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Registration number: SC491183

Michael Combe Haulage Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Michael Combe Haulage Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 9

 

Michael Combe Haulage Limited

Company Information

Director

Mr Michael Combe

Registered office

1 Acremore Drive
Kinross
KY13 8RD

Accountants

Ross McConnell
Chartered Accountant
3 High Street
Kinross
KY13 8AW

 

Michael Combe Haulage Limited

(Registration number: SC491183)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

116,292

160,256

Current assets

 

Debtors

5

17,969

24,911

Cash at bank and in hand

 

30,282

24,206

 

48,251

49,117

Creditors: Amounts falling due within one year

6

(35,582)

(52,838)

Net current assets/(liabilities)

 

12,669

(3,721)

Total assets less current liabilities

 

128,961

156,535

Creditors: Amounts falling due after more than one year

6

(83,472)

(110,293)

Net assets

 

45,489

46,242

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

45,389

46,142

Shareholders' funds

 

45,489

46,242

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 August 2024
 

 

Michael Combe Haulage Limited

(Registration number: SC491183)
Balance Sheet as at 30 November 2023

.........................................
Mr Michael Combe
Director

 

Michael Combe Haulage Limited

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

Share capital
£

Profit and loss account
£

Total
£

At 1 December 2022

100

46,142

46,242

Profit for the year

-

33,247

33,247

Total comprehensive income

-

33,247

33,247

Dividends

-

(34,000)

(34,000)

At 30 November 2023

100

45,389

45,489

Share capital
£

Profit and loss account
£

Total
£

At 1 December 2021

100

(16,942)

(16,842)

Profit for the year

-

96,084

96,084

Total comprehensive income

-

96,084

96,084

Dividends

-

(33,000)

(33,000)

At 30 November 2022

100

46,142

46,242

 

Michael Combe Haulage Limited

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

1

General information

The address of its registered office is:
1 Acremore Drive
Kinross
KY13 8RD

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.

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.

 

Michael Combe Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% straight line

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.

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

 

Michael Combe Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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 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 the director) during the year, was 1 (2022 - 1).

 

Michael Combe Haulage Limited

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

4

Tangible Assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

374

210,670

211,044

At 30 November 2023

374

210,670

211,044

Depreciation

At 1 December 2022

374

50,414

50,788

Charge for the year

-

43,964

43,964

At 30 November 2023

374

94,378

94,752

Carrying amount

At 30 November 2023

-

116,292

116,292

At 30 November 2022

-

160,256

160,256

5

Debtors

Current

2023
£

2022
£

Trade debtors

17,969

14,234

Other debtors

-

10,677

 

17,969

24,911

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

23,299

52,109

Trade creditors

 

1,257

729

Taxation and social security

 

7,539

-

Other creditors

 

3,487

-

 

35,582

52,838

 

Michael Combe Haulage Limited

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

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

22,514

51,514

Other borrowings

785

595

23,299

52,109

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

83,472

110,293

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100