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Company registration number: 03082474
CARTER HAULAGE AND STORAGE (NORFOLK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 August 2024
CARTER HAULAGE AND STORAGE (NORFOLK) LIMITED
Contents
Directors report
Accountant's report
Statement of financial position
Notes to the financial statements
CARTER HAULAGE AND STORAGE (NORFOLK) LIMITED
Directors report
Year ended 31 August 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2024.
Directors
The directors who served the company during the year were as follows:
Mr P.J Carter
Mrs L.M Carter
Mr S. P. Carter
Mr C. Carter
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 26 November 2024 and signed on behalf of the board by:
Mr P.J Carter
Director
CARTER HAULAGE AND STORAGE (NORFOLK) LIMITED
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Carter Haulage and Storage (Norfolk) Limited
Year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Carter Haulage and Storage (Norfolk) Limited for the year ended 31 August 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Carter Haulage and Storage (Norfolk) Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Carter Haulage and Storage (Norfolk) Limited and state those matters that we have agreed to state to the board of directors of Carter Haulage and Storage (Norfolk) Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Carter Haulage and Storage (Norfolk) Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Carter Haulage and Storage (Norfolk) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Carter Haulage and Storage (Norfolk) Limited. You consider that Carter Haulage and Storage (Norfolk) Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Carter Haulage and Storage (Norfolk) Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Robert Pola
Chartered Accountant
2 Low Road
Congham
Kings Lynn
Norfolk
PE32 1AE
26 November 2024
CARTER HAULAGE AND STORAGE (NORFOLK) LIMITED
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 3,953,181 5,823,257
_______ _______
3,953,181 5,823,257
Current assets
Stocks 2,400 23,400
Debtors 6 1,358,158 6,602,350
Cash at bank and in hand 565,899 1,271,750
_______ _______
1,926,457 7,897,500
Creditors: amounts falling due
within one year 7 ( 1,782,522) ( 1,490,223)
_______ _______
Net current assets 143,935 6,407,277
_______ _______
Total assets less current liabilities 4,097,116 12,230,534
Creditors: amounts falling due
after more than one year 8 ( 815,725) ( 1,330,978)
Provisions for liabilities 9 ( 830,257) ( 824,067)
_______ _______
Net assets 2,451,134 10,075,489
_______ _______
Capital and reserves
Called up share capital 11 10,000 10,000
Profit and loss account 2,441,134 10,065,489
_______ _______
Shareholders funds 2,451,134 10,075,489
_______ _______
For the year ending 31 August 2024 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 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Mr P.J Carter
Director
Company registration number: 03082474
CARTER HAULAGE AND STORAGE (NORFOLK) LIMITED
Notes to the financial statements
Year ended 31 August 2024
1. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
2. 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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.
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 - Nil % straight line
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
3. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 1,157,278 983,120
_______ _______
4. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 348,209 230,575
_______ _______
Deferred tax:
Origination and reversal of timing differences 6,190 292,660
_______ _______
Tax on profit 354,399 523,235
_______ _______
5. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 2,038,559 46,141 9,916,722 12,001,422
Additions 66,500 - 885,213 951,713
Disposals ( 2,105,059) - ( 841,570) ( 2,946,629)
_______ _______ _______ _______
At 31 August 2024 - 46,141 9,960,365 10,006,506
_______ _______ _______ _______
Depreciation
At 1 September 2023 634,735 27,684 5,515,746 6,178,165
Charge for the year - 2,768 1,154,510 1,157,278
Disposals ( 634,735) - ( 647,383) ( 1,282,118)
_______ _______ _______ _______
At 31 August 2024 - 30,452 6,022,873 6,053,325
_______ _______ _______ _______
Carrying amount
At 31 August 2024 - 15,689 3,937,492 3,953,181
_______ _______ _______ _______
At 31 August 2023 1,403,824 18,457 4,400,976 5,823,257
_______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 August 2024 2,259,232
_______
At 31 August 2023 2,807,914
_______
6. Debtors
2024 2023
£ £
Trade debtors 1,312,332 1,584,766
Amounts owed by group undertakings - 4,900,803
Other debtors 45,826 116,781
_______ _______
1,358,158 6,602,350
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 508,756 290,589
Corporation tax 348,209 230,575
Social security and other taxes 220,840 225,711
Other creditors 704,717 743,348
_______ _______
1,782,522 1,490,223
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 815,725 1,330,978
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 September 2023 824,067 824,067
Additions 6,190 6,190
_______ _______
At 31 August 2024 830,257 830,257
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 9) 830,257 824,067
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 830,257 824,067
_______ _______
11. Called up share capital
Authorised share capital
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100,000 100,000 100,000 100,000
_______ _______ _______ _______
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 10,000 10,000 10,000 10,000
_______ _______ _______ _______