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Malcolm Bright & Son (Haulage & Distribution) Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Teale Accountants Ltd
1 Industrial Street
Bingley
West Yorkshire
BD16 4JG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 07948385
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 303,180 358,498
303,180 358,498
CURRENT ASSETS
Stocks 6 4,570 14,910
Debtors 7 154,291 189,546
Cash at bank and in hand 43,214 70,605
202,075 275,061
Creditors: Amounts Falling Due Within One Year 8 (168,262 ) (171,428 )
NET CURRENT ASSETS (LIABILITIES) 33,813 103,633
TOTAL ASSETS LESS CURRENT LIABILITIES 336,993 462,131
Creditors: Amounts Falling Due After More Than One Year 9 (31,740 ) (86,503 )
NET ASSETS 305,253 375,628
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 305,153 375,528
SHAREHOLDERS' FUNDS 305,253 375,628
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr M Bright
Director
13/08/2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Malcolm Bright & Son (Haulage & Distribution) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07948385 . The registered office is Unit 20, Castlefields Industrial Estate, Bingley, West Yorkshire, BD16 2AG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not depreciated
Plant & Machinery 15% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 15% Reducing balance
Computer Equipment 33% Reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 9)
6 9
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 20,000
As at 31 March 2024 20,000
Amortisation
As at 1 April 2023 20,000
As at 31 March 2024 20,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
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5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 14,989 20,761 858,072 18,509 912,331
Additions - - 34,950 - 34,950
Disposals - - (60,350 ) - (60,350 )
As at 31 March 2024 14,989 20,761 832,672 18,509 886,931
Depreciation
As at 1 April 2023 - 10,790 533,669 9,374 553,833
Provided during the period - 742 82,181 1,370 84,293
Disposals - - (54,375 ) - (54,375 )
As at 31 March 2024 - 11,532 561,475 10,744 583,751
Net Book Value
As at 31 March 2024 14,989 9,229 271,197 7,765 303,180
As at 1 April 2023 14,989 9,971 324,403 9,135 358,498
6. Stocks
2024 2023
£ £
Stock 4,570 14,910
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 146,324 127,594
Prepayments and accrued income 7,967 3,759
Other debtors - 58,193
154,291 189,546
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 57,361 95,965
Trade creditors 40,021 42,668
Bank loans and overdrafts 8,512 10,000
Corporation tax 35,603 -
VAT 16,095 11,939
Accruals and deferred income 10,670 10,856
168,262 171,428
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 12,700 60,439
Bank loans 19,040 26,064
31,740 86,503
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 57,361 95,965
Later than one year and not later than five years 12,700 60,439
70,061 156,404
70,061 156,404
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr M Bright 45,566 28,235
Mr J Bright 82,106 23,101
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13. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 127,672 51,336
14. Ultimate Controlling Party
The company's ultimate controlling party is Mr J Bright by virtue of his ownership of 70% of the issued share capital in the company.
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