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Long Haul Limited
Unaudited financial statements
31 January 2024
Company Registration Number 03149176
Long Haul Limited
Financial statements
year ended 31 January 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
Long Haul Limited
Balance sheet
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
391,196
504,269
Current assets
Stocks
11,712
Debtors
6
99,746
134,104
Cash at bank and in hand
99,916
44,716
---------
---------
211,374
178,820
Creditors: amounts falling due within one year
7
229,797
263,569
---------
---------
Net current liabilities
18,423
84,749
---------
---------
Total assets less current liabilities
372,773
419,520
Creditors: amounts falling due after more than one year
8
29,095
62,737
Provisions
52,747
66,242
---------
---------
Net assets
290,931
290,541
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
290,929
290,539
---------
---------
Shareholder funds
290,931
290,541
---------
---------
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 profit and loss account has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has 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 .
Long Haul Limited
Balance sheet (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 25 October 2024 , and are signed on behalf of the board by:
L W Colman
Director
Company registration number: 03149176
Long Haul Limited
Notes to the financial statements
year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Caudle Meadows, Wigthorpe Lane, Wigthorpe, Worksop.
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
3.1 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.
3.2 Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
3.3 Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
3.4 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.
3.5 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:
Land and buildings
-
20% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
3.6 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.
3.7 Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
3.8 Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet 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.
3.9 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 (2023: 6 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
40,390
234,616
8,482
451,473
734,961
Additions
500
400
11,500
12,400
Disposals
( 12,923)
( 2,011)
( 14,934)
--------
---------
-------
---------
---------
At 31 January 2024
40,390
222,193
6,871
462,973
732,427
--------
---------
-------
---------
---------
Depreciation
At 1 February 2023
16,156
124,277
4,078
86,181
230,692
Charge for the year
8,078
24,963
736
86,205
119,982
Disposals
( 7,629)
( 1,814)
( 9,443)
--------
---------
-------
---------
---------
At 31 January 2024
24,234
141,611
3,000
172,386
341,231
--------
---------
-------
---------
---------
Carrying amount
At 31 January 2024
16,156
80,582
3,871
290,587
391,196
--------
---------
-------
---------
---------
At 31 January 2023
24,234
110,339
4,404
365,292
504,269
--------
---------
-------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
84,084
120,591
Other debtors
15,662
13,513
--------
---------
99,746
134,104
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
38,042
56,853
Corporation tax
224
8
Social security and other taxes
15,715
6,664
Other creditors
165,816
190,044
---------
---------
229,797
263,569
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,258
28,039
Other creditors
10,837
34,698
--------
--------
29,095
62,737
--------
--------