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REGISTERED NUMBER: 01073358 (England and Wales)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 30 November 2023

for

A. Hingley Transport
(Brierley Hill) Limited

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


A. Hingley Transport
(Brierley Hill) Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Mr A Hingley
Mr R Hingley



SECRETARY: Mrs A J Parkes



REGISTERED OFFICE: 4 Talbots Lane
Brierley Hill
West Midlands
DY5 2YX



REGISTERED NUMBER: 01073358 (England and Wales)



INDEPENDENT AUDITORS: Lewis Smith & Co.
Chartered Certified Accountants
Statutory Auditors
The Old Doctor's House
74 Grange Road
Dudley
West Midlands
DY1 2AW



BANKERS: Lloyds Bank PLC
134 High Street
Stourbridge
West Midlands
DY8 1DS

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Strategic Report
for the Year Ended 30 November 2023

The directors present their strategic report for the year ended 30 November 2023.

REVIEW OF BUSINESS
Trading activity turnover for 2023 increased by just over 2% against 2022 and our gross margin percentage increased slightly from 22.6% to 22.8%.

Our customers activity remained stable through the year and we were able to increase pricing to customers in the second half of the year which allowed us to hold our gross margins and aided the increase in turnover noted.

Considering the effects of inflation on our cost base and the positive impact of reduced fuel costs through the second half of the year the result is acceptable to us.

In summary our customers have maintained activity throughout the year resulting in turnover increasing to £12,203,868 (2022 - £11,955,996) and gross profit increasing to £2,782,401 (2022 - £2,697,962), gross profit margin increasing as mentioned above.

Indirect expenses have risen slightly. This has resulted in profits before tax showing £437,172 (2022 - £375,109).

Our tractor unit fleet size remains broadly the same as 2022 albeit we have had increases in activity which has been supported by increased use of sub contractor hauliers which has provided us with increased flexibility to meet customer demand.

Our trailer repair and maintenance operation continues to be cost effective to the business verses an alternative outsource option as it not only maintains our own trailer fleet it brings external income from other customers repairs to the operation. We have made a significant investment during the summer in new trailers to replace older models in an effort to reduce increased R & M on older trailers in the fleet - we will seek year on year to continue with such investment in our trailers and reduce the age profile of the fleet.

We have experienced cost increases in all areas of the business due to the high levels of inflation throughout the trading year, which in consequence has had an impact on our gross margins and overall profitability for the year.
We have recovered some of the direct cost impact to us from our customers wherever it has been possible, whilst continuing to remain competitive.

We are however mindful of the additional cost impact to the industry due to the major uplift announced by the Government to the national minimum wage due to increase from 1st April 24, which again will bring challenges to the industry and customer pricing.

We have also had negotiations with our vehicle suppliers who forecast a considerable increase in new vehicle pricing for 2024 and beyond.

PRINCIPAL RISKS AND UNCERTAINTIES
Our industry remains highly competitive with fuel and labour cost forming the largest percentage of our cost base, any upwards shift in either can result in erosion of margins and subsequent profits.

We aim to mitigate such increases with continued use of fuel monitors which allows us to recover fuel price movements from our contracted customers, in addition to reviewing our other base costs of pricing using the RPI index as a marker for negotiations with our customers.

We continue to pursue opportunities both for organic growth with existing customers and new business activities which fit with our business model in order to offset and mitigate any negative external cost pressures.


A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Strategic Report
for the Year Ended 30 November 2023

CREDIT RISK
Credit risk refers to the risk that a trade debtor will default on its contractual obligation to settle its debt. Management have a credit policy in place that constantly reviews debtors and their limits based on historic trends and credit checks along with an insurance policy on key customers should they default on their debt.

CASH FLOW AND LIQUIDITY RISK
Liquidity risk is the risk that the company may not be able to meet its financial obligations as they fall due. The company ensures that there are sufficient levels of committed facilities, cash and cash equivalents to ensure that the company is, at all times, able to meet its financial commitments. Short term lending facilities are in place from the company bankers in the form of a discounting facility. Longer term capital acquisitions are financed by long term hire purchase and bank loan agreements. Liquidity risk is managed by continuous monitoring of forecast and actual cash flows.

ON BEHALF OF THE BOARD:





Mr A Hingley - Director


30 July 2024

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Report of the Directors
for the Year Ended 30 November 2023

The directors present their report with the financial statements of the company for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of haulage contractors and trailer maintenance.

DIVIDENDS
An interim dividend of £29.411795 per share was paid on 29 November 2023. The directors recommend that no final dividend is to be paid.

Therefore, the total distribution of dividends for the year ended 30 November 2023 will be £2,294.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 December 2022 to the date of this report.

The beneficial interests of the directors holding office at 30 November 2023 in the shares of the company, according to the register of directors' interests, were as follows:

30.11.23 1.12.22
Ordinary shares of £1 each
Mr A Hingley 34 34
Mr R Hingley 33 33

These directors did not hold any non-beneficial interests in the shares of the company.

POLITICAL DONATIONS AND EXPENDITURE
The donations in the accounts are to local charities. No political donations have been made.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Report of the Directors
for the Year Ended 30 November 2023


AUDITORS
The auditors, Lewis Smith & Co. were appointed during the year and will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A Hingley - Director


30 July 2024

Report of the Independent Auditors to the Members of
A. Hingley Transport
(Brierley Hill) Limited

Opinion
We have audited the financial statements of A. Hingley Transport (Brierley Hill) Limited (the 'company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
A. Hingley Transport
(Brierley Hill) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
A. Hingley Transport
(Brierley Hill) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
A. Hingley Transport
(Brierley Hill) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




A J Smith FCCA (Senior Statutory Auditor)
for and on behalf of Lewis Smith & Co.
Chartered Certified Accountants
Statutory Auditors
The Old Doctor's House
74 Grange Road
Dudley
West Midlands
DY1 2AW

30 July 2024

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Statement of Comprehensive Income
for the Year Ended 30 November 2023

30.11.23 30.11.22
Notes £    £   

TURNOVER 3 12,203,868 11,955,996

Cost of sales 9,421,467 9,258,034
GROSS PROFIT 2,782,401 2,697,962

Administrative expenses 2,457,532 2,349,679
324,869 348,283

Other operating income 4 128,483 42,360
OPERATING PROFIT 6 453,352 390,643


Interest payable and similar expenses 7 16,180 15,534
PROFIT BEFORE TAXATION 437,172 375,109

Tax on profit 8 151,018 62,567
PROFIT FOR THE FINANCIAL YEAR 286,154 312,542

OTHER COMPREHENSIVE INCOME
Unrealised gain on freehold property 62,398 -
Income tax relating to other comprehensive
income

(15,987

)

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

46,411

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

332,565

312,542

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 1,708,919 1,234,012
Investment property 11 360,510 274,027
2,069,429 1,508,039

CURRENT ASSETS
Stocks 12 30,195 38,379
Debtors 13 2,457,293 2,561,158
Cash at bank and in hand 14 1,675,045 1,326,902
4,162,533 3,926,439
CREDITORS
Amounts falling due within one year 15 2,424,258 2,400,676
NET CURRENT ASSETS 1,738,275 1,525,763
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,807,704

3,033,802

CREDITORS
Amounts falling due after more than one
year

16

(422,246

)

(156,443

)

PROVISIONS FOR LIABILITIES 19 (361,296 ) (183,468 )
NET ASSETS 3,024,162 2,693,891

CAPITAL AND RESERVES
Called up share capital 20 78 78
Revaluation reserve 51,637 5,226
Capital redemption reserve 22 22
Retained earnings 2,972,425 2,688,565
SHAREHOLDERS' FUNDS 3,024,162 2,693,891

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





Mr A Hingley - Director


A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 December 2021 78 2,380,611 5,226 22 2,385,937

Changes in equity
Dividends - (4,588 ) - - (4,588 )
Total comprehensive income - 312,542 - - 312,542
Balance at 30 November 2022 78 2,688,565 5,226 22 2,693,891

Changes in equity
Dividends - (2,294 ) - - (2,294 )
Total comprehensive income - 286,154 46,411 - 332,565
Balance at 30 November 2023 78 2,972,425 51,637 22 3,024,162

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Cash Flow Statement
for the Year Ended 30 November 2023

30.11.23 30.11.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 658,006 242,603
Interest paid - (2,893 )
Interest element of hire purchase payments
paid

(16,180

)

(12,641

)
Tax paid (112,851 ) (98,895 )
Net cash from operating activities 528,975 128,174

Cash flows from investing activities
Purchase of tangible fixed assets (734,701 ) (165,440 )
Sale of tangible fixed assets 126,350 339,750
Net cash from investing activities (608,351 ) 174,310

Cash flows from financing activities
New hire purchase contracts in year 605,693 88,701
Bank loan repayments - (132,306 )
Capital repayments in year (210,821 ) (301,825 )
Amount introduced by directors 206,884 108,441
Amount withdrawn by directors (171,943 ) (150,311 )
Equity dividends paid (2,294 ) (4,588 )
Net cash from financing activities 427,519 (391,888 )

Increase/(decrease) in cash and cash equivalents 348,143 (89,404 )
Cash and cash equivalents at beginning of
year

2

1,326,902

1,416,306

Cash and cash equivalents at end of year 2 1,675,045 1,326,902

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Notes to the Cash Flow Statement
for the Year Ended 30 November 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.11.23 30.11.22
£    £   
Profit before taxation 437,172 375,109
Depreciation charges 221,114 221,785
Profit on disposal of fixed assets (25,271 ) (102,019 )
Gain on revaluation of fixed assets (86,483 ) -
Finance costs 16,180 15,534
562,712 510,409
Decrease/(increase) in stocks 8,184 (5,931 )
Decrease/(increase) in trade and other debtors 114,688 (245,643 )
Decrease in trade and other creditors (27,578 ) (16,232 )
Cash generated from operations 658,006 242,603

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 1,675,045 1,326,902
Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 1,326,902 1,416,306


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.22 Cash flow At 30.11.23
£    £    £   
Net cash
Cash at bank and in hand 1,326,902 348,143 1,675,045
1,326,902 348,143 1,675,045
Debt
Finance leases (308,829 ) (394,872 ) (703,701 )
(308,829 ) (394,872 ) (703,701 )
Total 1,018,073 (46,729 ) 971,344

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

A. Hingley Transport (Brierley Hill) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, except for any modification to fair value basis for certain financial instruments reported below.

The presentational currency of the financial statements is Pound Sterling (£), rounded to the nearest £1.

Significant judgements and estimates
Preparation of the financial statements requires management to make judgements and estimates based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these estimates and judgements have been made are:

a) Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives are re-assessed annually. They are amended where necessary to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

b) Stock and work in progress provisions
It is necessary to consider the recoverability of the cost of stocks and work in progress. When calculating any provision required, management consider the nature and condition of the items as well as assessing the saleability of finished goods and the future usage of raw materials.

c) Impairment of debtors
The company make a judgement of the recoverability of trade and other debtors. When assessing any potential impairment, factors such as the ageing profile and historical experience are considered.

Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of value added tax and other sales taxes. Transport sales are recognised on delivery of goods. Rental income arising from leases on investment and leasehold property is accounted for on a straight line basis over the lease term. Interest received is recognised on receipt.

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to freehold property - 10% on cost
Tractor units and trailers - 25% on reducing balance, 15% on reducing balance and 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Office equipment - 25% on cost

Tangible fixed assets are stated under the cost model at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it be capable of operating.

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised within 'operating profit' in the income statement.

Freehold Buildings have been depreciated at Nil% rate.
Depreciation has not been provided on land.

Tractor units and trailers acquired are depreciated on a monthly basis pro rata from the month of acquisition.

Freehold Building are held at fair value, based on the current market value of the property.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stock and work in progress are valued at the lower of cost and selling price less cost to sell, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

Work in progress includes the cost of direct materials and labour plus attributable overheads based on normal levels of activity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Current and deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the income statement when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plans are held separately from the company in independently administered funds.

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at transaction cost. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event and it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. The provision is charged to the income statement in the year that the company becomes aware of the obligation taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,they are measured at amortised cost using the effective interest rate method, less impairment.If an arrangement constitutes a finance transaction it is measured at present value.

Going Concern
After reviewing forecasts and projections, the directors believe that there will be adequate resources to continue in operation existence for the foreseeable future and continues to adopt the going concern basis in its preparation of its financial statements.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

30.11.23 30.11.22
£    £   
Haulage and transport 11,863,573 11,555,769
Trailer repairs & maintenance 215,890 231,641
Other sales 124,405 168,586
12,203,868 11,955,996

An analysis of turnover by geographical market is given below:

30.11.23 30.11.22
£    £   
United Kingdom 12,203,868 11,955,996
12,203,868 11,955,996

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. OTHER OPERATING INCOME
30.11.23 30.11.22
£    £   
Rents received 42,000 42,360
Gain/loss on revaluation of assets 86,483 -
128,483 42,360

5. EMPLOYEES AND DIRECTORS
30.11.23 30.11.22
£    £   
Wages and salaries 3,539,430 3,800,940
Social security costs 385,661 438,430
Other pension costs 130,953 80,436
4,056,044 4,319,806

The average number of employees during the year was as follows:
30.11.23 30.11.22

Drivers and mechanics 59 54
Management and administration 20 20
79 74

30.11.23 30.11.22
£    £   
Directors' remuneration 568,000 538,000
Directors' pension contributions to money purchase schemes 14,000 14,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
30.11.23 30.11.22
£    £   
Emoluments etc 350,000 325,000
Pension contributions to money purchase schemes 10,000 10,000

The directors, along with Dave Smith (Financial Controller) are the only key management personnel. Between them they are responsible for all the key decisions for the business.

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.11.23 30.11.22
£    £   
Hire of plant and machinery 1,895 2,476
Other operating leases 10,718 8,794
Depreciation - owned assets 84,310 93,728
Depreciation - assets on hire purchase contracts 136,803 128,057
Profit on disposal of fixed assets (25,271 ) (102,019 )
Auditors' remuneration 9,125 9,950
Auditors remuneration - non audit services 14,690 20,150
Vehicle leasing and hire 1,059,126 949,593

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.23 30.11.22
£    £   
Bank loan interest - 2,893
Hire purchase interest 16,180 12,641
16,180 15,534

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.23 30.11.22
£    £   
Current tax:
UK corporation tax (10,823 ) 112,851

Deferred tax 161,841 (50,284 )
Tax on profit 151,018 62,567

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.11.23 30.11.22
£    £   
Profit before tax 437,172 375,109
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

83,063

71,271

Effects of:
Expenses not deductible for tax purposes 1,142 57,891
Income not taxable for tax purposes (21,233 ) (19,621 )
Capital allowances in excess of depreciation (73,795 ) -
Depreciation in excess of capital allowances - 3,354
Deferred tax movement 161,841 (50,284 )
Under provision - (44 )
Total tax charge 151,018 62,567

Tax effects relating to effects of other comprehensive income

30.11.23
Gross Tax Net
£    £    £   
Unrealised gain on freehold property 62,398 (15,987 ) 46,411

9. DIVIDENDS
30.11.23 30.11.22
£    £   
Interim ordinary dividends 2,294 4,588

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

10. TANGIBLE FIXED ASSETS
Improvements
to Tractor
Freehold freehold units and Plant and
land property trailers machinery
£    £    £    £   
COST OR VALUATION
At 1 December 2022 184,818 67,264 3,224,250 72,256
Additions - - 667,304 8,000
Disposals - - (238,000 ) -
Revaluations 62,398 - - -
At 30 November 2023 247,216 67,264 3,653,554 80,256
DEPRECIATION
At 1 December 2022 - - 2,285,239 64,031
Charge for year - - 201,023 2,185
Eliminated on disposal - - (136,921 ) -
At 30 November 2023 - - 2,349,341 66,216
NET BOOK VALUE
At 30 November 2023 247,216 67,264 1,304,213 14,040
At 30 November 2022 184,818 67,264 939,011 8,225

Fixtures
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 December 2022 45,076 61,836 104,439 3,759,939
Additions - 45,395 14,002 734,701
Disposals - (6,506 ) - (244,506 )
Revaluations - - - 62,398
At 30 November 2023 45,076 100,725 118,441 4,312,532
DEPRECIATION
At 1 December 2022 44,131 40,631 91,895 2,525,927
Charge for year 945 10,752 6,208 221,113
Eliminated on disposal - (6,506 ) - (143,427 )
At 30 November 2023 45,076 44,877 98,103 2,603,613
NET BOOK VALUE
At 30 November 2023 - 55,848 20,338 1,708,919
At 30 November 2022 945 21,205 12,544 1,234,012

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

10. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 November 2023 is represented by:

Improvements
to Tractor
Freehold freehold units and Plant and
land property trailers machinery
£    £    £    £   
Valuation in 2020 6,452 - - -
Valuation in 2023 62,398 - - -
Cost 178,366 67,264 3,653,554 80,256
247,216 67,264 3,653,554 80,256

Fixtures
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2020 - - - 6,452
Valuation in 2023 - - - 62,398
Cost 45,076 100,725 118,441 4,243,682
45,076 100,725 118,441 4,312,532

The Freehold property was revalued on 22 April 2024 by PBG Chartered Surveyors RICS, 1st Floor Permanent House, 1 Leicester Street, Walsall, WS1 1PT.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Tractor
units and Motor
trailers vehicles Totals
£    £    £   
COST OR VALUATION
At 1 December 2022 850,160 - 850,160
Additions 584,304 39,395 623,699
Transfer to ownership (410,750 ) - (410,750 )
At 30 November 2023 1,023,714 39,395 1,063,109
DEPRECIATION
At 1 December 2022 328,396 - 328,396
Charge for year 131,879 4,924 136,803
Transfer to ownership (256,946 ) - (256,946 )
At 30 November 2023 203,329 4,924 208,253
NET BOOK VALUE
At 30 November 2023 820,385 34,471 854,856
At 30 November 2022 521,764 - 521,764

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 274,027
Revaluations 86,483
At 30 November 2023 360,510
NET BOOK VALUE
At 30 November 2023 360,510
At 30 November 2022 274,027

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2020 8,797
Valuation in 2023 86,483
Cost 265,230
360,510

The investment property was purchased in 2016 for £265,230.

The property was revalued in September 2020 by a John Truslove Chartered Surveyor and valuers of Daralbeehouse, Archer Road, Redditch, B98 8DJ, giving a value of £274,027.

The property was revalued in April 2024 by a PBG Chartered Surveyor 1st Floor Permanent House, 1 Leicester Street, Walsall, WS1 1PT, giving a value of £360,520. The directors consider that this represents its market value at the year end.

12. STOCKS
30.11.23 30.11.22
£    £   
Stocks 30,195 38,379

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 2,437,156 2,439,515
Other debtors 1,209 9,765
Tax 10,823 -
Prepayments 8,105 111,878
2,457,293 2,561,158

The company has entered into an invoice financing agreement with Lloyds Commercial Finance Ltd with recourse, for its trade debtors. To comply with FRS 102, the company has disclosed both the gross debtors (as shown above) and the corresponding asset held by or liability owed to the finance company (as cash at bank or as other loans within creditors amounts falling due within one year).

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

14. CASH AT BANK AND IN HAND

Included within cash at bank and in hand at the end of the current year is money owed by the invoice financing company to A. Hingley Transport (Brierley Hill) Limited.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts (see note 17) 281,455 152,386
Trade creditors 1,069,568 877,799
Tax - 112,851
Social security and other taxes 366,624 466,888
Other creditors 27,673 100,046
Directors' current accounts 81,833 46,891
Accrued expenses 597,105 643,815
2,424,258 2,400,676



16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts (see note 17) 422,246 156,443

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.11.23 30.11.22
£    £   
Gross obligations repayable:
Within one year 312,846 159,788
Between one and five years 485,108 163,809
797,954 323,597

Finance charges repayable:
Within one year 31,391 7,402
Between one and five years 62,862 7,366
94,253 14,768

Net obligations repayable:
Within one year 281,455 152,386
Between one and five years 422,246 156,443
703,701 308,829

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

17. LEASING AGREEMENTS - continued

Non-cancellable operating leases
30.11.23 30.11.22
£    £   
Within one year 894,951 1,018,564
Between one and five years 1,109,790 1,301,720
In more than five years 280,000 322,000
2,284,741 2,642,284

18. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Hire purchase contracts 703,701 308,829

Borrowings represent amounts drawn on the company's invoice discounting facility at the balance sheet date.This is secured against trade debtors and a fixed and floating charge over the undertaking, and all property and assets present and future. At the end of the current year the invoice discounting company owed money to A. Hingley Transport (Brierley Hill) Limited, therefore this is included within cash at bank and in hand.

Hire purchase contracts and finance leases are secured on the asset covered by the contract.

19. PROVISIONS FOR LIABILITIES
30.11.23 30.11.22
£    £   
Deferred tax
Accelerated capital allowances 344,083 182,242
On Property Revaluation 17,213 1,226
361,296 183,468

Deferred
tax
£   
Balance at 1 December 2022 183,468
Accelerated capital allowances 177,828
Balance at 30 November 2023 361,296

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
78 Ordinary £1 78 78

21. RELATED PARTY DISCLOSURES

A. Hingley Transport
(Brierley Hill) Limited (Registered number: 01073358)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

21. RELATED PARTY DISCLOSURES - continued

Other related parties
30.11.23 30.11.22
£    £   
Sales 7,140 -
Cost of sales 853,669 656,329
Rental income - 2,160
Rent charges and other expenses 72,000 72,000
Purchase of fixed assets 9,504 -
Sale of fixed assets - 10,000
Amount due from related party 7,140 -
Amount due to related party 122,441 84,412

Related parties were with companies under common director control, directors and family members.

During the year, a total of key management personnel compensation of £ 754,169 (2022 - £ 939,169 ) was paid.

Key management personnel includes director remuneration.

22. ULTIMATE CONTROLLING PARTY

The directors, who are also the company shareholders, are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.