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Company No: SC635908 (Scotland)

J & T MORRISON HAULAGE LTD

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

J & T MORRISON HAULAGE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023

Contents

J & T MORRISON HAULAGE LTD

BALANCE SHEET

AS AT 31 JULY 2023
J & T MORRISON HAULAGE LTD

BALANCE SHEET (continued)

AS AT 31 JULY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 202,710 231,499
202,710 231,499
Current assets
Debtors 4 93,299 94,542
Cash at bank and in hand 5,965 20,818
99,264 115,360
Creditors: amounts falling due within one year 5 ( 102,937) ( 121,876)
Net current liabilities (3,673) (6,516)
Total assets less current liabilities 199,037 224,983
Creditors: amounts falling due after more than one year 6 ( 102,004) ( 145,972)
Provision for liabilities 7 ( 34,521) ( 36,574)
Net assets 62,512 42,437
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 62,412 42,337
Total shareholders' funds 62,512 42,437

For the financial year ending 31 July 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 J & T Morrison Haulage Ltd (registered number: SC635908) were approved and authorised for issue by the Board of Directors on 23 April 2024. They were signed on its behalf by:

Tracey Morrison
Director
J & T MORRISON HAULAGE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
J & T MORRISON HAULAGE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 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

J & T Morrison Haulage Ltd (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 4 Cedarwood Crescent, Inverness, IV2 6GT, United Kingdom.

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 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.

Turnover is recognised on the accruals basis.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis:

Vehicles 20 % reducing balance
Office equipment 4 years straight line

The gain or loss rising 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
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include bank and cash in hand.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
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 liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of t he 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 4

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 August 2022 332,347 725 333,072
Additions 18,000 248 18,248
Disposals ( 850) 0 ( 850)
At 31 July 2023 349,497 973 350,470
Accumulated depreciation
At 01 August 2022 101,174 399 101,573
Charge for the financial year 46,835 202 47,037
Disposals ( 850) 0 ( 850)
At 31 July 2023 147,159 601 147,760
Net book value
At 31 July 2023 202,338 372 202,710
At 31 July 2022 231,173 326 231,499

4. Debtors

2023 2022
£ £
Trade debtors 62,703 90,187
Corporation tax 6,404 0
Other debtors 24,192 4,355
93,299 94,542

Included within other debtors are amounts due by the directors of £23,547 (2022 - £3,554).

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 4,652 3,908
Trade creditors 11,538 26,912
Taxation and social security 20,399 19,645
Other creditors 66,348 71,411
102,937 121,876

The obligations under hire purchase contracts are secured over the assets which the agreements relate to.

Obligations under hire purchase contracts due within one year, for which security has been given, total £60,510 (2022 - £60,058).

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

2023 2022
£ £
Bank loans 9,205 11,922
Obligations under finance leases and hire purchase contracts (secured) 92,799 134,050
102,004 145,972

The obligations under hire purchase contracts are secured over the assets which the agreements relate to.

Obligations under hire purchase contracts due after one year, for which security has been given, total £92,799 (2022 - £134,050).

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 36,574) ( 30,736)
Credited/(charged) to the Statement of Income and Retained Earnings 2,053 ( 5,838)
At the end of financial year ( 34,521) ( 36,574)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Key management personnel (23,547) (3,554)

At the beginning of the year the director owed the business £3,554. During the year £101,036 was advanced, 2% interest was charged totalling £552 and £81,595 was repaid resulting in a closing balance of £23,547 being owed to the business by the director.

This loan is unsecured and has no fixed terms of repayment.