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Registration number: 03968447

Minster Tippers Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Minster Tippers Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 13

Detailed Profit and Loss Account

14 to 15

 

Minster Tippers Limited

Company Information

Directors

Mrs Rachel Helen Pearce

Mr Mark Brian Pearce

Company secretary

Mrs Rachel Helen Pearce

Registered office

2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

Accountants

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

 

Minster Tippers Limited

Directors' Report for the Year Ended 31 August 2023

The directors present their report and the financial statements for the year ended 31 August 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs Rachel Helen Pearce - Company secretary and director

Mr Mark Brian Pearce

Principal activity

The principal activity of the company is haulage and tipping

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 19 April 2024 and signed on its behalf by:
 

.........................................
Mr Mark Brian Pearce
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Minster Tippers Limited
for the Year Ended 31 August 2023

This report is made solely to the Board of Directors of Minster Tippers Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Minster Tippers Limited and state those matters that we have agreed to state to the Board of Directors of Minster Tippers Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Minster Tippers Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Minster Tippers Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Minster Tippers Limited. You consider that Minster Tippers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Minster Tippers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

19 April 2024

 

Minster Tippers Limited

(Registration number: 03968447)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

210,772

262,330

Investment property

6

169,806

315,094

 

380,578

577,424

Current assets

 

Stocks

7

-

308,093

Debtors

8

87,346

276,919

Cash at bank and in hand

 

851,814

430,724

 

939,160

1,015,736

Creditors: Amounts falling due within one year

9

(280,096)

(292,337)

Net current assets

 

659,064

723,399

Total assets less current liabilities

 

1,039,642

1,300,823

Creditors: Amounts falling due after more than one year

9

(25,611)

(45,851)

Provisions for liabilities

(52,693)

(49,843)

Net assets

 

961,338

1,205,129

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

961,336

1,205,127

Shareholders' funds

 

961,338

1,205,129

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 19 April 2024 and signed on its behalf by:
 

 

Minster Tippers Limited

(Registration number: 03968447)
Balance Sheet as at 31 August 2023

.........................................
Mr Mark Brian Pearce
Director

 

Minster Tippers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Minster Tippers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Minster Tippers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

70,258

87,444

 

Minster Tippers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

2,498

689,144

13,517

705,159

Additions

1,041

-

18,730

19,771

Disposals

-

(12,500)

-

(12,500)

At 31 August 2023

3,539

676,644

32,247

712,430

Depreciation

At 1 September 2022

1,249

429,185

12,395

442,829

Charge for the year

573

64,722

4,963

70,258

Eliminated on disposal

-

(11,429)

-

(11,429)

At 31 August 2023

1,822

482,478

17,358

501,658

Carrying amount

At 31 August 2023

1,717

194,166

14,889

210,772

At 31 August 2022

1,249

259,959

1,122

262,330

6

Investment properties

2023
£

At 1 September

315,094

Additions

24,519

Disposals

(169,807)

At 31 August

169,806

There has been no valuation of investment property by an independent valuer.

7

Stocks

2023
£

2022
£

Other inventories

-

308,093

8

Debtors

 

Minster Tippers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Current

2023
£

2022
£

Trade debtors

87,346

276,831

Other debtors

-

88

 

87,346

276,919

 

Minster Tippers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

61,492

49,211

Trade creditors

 

67,150

159,025

Taxation and social security

 

23,378

33,714

Accruals and deferred income

 

1,500

800

Other creditors

 

126,576

49,587

 

280,096

292,337

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

25,611

45,851

10

Share capital

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,800

45,851

Hire purchase contracts

811

-

25,611

45,851

2023
£

2022
£

Current loans and borrowings

Bank borrowings

11,033

-

Finance lease liabilities

24,467

48,611

Other borrowings

25,992

600

61,492

49,211

 

Minster Tippers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

12

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £221,305.75 (2022 - £36,000.00) per each Ordinary

 

442,612

 

72,000

         

13

Related party transactions

 

Minster Tippers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

15,604

19,192

 

Minster Tippers Limited

Detailed Profit and Loss Account for the Year Ended 31 August 2023

2023
 £

2022
 £

Turnover

Rendering of services, UK

1,002,511

1,636,692

Sale of Plot in tock - Shave Lane

300,000

-

1,302,511

1,636,692

Cost of sales

Opening raw materials

308,093

438,529

Materials

357,048

424,807

Direct costs

77,572

42,811

Closing raw materials

-

(308,093)

Subcontract cost

70,739

77,041

Consumable tools

-

236

Hire of plant and machinery (Operating leases)

12,330

299,877

Hire of plant and machinery (Spot hire)

1,365

-

Waste Disposal

32,612

99,538

859,759

1,074,746

Employment costs

Directors remuneration

(15,604)

(19,192)

Establishment costs

Rent

-

(4,262)

Light, heat and power

-

(310)

Insurance

(3,532)

(2,584)

(3,532)

(7,156)

General administrative expenses

Protective clothing

(505)

(88)

Kerosene

-

(3,173)

Repairs and maintenance

(274)

(957)

Equipment repairs and renewals

(192)

(318)

Telephone and fax

(500)

(659)

Mobile

(624)

(489)

Computer software and maintenance costs

(340)

(302)

Printing, postage and stationery

(1,011)

(1,536)

Trade subscriptions

-

(36)

Sundry expenses

-

(60)

Motor expenses

(135,145)

(216,282)

Advertising

(1,760)

(2,211)

Staff entertaining (allowable for tax)

(288)

-

Accountancy fees

(4,700)

(4,600)

Legal and professional fees

(340)

(585)

Bad debts written off

(29,167)

-

 

Minster Tippers Limited

Detailed Profit and Loss Account for the Year Ended 31 August 2023

2023
 £

2022
 £

(174,846)

(231,296)

Finance charges

Bank charges

(314)

(270)

Depreciation costs

Depreciation of plant and machinery (owned)

(4,963)

(374)

Depreciation of motor vehicles (owned)

(64,722)

(86,653)

Depreciation of office equipment (owned)

(573)

(417)

(70,258)

(87,444)

Other expenses

(Profit)/loss on disposal of tangible fixed assets

92,197

11,787

Other operating income

Other operating income

-

25

Operating profit

270,395

228,400

Interest payable and similar charges

Bank loan interest payable

1,015

521

Hire purchase interest

1,134

1,140

2,149

1,661

Profit before tax

268,246

226,739