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Company No: 12016881 (England and Wales)

E. & S. J. WALPOLE (HAULAGE) LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

E. & S. J. WALPOLE (HAULAGE) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

E. & S. J. WALPOLE (HAULAGE) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2023
E. & S. J. WALPOLE (HAULAGE) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 724,727 1,004,591
724,727 1,004,591
Current assets
Stocks 7,263 17,251
Debtors 4 248,197 421,155
Cash at bank and in hand 516,495 494,786
771,955 933,192
Creditors: amounts falling due within one year 5 ( 1,083,477) ( 1,167,679)
Net current liabilities (311,522) (234,487)
Total assets less current liabilities 413,205 770,104
Creditors: amounts falling due after more than one year 6 ( 202,619) ( 335,287)
Provision for liabilities ( 181,117) ( 245,990)
Net assets 29,469 188,827
Capital and reserves
Called-up share capital 1 1
Profit and loss account 29,468 188,826
Total shareholder's funds 29,469 188,827

For the financial year ending 30 June 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 E. & S. J. Walpole (Haulage) Limited (registered number: 12016881) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

A Snook
Director
S Walpole
Director

18 March 2024

E. & S. J. WALPOLE (HAULAGE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
E. & S. J. WALPOLE (HAULAGE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

E. & S. J. Walpole (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 England and Wales. The address of the Company's registered office is Greens Road, Dereham, NR20 3TG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 Statement of Financial Position 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, including support from it's profitable parent company, 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position 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 5 years straight line
Vehicles 5 years straight line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 Statement of Financial Position 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 19

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost/Valuation
At 01 July 2022 348,227 1,383,137 1,731,364
Additions 85,000 32,610 117,610
Disposals 0 ( 164,264) ( 164,264)
At 30 June 2023 433,227 1,251,483 1,684,710
Accumulated depreciation
At 01 July 2022 132,126 594,647 726,773
Charge for the financial year 83,645 256,819 340,464
Disposals 0 ( 107,254) ( 107,254)
At 30 June 2023 215,771 744,212 959,983
Net book value
At 30 June 2023 217,456 507,271 724,727
At 30 June 2022 216,101 788,490 1,004,591
Leased assets included above:
Net book value
At 30 June 2023 169,526 404,069 573,595
At 30 June 2022 213,495 493,120 706,615

The depreciation charge for the year on financed assets within Plant and Machinery and Vehicles were £48,186 and £168,834 respectively. This amount has been included within the overall charge for the year.

4. Debtors

2023 2022
£ £
Trade debtors 232,087 409,768
Prepayments 16,110 11,387
248,197 421,155

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 51,953 94,545
Amounts owed to Parent undertakings 689,214 651,414
Accruals 51,607 61,750
Corporation tax 3,221 532
Other taxation and social security 87,318 102,640
Obligations under finance leases and hire purchase contracts (secured) 188,589 241,901
Other creditors 11,575 14,897
1,083,477 1,167,679

Net obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.

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

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 202,619 335,287

Net obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,676 (2022 - £17,098). Contributions totaling £858 (2022 - £1,614) were payable to the fund at the reporting date and are included in creditors.

8. Contingencies

Contingent liabilities

The Company's bankers hold a cross guarantee on the assets of the connected companies, John Walpole Commercials Limited and Cowper Road Properties Limited. At 30 June 2023 those companies had bank borrowings of £1,027,741 (2022: £1,090,980).

9. Ultimate controlling party

Parent Company:

John Walpole Commercials Limited
Greens Road
Dereham
Norfolk
NR20 3TG