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COMPANY REGISTRATION NUMBER: 03883512
Halls Transport Limited
Unaudited financial statements
30 November 2023
Halls Transport Limited
Statement of financial position
30 November 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
364,597
263,463
Current assets
Debtors
6
718,921
161,251
Cash at bank and in hand
316,234
789,932
-----------
---------
1,035,155
951,183
Creditors: Amounts falling due within one year
7
( 197,579)
( 44,343)
-----------
---------
Net current assets
837,576
906,840
-----------
-----------
Total assets less current liabilities
1,202,173
1,170,303
Provisions
Taxation including deferred tax
3,587
10,109
-----------
-----------
Net assets
1,205,760
1,180,412
-----------
-----------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
1,195,760
1,170,412
-----------
-----------
Shareholders funds
1,205,760
1,180,412
-----------
-----------
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 income and retained earnings has not been delivered.
For the 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.
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 .
Halls Transport Limited
Statement of financial position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 30 March 2024 , and are signed on behalf of the board by:
C E Hall
Director
Company registration number: 03883512
Halls Transport Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, Suffolk, IP32 7EA. The trading address of the company is Paddock Lodge, 2a Black Bank Road, Little Downham, Ely, Cambridgeshire, CB6 2TZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of services is recognised when the significant risks and rewards of ownership of the services have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
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:
Workshop
-
2% straight line
Plant & machinery
-
20% reducing balance
Office equipment
-
25% straight line
Motor vehicles
-
25% reducing balance
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 3 (2022: 3 ).
5. Tangible assets
Workshop
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
295,766
117,974
16,564
139,499
569,803
Additions
111,909
3,000
292
115,201
---------
---------
-------
---------
---------
At 30 November 2023
407,675
120,974
16,856
139,499
685,004
---------
---------
-------
---------
---------
Depreciation
At 1 December 2022
55,300
103,363
12,308
135,369
306,340
Charge for the year
8,153
3,216
1,665
1,033
14,067
---------
---------
-------
---------
---------
At 30 November 2023
63,453
106,579
13,973
136,402
320,407
---------
---------
-------
---------
---------
Carrying amount
At 30 November 2023
344,222
14,395
2,883
3,097
364,597
---------
---------
-------
---------
---------
At 30 November 2022
240,466
14,611
4,256
4,130
263,463
---------
---------
-------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
15,227
16,408
Other debtors
703,694
144,843
---------
---------
718,921
161,251
---------
---------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
136,266
---------
----
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
8,973
20,644
Social security and other taxes
173,264
11,166
Other creditors
15,342
12,533
---------
-------
197,579
44,343
---------
-------
8. Directors' advances, credits and guarantees
Included within debtors at the year end are directors' loan accounts totalling £403,750 (2022: £Nil). The maximum overdrawn balance during the year was £403,750. Interest of £3,750 was charged at the official rate.