REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2024 |
for |
Asfordby Storage & Haulage Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2024 |
for |
Asfordby Storage & Haulage Limited |
Asfordby Storage & Haulage Limited (Registered number: 00690001) |
Contents of the Financial Statements |
for the Year Ended 31 July 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Asfordby Storage & Haulage Limited |
Company Information |
for the Year Ended 31 July 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
6 Lichfield Street |
Burton-on-Trent |
Staffordshire |
DE14 3RD |
Asfordby Storage & Haulage Limited (Registered number: 00690001) |
Balance Sheet |
31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium | 9 |
Revaluation reserve | 9 |
Mortgage and capital |
redemption reserves | 9 |
General reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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. |
Asfordby Storage & Haulage Limited (Registered number: 00690001) |
Balance Sheet - continued |
31 July 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Asfordby Storage & Haulage Limited (Registered number: 00690001) |
Notes to the Financial Statements |
for the Year Ended 31 July 2024 |
1. | STATUTORY INFORMATION |
Asfordby Storage & Haulage Limited is a |
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 on a going concern basis under the historical cost convention as modified by the revaluation of the following assets: |
- Assets within plant and machinery and fixtures and fittings are revalued annually at their estimated |
depreciated replacement cost. Depreciation is charged on the revalued amount. |
Significant judgements and estimates |
Management are required to make judgements, assumptions and estimates when applying the above accounting policies. Those that that have had the most significant effect on amounts recognised in the financial statements are: |
The future recoverability of trade debtors. |
The future net selling price of stock items. |
The useful economic life and residual value of fixed assets. |
The current replacement cost of fixed assets |
Turnover and revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover for services provided in respect of handling, haulage and storage is recognised when the company has earned the right to the revenue and is recognised for the period the service is provided. |
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods. |
Asfordby Storage & Haulage Limited (Registered number: 00690001) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Depreciation |
Depreciation is provided on all tangible fixed assets, other than freehold land and buildings, at rates calculated to write off the depreciated replacement cost of each asset evenly over its expected useful life as follows: |
- Plant and machinery - over 3 to 20 years |
- Fixtures and fittings - over 5 to 30 years |
The depreciation adjustment on revaluation is charged to the revaluation reserve. The remaining depreciation is charged against the profits arising in the year and in subsequent years. Provision for the depreciation of freehold land and buildings in accordance with the Companies Act 2006 and with Financial Reporting Standard 102 is not considered to be necessary due to high residual values and the company's policy to maintain its properties in good condition, therefore prolonging the useful life and value of the properties. Any depreciation charge arising would be immaterial. An annual impairment review is carried out by two of the directors to support the validity of applying such an accounting policy. |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell after making allowance for obsolete and slow moving items. Cost includes all costs of purchase and all costs incurred in bringing the stock to its location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 or other future taxable profits. |
Asfordby Storage & Haulage Limited (Registered number: 00690001) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Transactions in foreign currencies are translated into sterling at the rate of exchange prevailing at the date of settlement of the transaction and not that prevailing on the date of the transaction. The effect of this is that foreign exchange gains and losses are recognised in profit or loss as part of the transaction to which they relate. The exceptions to this are balances at the balance sheet date in respect of funds in foreign currency bank accounts and outstanding transactions, which are translated into sterling at the rate of exchange ruling on this date, and any gain or loss arising is then recognised separately in profit or loss. |
Leases |
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the lease term, unless the rental payments are structured to increase in line with expected general inflation, in which case the company recognises annual rent expense equal to amounts owed to the lessor. |
Rentals receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Debtors |
Debtors are measured at transaction price, less any impairment. |
Creditors |
Creditors are measured at the transaction price. |
The company recognises a provision for annual leave accrued by employees as a result of services rendered which employees are entitled to carry forward and use. The provision is measured at the salary cost payable for the period of leave. |
Pension schemes |
The company operates defined contribution schemes which are fully compliant with automatic enrolment. Contributions payable for the year are charged to profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Asfordby Storage & Haulage Limited (Registered number: 00690001) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 August 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Revaluation adjustments |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Asfordby Storage & Haulage Limited (Registered number: 00690001) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
For those assets for which historic cost has been restated at depreciated replacement cost, the comparable historic cost figures are: |
Plant and machinery |
Historic cost: | At 1 August 2023 | £1,827,887 |
At 31 July 2024 | £1,719,248 |
Aggregate depreciation: | At 1 August 2023 | £1,565,570 |
At 31 July 2024 | £1,376,346 |
Net book value: | At 1 August 2023 | £262,317 |
At 31 July 2024 | £342,902 |
Fixtures and fittings |
Historic cost: | At 1 August 2023 | £226,373 |
At 31 July 2024 | £216,205 |
Aggregate depreciation: | At 1 August 2023 | £128,128 |
At 31 July 2024 | £131,691 |
Net book value: | At 1 August 2023 | £98,245 |
At 31 July 2024 | £84,514 |
The directors review each class of assets and apply either an inflationary increase to some classes based on RPI or where considered appropriate apply a specific increase or decrease to individual assets within certain classes based on their knowledge, experience and reference to industry publications. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Trade debtors |
Other debtors |
Asfordby Storage & Haulage Limited (Registered number: 00690001) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
By the company as a lessee |
Within one year £210,484 (2023: £12,661) and between one and five years £nil (2023: £3,165). |
The above minimum lease payments relate to non-cancellable operating leases of plant and |
machinery and a rental property. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.24 | 31.7.23 |
value: | £ | £ |
Ordinary | £1 | 182,353 | 182,353 |
9. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve |
£ | £ | £ |
At 1 August 2023 |
Deficit for the year | ( |
) |
Dividends | ( |
) |
Increase in respect of assets |
retained for year | - | - | (16,018 | ) |
Transfer from/(to) general |
reserve | 2,805,461 | - | - |
At 31 July 2024 |
Asfordby Storage & Haulage Limited (Registered number: 00690001) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
9. | RESERVES - continued |
Mortgage |
and |
capital |
redemption | General |
reserves | reserve | Totals |
£ | £ | £ |
At 1 August 2023 | 48,381,438 |
Deficit for the year | ( |
) |
Dividends | ( |
) |
Increase in respect of assets |
retained for year | - | - | (16,018 | ) |
Transfer from/(to) general |
reserve | - | - | 2,805,461 |
Transfer (to)/from retained |
earnings | - | (2,805,461 | ) | (2,805,461 | ) |
Transfer from revaluation |
reserve | - | 25,461 | 25,461 |
At 31 July 2024 | 45,577,789 |