Registered number
03652224
Holywell Haulage Limited
Filleted Accounts
31 October 2023
Holywell Haulage Limited
Registered number: 03652224
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,401,535 3,871,821
Current assets
Debtors 4 1,210,164 1,586,484
Cash at bank and in hand 31,978 89,548
1,242,142 1,676,032
Creditors: amounts falling due within one year 5 (1,722,964) (1,640,076)
Net current (liabilities)/assets (480,822) 35,956
Total assets less current liabilities 2,920,713 3,907,777
Creditors: amounts falling due after more than one year 6 (665,150) (1,778,595)
Net assets 2,255,563 2,129,182
Capital and reserves
Called up share capital 115,700 115,700
Profit and loss account 2,139,863 2,013,482
Shareholders' funds 2,255,563 2,129,182
The director is 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 director acknowledges his 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.
Mr. E. Cullen
Director
Approved by the board on 22 February 2024
Holywell Haulage Limited
Notes to the Accounts
for the year ended 31 October 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 represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
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:
Leasehold land and buildings over the earlier of the period of the lease or
it's estimated useful life
Plant and machinery 16.66% straight line and 14.28% straight line
Motor vehicles 25% straight line
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.
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 Tangible fixed assets
Leasehold buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 606,185 5,332,865 5,939,050
Additions - 359,606 359,606
Disposals - (47,462) (47,462)
At 31 October 2023 606,185 5,645,009 6,251,194
Depreciation
At 1 November 2022 606,185 1,461,044 2,067,229
Charge for the year - 829,892 829,892
On disposals - (47,462) (47,462)
At 31 October 2023 606,185 2,243,474 2,849,659
Net book value
At 31 October 2023 - 3,401,535 3,401,535
At 31 October 2022 - 3,871,821 3,871,821
4 Debtors 2023 2022
£ £
Trade debtors 841,047 1,428,655
Amounts owed by related party companies 242,502 -
Other debtors 126,615 157,829
1,210,164 1,586,484
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 144,174 238,675
Trade creditors 1,283,884 1,192,034
Amounts owed to related party companies 231,092 120,000
Other taxes and social security costs 46,832 72,445
Other creditors 16,982 16,922
1,722,964 1,640,076
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 483,047 1,161,669
Other creditors 182,103 616,926
665,150 1,778,595
7 Share capital Nominal 2023 2023 2022
value Number
Allotted, called up and fully paid:
Ordinary shares £1 each 115,700 115,700 115,700
8 Guarantees made by the company on behalf of related parties
Main terms Maximum Amount paid
liability and incurred
£ £
Farren Hydraulics Limited
Nat West Bank plc 3,061,000 -
3,061,000 -
9 Related party transactions 2023 2022
£ £
Farren Hydraulics Ltd
Company controlled by the director
Plant hire - 809,803
Rent 212,500 212,500
Amount due from/(to) the related party 7,455 (16,685)
Cairns Waste Management Ltd
Company controlled by the director
Labour services 1,119,329 1,101,344
Amount due (to) the related party (226,906) (101,625)
Holywell Recycling Ltd.
Amount due (to) related party (302,102) (736,926)
10 Controlling party
The company is controlled by Mr. E. Cullen.
11 Other information
Holywell Haulage Limited is a private company limited by shares and incorporated in England. Its registered office is:
First Floor, 1 Park Court,
Pyrford Road,
West Byfleet,
Surrey,
KT14 6SD.
Its place of business is:
82 Maxted Close,
Hemel Hempstead,
Herts,
HP2 7DX.
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