Company registration number 09800082 (England and Wales)
HNC Transport Limited
Annual Report and
Unaudited Financial Statements
for the year ended 31 March 2024
PAGES FOR FILING WITH REGISTRAR
HNC Transport Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
HNC Transport Limited
Statement of financial position
as at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
38,001
44,334
Tangible assets
4
958,429
1,026,080
996,430
1,070,414
Current assets
Stocks
37,919
26,134
Debtors
259,253
301,650
Cash at bank and in hand
1,790
8,957
298,962
336,741
Creditors: amounts falling due within one year
(694,314)
(654,036)
Net current liabilities
(395,352)
(317,295)
Total assets less current liabilities
601,078
753,119
Creditors: amounts falling due after more than one year
(349,589)
(557,997)
Provisions for liabilities
5
(18,498)
(40,682)
Net assets
232,991
154,440
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
231,991
153,440
Total equity
232,991
154,440
HNC Transport Limited
Statement of financial position (continued)
as at 31 March 2024
- 2 -

For the financial year ended 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 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 Companies Act 2006 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.

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 December 2024 and are signed on its behalf by:
H E Doolan
Director
Company registration number 09800082 (England and Wales)
HNC Transport Limited
Notes to the financial statements
for the year ended 31 March 2024
- 3 -
1
Accounting policies
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover

Turnover represents the fair value of the consideration received for services provided in the normal course of business, and is shown net of VAT.

 

Turnover is recognised on services provided.

Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Not depreciated
Commercial vehicles
10-30% reducing balance
Fixtures and fittings
20% Straight line
Equipment
20% Straight line
Stocks

Stocks are stated at the lower of cost and net realisable value.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

HNC Transport Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies
(continued)
- 4 -
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
15
12
3
Intangible fixed assets
Total
£
Cost
At 1 April 2023 and 31 March 2024
63,333
Amortisation and impairment
At 1 April 2023
18,999
Amortisation charged for the year
6,333
At 31 March 2024
25,332
Carrying amount
At 31 March 2024
38,001
At 31 March 2023
44,334
HNC Transport Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 5 -
4
Tangible fixed assets
Leasehold improvements
Commercial vehicles
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
13,506
1,370,436
38,148
16,369
1,438,459
Additions
-
0
20,955
6,677
11,460
39,092
At 31 March 2024
13,506
1,391,391
44,825
27,829
1,477,551
Depreciation and impairment
At 1 April 2023
-
0
398,942
8,893
4,544
412,379
Depreciation charged in the year
-
0
99,663
4,756
2,324
106,743
At 31 March 2024
-
0
498,605
13,649
6,868
519,122
Carrying amount
At 31 March 2024
13,506
892,786
31,176
20,961
958,429
At 31 March 2023
13,506
971,494
29,255
11,825
1,026,080
5
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
18,498
40,682
6
Company information

HNC Transport Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8, Clarke Industrial Estate St. Modwen Road, Stretford, Manchester, M32 0ZF.

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