Company Registration No. 10285316 (England and Wales)
Phelan Haulage Ltd
Unaudited accounts
for the year ended 30 November 2024
Phelan Haulage Ltd
Unaudited accounts
Contents
Phelan Haulage Ltd
Company Information
for the year ended 30 November 2024
Company Number
10285316 (England and Wales)
Registered Office
3 John Street
Consett
DH8 5LA
Accountants
Accountants For The Trade Limited
3B Linden Park
Number One Industrial Estate
Consett
DH8 6SZ
Phelan Haulage Ltd
Statement of financial position
as at 30 November 2024
Tangible assets
688,268
486,915
Cash at bank and in hand
151,481
57,671
Creditors: amounts falling due within one year
(200,451)
(189,744)
Net current assets
22,078
51,403
Total assets less current liabilities
710,346
538,318
Creditors: amounts falling due after more than one year
(315,636)
(265,188)
Net assets
394,710
273,130
Called up share capital
10
10
Profit and loss account
394,700
273,120
Shareholders' funds
394,710
273,130
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 4 April 2025 and were signed on its behalf by
Mr P Phelan
Director
Company Registration No. 10285316
Phelan Haulage Ltd
Notes to the Accounts
for the year ended 30 November 2024
Phelan Haulage Ltd is a private company, limited by shares, registered in England and Wales, registration number 10285316. The registered office is 3 John Street , Consett, DH8 5LA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing Balance
Motor vehicles
20% Reducing Balance
Computer equipment
20% Reducing Balance
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Phelan Haulage Ltd
Notes to the Accounts
for the year ended 30 November 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 December 2023
112,697
517,086
3,635
633,418
Additions
58,657
326,000
2,675
387,332
Disposals
(22,500)
(85,000)
-
(107,500)
At 30 November 2024
148,854
758,086
6,310
913,250
At 1 December 2023
40,284
105,689
530
146,503
Charge for the year
16,535
97,323
917
114,775
On disposals
(12,708)
(23,588)
-
(36,296)
At 30 November 2024
44,111
179,424
1,447
224,982
At 30 November 2024
104,743
578,662
4,863
688,268
At 30 November 2023
72,413
411,397
3,105
486,915
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
30,880
48,392
- Motor vehicles
578,662
411,397
Amounts falling due within one year
Trade debtors
43,582
161,382
Deferred tax asset
17,624
12,283
Accrued income and prepayments
8,247
8,386
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
4,491
8,161
Obligations under finance leases and hire purchase contracts
138,381
108,760
Trade creditors
28,631
37,963
Taxes and social security
3,613
4,764
Loans from directors
10
303
Phelan Haulage Ltd
Notes to the Accounts
for the year ended 30 November 2024
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
298,192
247,426
8
Average number of employees
During the year the average number of employees was 5 (2023: 5).