Registered number
04696150
J & G Vesty Haulage Limited
Unaudited Filleted Accounts
31 March 2024
J & G Vesty Haulage Limited
Registered number: 04696150
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,574,335 1,591,024
Current assets
Debtors 4 699,358 695,189
Cash at bank and in hand 406,988 128,883
1,106,346 824,072
Creditors: amounts falling due within one year 5 (911,901) (751,238)
Net current assets 194,445 72,834
Total assets less current liabilities 1,768,780 1,663,858
Creditors: amounts falling due after more than one year 6 (306,743) (245,871)
Provisions for liabilities (393,302) (296,617)
Net assets 1,068,735 1,121,370
Capital and reserves
Called up share capital 60 60
Profit and loss account 1,068,675 1,121,310
Shareholders' funds 1,068,735 1,121,370
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Vesty
Director
Approved by the board on 22 August 2024
J & G Vesty Haulage Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures & fittings 15% on cost
Motor vehicles 12.5% on cost
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 29 28
3 Tangible fixed assets
Fixtures & fittings Motor vehicles Total
£ £ £
Cost
At 1 April 2023 25,349 2,855,426 2,880,775
Additions - 339,119 339,119
Disposals - (208,576) (208,576)
At 31 March 2024 25,349 2,985,969 3,011,318
Depreciation
At 1 April 2023 17,525 1,272,226 1,289,751
Charge for the year 3,357 339,958 343,315
On disposals - (196,083) (196,083)
At 31 March 2024 20,882 1,416,101 1,436,983
Net book value
At 31 March 2024 4,467 1,569,868 1,574,335
At 31 March 2023 7,824 1,583,200 1,591,024
4 Debtors 2024 2023
£ £
Trade debtors 673,969 651,839
Other debtors 25,389 43,350
699,358 695,189
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 225,163 179,329
Trade creditors 254,843 180,239
Taxation and social security costs 103,502 113,860
Other creditors 328,393 277,810
911,901 751,238
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 306,743 245,871
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 531,906 425,200
Secured creditors are hire purchase liabilities which are secured on those fixed assets to which the contracts relate.
8 Other information
J & G Vesty Haulage Limited is a private company limited by shares and incorporated in England. Its registered office is:
Church View
Church Close
Broughton Astley
Leicestershire
LE9 6XS
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