Silverfin false false 31/07/2024 01/08/2023 31/07/2024 John Morrison 12/07/2019 Tracey Morrison 12/07/2019 24 April 2025 The principal activity of the Company during the financial year continued to be that of haulage. SC635908 2024-07-31 SC635908 bus:Director1 2024-07-31 SC635908 bus:Director2 2024-07-31 SC635908 2023-07-31 SC635908 core:CurrentFinancialInstruments 2024-07-31 SC635908 core:CurrentFinancialInstruments 2023-07-31 SC635908 core:Non-currentFinancialInstruments 2024-07-31 SC635908 core:Non-currentFinancialInstruments 2023-07-31 SC635908 core:ShareCapital 2024-07-31 SC635908 core:ShareCapital 2023-07-31 SC635908 core:RetainedEarningsAccumulatedLosses 2024-07-31 SC635908 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC635908 core:Vehicles 2023-07-31 SC635908 core:OfficeEquipment 2023-07-31 SC635908 core:Vehicles 2024-07-31 SC635908 core:OfficeEquipment 2024-07-31 SC635908 bus:OrdinaryShareClass1 2024-07-31 SC635908 2023-08-01 2024-07-31 SC635908 bus:FilletedAccounts 2023-08-01 2024-07-31 SC635908 bus:SmallEntities 2023-08-01 2024-07-31 SC635908 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 SC635908 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC635908 bus:Director1 2023-08-01 2024-07-31 SC635908 bus:Director2 2023-08-01 2024-07-31 SC635908 core:Vehicles 2023-08-01 2024-07-31 SC635908 core:OfficeEquipment core:TopRangeValue 2023-08-01 2024-07-31 SC635908 2022-08-01 2023-07-31 SC635908 core:OfficeEquipment 2023-08-01 2024-07-31 SC635908 core:CurrentFinancialInstruments 2023-08-01 2024-07-31 SC635908 core:Non-currentFinancialInstruments 2023-08-01 2024-07-31 SC635908 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 SC635908 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC635908 (Scotland)

J & T MORRISON HAULAGE LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH THE REGISTRAR

J & T MORRISON HAULAGE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024

Contents

J & T MORRISON HAULAGE LTD

BALANCE SHEET

AS AT 31 JULY 2024
J & T MORRISON HAULAGE LTD

BALANCE SHEET (continued)

AS AT 31 JULY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 162,034 202,710
162,034 202,710
Current assets
Debtors 4 83,941 93,299
Cash at bank and in hand 9,603 5,965
93,544 99,264
Creditors: amounts falling due within one year 5 ( 95,277) ( 102,937)
Net current liabilities (1,733) (3,673)
Total assets less current liabilities 160,301 199,037
Creditors: amounts falling due after more than one year 6 ( 43,732) ( 102,004)
Provision for liabilities ( 29,956) ( 34,521)
Net assets 86,613 62,512
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 86,513 62,412
Total shareholders' funds 86,613 62,512

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of J & T Morrison Haulage Ltd (registered number: SC635908) were approved and authorised for issue by the Board of Directors on 24 April 2025. They were signed on its behalf by:

Tracey Morrison
Director
J & T MORRISON HAULAGE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
J & T MORRISON HAULAGE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J & T Morrison Haulage Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 4 Cedarwood Crescent, Inverness, IV2 6GT, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised on the accruals basis.

Employee benefits

Short term 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.

Taxation

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
Deferred tax liabilities are generally recognised for all timing differences. Such liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax liabilities are offset when the company has a legally enforceable right to offset current tax liabilities and the deferred tax liabilities relate to taxes levied by the same tax authority.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis:

Vehicles 20 % reducing balance
Office equipment 4 years straight line

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.

Leases

The Company as lessee
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.

Impairment of 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).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, and deposits held at call with banks.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 August 2023 349,497 973 350,470
At 31 July 2024 349,497 973 350,470
Accumulated depreciation
At 01 August 2023 147,159 601 147,760
Charge for the financial year 40,469 207 40,676
At 31 July 2024 187,628 808 188,436
Net book value
At 31 July 2024 161,869 165 162,034
At 31 July 2023 202,338 372 202,710

4. Debtors

2024 2023
£ £
Trade debtors 67,297 62,703
Corporation tax 6,404 6,404
Other debtors 10,240 24,192
83,941 93,299

Included within other debtors are amounts due by the directors of £9,085 (2023 - £23,547)

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 4,769 4,652
Trade creditors 19,116 11,538
Taxation and social security 18,223 20,399
Other creditors 53,169 66,348
95,277 102,937

The obligations under hire purchase contracts are secured over the assets which the agreements relate to.

Obligations under hire purchase contracts due within one year, for which security has been given, total £49,914 (2023 - £60,510).

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 4,448 9,205
Obligations under finance leases and hire purchase contracts (secured) 39,284 92,799
43,732 102,004

The obligations under hire purchase contracts are secured over the assets which the agreements relate to.

Obligations under hire purchase contracts due after one year, for which security has been given, total £39,284 (2023 - £92,799).

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Key management personnel (9,085) (23,547)

At the beginning of the year the directors owed the business £23,547. During the year £53,175 was advanced, 2.25% interest was charged totalling £618 and £68,255 was repaid.

This loan has no fixed terms of repayment.