Registered number
10939158
Coleman's Haulage Limited
Filleted Accounts
31 August 2023
Coleman's Haulage Limited
Registered number: 10939158
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 177,311 108,848
Current assets
Work in progress 40,050 22,363
Debtors 4 92,572 76,580
Cash at bank and in hand 3,995 111,045
136,617 209,988
Creditors: amounts falling due within one year 5 (72,474) (112,275)
Net current assets 64,143 97,713
Total assets less current liabilities 241,454 206,561
Creditors: amounts falling due after more than one year 6 (235,249) (200,836)
Net assets 6,205 5,725
Capital and reserves
Called up share capital 100 100
Profit and loss account 6,105 5,625
Shareholders' funds 6,205 5,725
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Cowley
Director
Approved by the board on 29 March 2024
Coleman's Haulage Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Motor vehicles 20% reducing balance
Work in progress
Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2022 50,100 133,000 183,100
Additions 24,133 90,500 114,633
Disposals - (4,500) (4,500)
At 31 August 2023 74,233 219,000 293,233
Depreciation
At 1 September 2022 17,556 56,696 74,252
Charge for the year 11,335 32,992 44,327
On disposals - (2,657) (2,657)
At 31 August 2023 28,891 87,031 115,922
Net book value
At 31 August 2023 45,342 131,969 177,311
At 31 August 2022 32,544 76,304 108,848
4 Debtors 2023 2022
£ £
Trade debtors 91,972 75,980
Other debtors 600 600
92,572 76,580
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 28,556 45,076
Obligations under finance lease and hire purchase contracts 20,167 27,349
Trade creditors 891 1,798
Directors' account 190 592
Taxation and social security costs 17,269 28,360
Other creditors 5,401 9,100
72,474 112,275
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 170,540 166,530
Obligations under finance lease and hire purchase contracts 64,709 34,306
235,249 200,836
7 Controlling party
The company was under the control of the directors throughout the current and previous years.
8 Other information
Coleman's Haulage Limited is a private company limited by shares and incorporated in England. Its registered office is:
Beaumont House
Redburn Road
Newcastle upon Tyne
NE5 1NE
Coleman's Haulage Limited 10939158 false 2022-09-01 2023-08-31 2023-08-31 VT Final Accounts October 2023 release 2 J Cowley No description of principal activity 10939158 2021-09-01 2022-08-31 10939158 core:WithinOneYear 2022-08-31 10939158 core:AfterOneYear 2022-08-31 10939158 core:ShareCapital 2022-08-31 10939158 core:RetainedEarningsAccumulatedLosses 2022-08-31 10939158 2022-09-01 2023-08-31 10939158 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 10939158 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 10939158 bus:Director40 2022-09-01 2023-08-31 10939158 1 2022-09-01 2023-08-31 10939158 2 2022-09-01 2023-08-31 10939158 core:PlantMachinery 2022-09-01 2023-08-31 10939158 core:Vehicles 2022-09-01 2023-08-31 10939158 countries:England 2022-09-01 2023-08-31 10939158 bus:FRS102 2022-09-01 2023-08-31 10939158 bus:FullAccounts 2022-09-01 2023-08-31 10939158 2023-08-31 10939158 core:WithinOneYear 2023-08-31 10939158 core:AfterOneYear 2023-08-31 10939158 core:ShareCapital 2023-08-31 10939158 core:RetainedEarningsAccumulatedLosses 2023-08-31 10939158 core:PlantMachinery 2023-08-31 10939158 core:Vehicles 2023-08-31 10939158 2022-08-31 10939158 core:PlantMachinery 2022-08-31 10939158 core:Vehicles 2022-08-31 iso4217:GBP xbrli:pure