Registered number
07416229
JEREMY BISHOP HAULAGE LIMITED
Filleted Accounts
31 March 2024
JEREMY BISHOP HAULAGE LIMITED
Registered number: 07416229
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 43,900
Tangible assets 4 2,277,807 2,352,407
2,277,807 2,396,307
Current assets
Stocks 774,000 792,879
Debtors 5 420,224 331,380
Cash at bank and in hand 110,871 457
1,305,095 1,124,716
Creditors: amounts falling due within one year 6 (375,625) (412,616)
Net current assets 929,470 712,100
Total assets less current liabilities 3,207,277 3,108,407
Creditors: amounts falling due after more than one year 7 (2,021,233) (2,063,688)
Net assets 1,186,044 1,044,719
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,186,042 1,044,717
Shareholders' funds 1,186,044 1,044,719
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.
Mr J Bishop
Director
Approved by the board on 28 August 2024
JEREMY BISHOP 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20% on reducing balance
Plant and machinery 20% on reducing balance
Furniture, fittings and equipment 20% on reducing balance
Goodwill 10 years on cost (to commence within the year following acquisition)
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 20 21
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 439,000
At 31 March 2024 439,000
Amortisation
At 1 April 2023 395,100
Provided during the year 43,900
At 31 March 2024 439,000
Net book value
At 31 March 2024 -
At 31 March 2023 43,900
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 1,156,833 2,209,462 790,593 4,156,888
Additions - 184,250 14,786 199,036
Disposals - (203,300) (44,654) (247,954)
At 31 March 2024 1,156,833 2,190,412 760,725 4,107,970
Depreciation
At 1 April 2023 - 1,354,173 450,308 1,804,481
Charge for the year - 141,844 63,532 205,376
On disposals - (145,414) (34,280) (179,694)
At 31 March 2024 - 1,350,603 479,560 1,830,163
Net book value
At 31 March 2024 1,156,833 839,809 281,165 2,277,807
At 31 March 2023 1,156,833 855,289 340,285 2,352,407
5 Debtors 2024 2023
£ £
Trade debtors 397,503 308,757
Corporation tax - 1,855
Prepayments and other debtors 22,721 20,768
420,224 331,380
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 116,116
Obligations under finance lease and hire purchase contracts (secured) 144,928 145,293
Trade creditors 105,224 84,072
Other taxes and social security costs 66,866 63,727
Other creditors 48,607 3,408
375,625 412,616
7 Creditors: amounts falling due after one year 2024 2023
£ £
Mortgage (secured) 700,286 758,793
Obligations under finance lease and hire purchase contracts (secured) 178,228 234,378
Directors loan account 1,142,719 1,070,517
2,021,233 2,063,688
8 Related party transactions
During the year the company was controlled by its directors and shareholders.
9 Other information
Jeremy Bishop Haulage Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Mill
Kingsteignton Road
Newton Abbot
Devon
TQ12 2QA
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