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COMPANY REGISTRATION NUMBER: SC097820
A & F Grant Limited
Filleted Unaudited Financial Statements
30 April 2024
A & F Grant Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
A & F Grant Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,797,097
2,908,217
Current assets
Stocks
95,876
72,241
Debtors
7
1,633,367
2,156,780
Cash at bank and in hand
11
------------
------------
1,729,254
2,229,021
Creditors: amounts falling due within one year
8
2,175,872
2,321,415
------------
------------
Net current liabilities
446,618
92,394
------------
------------
Total assets less current liabilities
2,350,479
2,815,823
Creditors: amounts falling due after more than one year
9
1,153,663
1,090,767
Provisions
256,117
195,966
------------
------------
Net assets
940,699
1,529,090
------------
------------
Capital and reserves
Called up share capital
25,000
25,000
Share premium account
1,265
1,265
Capital redemption reserve
76,265
76,265
Profit and loss account
838,169
1,426,560
---------
------------
Shareholders funds
940,699
1,529,090
---------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
A & F Grant Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr F Grant
Director
Company registration number: SC097820
A & F Grant Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Georgetown, Ballindalloch, Moray, AB37 9BA.
2. Statement of compliance
A & F Grant Limited are tanker haulage contractors that provide haulage services across the UK. These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents amounts receivable for haulage services net of VAT and trade discounts. Turnover is recognised at the point of completion of delivery. Turnover also includes amounts receivable in respect of the sale of fuel, tank washes and storage charges. The sale of fuel and tank washes are net of VAT and trade discounts and recognised at the point of sale. Storage charges are invoiced for the period to which they relate.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property & Improvements
-
10% straight line
Plant & Vehicles
-
20-25% reducing balance
Fixtures & fittings
-
15% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, bank loans and directors' loans to the company. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transition costs. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid. Investments in equity shares which are not publicly traded and where the fair value of the shares cannot be measured reliably are initially measured at cost, including transaction costs. The investment is not measured except where impairment has been identified.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 56 (2023: 55 ).
5. Tangible assets
Leasehold Property
Plant & Machinery
Fixtures & Fittings
Investment Property
Total
£
£
£
£
£
Cost
At 1 May 2023
816,295
7,903,532
13,999
140,000
8,873,826
Additions
900,384
4,083
904,467
Disposals
( 1,099,689)
( 140,000)
( 1,239,689)
---------
------------
--------
---------
------------
At 30 April 2024
816,295
7,704,227
18,082
8,538,604
---------
------------
--------
---------
------------
Depreciation
At 1 May 2023
812,021
5,147,561
6,027
5,965,609
Charge for the year
1,239
627,336
1,886
630,461
Disposals
( 854,563)
( 854,563)
---------
------------
--------
---------
------------
At 30 April 2024
813,260
4,920,334
7,913
5,741,507
---------
------------
--------
---------
------------
Carrying amount
At 30 April 2024
3,035
2,783,893
10,169
2,797,097
---------
------------
--------
---------
------------
At 30 April 2023
4,274
2,755,971
7,972
140,000
2,908,217
---------
------------
--------
---------
------------
6. Investments
Other investments other than loans
£
Cost
At 1 May 2023 and 30 April 2024
1,000
-------
Impairment
At 1 May 2023 and 30 April 2024
1,000
-------
Carrying amount
At 30 April 2024
-------
At 30 April 2023
-------
7. Debtors
2024
2023
£
£
Trade debtors
1,266,959
1,091,088
Other debtors
366,408
1,065,692
------------
------------
1,633,367
2,156,780
------------
------------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
2,580
599,194
-------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
78,831
105,925
Trade creditors
872,313
868,545
Social security and other taxes
107,859
56,621
Other creditors
1,116,869
1,290,324
------------
------------
2,175,872
2,321,415
------------
------------
The bank overdrawn balance of £68,831 (2023: £95,926) and the invoice finance balance, which is included within other creditors, of £372,206 (2023 - £439,830), are secured by a charge over the debtor book and a floating charge over the assets of the company.
The bank overdraft facility is further secured by a floating charge from Grant's Ballindalloch Haulage Limited.
Obligations under hire purchase and finance leases of £667,848 (2023 - £657,936) included within other creditors are secured on the assets concerned.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,000
25,000
Other creditors
1,138,663
1,065,767
------------
------------
1,153,663
1,090,767
------------
------------
Obligations under hire purchase and finance leases of £1,138,663 (2023 - £1,065,767) shown as other creditors are secured on the assets concerned.
10. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2024
2023
£
£
Tangible assets
458,035
88,873
---------
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
24,900
24,900
Later than 1 year and not later than 5 years
99,600
99,600
Later than 5 years
136,050
148,950
---------
---------
260,550
273,450
---------
---------
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr F Grant
( 3,240)
3,529
( 289)
-------
-------
----
----
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr F Grant
( 46)
306
( 3,500)
( 3,240)
----
----
-------
-------
13. Related party transactions
The company was under the control of the directors throughout the current and previous year. Fred Grant is also the director and shareholder of Grant's Ballindalloch Timber Haulage Ltd. The intercompany loan debtor with Grant's Ballindalloch Timber Haulage Ltd of £605,900 was written off in the year and the expense is included within administrative expenses.