HEADINGTON CARRIERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023
Company Registration Number: 03817463
HEADINGTON CARRIERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
HEADINGTON CARRIERS LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023
DIRECTOR
P J Barrett
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
The Long Barn
The Straight Mile
Woodstock
Oxford
OX20 1PW
COMPANY REGISTRATION NUMBER
03817463 England and Wales
HEADINGTON CARRIERS LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
Notes 2023 2022
£ £
FIXED ASSETS
Tangible assets 5 343,711 405,814
CURRENT ASSETS
Debtors 6 367,180 509,459
Cash at bank and in hand 73,119 25,777
440,299 535,236
CREDITORS: Amounts falling due within one year 7 336,605 345,109
NET CURRENT ASSETS 103,694 190,127
TOTAL ASSETS LESS CURRENT LIABILITIES 447,405 595,941
CREDITORS: Amounts falling due after more than one year 8 140,430 256,192
Provisions for liabilities and charges 75,350 90,047
NET ASSETS 231,625 249,702
CAPITAL AND RESERVES
Called up share capital 10 10
Distributable profit and loss account 231,615 249,692
SHAREHOLDERS' FUNDS 231,625 249,702
HEADINGTON CARRIERS LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
P J Barrett
Director
Date approved by the board: 16 April 2024
HEADINGTON CARRIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
1 GENERAL INFORMATION
Headington Carriers Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
The Long Barn
The Straight Mile
Woodstock
Oxford
OX20 1PW
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of the invoiced value of removal and storage services provided as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Improvements to leasehold property Straight line basis over 25 years
Containers and storage Straight line basis over 15 years
Tools and equipment Reducing balance basis at 25% per annum
Motor vehicles Reducing balance basis at 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
HEADINGTON CARRIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
HEADINGTON CARRIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
The company has entered into some hire purchase agreements for certain assets that include the option to purchase the items at the end of the lease term for a nominal amount, which is expected to be much lower than their fair value at that date. The hire purchase agreements have been classified as finance leases as it is reasonably certain that the option will be exercised.
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
HEADINGTON CARRIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including the director) during the year was:
2023 2022
Average number of employees 15 15
5 TANGIBLE ASSETS
Improvements to leasehold property Containers and storage Tools and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 November 2022 44,141 295,528 37,658 563,288 940,615
Additions - 6,933 8,061 - 14,994
Disposals - - - (18,700) (18,700)
At 31 October 2023 44,141 302,461 45,719 544,588 936,909
Accumulated depreciation and impairments
At 1 November 2022 23,963 124,323 27,545 358,970 534,801
Charge for year 1,766 16,591 3,592 49,724 71,673
Disposals - - - (13,276) (13,276)
At 31 October 2023 25,729 140,914 31,137 395,418 593,198
Net book value
At 1 November 2022 20,178 171,205 10,113 204,318 405,814
At 31 October 2023 18,412 161,547 14,582 149,170 343,711
HEADINGTON CARRIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
6 DEBTORS
2023 2022
£ £
Trade debtors 56,588 133,919
Prepayments and accrued income 42,512 41,614
Other debtors 268,080 333,926
367,180 509,459
7 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 75,844 69,578
Trade creditors 89,054 109,642
Taxation and social security 112,144 96,086
Hire purchase contracts and finance leases 39,148 51,223
Accruals and deferred income 6,000 6,000
Other creditors 14,415 12,580
336,605 345,109
8 CREDITORS: Amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 82,322 158,166
Hire purchase contracts and finance leases 58,108 98,026
140,430 256,192
9 SECURED DEBTS
The company has a bank loan with Funding Circle which is due for repayment over 60 months with an interest rate of 10.1%. The bank loan is secured by way of a personal guarantee by P J Barrett.
The company's bankers hold fixed and floating charges dated 22 August 2000 and 4 July 2017 over the assets of the company.
The hire purchase contracts and finance leases are secured on the assets concerned.
HEADINGTON CARRIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
10 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year:
Balance at 1 November 2022 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 October 2023
£ £ £ £ £
P J Barrett 283,987 211,402 277,048 - 218,341
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
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