible assets

Freehold property
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

714,999

134,933

1,809

36,275

888,016

Additions

12,388

1,637

-

-

14,025

At 30 April 2023

727,387

136,570

1,809

36,275

902,041

Depreciation

At 1 May 2022

-

132,226

1,809

23,908

157,943

Charge for the year

-

1,763

-

2,183

3,946

At 30 April 2023

-

133,989

1,809

26,091

161,889

Carrying amount

At 30 April 2023

727,387

2,581

-

10,184

740,152

At 30 April 2022

714,999

2,707

-

12,367

730,073

The investment property held includes industrial units that are rented out commercially. There are units that are currently under construction. All units have been revalued by the directors during the year at their best estimate of current market value.


 

 

R.P. & S Heywood (Haulage) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

4

Tangible assets (continued)

Revaluation

The fair value of the company's Freehold property was revalued on 30 April 2022. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £595,837 (2022 - £583,449).

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

-

-

Amounts owed by related parties

8

137,445

159,215

Other debtors

 

1,793

-

Prepayments

 

147

2,289

Accrued income

 

6,000

-

 

145,385

161,504

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

64

Taxation and social security

17,766

17,532

Accruals and deferred income

2,955

2,750

Other creditors

3,753

20,919

24,474

41,265

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(13,015)

(13,015)

 

R.P. & S Heywood (Haulage) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

7

Reserves (continued)

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Related party transactions

Transactions with directors

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

Director

(20,919)

17,166

(3,753)

       
     

 

2022

At 1 May 2021
£

Advances to director
£

At 30 April 2022
£

Director

(23,104)

2,185

(20,919)

       
     

 

No interest is charged on the loan. The loan is repayable on demand.


 

Summary of transactions with entities with joint control or significant interest


ESH (Assets) Ltd share mutual shareholders and directors with R. P. & S Heywood (Haulage) Ltd. The costs were for the further development of rental units and for a trailer for haulage use. At the year end the company was owed £137,445 (2022: £159,215) from ESH (Assets) Ltd.