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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
Page
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Phelan Haulage Ltd Company Information for the year ended 30 November 2024
Director
Mr P Phelan
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
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Phelan Haulage Ltd Statement of financial position as at 30 November 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
688,268 
486,915 
Current assets
Debtors
71,048 
183,476 
Cash at bank and in hand
151,481 
57,671 
222,529 
241,147 
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 
Capital and reserves
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
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Phelan Haulage Ltd Notes to the Accounts for the year ended 30 November 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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 taxation
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.
Leased assets
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
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.
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Phelan Haulage Ltd Notes to the Accounts for the year ended 30 November 2024
Pension costs
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 
Depreciation
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 
Net book value
At 30 November 2024
104,743 
578,662 
4,863 
688,268 
At 30 November 2023
72,413 
411,397 
3,105 
486,915 
2024 
2023 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Plant & machinery
30,880 
48,392 
- Motor vehicles
578,662 
411,397 
5
Debtors
2024 
2023 
£ 
£ 
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 
Other debtors
1,595 
1,425 
71,048 
183,476 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
4,491 
8,161 
VAT
24,964 
28,877 
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 
Other creditors
361 
916 
Loans from directors
10 
303 
200,451 
189,744 
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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 
£ 
£ 
Bank loans
17,444 
17,762 
Obligations under finance leases and hire purchase contracts
298,192 
247,426 
315,636 
265,188 
8
Average number of employees
During the year the average number of employees was 5 (2023: 5).
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