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REGISTERED NUMBER: 07673806 (England and Wales)















THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 APRIL 2024






THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: J Hutchison





REGISTERED OFFICE: Swalesmoor Farm
Swalesmoor Road
Halifax
West Yorkshire
HX3 6UF





REGISTERED NUMBER: 07673806 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The director presents his strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
The performance achieved during the period is set out in the Income Statement on page 8.

Turnover has increased by 31.8% year on year.

The company incurred a pre tax loss of £1,743k (2023 - £616k) during a challenging trading period.

The balance sheet at the year end date is in a net deficit of £3.5 million. The company is reliant upon other group members to ensure that the company is able to meet its external liabilities. Assurances have been received across the group and the financial statements are prepared on an ongoing basis.

The business has continued to focus on cost control, better fleet utilisation, increased efficiency and improvements in operational performance, however overall results have been affected by the cost of hiring and retaining HGV drivers and the increased purchase price of assets.

The company prides itself and focuses on the quality of the customer service it provides and looks to innovate and continuously improve and enhance in this area.

The company is focused on compliance and ensuring the systems and procedures are in place to maintain the very high standards currently attained.

During the year the company has invested £2,7 million in new commercial vehicles and equipment. The company fleet has a rolling programme of renewals to ensure it remains reliable and efficient.

Given the nature of the business, and its position within a larger group, the company director is of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the business.

PRINCIPAL RISKS AND UNCERTAINTIES
The company is subject to a number of risks and uncertainties, including a difficult economic climate, volatility in fuel prices, incident management, an increasing legislative and regulatory environment and employee retention.

The director is aware of these risks and strategic decisions are made to manage them appropriately. The decision making process and the assessment of business performance is supported by the experience of the management team, weekly financial and operational data and monthly management accounts, split by business segment.

ON BEHALF OF THE BOARD:





J Hutchison - Director


30 January 2025

THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 APRIL 2024


The director presents his report with the financial statements of the company for the year ended 30 April 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 April 2024.

DIRECTOR
J Hutchison held office during the whole of the period from 1 May 2023 to the date of this report.

GOING CONCERN
After due consideration of all relevant factors and the assurances received from other group members of ongoing support for a period of at least twelve months from the date of approval of these financial statements the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing the annual report and accounts.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Hutchison - Director


30 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED


Opinion
We have audited the financial statements of The Haulage (Holdings) Organisation Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company, we identified that the principal risks of non-compliance with laws and regulations related to corporation tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements.

As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact of the preparation of the financial statements, such as the Companies Act 2006 and FRS 102.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results.

Audit procedures performed by the engagement team include:

- Enquiring of and obtaining written representation from management in relation to known or suspected instances
of non-compliance with laws and regulations and fraud;
- Enquiring of entity staff in tax and compliance functions to identify any instances of non-compliance with laws
and regulations;
- Evaluation of management's controls designed to prevent and detect irregularities;
- Identifying and, where relevant, testing journal entries posted by senior management or with unusual
combinations;
- Assessing and evaluating the business rationale of significant transactions outside the normal course of
business;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations;
- Review of correspondence with regulators in so far as they are related to the financial statements;
- Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Kelvin Fitton BA FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

30 January 2025

THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 29,710,747 22,544,824

Cost of sales 30,253,724 22,253,395
GROSS (LOSS)/PROFIT (542,977 ) 291,429

Administrative expenses 1,199,879 907,897
OPERATING LOSS and
LOSS BEFORE TAXATION (1,742,856 ) (616,468 )

Tax on loss 6 (531,434 ) 739,497
LOSS FOR THE FINANCIAL YEAR (1,211,422 ) (1,355,965 )

THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

LOSS FOR THE YEAR (1,211,422 ) (1,355,965 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(1,211,422

)

(1,355,965

)

THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 6,585,619 6,097,673

CURRENT ASSETS
Debtors 8 4,494,085 1,603,145
Cash at bank 589,251 589,051
5,083,336 2,192,196
CREDITORS
Amounts falling due within one year 9 14,974,145 9,852,203
NET CURRENT LIABILITIES (9,890,809 ) (7,660,007 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,305,190

)

(1,562,334

)

PROVISIONS FOR LIABILITIES 11 208,063 739,497
NET LIABILITIES (3,513,253 ) (2,301,831 )

CAPITAL AND RESERVES
Called up share capital 12 1 1
Retained earnings 13 (3,513,254 ) (2,301,832 )
SHAREHOLDERS' FUNDS (3,513,253 ) (2,301,831 )

The financial statements were approved by the director and authorised for issue on 30 January 2025 and were signed by:





J Hutchison - Director


THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 1 (945,867 ) (945,866 )

Changes in equity
Total comprehensive income - (1,355,965 ) (1,355,965 )
Balance at 30 April 2023 1 (2,301,832 ) (2,301,831 )

Changes in equity
Total comprehensive income - (1,211,422 ) (1,211,422 )
Balance at 30 April 2024 1 (3,513,254 ) (3,513,253 )

THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (868,518 ) 1,149,743
Tax paid - (14,633 )
Net cash from operating activities (868,518 ) 1,135,110

Cash flows from investing activities
Purchase of tangible fixed assets (2,704,419 ) (5,147,884 )
Sale of tangible fixed assets 646,585 1,004,109
Net cash from investing activities (2,057,834 ) (4,143,775 )

Cash flows from financing activities
New group loans in year 2,951,914 3,021,072
Net cash from financing activities 2,951,914 3,021,072

Increase in cash and cash equivalents 25,562 12,407
Cash and cash equivalents at beginning of
year

2

23,665

11,258

Cash and cash equivalents at end of year 2 49,227 23,665

THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Loss before taxation (1,742,856 ) (616,468 )
Depreciation charges 1,418,893 1,102,535
Loss on disposal of fixed assets 150,995 1,634
(172,968 ) 487,701
Decrease/(increase) in trade and other debtors 40,661 (525,908 )
(Decrease)/increase in trade and other creditors (736,211 ) 1,187,950
Cash generated from operations (868,518 ) 1,149,743

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 589,251 589,051
Bank overdrafts (540,024 ) (565,386 )
49,227 23,665
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 589,051 509,051
Bank overdrafts (565,386 ) (497,793 )
23,665 11,258


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank 589,051 200 589,251
Bank overdrafts (565,386 ) 25,362 (540,024 )
23,665 25,562 49,227
Total 23,665 25,562 49,227

THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

The legal form of the entity is that of a private company limited by shares.

The company is incorporated in England and Wales. The registered office address is included on the company information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also required management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of services in the company's activities

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Freehold property- 2% and 15% reducing balance
Plant & Machinery- 25% reducing balance
Motor vehicles- 15-33% straight line and reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively is appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between as asset's carrying amount and the present value of estimates cash flows discounted at the asset's original effective interest rate. If an financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

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.

THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Debtors

Short term debtors are measured at transaction price, less any impairment.

Stock

Stocks of fuel are valued at cost.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Going concern

The directors have received assurances from other group company members of ongoing financial support for a period of at least 12 months from the date of approval of these financial statements and therefore have reasonable expectations that the company has adequate resources to continue in operation for the foreseeable future. Thus the going concern basis of accounting and preparing annual financial statements has been adopted.

THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY


The critical judgements that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.

(i) Assessing indicators of impairment

In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. There have been no indicators of impairment identified during the current financial year.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

(i) Estimating value in use

Where an indication of impairment exists, the directors have carried out an impairment review to determine the recoverable amount of the asset, which is the higher of fair value less cost to sell and value in use. The value in use calculation has required the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and determine a suitable discount rate in order to calculate present value.

(ii) Determining residual values and useful economic lives of tangible assets

The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a variety of actors, including technological innovation, product life cycles and maintenance programmes.

Judgement is also applied, when determining the residual values for fixed assets. When determining the residual value, the directors have assessed the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 11,132,619 8,377,264
Social security costs 1,209,581 945,598
Other pension costs 170,021 131,021
12,512,221 9,453,883

THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Distribution 190 144
Administration 13 12
Management 6 5
209 161

2024 2023
£    £   
Director's remuneration 11,244 11,244

5. OPERATING LOSS

The operating loss is stated after charging:

2024 2023
£    £   
Hire of wagons and trailers 2,030,966 1,351,755
Depreciation - owned assets 1,418,893 1,102,535
Loss on disposal of fixed assets 150,995 1,634
Auditors' remuneration 11,100 8,000

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
£    £   
Deferred tax (531,434 ) 739,497
Tax on loss (531,434 ) 739,497

THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


6. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Loss before tax (1,742,856 ) (616,468 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

(435,714

)

(117,129

)

Effects of:
Expenses not deductible for tax purposes 531 -
Income not taxable for tax purposes - (574 )
Capital allowances in excess of depreciation (305,047 ) (1,024,511 )
Tax losses available 208,796 1,881,711
Total tax (credit)/charge (531,434 ) 739,497

7. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 May 2023 14,251 142,802 7,158,049 7,315,102
Additions - 29,763 2,674,656 2,704,419
Disposals - (5,500 ) (1,512,442 ) (1,517,942 )
At 30 April 2024 14,251 167,065 8,320,263 8,501,579
DEPRECIATION
At 1 May 2023 1,321 106,662 1,109,446 1,217,429
Charge for year 1,311 13,288 1,404,294 1,418,893
Eliminated on disposal - (3,359 ) (717,003 ) (720,362 )
At 30 April 2024 2,632 116,591 1,796,737 1,915,960
NET BOOK VALUE
At 30 April 2024 11,619 50,474 6,523,526 6,585,619
At 30 April 2023 12,930 36,140 6,048,603 6,097,673

THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 20,105 3,140
Amounts owed by group undertakings 3,189,661 258,060
Other debtors - 102,700
Tax 69 69
VAT 402,163 516,378
Prepayments and accrued income 882,087 722,798
4,494,085 1,603,145

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) 540,024 565,386
Trade creditors 648,587 923,462
Amounts owed to group undertakings 12,755,886 6,872,371
Social security and other taxes 371,749 365,008
Other creditors 200,219 174,993
Accruals and deferred income 457,680 950,983
14,974,145 9,852,203

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 540,024 565,386

The bank overdraft is secured by a charge over all assets of the group under an omnibus guarantee and set-off agreement.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 208,063 739,497

Deferred
tax
£   
Balance at 1 May 2023 739,497
Credit to Income Statement during year (531,434 )
Balance at 30 April 2024 208,063

THE HAULAGE (HOLDINGS) ORGANISATION
LIMITED (REGISTERED NUMBER: 07673806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 (2018 - 1) Ordinary share £1 1 1

13. RESERVES
Retained
earnings
£   

At 1 May 2023 (2,301,832 )
Deficit for the year (1,211,422 )
At 30 April 2024 (3,513,254 )

14. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £170,021 (2023: £131,021). Contributions totalling £47,061 (2023: £27,604) were payable to the fund at the balance sheet date.

15. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Leo Group Holdings Midco Limited, a company registered in Jersey, and the ultimate parent company is Leo Group Family Holdings Limited, also registered in Jersey. The ultimate controlling party is Mr D S Sawrij.