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Company registration number: 10435187
FOREST HILL TRANSPORT LTD
Unaudited filleted financial statements
31 October 2024
FOREST HILL TRANSPORT LTD
Contents
Statement of financial position
Notes to the financial statements
FOREST HILL TRANSPORT LTD
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 98,790 85,183
_______ _______
98,790 85,183
Current assets
Debtors 6 105,552 96,744
Cash at bank and in hand 50,342 73,269
_______ _______
155,894 170,013
Creditors: amounts falling due
within one year 7 ( 95,685) ( 90,419)
_______ _______
Net current assets 60,209 79,594
_______ _______
Total assets less current liabilities 158,999 164,777
Creditors: amounts falling due
after more than one year 8 ( 42,295) ( 56,649)
Provisions for liabilities 10 ( 20,742) ( 18,156)
_______ _______
Net assets 95,962 89,972
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 95,960 89,970
_______ _______
Shareholders funds 95,962 89,972
_______ _______
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 March 2025 , and are signed on behalf of the board by:
Mr Benjamin Ward
Director
Company registration number: 10435187
FOREST HILL TRANSPORT LTD
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Forest Hill Transport Ltd, Unit 3, Band Walk Industrial Estate, Saddleworth Road, Greetland, Halifax, West Yorkshire, HX4 8BA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Office equipment - 20 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tangible assets
Plant and machinery Office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 11,754 5,432 137,128 154,314
Additions 2,381 150 43,563 46,094
_______ _______ _______ _______
At 31 October 2024 14,135 5,582 180,691 200,408
_______ _______ _______ _______
Depreciation
At 1 November 2023 5,094 3,930 60,107 69,131
Charge for the year 1,808 533 30,146 32,487
_______ _______ _______ _______
At 31 October 2024 6,902 4,463 90,253 101,618
_______ _______ _______ _______
Carrying amount
At 31 October 2024 7,233 1,119 90,438 98,790
_______ _______ _______ _______
At 31 October 2023 6,660 1,502 77,021 85,183
_______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 October 2024 74,719
_______
At 31 October 2023 69,821
_______
6. Debtors
2024 2023
£ £
Trade debtors 84,832 79,018
Other debtors 20,720 17,726
_______ _______
105,552 96,744
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 13,006 20,509
Corporation tax 21,320 13,771
Social security and other taxes 20,491 18,725
Other creditors 30,868 27,414
_______ _______
95,685 90,419
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 6,667 16,667
Other creditors 35,628 39,982
_______ _______
42,295 56,649
_______ _______
9. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2024 2023
£ £
Not later than 1 year 32,723 28,576
Later than 1 year and not later than 5 years 40,378 46,736
_______ _______
73,101 75,312
Less: future finance charges ( 8,466) ( 9,648)
_______ _______
Present value of minimum lease payments 64,635 65,664
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 November 2023 18,156 18,156
Additions 2,586 2,586
_______ _______
At 31 October 2024 20,742 20,742
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 10) 20,742 18,156
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 20,742 18,156
_______ _______
12. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Benjamin Ward ( 418) ( 153) - ( 571)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Benjamin Ward ( 10,624) - 10,206 ( 418)
_______ _______ _______ _______
Credit balances on directors current accounts are provided to the company unsecured, interest free and are repayable on demand.