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REGISTERED NUMBER: NI045130 (Northern Ireland)













Thomas Herron & Son Heavy
Haulage Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024






Thomas Herron & Son Heavy
Haulage Limited (Registered number: NI045130)

Contents of the Financial Statements
for the Year Ended 29 February 2024










Page

Company information 1

Statement of financial position 2 to 3

Notes to the financial statements 4 to 8


Thomas Herron & Son Heavy
Haulage Limited

Company Information
for the Year Ended 29 February 2024







Directors: Mr T Herron
Mrs M M Herron





Secretary: Mrs E A Herron Watterson





Registered office: 357 Rathfriland Road
Dromara
Dromore
Co Down
BT25 2HN





Registered number: NI045130 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

Thomas Herron & Son Heavy
Haulage Limited (Registered number: NI045130)

Statement of Financial Position
29 February 2024

2024 2023
Notes £ £
Fixed assets
Property, plant and equipment 4 136,024 138,213

Current assets
Receivables 5 50,325 46,694
Cash at bank 2,951 6,106
53,276 52,800
Payables
Amounts falling due within one year 6 (71,946 ) (200,679 )
Net current liabilities (18,670 ) (147,879 )
Total assets less current liabilities 117,354 (9,666 )

Payables
Amounts falling due after more than one
year

7

(94,955

)

(54,439

)

Provisions for liabilities 8 (9,233 ) (9,136 )
Net assets/(liabilities) 13,166 (73,241 )

Capital and reserves
Called up share capital 9 65,001 65,001
Retained earnings (51,835 ) (138,242 )
Shareholders' funds 13,166 (73,241 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Thomas Herron & Son Heavy
Haulage Limited (Registered number: NI045130)

Statement of Financial Position - continued
29 February 2024


The 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:




Mr T Herron - Director



Mrs M M Herron - Director


Thomas Herron & Son Heavy
Haulage Limited (Registered number: NI045130)

Notes to the Financial Statements
for the Year Ended 29 February 2024


1. Statutory information

Thomas Herron & Son Heavy Haulage Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Land and buildings freehold - 2% on cost

Land is not depreciated.

Property, plant and equipment under the cost model are stated at historical cost, less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Thomas Herron & Son Heavy
Haulage Limited (Registered number: NI045130)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


2. Accounting policies - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible assets
The annual depreciation charges for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Refer to the Property, Plant and Equipment note for the carrying amount of the assets, and above for the useful economic lives for each class of asset.

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Thomas Herron & Son Heavy
Haulage Limited (Registered number: NI045130)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


3. Employees and directors

The average number of employees during the year was 3 (2023 - 3 ) .

4. Property, plant and equipment
Fixtures Land and
Plant and and Motor buildings
machinery fittings vehicles freehold Totals
£ £ £ £ £
Cost
At 1 March 2023 90,087 10,331 4,000 125,565 229,983
Additions 12,200 382 - - 12,582
Disposals (5,500 ) - - - (5,500 )
At 29 February 2024 96,787 10,713 4,000 125,565 237,065
Depreciation
At 1 March 2023 40,125 9,304 3,780 38,561 91,770
Charge for year 10,861 202 44 2,511 13,618
Eliminated on disposal (4,347 ) - - - (4,347 )
At 29 February 2024 46,639 9,506 3,824 41,072 101,041
Net book value
At 29 February 2024 50,148 1,207 176 84,493 136,024
At 28 February 2023 49,962 1,027 220 87,004 138,213

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£
Cost
At 1 March 2023
and 29 February 2024 38,881
Depreciation
At 1 March 2023 11,405
Charge for year 5,495
At 29 February 2024 16,900
Net book value
At 29 February 2024 21,981
At 28 February 2023 27,476

5. Receivables:
less than one year
2024 2023
£ £
Trade receivables 38,532 33,920
Other receivables 11,793 12,774
50,325 46,694

Thomas Herron & Son Heavy
Haulage Limited (Registered number: NI045130)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


6. Payables: less than one year
2024 2023
£ £
Bank loans and overdrafts 5,692 18,119
Hire purchase contracts 9,720 9,721
Trade payables 12,940 9,641
Taxation and social security 25,604 20,352
Other payables 17,990 142,846
71,946 200,679

7. Payables: more than one year
2024 2023
£ £
Bank loans 33,095 39,859
Hire purchase contracts 4,860 14,580
Other creditors 57,000 -
94,955 54,439

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 7,285 14,059

Bank loans and overdraft provided by Danske Bank are secured by a floating charge.

8. Provisions for liabilities
2024 2023
£ £
Deferred tax
Accelerated capital allowances 9,233 9,136

Deferred tax
£
Balance at 1 March 2023 9,136
Charge to Statement of income and retained earnings during year 97
Balance at 29 February 2024 9,233

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
65,001 Ordinary shares 1 65,001 65,001

Thomas Herron & Son Heavy
Haulage Limited (Registered number: NI045130)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


10. Directors' advances, credits and guarantees

The following loans to the company from the directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£ £
Mr T Herron and Mrs M M Herron
Balance outstanding at start of year (131,369 ) (100,075 )
Amounts advanced 141,041 26,285
Amounts repaid (133,368 ) (57,579 )
Amounts written off 73,696 -
Amounts waived - -
Balance outstanding at end of year (50,000 ) (131,369 )