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Registration number: 03445262

Padgett's Road Haulage Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2024

Padgett's Road Haulage Limited

Contents

Balance Sheet | 1
Notes to the Unaudited Financial Statements | 2 to 6

Padgett's Road Haulage Limited

(Registration number: 03445262)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 329 |  | 410
Current assets |  |  |  |  |
Debtors | 5 | 14,396 |  | 21,678 |
Cash at bank and in hand |  | 26,373 |  | 26,039 |
|  | 40,769 |  | 47,717 |
Creditors: Amounts falling due within one year | 6 | (27,869) |  | (32,477) |
Net current assets |  |  | 12,900 |  | 15,240
Net assets |  |  | 13,229 |  | 15,650
Capital and reserves |  |  |  |  |
Called up share capital | 7 | 100 |  | 100 |
Retained earnings |  | 13,129 |  | 15,550 |
Shareholders' funds |  |  | 13,229 |  | 15,650

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 and 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.

Approved and authorised by the Board on 28 April 2025 and signed on its behalf by:

......................................... S Padgett Director

Padgett's Road 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:
39 Park Lodge Lane
Wakefield
West Yorkshire
WF1 4NN

These financial statements were authorised for issue by the Board on 28 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

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 company's functional and presentation currency is pound sterling.

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 value added tax, returns, rebates and discounts.
The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably and (d) it is probable that future economic benefits will flow to the entity.

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 corporation 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.

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.

Padgett's Road Haulage Limited

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

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
Fixtures and fittings | 20% Reducing balance
Motor vehicles | 25% Reducing balance

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.

Padgett's Road Haulage Limited

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

Financial instruments

Financial assets
Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest rate method.
At the end of the reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets' original effective interest rate. The impairment and any subsequent reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares tat are classified as debt, 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 receipts discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

Padgett's Road Haulage Limited

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

4 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 January 2024 | 13,674 | 13,674
At 31 December 2024 | 13,674 | 13,674
Depreciation
At 1 January 2024 | 13,264 | 13,264
Charge for the year | 81 | 81
At 31 December 2024 | 13,345 | 13,345
Carrying amount
At 31 December 2024 | 329 | 329
At 31 December 2023 | 410 | 410

5 | Debtors

Current | 2024 £ | 2023 £
Trade debtors | 14,396 | 21,678
| 14,396 | 21,678

6 | Creditors

Creditors: amounts falling due within one year

| 2024 £ | 2023 £
Due within one year |  |
Loans and borrowings | 14,171 | 11,907
Trade creditors | 6,638 | 14,051
Taxation and social security | 3,910 | 4,241
Accruals and deferred income | 3,150 | 2,278
| 27,869 | 32,477

Padgett's Road Haulage Limited

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

7 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary Shares of £1 each | 100 | 100 | 100 | 100

8 | Related party transactions

Expenditure with and payables to related parties

2024 | Key management £
Amounts payable to related party | 14,171

2023 | Key management £
Amounts payable to related party | 11,907

The amounts due to key management are interest free and repayable on demand.