13 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,527,451 3,766 231,737 2,299,480 1,648,573 168,367 190,950 1,625,990 673,490 878,878 xbrli:pure xbrli:shares iso4217:GBP SC496711 2023-05-01 2024-04-30 SC496711 2024-04-30 SC496711 2023-04-30 SC496711 2022-05-01 2023-04-30 SC496711 2023-04-30 SC496711 2022-04-30 SC496711 bus:Director1 2023-05-01 2024-04-30 SC496711 core:PlantMachinery 2023-04-30 SC496711 core:PlantMachinery 2024-04-30 SC496711 core:PlantMachinery 2023-05-01 2024-04-30 SC496711 core:WithinOneYear 2024-04-30 SC496711 core:WithinOneYear 2023-04-30 SC496711 core:AfterOneYear 2024-04-30 SC496711 core:AfterOneYear 2023-04-30 SC496711 core:ShareCapital 2024-04-30 SC496711 core:ShareCapital 2023-04-30 SC496711 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC496711 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC496711 core:PlantMachinery 2023-04-30 SC496711 bus:SmallEntities 2023-05-01 2024-04-30 SC496711 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC496711 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 SC496711 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC496711 bus:FullAccounts 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: SC496711
Grant's Ballindalloch Timber Haulage Ltd
Filleted Unaudited Financial Statements
30 April 2024
Grant's Ballindalloch Timber Haulage Ltd
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
673,490
878,878
Current assets
Debtors
6
303,639
357,385
Cash at bank and in hand
188
188
---------
---------
303,827
357,573
Creditors: amounts falling due within one year
7
526,958
809,956
---------
---------
Net current liabilities
223,131
452,383
---------
---------
Total assets less current liabilities
450,359
426,495
Creditors: amounts falling due after more than one year
8
47,208
736,678
---------
---------
Net assets/(liabilities)
403,151
( 310,183)
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
403,149
( 310,185)
---------
---------
Shareholders funds/(deficit)
403,151
( 310,183)
---------
---------
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Grant's Ballindalloch Timber Haulage Ltd
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: SC496711
Grant's Ballindalloch Timber Haulage Ltd
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
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they have prepared the financial statements on a going concern basis.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant & Vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors and directors' loans from 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 recognise in the statement of income and retained earnings. Directors' loans from the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
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 13 (2023: 15 ).
5. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 May 2023
2,527,451
2,527,451
Additions
3,766
3,766
Disposals
( 231,737)
( 231,737)
------------
------------
At 30 April 2024
2,299,480
2,299,480
------------
------------
Depreciation
At 1 May 2023
1,648,573
1,648,573
Charge for the year
168,367
168,367
Disposals
( 190,950)
( 190,950)
------------
------------
At 30 April 2024
1,625,990
1,625,990
------------
------------
Carrying amount
At 30 April 2024
673,490
673,490
------------
------------
At 30 April 2023
878,878
878,878
------------
------------
6. Debtors
2024
2023
£
£
Trade debtors
298,114
352,361
Other debtors
5,525
5,024
---------
---------
303,639
357,385
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,555
73,567
Trade creditors
67,662
74,519
Social security and other taxes
60,904
31,131
Other creditors
392,837
630,739
---------
---------
526,958
809,956
---------
---------
The bank overdrawn balance of £5,555 (2023 - £73,567) and the invoice finance balance, which is included within other creditors, of £174,465 (2023 - £223,863) 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 A & F Grant Ltd.
Obligations under hire purchase and finance leases of £121,530 (2023 - £170,344), included within other creditors, are secured on the assets concerned.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
47,208
736,678
--------
---------
Obligations under hire purchase and finance leases of £47,208 (2023 - £140,609), included within other creditors, are secured on the assets concerned.
9. Related party transactions
The company was under the control of the director throughout the current and previous year. Fred Grant is also the director and shareholder of A & F Grant Ltd. The intercompany loan creditor with A & F Grant of £605,354 was written off in the year and the credit is included within administrative expenses. Included within other creditors is an amount of £61,500 due to Mrs M F Grant, the Company Secretary. There are no set repayment terms and no interest is being paid on the loan.