Company registration number 00987986 (England and Wales)
PF WHITEHEAD TRANSPORT SERVICES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PF WHITEHEAD TRANSPORT SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr P F Whitehead (Snr)
Mrs N M A Whitehead
Mr P N J Whitehead (Jnr)
Secretary
Mr P F Whitehead (Snr)
Company number
00987986
Registered office
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Accountants
Bryden Johnson Limited
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Business address
4 Coomber Way
Croydon
Surrey
CR0 4TQ
PF WHITEHEAD TRANSPORT SERVICES LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 9
PF WHITEHEAD TRANSPORT SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 July 2024.
Principal activities
The principal activity of the company continued to be that of haulage contractors and the provision of storage, distribution and handling facilities.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P F Whitehead (Snr)
Mrs N M A Whitehead
Mr P N J Whitehead (Jnr)
Statement of directors' responsibilities
The directors are responsible 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 then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
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.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr P F Whitehead (Snr)
Director
17 January 2025
PF WHITEHEAD TRANSPORT SERVICES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PF WHITEHEAD TRANSPORT SERVICES LIMITED FOR THE YEAR ENDED 31 JULY 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PF Whitehead Transport Services Limited for the year ended 31 July 2024 set out on pages 3 to 9 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of PF Whitehead Transport Services Limited, as a body, in accordance with the terms of our engagement letter dated 7 October 2024. Our work has been undertaken solely to prepare for your approval the financial statements of PF Whitehead Transport Services Limited and state those matters that we have agreed to state to the board of directors of PF Whitehead Transport Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PF Whitehead Transport Services Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that PF Whitehead Transport Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PF Whitehead Transport Services Limited. You consider that PF Whitehead Transport Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of PF Whitehead Transport Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Bryden Johnson Limited
29 January 2025
Chartered Accountants
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
PF WHITEHEAD TRANSPORT SERVICES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
2024
2023
£
£
Turnover
5,044,803
5,171,462
Cost of sales
(3,467,436)
(3,563,321)
Gross profit
1,577,367
1,608,141
Administrative expenses
(1,063,559)
(1,053,054)
Operating profit
513,808
555,087
Interest receivable and similar income
9,763
9,512
Interest payable and similar expenses
(6,265)
(2,037)
Profit before taxation
517,306
562,562
Tax on profit
(144,638)
(128,356)
Profit for the financial year
372,668
434,206
The profit and loss account has been prepared on the basis that all operations are continuing operations.
PF WHITEHEAD TRANSPORT SERVICES LIMITED
BALANCE SHEET
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,854,564
176,540
Current assets
Debtors
5
1,851,742
1,635,827
Cash at bank and in hand
429,693
1,258,177
2,281,435
2,894,004
Creditors: amounts falling due within one year
6
(901,003)
(879,610)
Net current assets
1,380,432
2,014,394
Total assets less current liabilities
11,234,996
2,190,934
Creditors: amounts falling due after more than one year
7
(157,265)
(1,585)
Provisions for liabilities
(1,713,589)
(9,189)
Net assets
9,364,142
2,180,160
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
7,411,306
Profit and loss reserves
1,952,736
2,180,060
Total equity
9,364,142
2,180,160
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
Mr P F Whitehead (Snr)
Director
Company registration number 00987986 (England and Wales)
PF WHITEHEAD TRANSPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
1
Accounting policies
Company information
PF Whitehead Transport Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.
1.1
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. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Freehold land and buildings
Not provided
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Freehold land and assets are not depreciated on the basis that repairs expenditure is incurred to maintain the condition of the asset. Which is at least equivalent to what depreciation would have been.
Although this accounting policy is in accordance with FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been changed cannot be separately identified or quantified.
PF WHITEHEAD TRANSPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
PF WHITEHEAD TRANSPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 7 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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 profit and loss account 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
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 balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
33
31
PF WHITEHEAD TRANSPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
3
Employees
(Continued)
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2023
592,662
592,662
Additions
9,519,431
255,716
9,775,147
Disposals
(87,313)
(87,313)
At 31 July 2024
9,519,431
761,065
10,280,496
Depreciation and impairment
At 1 August 2023
416,122
416,122
Depreciation charged in the year
97,123
97,123
Eliminated in respect of disposals
(87,313)
(87,313)
At 31 July 2024
425,932
425,932
Carrying amount
At 31 July 2024
9,519,431
335,133
9,854,564
At 31 July 2023
176,540
176,540
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
984,441
1,046,028
Corporation tax recoverable
53,771
53,771
Other debtors
648,447
391,257
Prepayments and accrued income
165,083
144,771
1,851,742
1,635,827
PF WHITEHEAD TRANSPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
48,923
19,026
Trade creditors
548,932
587,624
Corporation tax
101,096
134,484
Other taxation and social security
87,430
55,794
Other creditors
72,081
37,278
Accruals and deferred income
42,541
45,404
901,003
879,610
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
157,265
1,585
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
45
90
45
90
Ordinary A shares of £1 each
50
5
50
5
Ordinary B shares of £1 each
5
5
5
5
100
100
100
100
On 10 April 2024, 45 ordinary £1 shares were re-designated to 45 ordinary A £1 shares.
9
Related party transactions
The company was charged rent to the directors Mr PF & Mrs NMA Whitehead at an open market value in respect of the properties which it occupies. The charge for the year amounted to £201,467 (2023: £267,466).
10
Directors' transactions
Included within other creditors is an amount of £54,004 (2023: £15,153) due to Mr PNJ Whitehead.
Included within other debtors is an amount of £165,450 (2023: £165,450) due from Mr PNJ Whitehead.
Included within other debtors is an amount of £425,558 (2023: £199,767) due from Mr PF Whitehead.
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