HEADINGTON CARRIERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024
Company Registration Number: 03817463
HEADINGTON CARRIERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
HEADINGTON CARRIERS LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024
DIRECTOR
P J Barrett
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
The Long Barn
The Straight Mile
Woodstock
Oxford
OX20 1PW
COMPANY REGISTRATION NUMBER
03817463 England and Wales
HEADINGTON CARRIERS LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 408,452 343,711
CURRENT ASSETS
Debtors 6 381,266 367,180
Cash at bank and in hand 7,709 73,119
388,975 440,299
CREDITORS: Amounts falling due within one year 7 366,060 336,605
NET CURRENT ASSETS 22,915 103,694
TOTAL ASSETS LESS CURRENT LIABILITIES 431,367 447,405
CREDITORS: Amounts falling due after more than one year 8 97,705 140,430
Provisions for liabilities and charges 92,338 75,350
NET ASSETS 241,324 231,625
CAPITAL AND RESERVES
Called up share capital 10 10
Distributable profit and loss account 241,314 231,615
SHAREHOLDERS' FUNDS 241,324 231,625
HEADINGTON CARRIERS LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
P J Barrett
Director
Date approved by the board: 25 February 2025
HEADINGTON CARRIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
1 GENERAL INFORMATION
Headington Carriers Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
The Long Barn
The Straight Mile
Woodstock
Oxford
OX20 1PW
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of the invoiced value of removal and storage services provided as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Improvements to leasehold property Straight line basis over 25 years
Containers and storage Straight line basis over 15 years
Tools and equipment Reducing balance basis at 25% per annum
Motor vehicles Reducing balance basis at 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
HEADINGTON CARRIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, 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 balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
HEADINGTON CARRIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
The company has entered into some hire purchase agreements for certain assets that include the option to purchase the items at the end of the lease term for a nominal amount, which is expected to be much lower than their fair value at that date. The hire purchase agreements have been classified as finance leases as it is reasonably certain that the option will be exercised.
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
HEADINGTON CARRIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including the director) during the year was:
2024 2023
Average number of employees 14 15
5 TANGIBLE ASSETS
Improvements to leasehold property Containers and storage Tools and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 November 2023 44,141 302,461 45,719 544,588 936,909
Additions - 53,844 14,541 79,980 148,365
Disposals - - - (54,052) (54,052)
At 31 October 2024 44,141 356,305 60,260 570,516 1,031,222
Accumulated depreciation and impairments
At 1 November 2023 25,729 140,914 31,137 395,418 593,198
Charge for year 1,766 19,482 5,568 50,782 77,598
Disposals - - - (48,026) (48,026)
At 31 October 2024 27,495 160,396 36,705 398,174 622,770
Net book value
At 1 November 2023 18,412 161,547 14,582 149,170 343,711
At 31 October 2024 16,646 195,909 23,555 172,342 408,452
HEADINGTON CARRIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
6 DEBTORS
2024 2023
£ £
Trade debtors 75,448 56,588
Prepayments and accrued income 54,621 42,512
Other debtors 251,197 268,080
381,266 367,180
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 76,489 75,844
Trade creditors 115,110 89,054
Taxation and social security 104,205 112,144
Hire purchase contracts and finance leases 43,895 39,148
Accruals and deferred income 12,826 6,000
Other creditors 13,535 14,415
366,060 336,605
8 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 15,833 82,322
Hire purchase contracts and finance leases 81,872 58,108
97,705 140,430
9 SECURED DEBTS
The company has a bank loan with Funding Circle which is due for repayment over 60 months with an interest rate of 10.1%. The bank loan is secured by way of a personal guarantee by P J Barrett.
The company's bankers hold fixed and floating charges dated 22 August 2000 and 4 July 2017 over the assets of the company.
The hire purchase contracts and finance leases are secured on the assets concerned.
HEADINGTON CARRIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
10 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year:
Balance at 1 November 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 October 2024
£ £ £ £ £
P J Barrett 218,341 148,118 165,000 - 201,459
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
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