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Registration number: 03968447

Minster Tippers Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Minster Tippers Limited

Company Information

Directors

Mrs Rachel Helen Pearce

Mr Mark Brian Pearce

Company secretary

Mrs Rachel Helen Pearce

Registered office

2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

Accountants

Welch & Co (South West) Limited 2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

 

Minster Tippers Limited

Directors' Report for the Year Ended 31 August 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors of the company

The directors who held office during the year were as follows:

Mrs Rachel Helen Pearce - Company secretary and director

Mr Mark Brian Pearce

Principal activity

The principal activity of the company is haulage and tipping

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 15 May 2025 and signed on its behalf by:
 

.........................................
Mr Mark Brian Pearce
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Minster Tippers Limited
for the Year Ended 31 August 2024

This report is made solely to the Board of Directors of Minster Tippers Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Minster Tippers Limited and state those matters that we have agreed to state to the Board of Directors of Minster Tippers Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Minster Tippers Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Minster Tippers Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Minster Tippers Limited. You consider that Minster Tippers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Minster Tippers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

15 May 2025

 

Minster Tippers Limited

Profit and Loss Account for the Year Ended 31 August 2024

Note

2024
£

2023
£

Turnover

 

677,780

1,302,511

Cost of sales

 

(324,596)

(859,759)

Gross profit

 

353,184

442,752

Administrative expenses

 

(244,466)

(172,357)

Operating profit

 

108,718

270,395

Interest payable and similar expenses

 

(1,942)

(2,149)

Profit before tax

4

106,776

268,246

Tax on profit

 

(36,868)

(69,425)

Profit for the financial year

 

69,908

198,821

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Minster Tippers Limited

(Registration number: 03968447)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

161,055

210,772

Investment property

6

-

169,806

 

161,055

380,578

Current assets

 

Debtors

8

89,591

87,346

Cash at bank and in hand

 

789,303

851,814

 

878,894

939,160

Creditors: Amounts falling due within one year

9

(290,938)

(280,096)

Net current assets

 

587,956

659,064

Total assets less current liabilities

 

749,011

1,039,642

Creditors: Amounts falling due after more than one year

9

(15,073)

(25,611)

Provisions for liabilities

(52,693)

(52,693)

Net assets

 

681,245

961,338

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

681,243

961,336

Shareholders' funds

 

681,245

961,338

For the financial year ending 31 August 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 15 May 2025 and signed on its behalf by:
 

.........................................
Mr Mark Brian Pearce
Director

 

Minster Tippers Limited

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

1

General information

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

The address of its registered office is:
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ
England

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s 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.

Tax

The tax expense for the period comprises current 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.

 

Minster Tippers Limited

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

Tangible assets

Tangible assets are stated in the balance sheet 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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

 

Minster Tippers Limited

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

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 1).

 

Minster Tippers Limited

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

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

52,692

70,258

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

3,539

676,644

32,247

712,430

Additions

-

48,500

2,300

50,800

Disposals

-

(129,000)

-

(129,000)

At 31 August 2024

3,539

596,144

34,547

634,230

Depreciation

At 1 September 2023

1,822

482,478

17,358

501,658

Charge for the year

429

48,710

3,553

52,692

Eliminated on disposal

-

(81,175)

-

(81,175)

At 31 August 2024

2,251

450,013

20,911

473,175

Carrying amount

At 31 August 2024

1,288

146,131

13,636

161,055

At 31 August 2023

1,717

194,166

14,889

210,772

6

Investment properties

2024
£

At 1 September

169,806

Additions

3,238

Disposals

(173,044)

At 31 August

-

There has been no valuation of investment property by an independent valuer.

 

Minster Tippers Limited

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

7

Stocks

2024
£

2023
£

8

Debtors

Current

2024
£

2023
£

Trade debtors

89,591

87,346

 

89,591

87,346

 

Minster Tippers Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

11

36,646

61,492

Trade creditors

 

53,303

67,150

Taxation and social security

 

11,085

23,378

Accruals and deferred income

 

2,500

1,500

Other creditors

 

187,404

126,576

 

290,938

280,096

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

15,073

25,611

10

Share capital

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

15,073

24,800

Hire purchase contracts

-

811

15,073

25,611

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,784

11,033

Finance lease liabilities

1,945

24,467

Other borrowings

23,917

25,992

36,646

61,492

12

Dividends

Interim dividends paid

 

Minster Tippers Limited

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

2024
£

2023
£

Interim dividend of £175,000.00 (2023 - £221,305.75) per each Ordinary

350,000

442,612

 

 

13

Related party transactions

 

Minster Tippers Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

-

15,604

Contributions paid to money purchase schemes

200,000

-

200,000

15,604

 

Minster Tippers Limited

Detailed Profit and Loss Account for the Year Ended 31 August 2024

2024
 £

2023
 £

Turnover

Rendering of services, UK

677,780

1,002,511

Sale of Plot in tock - Shave Lane

-

300,000

677,780

1,302,511

Cost of sales

Opening raw materials

-

308,093

Materials

227,504

357,048

Direct costs

37,694

77,572

Subcontract cost

53,998

70,739

Hire of plant and machinery (Operating leases)

5,400

12,330

Hire of plant and machinery (Spot hire)

-

1,365

Waste Disposal

-

32,612

324,596

859,759

Employment costs

Directors remuneration

-

(15,604)

Directors pensions (Defined contribution)

(200,000)

-

Staff training

(158)

-

(200,158)

(15,604)

Establishment costs

Yard rent and storage

(10,600)

-

Insurance

(3,254)

(3,532)

Use of home as office

(312)

-

(14,166)

(3,532)

General administrative expenses

Protective clothing

(207)

(505)

Repairs and maintenance

-

(274)

Equipment repairs and renewals

(2,510)

(192)

Telephone and fax

(240)

(500)

Mobile

(684)

(624)

Computer software and maintenance costs

(620)

(340)

Printing, postage and stationery

(535)

(1,011)

Trade subscriptions

(40)

-

Motor expenses

(118,836)

(135,145)

Advertising

(1,560)

(1,760)

Staff entertaining (allowable for tax)

-

(288)

Customer entertaining (disallowable for tax)

(235)

-

Accountancy fees

(5,600)

(4,700)

Legal and professional fees

(300)

(340)

Bad debts written off

-

(29,167)

 

Minster Tippers Limited

Detailed Profit and Loss Account for the Year Ended 31 August 2024

2024
 £

2023
 £

(131,367)

(174,846)

Finance charges

Bank charges

(257)

(314)

Depreciation costs

Depreciation of plant and machinery (owned)

(3,553)

(4,963)

Depreciation of motor vehicles (owned)

(48,710)

(64,722)

Depreciation of office equipment (owned)

(429)

(573)

(52,692)

(70,258)

Other expenses

(Profit)/loss on disposal of tangible fixed assets

154,174

92,197

Operating profit

108,718

270,395

Interest payable and similar charges

Bank loan interest payable

808

1,015

Hire purchase interest

1,134

1,134

1,942

2,149

Profit before tax

106,776

268,246