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Logo On Report
Registered Number: 09378024
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 March 2024

for

BRIAN PALMER HAULAGE LTD

Directors Brian Palmer
Holly Palmer
Registered Number 09378024
Registered Office Acorns
Wash Lane
Mendlesham, Stowmarket
IP14 5TD
Accountants Quove Accounting Ltd
3 Brickfields Business Park
Old Stowmarket Road, Woolpit
Bury St Edmunds
IP30 9QS
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 March 2024
Principal activities
The companys principal activity during the year was operating as a haulage contractor.
Directors
The directors who served the company throughout the year were as follows:
Brian Palmer
Holly Palmer
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to :
- select suitable accounting policies and then apply them consistently
- make judgements and accounting estimates that are reasonable and prudent
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companys transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Holly Palmer
Director

Date approved: 10 June 2024
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 266,081    246,524 
266,081    246,524 
Current assets      
Stocks 4 10,000    10,000 
Debtors 5 254,695    164,106 
Cash at bank and in hand 88,537    208,784 
353,232    382,890 
Creditors: amount falling due within one year 6 (31,904)   (26,365)
Net current assets 321,328    356,525 
 
Total assets less current liabilities 587,409    603,049 
Creditors: amount falling due after more than one year 7 (420,212)   (437,723)
Net assets 167,197    165,326 
 

Capital and reserves
     
Called up share capital 8 100    100 
Profit and loss account 167,097    165,226 
Shareholders' funds 167,197    165,326 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 10 June 2024 and were signed on its behalf by:


-------------------------------
Holly Palmer
Director
3
General Information
Brian Palmer Haulage Ltd is a private company, limited by shares, registered in England and Wales, registration number 09378024, registration address Acorns, Wash Lane, Mendlesham, Stowmarket, IP14 5TD.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor vehicles - 15% reducing balance
Plant - 25% reducing balance
In relation to motor vehicles, this policy differs from that used in the year ended 31 March 2018 which was 25% reducing balance.  The directors believe that the new policy gives a more accurate reflection of the depreciation suffered by the motor vehicles.  Had the previous policy been followed consistently then the depreciation charge would have been £51,212 higher.
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees


Average number of employees during the year was 15 (2023 : 15).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Total
  £   £   £
At 01 April 2023 116,052    1,032,139    1,148,191 
Additions   108,250    108,250 
Disposals    
At 31 March 2024 116,052    1,140,389    1,256,441 
Depreciation
At 01 April 2023 100,472    801,195    901,667 
Charge for year 3,895    84,798    88,693 
On disposals    
At 31 March 2024 104,367    885,993    990,360 
Net book values
Closing balance as at 31 March 2024 11,685    254,396    266,081 
Opening balance as at 01 April 2023 15,580    230,944    246,524 


4.

Stocks

2024
£
  2023
£
Stocks 10,000    10,000 
10,000    10,000 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 232,262    164,106 
Other Debtors 21,100   
VAT 1,333   
254,695    164,106 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 20,490    5,219 
Corporation Tax   2,086 
PAYE & Social Security 9,414    13,993 
Accrued Expenses 2,000    2,000 
VAT   3,067 
31,904    26,365 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 25,792    35,679 
Directors' Loan Accounts 394,420    402,044 
420,212    437,723 

8.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

9.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Brian Palmer Haulage15,000 15,000 (394,420)(402,044)

The company occupies a property owned by the sole trade business with an annual rent of £9,000. Management charges have been made from the company to the sole trade as above. An amount is owed to the director - including the sole trade - as above
4