Company registration number 00729701 (England and Wales)
W. HARRISON & SONS (CARRIERS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
W. HARRISON & SONS (CARRIERS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
W. HARRISON & SONS (CARRIERS) LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,115,253
1,201,360
Investments
4
10,000
10,000
1,125,253
1,211,360
Current assets
Stocks
22,435
12,002
Debtors
5
685,834
647,721
Cash at bank and in hand
2,965
12,812
711,234
672,535
Creditors: amounts falling due within one year
6
(795,944)
(686,587)
Net current liabilities
(84,710)
(14,052)
Total assets less current liabilities
1,040,543
1,197,308
Creditors: amounts falling due after more than one year
7
(191,161)
-
0
Net assets
849,382
1,197,308
Capital and reserves
Called up share capital
3,500
3,500
Revaluation reserve
592,786
603,149
Capital redemption reserve
3,500
3,500
Profit and loss reserves
249,596
587,159
Total equity
849,382
1,197,308
W. HARRISON & SONS (CARRIERS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 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 member has 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 and delivered 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 13 February 2025 and are signed on its behalf by:
A. Taylor
Director
Company registration number 00729701 (England and Wales)
W. HARRISON & SONS (CARRIERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements the directors' have a reasonable expectation that thetrue 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 goods and 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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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:

Leasehold buildings
Period of lease
Plant and machinery
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
Variable to adjust W.D.V. to approximate market value
W. HARRISON & SONS (CARRIERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -

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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

W. HARRISON & SONS (CARRIERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.8
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.

1.9
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
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes.  In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.  Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantially enacted at the balance sheet date.
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits
The company operates a money purchase (defined contribution) pension scheme.  Contributions payable to this scheme are charged to the profit and loss account in the year to which they relate.  These contributions are invested separately from the company's assets.
W. HARRISON & SONS (CARRIERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.12
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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Company information

W. Harrison & Sons (Carriers) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Group Distribution Depot, Grimshaw Lane, Middleton, Manchester, M24 2AA.

2
Employees

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

2024
2023
Number
Number
Total
40
45
W. HARRISON & SONS (CARRIERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 June 2023
800,000
1,463,797
2,263,797
Additions
-
0
62,081
62,081
Disposals
-
0
(57,785)
(57,785)
At 31 May 2024
800,000
1,468,093
2,268,093
Depreciation and impairment
At 1 June 2023
26,666
1,035,771
1,062,437
Depreciation charged in the year
13,333
120,855
134,188
Eliminated in respect of disposals
-
0
(43,785)
(43,785)
At 31 May 2024
39,999
1,112,841
1,152,840
Carrying amount
At 31 May 2024
760,001
355,252
1,115,253
At 31 May 2023
773,334
428,026
1,201,360

The leasehold land and buildings at Grimshaw Lane, Middleton were revalued at £800,000 on 12 October 2020 by Savills, an independent firm of Chartered Surveyors, on an open market existing use basis. The directors are not aware of any material change in value since the date of the valuation.

2024
2023
£
£
Cost
252,957
252,957
Accumulated depreciation
(85,742)
(82,772)
Carrying value
167,215
170,185
4
Fixed asset investments
2024
2023
£
£
Investments
10,000
10,000
W. HARRISON & SONS (CARRIERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
460,822
488,799
Other debtors
225,012
158,922
685,834
647,721
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
259,478
141,058
Trade creditors
277,931
242,147
Taxation and social security
117,496
118,307
Other creditors
141,039
185,075
795,944
686,587

Included within bank loans and overdrafts are advances under an invoice discounting facility amounting to £206,811 (2023: £141,058), which are secured on the trade debtors of the company.

 

Net obligations under finance leases and hire purchase contracts are secured on the assets acquired.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
191,161
-
0
8
Financial commitments, guarantees and contingent liabilities

There is a contingent liability in respect of a guarantee given to the Royal Bank of Scotland plc on all advances to B.S.T Carriers Limited. The amount advanced at 31 May 2024 was £nil (2023: £nil) in respect of which a contingent liability existed.

9
Events after the reporting date

There have been no significant post balance sheet events.

W. HARRISON & SONS (CARRIERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
10
Directors' transactions

Dividends totalling £75,000 (2023 - £75,000) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors loan
-
94,597
23,541
118,138
94,597
23,541
118,138
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