Registration number:
James Baxter Haulage Limited
for the Year Ended 31 March 2024
James Baxter Haulage Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account and Statement of Retained Earnings |
|
Balance Sheet |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
James Baxter Haulage Limited
Company Information
Directors |
J. Baxter R. A. Baxter |
Registered office |
|
Auditors |
|
James Baxter Haulage Limited
Strategic Report for the Year Ended 31 March 2024
The directors present their strategic report for the year ended 31 March 2024.
Principal activity
The principal activity of the company is haulage within the waste and recycling sector.
Fair review of the business
The business revenue decreased £90,001 in the year ended 31 March 2024 to £7,543,926. Following the large increase in turnover during the 31 March 2023 year end this has been a year of consolidation to ensure that all the new accounts that were acquired during the 2023 year end were serviced professionally and, as a result, the relationships strengthened.
We have continued to invest in up-to-date fleet equipment, supported with manufacturer backed maintenance packages, some funded via cashflow. Within this year we have weighted our focus on the replacement of our industry specialist walking floor trailers, alongside refurbishment of floors.
Each year the demand grows for greener transportation solutions. We have continued to utilise our gas-powered commercial vehicle, to reduce our CO2 footprint. Unfortunately, there remains poor fuelling opportunities within our trading region to justify further investment into this vehicle specification. Despite this we are keen to take responsibility for our part in ensuring that we meet the UK’s stringent emission standards by 2030 and are therefore looking at all alternative fuel options. We have invested in our first hybrid electric company car and anticipate that our workshop vehicles will be replaced with the same technology in the future.
In addition, the global logistical marketplace has become increasingly turbulent due to more frequent natural and man-made disasters occurring, which delay and divert resources from the development and transition to net zero transport systems, making it more challenging to achieve a sustainable haulage operation.
The company has continued to generate increased profits despite the waste and recycling market remaining competitive both locally and nationally. The company will continue to strive to offer a premium service and as such gain an advantage over its competitors. We consider the key performance indicators of the company to be the following:
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2024 |
2023 |
Turnover |
£'000 |
7,544 |
7,634 |
Gross profit |
£'000 |
2,158 |
1,911 |
Profit before taxation |
£'000 |
668 |
679 |
James Baxter Haulage Limited
Strategic Report for the Year Ended 31 March 2024
Management continues to monitor closely non-financial key performance indicators. Emphasis being placed on continuous staff improvement, including bespoke departmental training. We committed to employ a full-time Driver Trainer. Driver numbers have now recovered to pre-pandemic levels; however, their aptitude often falls below our required standard and therefore by employing a dedicated Driver Trainer we have been able to raise our driving standard, as well as focus on driver retention to ensure we have a safer skilled driving team who understand how to use the vehicle controls to reduce wear and tear and obtain maximum fuel efficiency.
Emphasis was placed on further investment within the workshop. Substandard equipment was replaced, and bespoke training courses were sought to support the relevant equipment. This approach has underpinned our commitment to improving Health and Safety within the workplace, especially high-risk areas such as the workshop. As well as working alongside our H&S Consultant we also undertook an outside audit via our insurers to measure our progress and challenge anyone who fails to meet our site standards.
Our employees are the heart of our business, and we have continued to work with our HR Consultant to offer our staff performance reviews to allow them to grow and progress within their roles. This has been a cultural change within the business encouraging staff to take the initiative and provide solutions to problems. We believe this has allowed personal growth for employees which supports their mental well-being and offers performance opportunities for those that wish to work to make a positive difference.
Principal risks and uncertainties
The key business risks and uncertainties affecting the business are considered to be the ongoing scarcity of professional staff. Consequently, our competitors are also experiencing the same. We do therefore anticipate that we will remain competitive within the waste and recycling market. We have moderated these challenges by investing in training of our employees and encouraging a positive can-do attitude within the workplace.
The business concluded the financial year with good financial headroom, funded by its cash reserves and the availability of an overdraft facility. There is no foreseeable reason why this would not be renewed if required. This leaves the business in an excellent position to continue to seek opportunities to progress with our existing customer base, as well as foster new business relationships within the waste and recycling marketplace, allowing us to further demonstrate our first-class service levels.
Approved and authorised by the
......................................... |
James Baxter Haulage Limited
Directors' Report for the Year Ended 31 March 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
Directors of the company
The directors who held office during the year were as follows:
Future developments
The business is now focused on developing new business contracts to enable growth, and further enhance the Baxter’s brand. Internally, we are continuing to empower our employees to be the best they can be by investing in staff performance reviews and bespoke training courses. We have continued investing in site facilities ensuring our staff have a better, safer working environment. We have made considerable progress raising staff awareness in Health and Safety at work. We are also looking to streamline our software packages further underpinning our productivity and reporting.
The shareholders are proud of the success of Baxter’s and the role it plays within the waste and recycling marketplace, and we will continue to improve our efficiencies to deliver our best service as standard.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
James Baxter Haulage Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
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 (United Kingdom Accounting Standards and applicable law). 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 of 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 apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom 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 company's 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.
James Baxter Haulage Limited
Independent Auditor's Report to the Members of James Baxter Haulage Limited
Opinion
We have audited the financial statements of James Baxter Haulage Limited (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
James Baxter Haulage Limited
Independent Auditor's Report to the Members of James Baxter Haulage Limited
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
James Baxter Haulage Limited
Independent Auditor's Report to the Members of James Baxter Haulage Limited
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: |
|
• |
enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they had knowledge of any actual, suspected or alleged fraud; and the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. |
• |
we obtained an understanding of the legal and regulatory frameworks applicable to the company based on our understanding of the company, sector experience and discussions with management. The most significant considerations for the company are the Companies Act 2006, Operators licence, Waste carriers licence, Corporate and VAT legislation and Employment Taxes. |
• |
discussing amongst the engagement team, who also undertook the audit testing on significant components, to assess how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: management override of controls; and revenue recognition, specifically the manipulation of revenue using fraudulent journals. |
• |
we tested the appropriateness of accounting journals and other adjustments made in the preparation of the financial statements. |
• |
we reviewed the company's accounting policies for non-compliance with relevant standards. Our work also included considering significant accounting estimates for evidence of misstatement or possible bias and testing any significant transactions that appeared to be outside the normal course of business.
|
James Baxter Haulage Limited
Independent Auditor's Report to the Members of James Baxter Haulage Limited
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
....................................................................................
For and on behalf of
Westwood House
78 Loughborough Road
Quorn
Leicestershire
LE12 8DX
James Baxter Haulage Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar charges |
( |
( |
|
(50,033) |
(46,818) |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
2,839,712 |
2,595,401 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
3,105,798 |
2,839,712 |
James Baxter Haulage Limited
(Registration number: 04661093)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
......................................... |
James Baxter Haulage Limited
Statement of Cash Flows for the Year Ended 31 March 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Increase in trade debtors |
( |
( |
|
Increase in trade creditors |
|
|
|
Cash generated from operations |
|
|
|
Income taxes received |
- |
|
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Net cash flows from investing activities |
( |
|
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Payments to finance lease creditors |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 April |
|
|
|
Cash and cash equivalents at 31 March |
863,515 |
1,112,719 |
James Baxter Haulage Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Going concern
The financial statements have been prepared on a going concern basis.
Key sources of estimation uncertainty
The annual depreciation charge for tangible fixed 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. The carrying amount is £3,887,615 (2023 -£3,767,100).
James Baxter Haulage Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises freight revenue at the point when the freight has been delivered to its destination. This is when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold land |
Not depreciated |
Leasehold property improvements |
Straight line over the life of the lease |
Trailers |
25% reducing balance |
Tools and equipment |
20% reducing balance |
Motor vehicles |
25% reducing balance |
Road haulage vehicles |
25% reducing balance |
James Baxter Haulage Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
James Baxter Haulage Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Road haulage |
|
|
Tractor and trailer sales |
|
|
|
|
James Baxter Haulage Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Operating profit |
Arrived at after charging/(crediting):
2024 |
2023 |
|
Depreciation |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Other finance income |
- |
|
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on obligations under hire purchase contracts |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
James Baxter Haulage Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Directors |
|
|
Administration and support |
|
|
Drivers |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
237,734 |
105,884 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
James Baxter Haulage Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Taxation |
Tax charged in the profit and loss account:
2024 |
2023 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
1,133 |
1,468 |
Tax decrease from effect of capital allowances and depreciation |
( |
( |
Other tax effects for reconciliation between accounting profit and tax expense (income) |
(46,498) |
(43,901) |
Tax increase from other short-term timing differences |
|
|
Effect of tax losses |
( |
- |
Tax increase from effect of unrelieved tax losses carried forward |
- |
|
Deferred tax expense from unrecognised tax loss or credit |
|
- |
Deferred tax expense relating to changes in tax rates or laws |
- |
|
Total tax charge |
|
|
From 1 April 2023 the UK government increased the main rate of corporation tax from 19% to 25%.
James Baxter Haulage Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Deferred tax
Deferred tax assets and liabilities
2024 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
Unused taxable losses c/fwd |
|
- |
|
|
2023 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
Unused taxable losses c/fwd |
|
- |
|
|
Tangible assets |
Land and buildings |
Trailers, tools and equipment |
Motor vehicles |
Road haulage vehicles |
Total |
|
Cost or valuation |
|||||
At 1 April 2023 |
|
|
|
|
|
Additions |
- |
|
|
|
|
Disposals |
- |
( |
( |
( |
( |
At 31 March 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 April 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
( |
At 31 March 2024 |
|
|
|
|
|
Carrying amount |
|||||
At 31 March 2024 |
|
|
|
|
|
At 31 March 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £190,186 (2023 - £190,186) in respect of freehold land and buildings and £86,875 (2023 - £101,942) in respect of leasehold property improvements.
James Baxter Haulage Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Road haulage vehicles and trailers |
2,152,438 |
2,923,135 |
Stocks |
2024 |
2023 |
|
Parts, fuel and vehicles |
|
|
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Other debtors |
|
- |
Prepayments |
|
|
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash at bank |
|
|
Short-term deposits |
|
|
|
|
James Baxter Haulage Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 April 2023 |
|
|
Increase in existing provisions |
|
|
At 31 March 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company contributes to defined contribution pension schemes. The pension cost charge for the year represents contributions payable by the company to the schemes and amounted to £
Contributions totalling £
James Baxter Haulage Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
960 |
|
960 |
|
|
20 |
|
20 |
|
|
20 |
|
20 |
|
|
|
|
Rights, preferences and restrictions
Share capital have the following rights, preferences and restrictions: |
Reserves |
Share capital
There are three classes of ordinary shares. Share capital represents the par value of the allotted share capital.
Retained earnings
Retained earnings represents accumulated comprehensive income for the current and prior periods less dividends paid.
James Baxter Haulage Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Hire purchase contracts |
|
|
Current loans and borrowings
2024 |
2023 |
|
Hire purchase contracts |
|
|
Hire purchase contracts
Hire purchase is denominated in pounds sterling with nominal interest rates that vary between agreements and finance providers. The final instalment on the latest hire purchase contract is due on 16 June 2027. The carrying amount of all the hire purchase liabilities at year end is £1,103,010 (2023 - £1,800,247).
The hire purchase liabilities are secured against the assets to which the borrowings relate.
Commitments under operating leases |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
James Baxter Haulage Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £
Analysis of changes in net debt |
At 1 April 2023 |
Cash flows |
At 31 March 2024 |
|
Cash and cash equivalents |
|||
Cash |
1,112,719 |
(249,204) |
863,515 |
Borrowings |
|||
Hire purchase contracts |
(1,800,247) |
697,237 |
(1,103,010) |
Net debt |
( |
|
( |
|
Related party transactions |
Summary of transactions with other related parties
At 31 March 2024 the company owed £41,944 to the directors (2023 - £120,897).