IRIS Accounts Production v25.1.3.33 NI626030 director 1.9.23 31.8.24 31.8.24 false true false false false true false Ordinary shares 1.00000 Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI6260302023-08-31NI6260302024-08-31NI6260302023-09-012024-08-31NI6260302022-08-31NI6260302022-09-012023-08-31NI6260302023-08-31NI626030ns15:NorthernIreland2023-09-012024-08-31NI626030ns14:PoundSterling2023-09-012024-08-31NI626030ns10:Director12023-09-012024-08-31NI626030ns10:PrivateLimitedCompanyLtd2023-09-012024-08-31NI626030ns10:SmallEntities2023-09-012024-08-31NI626030ns10:AuditExempt-NoAccountantsReport2023-09-012024-08-31NI626030ns10:SmallCompaniesRegimeForDirectorsReport2023-09-012024-08-31NI626030ns10:SmallCompaniesRegimeForAccounts2023-09-012024-08-31NI626030ns10:FullAccounts2023-09-012024-08-31NI62603012023-09-012024-08-31NI626030ns10:OrdinaryShareClass12023-09-012024-08-31NI626030ns10:RegisteredOffice2023-09-012024-08-31NI626030ns5:CurrentFinancialInstruments2024-08-31NI626030ns5:CurrentFinancialInstruments2023-08-31NI626030ns5:Non-currentFinancialInstruments2024-08-31NI626030ns5:Non-currentFinancialInstruments2023-08-31NI626030ns5:ShareCapital2024-08-31NI626030ns5:ShareCapital2023-08-31NI626030ns5:RetainedEarningsAccumulatedLosses2024-08-31NI626030ns5:RetainedEarningsAccumulatedLosses2023-08-31NI626030ns5:NetGoodwill2023-09-012024-08-31NI626030ns5:IntangibleAssetsOtherThanGoodwill2023-09-012024-08-31NI626030ns5:PlantMachinery2023-09-012024-08-31NI626030ns5:NetGoodwill2024-08-31NI626030ns5:PlantMachinery2023-08-31NI626030ns5:PlantMachinery2024-08-31NI626030ns5:PlantMachinery2023-08-31NI626030ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-08-31NI626030ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-09-012024-08-31NI626030ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-08-31NI626030ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-08-31NI626030ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-31NI626030ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-31NI626030ns5:AcceleratedTaxDepreciationDeferredTax2024-08-31NI626030ns5:AcceleratedTaxDepreciationDeferredTax2023-08-31NI626030ns5:TaxLossesCarry-forwardsDeferredTax2024-08-31NI626030ns5:TaxLossesCarry-forwardsDeferredTax2023-08-31NI626030ns5:DeferredTaxation2023-08-31NI626030ns5:DeferredTaxation2023-09-012024-08-31NI626030ns5:DeferredTaxation2024-08-31NI626030ns10:OrdinaryShareClass12024-08-31NI6260301ns10:Director12023-08-31NI6260301ns10:Director12022-08-31NI6260301ns10:Director12023-09-012024-08-31NI6260301ns10:Director12022-09-012023-08-31NI6260301ns10:Director12024-08-31NI6260301ns10:Director12023-08-31
REGISTERED NUMBER: NI626030 (Northern Ireland)













Andrew Herron Transport Ltd

Unaudited Financial Statements

for the Year Ended 31 August 2024






Andrew Herron Transport Ltd (Registered number: NI626030)

Contents of the Financial Statements
for the Year Ended 31 August 2024










Page

Company information 1

Statement of financial position 2 to 3

Notes to the financial statements 4 to 9


Andrew Herron Transport Ltd

Company Information
for the Year Ended 31 August 2024







Director: Mr Andrew Herron





Registered office: 171 Rathfriland Road
Dromara
Dromore
Co Down
BT25 2EG





Registered number: NI626030 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

Andrew Herron Transport Ltd (Registered number: NI626030)

Statement of Financial Position
31 August 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 4 3,167 -
Property, plant and equipment 5 196,918 117,927
200,085 117,927

Current assets
Receivables 6 107,306 78,779
Cash at bank 7 - 311
107,306 79,090
Payables
Amounts falling due within one year 8 (177,275 ) (117,423 )
Net current liabilities (69,969 ) (38,333 )
Total assets less current liabilities 130,116 79,594

Payables
Amounts falling due after more than one
year

9

(93,510

)

(56,891

)

Provisions for liabilities 10 (34,676 ) (22,406 )
Net assets 1,930 297

Capital and reserves
Called up share capital 11 1 1
Retained earnings 1,929 296
Shareholders' funds 1,930 297

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Andrew Herron Transport Ltd (Registered number: NI626030)

Statement of Financial Position - continued
31 August 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 May 2025 and were signed by:





Mr Andrew Herron - Director


Andrew Herron Transport Ltd (Registered number: NI626030)

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


1. Statutory information

Andrew Herron Transport Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets. Purchased goodwill is capitalised in the statement of financial position and amortised on a straight line basis over its useful economic life of 4 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Andrew Herron Transport Ltd (Registered number: NI626030)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


2. Accounting policies - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the Statement of Finanical Position. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit and loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments:

(i) Financial assets
Basic financial assets, including trade and other receivables, cash and and bank balances and amounts owed by related parties and 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each 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 asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment 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 the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, 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.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

(iii) Offsetting
Financial assets and liabilities are offset and 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 lability simultaneously. Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Andrew Herron Transport Ltd (Registered number: NI626030)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


2. Accounting policies - continued

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The carrying amount of the assets is disclosed at Property, plant and equipment note and the useful economic lives for each class of asset is noted above.

3. Employees and directors

The average number of employees during the year was 5 (2023 - 3 ) .

Andrew Herron Transport Ltd (Registered number: NI626030)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


4. Intangible fixed assets
Goodwill
£
Cost
Additions 4,000
At 31 August 2024 4,000
Amortisation
Charge for year 833
At 31 August 2024 833
Net book value
At 31 August 2024 3,167

5. Property, plant and equipment
Plant and
machinery
£
Cost
At 1 September 2023 302,253
Additions 120,506
At 31 August 2024 422,759
Depreciation
At 1 September 2023 184,326
Charge for year 41,515
At 31 August 2024 225,841
Net book value
At 31 August 2024 196,918
At 31 August 2023 117,927

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£
Cost
At 1 September 2023 139,000
Additions 118,000
At 31 August 2024 257,000
Depreciation
At 1 September 2023 54,488
Charge for year 34,602
At 31 August 2024 89,090
Net book value
At 31 August 2024 167,910
At 31 August 2023 84,512

Andrew Herron Transport Ltd (Registered number: NI626030)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


6. Receivables: amounts falling due within one year
2024 2023
£ £
Trade receivables 107,306 78,468
Other receivables - 311
107,306 78,779

7. Cash at bank
2024 2023
£ £
Cash at bank and in hand - 311

8. Payables: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 18,902 10,057
Hire purchase contracts 43,341 22,101
Trade payables 63,546 33,801
Taxation and social security 8,593 23,086
Other payables 42,893 28,378
177,275 117,423

9. Payables: amounts falling due after more than one year
2024 2023
£ £
Bank loans 7,904 18,214
Hire purchase contracts 85,606 38,677
93,510 56,891

10. Provisions for liabilities
2024 2023
£ £
Deferred tax
Capital allowances 37,414 22,406
Losses (2,738 ) -
34,676 22,406

Deferred tax
£
Balance at 1 September 2023 22,406
Charge to Statement of income and retained earnings during year 12,270
Balance at 31 August 2024 34,676

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1 Ordinary shares 1 1 1

Andrew Herron Transport Ltd (Registered number: NI626030)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


12. Director's advances, credits and guarantees

The following loan to the company from a director subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£ £
Mr Andrew Herron
Balance outstanding at start of year 22,228 12,237
Amounts advanced 30,922 48,532
Amounts repaid (27,130 ) (38,541 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 26,020 22,228

13. Ultimate controlling party

The ultimate controlling party is Mr Andrew Herron.