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Registration number: 05019114

Lock Bros. (Haulage) Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Lock Bros. (Haulage) Limited

Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

70,297

108,421

Current assets

 

Debtors

5

129,820

199,351

Cash at bank and in hand

 

358,777

355,710

 

488,597

555,061

Creditors: Amounts falling due within one year

6

(129,645)

(188,750)

Net current assets

 

358,952

366,311

Total assets less current liabilities

 

429,249

474,732

Provisions for liabilities

(19,654)

(22,680)

Net assets

 

409,595

452,052

Capital and reserves

 

Called up share capital

2

2

Retained earnings

409,593

452,050

Shareholders' funds

 

409,595

452,052

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Lock Bros. (Haulage) Limited

Statement of Financial Position as at 31 May 2024

Approved and authorised by the Board on 20 December 2024 and signed on its behalf by:
 

.........................................

S J Lock

Director

Company registration number: 05019114

 

Lock Bros. (Haulage) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Marchants Yard
Scabharbour Road
Weald
Kent
TN14 6NL

The principal activity of the company is that of haulage contractors and the supply of materials.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company had net assets at 31 May 2024 amounting to £409,595 including cash at bank of £358,777.

The company has continued to trade profitably since 31 May 2024 and the directors are confident that the current global conflicts and economic uncertainties in the UK will have no effect on the company.

On the basis of the above and having made enquires the directors have reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly, the directors continue to prepare the financial statements on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Turnover arising from haulage contracting is recognised on the date of delivery once all contractual provisions have been met. Turnover from the supply of materials is recognised upon the delivery to the customer.

 

Lock Bros. (Haulage) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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 statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant & machinery

25% reducing balance

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.

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.

3

Staff numbers

The average number of persons employed by the company during the year was 4 (2023 - 4).

 

Lock Bros. (Haulage) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2023

462,240

5,650

467,890

Disposals

(92,495)

-

(92,495)

At 31 May 2024

369,745

5,650

375,395

Depreciation

At 1 June 2023

355,407

4,062

359,469

Charge for the year

23,518

397

23,915

Eliminated on disposal

(78,286)

-

(78,286)

At 31 May 2024

300,639

4,459

305,098

Carrying amount

At 31 May 2024

69,106

1,191

70,297

At 31 May 2023

106,833

1,588

108,421

5

Debtors

2024
£

2023
£

Trade debtors

119,513

194,224

Other debtors

10,307

5,127

129,820

199,351

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

53,011

49,289

Taxation and social security

16,771

21,249

Other creditors

59,863

118,212

129,645

188,750