REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
VINCENTS HAULAGE LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non distributable reserves | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Additions |
Disposals | ( |
) |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 August 2022 |
Revaluations |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
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 |
Provided during year | ( |
) |
Balance at 31 July 2023 |
11. | RESERVES |
Non |
Retained | distributable |
earnings | reserves | Totals |
£ | £ | £ |
At 1 August 2022 | 690,630 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Transfer | (502 | ) | 502 | - |
At 31 July 2023 | 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. |