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COMPANY REGISTRATION NUMBER: 03306919
Howarth Brothers Haulage Limited
Filleted Financial Statements
30 April 2024
Howarth Brothers Haulage Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Howarth Brothers Haulage Limited
Officers and Professional Advisers
The board of directors
Mrs J. O' Neill
Mr L. O'Neill
Registered office
Moss Lane Industrial Estate
Heyside
Royton
Lancashire
OL2 6HR
Auditor
Edwards Veeder (UK) Limited
Chartered accountants & statutory auditor
4 Broadgate
Broadway Business Park
Chadderton
Oldham
OL9 9XA
Bankers
HSBC Bank PLC
109 Union Street
Oldham
OL1 1RT
Royal Bank of Scotland PLC
1/5 Church Terrace
Oldham
OL1 3AU
Howarth Brothers Haulage Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,436,174
1,541,269
Current assets
Stocks
90,000
90,000
Debtors
6
390,535
372,391
Cash at bank and in hand
466,161
568,993
---------
------------
946,696
1,031,384
Creditors: amounts falling due within one year
7
1,104,885
1,104,016
------------
------------
Net current liabilities
158,189
72,632
------------
------------
Total assets less current liabilities
1,277,985
1,468,637
Creditors: amounts falling due after more than one year
8
273,995
383,777
Provisions
Taxation including deferred tax
( 37,103)
( 37,568)
------------
------------
Net assets
1,041,093
1,122,428
------------
------------
Howarth Brothers Haulage Limited
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
1,227,120
1,227,120
Revaluation reserve
1,060,119
1,060,119
Profit and loss account
( 1,247,146)
( 1,165,811)
------------
------------
Shareholder funds
1,041,093
1,122,428
------------
------------
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 income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 7 April 2025 , and are signed on behalf of the board by:
Mrs J. O' Neill
Director
Company registration number: 03306919
Howarth Brothers Haulage Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Moss Lane Industrial Estate, Heyside, Royton, Lancashire, OL2 6HR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) 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.
(b) Going concern
The Directors have considered the impact of Covid-19 on the Company's trade, workforce and supply chain, as well as the wider economy. Whilst it is not considered practical to accurately assess the duration and extent of the disruption, the Directors are confident that they have in place plans to deal with any financial losses that may arise. Such plans include, but are not limited to fully utilising the support that has been made available by the government in relation to staff cost, payment deferral of taxes and loan funding. The Directors do however recognise that significant uncertainty exists surrounding the duration and impact of Covid-19 and believe that plans in place enable them to continue as a going concern for the foreseeable future. The directors have indicated they will continue to support the company's future needs and therefore continue to adopt the going concern basis of preparation for these financial statements.
(c) Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
(d) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts invoiced for vehicle hire, vehicle testing and vehicle repairs, exclusive of Value Added Tax.
(e) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
(f) Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
(g) Tangible assets
Tangible assets are initially recorded at cost, and 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(h) 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:
Freehold Property
-
2% straight line
Plant and machinery
-
15% straight line
Fittings and equipment
-
15% straight line
Motor vehicles
-
Variable to adjust WDV to approximate market value
(i) Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
(j) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(k) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(l) 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 as a finance cost in profit or loss in the period it arises.
(m) 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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.
(n) 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 as a finance cost 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 11 (2023: 11 ).
5. Tangible assets
Freehold property
Plant and machinery
Fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
965,834
558,432
99,044
2,723,239
4,346,549
Additions
5,000
5,000
---------
---------
--------
------------
------------
At 30 April 2024
965,834
558,432
99,044
2,728,239
4,351,549
---------
---------
--------
------------
------------
Depreciation
At 1 May 2023
257,546
504,851
97,388
1,945,495
2,805,280
Charge for the year
19,317
11,706
797
78,275
110,095
---------
---------
--------
------------
------------
At 30 April 2024
276,863
516,557
98,185
2,023,770
2,915,375
---------
---------
--------
------------
------------
Carrying amount
At 30 April 2024
688,971
41,875
859
704,469
1,436,174
---------
---------
--------
------------
------------
At 30 April 2023
708,288
53,581
1,656
777,744
1,541,269
---------
---------
--------
------------
------------
6. Debtors
2024
2023
£
£
Trade debtors
260,955
240,362
Other debtors
129,580
132,029
---------
---------
390,535
372,391
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
97,572
95,990
Trade creditors
130,266
121,423
Social security and other taxes
28,296
23,523
Other creditors
848,751
863,080
------------
------------
1,104,885
1,104,016
------------
------------
Included in creditors due within 1 year is a bank loan totalling £97,572 (2023: £95,990). The bank loan is secured on the freehold property and assets of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
249,763
347,459
Other creditors
24,232
36,318
---------
---------
273,995
383,777
---------
---------
The total creditor due over 1 year is a bank loan totalling £249,763 (2023: £347,459). The bank loan is secured on the freehold property and assets of the company.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
9,605
26,159
Later than 1 year and not later than 5 years
25,614
-------
--------
9,605
51,773
-------
--------
10. Summary audit opinion
The auditor's report dated 7 April 2025 was unqualified .
The senior statutory auditor was Andrew Wadsworth FCCA , for and on behalf of Edwards Veeder (UK) Limited .
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Howarth Brothers Properties (2007) Limited
(70,000)
(70,000)
( 643,368)
( 632,073)
P.M. & Sons Properties Limited
( 160,000)
( 160,000)
Mr S. O'Neill
( 18,944)
( 18,944)
--------
--------
---------
---------
The company was under the control of Mrs J. O'Neill during the current year. She is a director and the sole shareholder in the company. The company received management income of £70,000 (2023: £70,000) from Howarth Brothers Properties (2007) Limited, a company in which Mrs J. O'Neill is materially interested as a director. Any other changes in balances are due to related party loan receipts and repayments.