4 false false false false false false false false false false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07684465 2022-11-01 2023-10-31 07684465 2023-10-31 07684465 2022-10-31 07684465 2021-11-01 2022-10-31 07684465 2022-10-31 07684465 2021-10-31 07684465 core:PlantMachinery 2022-11-01 2023-10-31 07684465 core:FurnitureFittings 2022-11-01 2023-10-31 07684465 core:MotorVehicles 2022-11-01 2023-10-31 07684465 bus:Director1 2022-11-01 2023-10-31 07684465 bus:Director2 2022-11-01 2023-10-31 07684465 core:PlantMachinery 2022-10-31 07684465 core:FurnitureFittings 2022-10-31 07684465 core:MotorVehicles 2022-10-31 07684465 core:PlantMachinery 2023-10-31 07684465 core:FurnitureFittings 2023-10-31 07684465 core:MotorVehicles 2023-10-31 07684465 core:WithinOneYear 2023-10-31 07684465 core:WithinOneYear 2022-10-31 07684465 core:AfterOneYear 2023-10-31 07684465 core:AfterOneYear 2022-10-31 07684465 core:UKTax 2022-11-01 2023-10-31 07684465 core:UKTax 2021-11-01 2022-10-31 07684465 core:ShareCapital 2023-10-31 07684465 core:ShareCapital 2022-10-31 07684465 core:RetainedEarningsAccumulatedLosses 2023-10-31 07684465 core:RetainedEarningsAccumulatedLosses 2022-10-31 07684465 core:PlantMachinery 2022-10-31 07684465 core:FurnitureFittings 2022-10-31 07684465 core:MotorVehicles 2022-10-31 07684465 bus:Director1 2022-10-31 07684465 bus:Director1 2023-10-31 07684465 bus:Director2 2022-10-31 07684465 bus:Director2 2023-10-31 07684465 bus:Director1 2021-10-31 07684465 bus:Director1 2022-10-31 07684465 bus:Director2 2021-10-31 07684465 bus:Director2 2022-10-31 07684465 bus:Director1 2021-11-01 2022-10-31 07684465 bus:Director2 2021-11-01 2022-10-31 07684465 bus:SmallEntities 2022-11-01 2023-10-31 07684465 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 07684465 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 07684465 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 07684465 bus:FullAccounts 2022-11-01 2023-10-31
COMPANY REGISTRATION NUMBER: 07684465
Devlin Haulage Limited
Filleted Unaudited Financial Statements
31 October 2023
Devlin Haulage Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
171,667
230,223
Current assets
Debtors
7
103,870
148,053
Cash at bank and in hand
16,881
68,560
---------
---------
120,751
216,613
Creditors: amounts falling due within one year
8
174,127
193,466
---------
---------
Net current (liabilities)/assets
( 53,376)
23,147
---------
---------
Total assets less current liabilities
118,291
253,370
Creditors: amounts falling due after more than one year
9
57,261
96,851
Provisions
Taxation including deferred tax
32,617
43,742
---------
---------
Net assets
28,413
112,777
---------
---------
Devlin Haulage Limited
Statement of Financial Position (continued)
31 October 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
28,411
112,775
-------
---------
Shareholders funds
28,413
112,777
-------
---------
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 31 October 2023 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 .
These financial statements were approved by the board of directors and authorised for issue on 6 September 2024 , and are signed on behalf of the board by:
P G Devlin
N A Devlin
Director
Director
Company registration number: 07684465
Devlin Haulage Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Zone G, Salamander Quay, Park Lane, Harefield, Middlesex UB9 6NZ.
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.
Revenue recognition
Turnover represents net sales for provision of haulage services, excluding value added tax.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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. 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 and machineries
-
25% reducing balance
Fixtures & fittings
-
20% reducing balance
Motor vehicles
-
25% 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.
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 company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable/payable and loans from third parties.
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 4 (2022: 4 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
13,948
36,230
Deferred tax:
Origination and reversal of timing differences
( 11,126)
( 6,319)
-------
-------
Tax on profit
2,822
29,911
-------
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 20.22 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
6,458
155,363
------
---------
Profit on ordinary activities by rate of tax
1,305
29,519
Effect of expenses not deductible for tax purposes
( 324)
( 727)
Effect of capital allowances and depreciation
12,967
7,438
Deferred tax
(11,126)
(6,319)
-------
---------
Tax on profit
2,822
29,911
-------
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
696,570
6,331
69,832
772,733
Disposals
( 25,332)
( 25,332)
---------
------
-------
---------
At 31 October 2023
696,570
6,331
44,500
747,401
---------
------
-------
---------
Depreciation
At 1 November 2022
512,266
4,947
25,297
542,510
Charge for the year
46,076
277
10,777
57,130
Disposals
( 23,906)
( 23,906)
---------
------
-------
---------
At 31 October 2023
558,342
5,224
12,168
575,734
---------
------
-------
---------
Carrying amount
At 31 October 2023
138,228
1,107
32,332
171,667
---------
------
-------
---------
At 31 October 2022
184,304
1,384
44,535
230,223
---------
------
-------
---------
7. Debtors
2023
2022
£
£
Trade debtors
71,286
121,399
Other debtors
32,584
26,654
---------
---------
103,870
148,053
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,667
5,556
Trade creditors
43,097
66,367
Corporation tax
50,178
36,230
Social security and other taxes
7,482
4,044
Other creditors
66,703
81,269
---------
---------
174,127
193,466
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
37,778
44,444
Other creditors
19,483
52,407
-------
-------
57,261
96,851
-------
-------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
15,878
15,878
-------
-------
11. Directors' advances, credit and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
P G Devlin
( 138)
( 47,196)
35,891
( 11,443)
N A Devlin
( 138)
( 47,195)
35,890
( 11,443)
----
-------
-------
-------
( 276)
( 94,391)
71,781
( 22,886)
----
-------
-------
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
P G Devlin
( 9,844)
( 27,577)
37,283
( 138)
N A Devlin
( 9,844)
( 27,576)
37,282
( 138)
-------
-------
-------
----
( 19,688)
( 55,153)
74,565
( 276)
-------
-------
-------
----