Silverfin false false 31/08/2023 01/09/2022 31/08/2023 James Morrison Taylor 18/05/2016 Steven Mitchell Taylor 22/03/2011 08 February 2024 The principal activity of the company during the financial year continued to be that of haulage contracting. SC396089 2023-08-31 SC396089 bus:Director1 2023-08-31 SC396089 bus:Director2 2023-08-31 SC396089 2022-08-31 SC396089 core:CurrentFinancialInstruments 2023-08-31 SC396089 core:CurrentFinancialInstruments 2022-08-31 SC396089 core:Non-currentFinancialInstruments 2023-08-31 SC396089 core:Non-currentFinancialInstruments 2022-08-31 SC396089 core:ShareCapital 2023-08-31 SC396089 core:ShareCapital 2022-08-31 SC396089 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC396089 core:RetainedEarningsAccumulatedLosses 2022-08-31 SC396089 core:PlantMachinery 2022-08-31 SC396089 core:PlantMachinery 2023-08-31 SC396089 2021-08-31 SC396089 bus:OrdinaryShareClass1 2023-08-31 SC396089 bus:OrdinaryShareClass2 2023-08-31 SC396089 2022-09-01 2023-08-31 SC396089 bus:FilletedAccounts 2022-09-01 2023-08-31 SC396089 bus:SmallEntities 2022-09-01 2023-08-31 SC396089 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 SC396089 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 SC396089 bus:Director1 2022-09-01 2023-08-31 SC396089 bus:Director2 2022-09-01 2023-08-31 SC396089 core:PlantMachinery 2022-09-01 2023-08-31 SC396089 2021-09-01 2022-08-31 SC396089 core:CurrentFinancialInstruments 2022-09-01 2023-08-31 SC396089 core:Non-currentFinancialInstruments 2022-09-01 2023-08-31 SC396089 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 SC396089 bus:OrdinaryShareClass1 2021-09-01 2022-08-31 SC396089 bus:OrdinaryShareClass2 2022-09-01 2023-08-31 SC396089 bus:OrdinaryShareClass2 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC396089 (Scotland)

S & D TAYLOR HAULAGE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH THE REGISTRAR

S & D TAYLOR HAULAGE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023

Contents

S & D TAYLOR HAULAGE LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2023
S & D TAYLOR HAULAGE LIMITED

BALANCE SHEET (continued)

AS AT 31 AUGUST 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 408,515 370,498
408,515 370,498
Current assets
Debtors 4 136,378 125,729
Cash at bank and in hand 241,482 257,167
377,860 382,896
Creditors: amounts falling due within one year 5 ( 357,326) ( 345,529)
Net current assets 20,534 37,367
Total assets less current liabilities 429,049 407,865
Creditors: amounts falling due after more than one year 6 ( 38,406) ( 24,921)
Provision for liabilities 7, 8 ( 88,397) ( 57,675)
Net assets 302,246 325,269
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 302,146 325,169
Total shareholders' funds 302,246 325,269

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of S & D Taylor Haulage Limited (registered number: SC396089) were approved and authorised for issue by the Director on 08 February 2024. They were signed on its behalf by:

Steven Mitchell Taylor
Director
S & D TAYLOR HAULAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
S & D TAYLOR HAULAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

S & D Taylor Haulage Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 15 Academy Street, Forfar, DD8 2HA, United Kingdom. The principal place of business is 6 Westfield Drive, Forfar, DD8 1EQ.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for haulage services net of VAT and trade discounts.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of haulage services.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 September 2022 709,173 709,173
Additions 126,556 126,556
Disposals ( 35,630) ( 35,630)
At 31 August 2023 800,099 800,099
Accumulated depreciation
At 01 September 2022 338,675 338,675
Charge for the financial year 77,090 77,090
Disposals ( 24,181) ( 24,181)
At 31 August 2023 391,584 391,584
Net book value
At 31 August 2023 408,515 408,515
At 31 August 2022 370,498 370,498

4. Debtors

2023 2022
£ £
Trade debtors 124,964 124,796
Other debtors 11,414 933
136,378 125,729

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 8,958 9,251
Trade creditors 41,723 45,546
Taxation and social security 17,956 16,355
Obligations under finance leases and hire purchase contracts 11,081 0
Other creditors 277,608 274,377
357,326 345,529

Included in creditors are obligations under finance leases amounting to £11,081. These are secured over the related asset.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 0 24,921
Obligations under finance leases and hire purchase contracts 38,406 0
38,406 24,921

Included in creditors are obligations under finance leases amounting to £38,406. These are secured over the related asset.

7. Provision for liabilities

2023 2022
£ £
Deferred tax 88,397 57,675

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 57,675) ( 48,823)
Charged to the Statement of Income and Retained Earnings ( 30,722) ( 8,852)
At the end of financial year ( 88,397) ( 57,675)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
99 A ordinary shares of £ 1.00 each 99 99
1 B ordinary share of £ 1.00 1 1
100 100