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Registration number: 04996426

Steve Needham Haulage Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Steve Needham Haulage Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Steve Needham Haulage Limited

Company Information

Directors

S Needham

P Needham

M A Needham

Company secretary

P Needham

Registered office

Clarence House
Hull Road
Saltend
Hull
HU12 8DZ

 

Steve Needham Haulage Limited

(Registration number: 04996426)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

246,554

159,314

Other financial assets

-

112,407

 

246,554

271,721

Current assets

 

Debtors

6

85,215

85,676

Cash at bank and in hand

 

249,450

125,835

 

334,665

211,511

Creditors: Amounts falling due within one year

7

(126,324)

(97,823)

Net current assets

 

208,341

113,688

Total assets less current liabilities

 

454,895

385,409

Creditors: Amounts falling due after more than one year

7

(30,556)

(19,735)

Provisions for liabilities

(61,639)

(39,829)

Net assets

 

362,700

325,845

Capital and reserves

 

Called up share capital

100

100

Retained earnings

362,600

325,745

Shareholders' funds

 

362,700

325,845

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

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Steve Needham Haulage Limited

(Registration number: 04996426)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 16 April 2025 and signed on its behalf by:
 

.........................................
S Needham
Director

 

Steve Needham Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Clarence House
Hull Road
Saltend
Hull
HU12 8DZ
England

These financial statements were authorised for issue by the Board on 16 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in relation to cargo handling for land transport activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

 

Steve Needham Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on cost

Fixtures, fittings and equipment

15% on written down value

Plant and machinery

20% on written down value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Steve Needham Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade debtors

Trade debtors are amounts due from customers for services performed in relation to cargo handling for land transport activities.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Steve Needham Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible preference and non-puttable ordinary shares which are measured at fair value, with
changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost
and thereafter at fair value with changes recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 4 (2023 - 5).

 

Steve Needham Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

25,000

25,000

At 31 December 2024

25,000

25,000

Amortisation

At 1 January 2024

25,000

25,000

At 31 December 2024

25,000

25,000

Carrying amount

At 31 December 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

32,618

424,365

456,983

Additions

1,372

165,910

167,282

At 31 December 2024

33,990

590,275

624,265

Depreciation

At 1 January 2024

23,071

274,598

297,669

Charge for the year

1,974

78,068

80,042

At 31 December 2024

25,045

352,666

377,711

Carrying amount

At 31 December 2024

8,945

237,609

246,554

At 31 December 2023

9,547

149,767

159,314

6

Debtors

Current

2024
£

2023
£

Trade debtors

80,041

82,714

Prepayments

2,404

2,962

Other debtors

2,770

-

 

85,215

85,676

 

Steve Needham Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

47,438

45,066

Trade creditors

 

55,984

10,672

Taxation and social security

 

21,358

40,640

Accruals and deferred income

 

1,544

1,445

 

126,324

97,823

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

30,556

19,735

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Obligations under hire purchase and finance lease arrangements

30,556

19,735

2024
£

2023
£

Current loans and borrowings

Obligations under hire purchase and finance lease arrangements

35,864

24,462

Other borrowings

11,574

20,604

47,438

45,066

Obligations under hire purchase and finance lease arrangements are secured against the asset to which they relate. Other borrowings include unsecured Director loans.

9

Related party transactions

Transactions with Directors

2024

At 1 January 2024
£

Advances to Director
£

Repayments by Director
£

At 31 December 2024
£

S Needham

Unsecured, interest-free, repayable on demand

(2,700)

58,890

(53,420)

2,770

 

Steve Needham Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Other transactions with Directors

At the year end, the total amount due to directors by the company was £8,804 (2023: £20,604). These amounts are unsecured, interest free and repayable on demand.