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REGISTERED NUMBER: 03766671 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

VINCENTS HAULAGE LIMITED

VINCENTS HAULAGE LIMITED (REGISTERED NUMBER: 03766671)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


VINCENTS HAULAGE LIMITED

COMPANY INFORMATION
for the Year Ended 31 July 2023







DIRECTORS: A Vincent
J A Vincent
N Vincent





SECRETARY: A Vincent





REGISTERED OFFICE: 22 Foxtail Meadow
Standish
Wigan
Lancashire
WN6 0ZJ





REGISTERED NUMBER: 03766671 (England and Wales)





ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

VINCENTS HAULAGE LIMITED (REGISTERED NUMBER: 03766671)

STATEMENT OF FINANCIAL POSITION
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 926,031 1,122,404
Investments 5 78,427 77,925
1,004,458 1,200,329

CURRENT ASSETS
Debtors 6 522,952 418,927
Cash at bank 266,456 189,777
789,408 608,704
CREDITORS
Amounts falling due within one year 7 269,885 227,553
NET CURRENT ASSETS 519,523 381,151
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,523,981

1,581,480

CREDITORS
Amounts falling due after more than one
year

8

(469,276

)

(610,751

)

PROVISIONS FOR LIABILITIES 10 (221,700 ) (280,000 )
NET ASSETS 833,005 690,729

CAPITAL AND RESERVES
Called up share capital 99 99
Non distributable reserves 11 36,229 35,727
Retained earnings 11 796,677 654,903
SHAREHOLDERS' FUNDS 833,005 690,729

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

VINCENTS HAULAGE LIMITED (REGISTERED NUMBER: 03766671)

STATEMENT OF FINANCIAL POSITION - continued
31 July 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2024 and were signed on its behalf by:





J A Vincent - Director


VINCENTS HAULAGE LIMITED (REGISTERED NUMBER: 03766671)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Vincents Haulage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods and services provided, excluding discounts, rebates, Value Added Tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are included at cost or valuation less depreciation and impairment.

Depreciation is provided at the following rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property-15% on reducing balance
Plant and machinery-15% on reducing balance
Motor vehicles-25% on reducing balance
Computer equipment-straight line over 3 years

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Government grants
Government grants relating to revenue expenditure are released to the profit and loss account in the accounting period in which the relevant expenditure is incurred and the receipt of the grant is certain.

Financial instruments
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.


VINCENTS HAULAGE LIMITED (REGISTERED NUMBER: 03766671)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Short term employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the income statement.

Fixed asset investments
Investments in shares are included at fair value. Gains are recognised in the income statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 14 ) .

VINCENTS HAULAGE LIMITED (REGISTERED NUMBER: 03766671)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022 1,913,311
Additions 157,736
Disposals (207,591 )
At 31 July 2023 1,863,456
DEPRECIATION
At 1 August 2022 790,907
Charge for year 298,364
Eliminated on disposal (151,846 )
At 31 July 2023 937,425
NET BOOK VALUE
At 31 July 2023 926,031
At 31 July 2022 1,122,404


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 August 2022 77,925
Revaluations 502
At 31 July 2023 78,427
NET BOOK VALUE
At 31 July 2023 78,427
At 31 July 2022 77,925

Cost or valuation at 31 July 2023 is represented by:

Other
investments
£   
Valuation in 2017 21,795
Valuation in 2018 3,389
Valuation in 2019 798
Valuation in 2020 (2,949 )
Valuation in 2021 14,628
Valuation in 2022 264
Valuation in 2023 502
Cost 40,000
78,427

VINCENTS HAULAGE LIMITED (REGISTERED NUMBER: 03766671)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

5. FIXED ASSET INVESTMENTS - continued

Fixed asset investments were valued on an open market basis on 30 April 2023 by Natwest Investment Managers .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 465,810 361,604
Amounts owed by group undertakings 52,620 -
Other debtors 4,522 57,323
522,952 418,927

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,648 9,648
Hire purchase contracts 127,255 127,635
Trade creditors 23,966 52,811
Taxation and social security 84,543 16,251
Other creditors 24,473 21,208
269,885 227,553

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 21,827 30,673
Hire purchase contracts 447,449 580,078
469,276 610,751

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 574,704 707,713

Hire purchase liabilities are secured on the assets concerned.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 221,700 280,000

VINCENTS HAULAGE LIMITED (REGISTERED NUMBER: 03766671)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 August 2022 280,000
Provided during year (58,300 )
Balance at 31 July 2023 221,700

11. RESERVES
Non
Retained distributable
earnings reserves Totals
£    £    £   

At 1 August 2022 654,903 35,727 690,630
Profit for the year 172,876 172,876
Dividends (30,600 ) (30,600 )
Transfer (502 ) 502 -
At 31 July 2023 796,677 36,229 832,906

Non distributable reserves relate to the fair value gain of fixed asset investments.

12. OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £18,000 (2022: £14,400).

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included in Other creditors is £18,607 (2022- £8,517) due to the directors.