Company registration number 00660191 (England and Wales)
D.MOODY (HAULAGE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
D.MOODY (HAULAGE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
D.MOODY (HAULAGE) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,258,676
1,188,058
Investments
4
58,000
50,000
1,316,676
1,238,058
Current assets
Stocks
27,799
22,110
Debtors
5
1,036,793
1,030,817
Cash at bank and in hand
228,733
243,019
1,293,325
1,295,946
Creditors: amounts falling due within one year
6
(947,492)
(1,009,957)
Net current assets
345,833
285,989
Total assets less current liabilities
1,662,509
1,524,047
Creditors: amounts falling due after more than one year
7
(156,039)
(180,608)
Provisions for liabilities
(262,349)
(221,006)
Net assets
1,244,121
1,122,433
Capital and reserves
Called up share capital
27,450
27,450
Profit and loss reserves
1,216,671
1,094,983
Total equity
1,244,121
1,122,433
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
CJ Crawford
Director
Company registration number 00660191 (England and Wales)
D.MOODY (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
D.Moody (Haulage) Limited is a private company limited by shares incorporated in England and Wales. The registered office is UnIt 1 Bolam Business Park, Bassington Industrial Estate, Cramlington, Northumberland, NE23 8AL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
Fixtures and fittings
33% straight line
Motor vehicles
25% reducing balance and 25% straight line
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.
D.MOODY (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
Impairment of fixed 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.7
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 current liabilities.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
D.MOODY (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Employee 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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
45
48
D.MOODY (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
145,547
24,781
1,817,844
1,988,172
Additions
421,846
421,846
Disposals
(64,894)
(64,894)
At 31 March 2024
145,547
24,781
2,174,796
2,345,124
Depreciation and impairment
At 1 April 2023
84,344
24,781
690,989
800,114
Depreciation charged in the year
12,241
336,196
348,437
Eliminated in respect of disposals
(62,103)
(62,103)
At 31 March 2024
96,585
24,781
965,082
1,086,448
Carrying amount
At 31 March 2024
48,962
1,209,714
1,258,676
At 31 March 2023
61,203
1,126,855
1,188,058
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
33,000
25,000
Loans
25,000
25,000
58,000
50,000
Movements in fixed asset investments
Investments
Loans
Total
£
£
£
Cost or valuation
At 1 April 2023
25,000
25,000
50,000
Valuation changes
8,000
-
8,000
At 31 March 2024
33,000
25,000
58,000
Carrying amount
At 31 March 2024
33,000
25,000
58,000
At 31 March 2023
25,000
25,000
50,000
D.MOODY (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
884,997
857,970
Amounts owed by group undertakings
6,421
13,958
Other debtors
145,375
158,889
1,036,793
1,030,817
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
195,301
148,644
Trade creditors
409,029
511,296
Amounts owed to group undertakings
76,490
115,186
Taxation and social security
124,761
97,680
Other creditors
67,809
75,794
Accruals and deferred income
74,102
61,357
947,492
1,009,957
Included within creditors falling due within one year are hire purchase obligations of £195,301 (2023:£148,644) that are secured on the assets they relate to.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
156,039
180,608
Included within creditors falling due after more than one year are hire purchase obligations of £156,039 (2023:£180,608) that are secured on the assets they relate to.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Nicholas Cunningham FCCA
Statutory Auditor:
Robson Laidler Accountants Limited
Date of audit report:
7 August 2024
D.MOODY (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
61,250
110,250
10
Parent company
The ultimate parent company is Bolam Group Limited, a company registered in England and Wales, due to its ownership of the entire issued share capital of the company. The registered office is Unit 1 Bolam Business Park, Bassington Drive, Cramlington, Northumberland, NE23 8AL.