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Registered number: 00907939
H.Parkinson Haulage Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 June 2024
MJH Accountants Limited
129 Woodplumpton Road
Fulwood
Preston
Lancashire
PR2 3LF
H.Parkinson Haulage Limited
Contents
Contents

| Page
--- | ---
Strategic Report | 1—2
Directors' Report | 3—4
Independent Auditor's Report | 5—7
Statement of Comprehensive Income | 8
Balance Sheet | 9
Statement of Changes in Equity | 10
Statement of Cash Flows | 11
Notes to the Statement of Cash Flows | 12
Notes to the Financial Statements | 13—25

Page 1
H.Parkinson Haulage Limited
Strategic Report
For The Year Ended 30 June 2024
Strategic Report
The directors present their strategic report for the year ended 30 June 2024.
Review of the Business
H. Parkinson Haulage Limited (“the Company”) operated across the United Kingdom in the road haulage industry for over 60 years. Its core activities included the provision of general haulage services, warehousing and storage, and the operation of a VOSA-authorised heavy goods vehicle testing facility. The Company also maintained a fully equipped in-house workshop, allowing it to service and repair its own fleet, supporting operational efficiency and reducing reliance on third-party contractors.
Despite its longstanding presence in the sector, the year ended 30 June 2024 was exceptionally difficult. The Company continued to face structural challenges common to the haulage industry; including persistent margin pressure, driver shortages, and inflationary increases in fuel, insurance, and vehicle maintenance costs. These issues were compounded by the financial burden and uncertainty associated with exiting several leasehold properties during the year.
Historically, the Company operated from a number of third-party leased premises, with only limited use of the Group’s freehold yard. During the year, in anticipation of vacating its leased facilities, the Company began consolidating its operations at the Group’s owned site. However, the benefits of this move were not sufficient to offset the wider financial pressures affecting the business.
Financial performance for the year reflected these challenges. While the Company reported a moderately negative EBITDA of £18,369, this was extinguished by significant non-cash charges including depreciation and losses on disposal of fixed assets totalling £1,280,809, and finance costs of £293,392. Further impairment charges of £1,438,937 were recognised in respect of tangible fixed assets and trade debtors. The Company recorded a loss before tax of £3,031,507 and a loss after tax of £2,589,163, after recognising a deferred tax credit of £442,344.
This result followed two years of similarly difficult trading and marked a further deterioration in the Company’s financial position. The combination of high fixed costs, elevated working capital requirements, and the inability to secure the additional funding required to continue operations ultimately left the business unsustainable.
As a result, the Company was placed into administration on 5th August 2024.
The directors use a number of Key performance indicators to monitor ongoing performance which include;

Key perfomance indicator | 2024 | 2023
| £ | £
Turnover | 15,699,920 | 16,295,269
Gross profit | 1,924,352 | 2,717,981
EBITDA | -18,369 | 884,629

The directors also monitor the following ratios;

- Profit, losses and turnover for each sector of the business.
- Cash headroom
- Average pence per mile
- Weekly driver wages as a percentage of general haulage sales
- Fuel costs as a percentage of general haulage sales

Principal Risks and Uncertainties
During the year ended 30 June 2024, H. Parkinson Haulage Limited operated in the highly competitive UK haulage and logistics sector.
The Company ceased trading and entered administration on 5 August 2024. The risks below reflect both the operational environment prior to administration and key uncertainties associated with the wind-down process.
Sectoral and commercial risk
The haulage sector continued to face structural pressures throughout the year, including rising fuel and maintenance costs, ongoing driver shortages, inflationary pressures, and fluctuations in warehousing demand. These challenges adversely affected the Company’s ability to maintain profitability and ultimately contributed to its financial decline.
Dilapidation claim dispute
The Company remains subject to a dilapidation claim arising from its exit from certain leased premises. While the claim is now being treated as an unsecured liability within administration, the final amount remains uncertain. A provision has been recognised in these financial statements based on the directors’ best estimate at the balance sheet date. A portion of a deposit paid is still held and is expected to be offset against the final agreed amount.
Credit risk
Prior to administration, the Company faced increased credit risk from customers as a result of sector instability. Balances were closely monitored and provisions made against those deemed unlikely to be recovered. Following administration, recoverability of debtors is uncertain and forms part of the overall asset realisation strategy.
...CONTINUED
Page 1
Page 2
H.Parkinson Haulage Limited
Strategic Report (continued)
For The Year Ended 30 June 2024
Principal Risks and Uncertainties - continued
Competitive and pricing risk
Competition within the haulage and warehousing market remained intense, particularly in light of increased cost pressures and supply chain disruption. The ability to pass on cost increases to customers was limited, resulting in pressure on gross margins.
Operational and driver resource risk
Driver availability remained a key operational risk. Agency support was required throughout the year, often at premium cost. Staffing shortages and wage inflation continued to impact the cost base and service delivery capability.
Technology and Cyber security risk
The Company relied on a range of operational systems to manage fleet, warehousing, and customer interaction. While no major incidents have been experienced in recent years, cyber risk remained a potential threat. Investment in IT infrastructure and monitoring controls was ongoing up to the date of administration.
Environmental and regulatory Compliance
Compliance with evolving environmental regulations continued to be a focus. The Company worked to reduce its carbon footprint and ensure vehicle and operational compliance with all relevant legislation. These matters will remain relevant to any legacy obligations arising from the Company’s previous operations.
Future Developments
As noted in the review of the business, the company was placed into administration on 5 August 2024.
Following the appointment of administrators, the company ceased trading, and its remaining assets and liabilities are being managed through the administration process. A number of the company’s key contracts, resources, and staff were transferred to related parties as part of an orderly transition prior to administration.
No further trading activity is expected to occur within the company. The administrators are responsible for the ongoing management of the company's affairs, including realisation of assets and settlement of liabilities in accordance with insolvency legislation.
Accordingly, there are no planned developments for the company beyond the administration process.
On behalf of the board

Mr C Parkinson Director
20 June 2025

Page 2
Page 3
H.Parkinson Haulage Limited
Company No. 00907939
Directors' Report For The Year Ended 30 June 2024
Directors' Report
The directors present their report and the financial statements for the year ended 30 June 2024.
Principal Activity
The company's principal activity continues to be that of providing road haulage and warehousing services in addition to providing a VOSA approved heavy goods vehicle testing station.
Dividends
The value of dividends paid amounted to £62,443 .
The directors does not recommend payment of a further dividend.
Directors
The directors who held office during the year were as follows:

Mr C Parkinson
Mr S R Sugden

Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 3
Page 4
H.Parkinson Haulage Limited
Directors' Report (continued)
For The Year Ended 30 June 2024
Independent Auditors
The auditors, MJH Accountants Limited, have indicated their willingness to continue in office and, in accordance with section 487(2) of the Companies Act 2006, are deemed to be reappointed for the next financial year.
On behalf of the board

Mr C Parkinson Director
20 June 2025

Page 4
Page 5
Independent Auditor's Report
to the Members of
H.Parkinson Haulage Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of H.Parkinson Haulage Limited for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit/(loss) for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
The directors have concluded that, as at 30 June 2024, the company was no longer a going concern and, accordingly, the financial statements have been prepared on a break-up basis.
In auditing the financial statements, we have concluded that the directors’ use of this basis of accounting is appropriate in the circumstances.
We draw attention to note 2 to the financial statements, which explains the company’s going concern position in more detail. As disclosed, the company entered administration on 5 August 2024, following a period of financial pressure arising from continued trading losses, tight working capital, and significant lease-related liabilities.
Our opinion is not modified in respect of this matter.
An Overview of the Scope of Our Audit
The company was the principal trading entity within the group during the financial year and entered administration shortly after the balance sheet date. These financial statements have therefore been prepared on a break-up basis.
Our audit approach was tailored accordingly, with particular focus on the recoverability of assets, the completeness of liabilities arising from the cessation of trade, and the adequacy of related disclosures concerning the company’s financial position and the administration event.
We performed audit procedures over all material account balances and classes of transactions in order to obtain sufficient appropriate audit evidence to support our opinion on the financial statements as a whole.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 5
Page 6
Independent Auditor's Report (continued)
to the Members of
H.Parkinson Haulage Limited
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records or returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
As disclosed in note 1, the directors have concluded that it is not appropriate to adopt the going concern basis of accounting and have therefore prepared the financial statements on a break-up basis.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness;
- Reviewing the company’s procedures for identifying and monitoring compliance with key laws and regulations;
- Scrutinising legal and professional fees for indications of regulatory or legal issues;
- Auditing the risk of fraud in revenue recognition, including through testing income cut-off, sales transaction sampling, and post-year-end credit notes to assess whether revenue has been appropriately recorded;
- Challenging the assumptions and judgments made by management, particularly in areas involving significant estimation uncertainty;
- Assessing the valuation of assets and completeness of liabilities under the break-up basis of preparation, following the company’s entry into administration;
- Making enquiries of management regarding any known or suspected instances of fraud or non-compliance with laws and regulations;Given the nature of the company’s operations, we considered the following regulatory areas as particularly relevant to our audit:

- VOSA compliance and related road traffic regulations
- Health and Safety especially in connection with drivers hours
- Environmental compliance in connection with their fleet of vehicles and warehousing operations
- Employment law
- Companies Act 2006

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 6
Page 7
Independent Auditor's Report (continued)
to the Members of
H.Parkinson Haulage Limited
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark James Hall (Senior Statutory Auditor) for and on behalf of MJH Accountants Limited , Statutory Auditor
20 June 2025
MJH Accountants Limited 129 Woodplumpton Road Fulwood Preston Lancashire PR2 3LF

Page 7
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H.Parkinson Haulage Limited
Statement of Comprehensive Income
For The Year Ended 30 June 2024
Statement of Comprehensive Income

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 3 | 15,699,920 |  | 16,295,269
Cost of sales |  | (13,775,568 ) |  | (13,577,288 )
GROSS PROFIT |  | 1,924,352 |  | 2,717,981
Distribution costs |  | (1,928,958 ) |  | (1,603,083 )
Administrative expenses |  | (2,733,509 ) |  | (1,220,452 )
OPERATING LOSS | 4 | (2,738,115 ) |  | (105,554 )
Interest payable and similar charges | 9 | (293,392 ) |  | (235,165 )
LOSS BEFORE TAXATION |  | (3,031,507 ) |  | (340,719 )
Tax on Loss | 10 | 442,344 |  | 350,118
(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR |  | (2,589,163 ) |  | 9,399
OTHER COMPREHENSIVE INCOME FOR THE YEAR |  | - |  | -
Prior year adjustment |  | (59,673) |  | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | (2,648,836 ) |  | 9,399

The notes on pages 12 to 25 form part of these financial statements.
Page 8
Page 9
H.Parkinson Haulage Limited
Balance Sheet
As At 30 June 2024
Balance Sheet
Registered number: 00907939

| 2024 | 2023 as restated
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 12 |  | 1,327,618 |  | 4,333,130
|  |  | 1,327,618 |  | 4,333,130
CURRENT ASSETS
Stocks | 13 | 39,671 |  | 7,459 |
Debtors | 14 | 2,274,954 |  | 4,443,656 |
Cash at bank and in hand |  | 200 |  | 1,131 |
|  | 2,314,825 |  | 4,452,246 |
Creditors: Amounts Falling Due Within One Year | 15 | (4,942,931 ) |  | (5,965,274 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | (2,628,106 ) |  | (1,513,028 )
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | (1,300,488 ) |  | 2,820,102
Creditors: Amounts Falling Due After More Than One Year | 16 |  | - |  | (1,026,640 )
PROVISIONS FOR LIABILITIES
Provisions For Charges | 20 |  | (383,000 ) |  | (383,000 )
Deferred Taxation | 19 |  | - |  | (442,344 )
NET (LIABILITIES)/ASSETS |  |  | (1,683,488 ) |  | 968,118
CAPITAL AND RESERVES
Called up share capital | 21 |  | 21,000 |  | 21,000
Profit and Loss Account |  |  | (1,704,488 ) |  | 947,118
SHAREHOLDERS' FUNDS |  |  | (1,683,488) |  | 968,118

On behalf of the board

Mr C Parkinson Director
20 June 2025

The notes on pages 12 to 25 form part of these financial statements.
Page 9
Page 10
H.Parkinson Haulage Limited
Statement of Changes in Equity
For The Year Ended 30 June 2024
Statement of Changes in Equity

| Share Capital | Profit and Loss Account | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 July 2022 | 21,000 | 1,072,801 | 1,093,801
Profit for the year and total comprehensive income | - | 9,399 | 9,399
Dividends paid | - | (135,082) | (135,082)
As at 30 June 2023 | 21,000 | 947,118 | 968,118
As at 1 July 2023 as previously stated | 21,000 | 1,006,791 | 1,027,791
Prior year adjustment | - | (59,673 ) | (59,673 )
As at 1 July 2023 as restated | 21,000 | 947,118 | 968,118
947,118
Loss for the year and total comprehensive income | - | (2,589,163 ) | (2,589,163)
Dividends paid | - | (62,443) | (62,443)
As at 30 June 2024 | 21,000 | (1,704,488 ) | (1,683,488)

Page 10
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H.Parkinson Haulage Limited
Statement of Cash Flows
For The Year Ended 30 June 2024
Statement of Cash Flows

| 2024 |  | 2023 as restated
| Notes | £ |  | £
Cash flows from operating activities
Net cash generated from operations | 1 | 1,461,081 |  | 637,750
Interest paid |  | (293,393 ) |  | (235,165 )
Tax refunded |  | 426,675 |  | 292,179
Net cash generated from operating activities |  | 1,594,363 |  | 694,764
Cash flows from investing activities
Purchase of tangible assets |  | (32,140 ) |  | (9,429 )
Proceeds from disposal of tangible assets |  | 745,451 |  | 313,424
Net cash generated from investing activities |  | 713,311 |  | 303,995
Cash flows from financing activities
Equity dividends paid |  | (62,443 ) |  | (135,082 )
Repayment of debenture loans |  | - |  | (800,028)
Proceeds from new other loans |  | - |  | 1,358,052
Repayment of other loans |  | (632,554) |  | -
Repayment of finance leases |  | (1,691,489 ) |  | (1,309,565 )
Amount introduced by directors |  | 80 |  | -
Amount withdrawn by directors |  | - |  | (185,442)
Net cash used in financing activities |  | (2,386,406 ) |  | (1,072,065 )
Decrease in cash and cash equivalents |  | (78,732 ) |  | (73,306 )
Cash and cash equivalents at beginning of year | 2 | (137,344 ) |  | (64,038 )
Cash and cash equivalents at end of year | 2 | (216,076 ) |  | (137,344 )

Page 11
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H.Parkinson Haulage Limited
Notes to the Statement of Cash Flows
For The Year Ended 30 June 2024
Notes to the Statement of Cash Flows
1. Reconciliation of (loss)/profit for the financial year to cash generated from operations

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
(Loss)/profit for the financial year | (2,589,163 ) |  | 9,399
Adjustments for:
Tax on (loss)/profit | (442,344 ) |  | (350,118 )
Interest expense | 293,392 |  | 235,165
Depreciation of tangible assets | 1,020,474 |  | 1,064,937
Impairment of tangible assets | 1,438,937 |  | -
Loss/(profit) on disposal of tangible assets | 255,925 |  | (81,387)
Movements in working capital:
(Increase)/decrease in stocks | (32,212 ) |  | 32,362
Decrease/(increase) in trade and other debtors | 1,727,461 |  | (921,501 )
(Decrease)/increase in trade and other creditors | (211,389 ) |  | 648,893
Net cash generated from operations | 1,461,081 |  | 637,750

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Cash at bank and in hand | 200 |  | 1,131
Overdraft facilities repayable on demand | (216,276 ) |  | (138,475 )
Cash and cash equivalents as stated in the Statement of Cash Flows | (216,076) |  | (137,344)

3. Analysis of changes in net debt

| As at 1 July 2023 | Cash flows | New finance leases | As at 30 June 2024
--- | --- | --- | --- | ---
| £ | £ | £ | £
Cash at bank and in hand | 1,131 | (931) | - | 200
Overdraft facilities repayable on demand | (138,475) | (77,801) | - | (216,276)
Cash and cash equivalents | (137,344 ) | (78,732) | - | (216,076 )
Finance leases | (2,184,440) | 1,493,817 | (210,897) | (901,520)
Debts falling due within one year | (1,358,052 ) | 632,554 | - | (725,498 )
| (3,679,836) | 2,047,639 | (210,897) | (1,843,094)

Page 12
Page 13
H.Parkinson Haulage Limited
Notes to the Financial Statements
For The Year Ended 30 June 2024
Notes to the Financial Statements
1. General Information
H.Parkinson Haulage Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00907939 . The registered office is Mayfield House, Chorley Road, Walton-le-Dale, Preston, PR5 4JN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”), and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling, which is the company’s functional currency. Monetary amounts are rounded to the nearest pound.
As disclosed in note 2.2, the directors have concluded that it is not appropriate to adopt the going concern basis of accounting due to the company’s entry into administration on 5 August 2024. Accordingly, the financial statements have been prepared on a break-up basis, which reflects the expected realisation of assets and settlement of liabilities in the normal course of the administration process. This has resulted in certain reclassifications and impairments as further detailed in the notes to the financial statements.
2.2. Going Concern Disclosure
Following a period of prolonged trading difficulties, the company entered administration on 5 August 2024, shortly after the balance sheet date.
At 30 June 2024, the company was already experiencing significant financial distress, including sustained trading losses, worsening cash flow, and mounting creditor pressure. The subsequent appointment of administrators is considered an adjusting post balance sheet event under FRS 102, as it provides further evidence of conditions that existed at the reporting date.
As a result, the directors have concluded that it was no longer appropriate to prepare the financial statements on a going concern basis. These financial statements have therefore been prepared on a break-up basis. Under this basis, assets have been measured at the lower of their carrying value and recoverable amount, and liabilities have been classified as current where settlement is expected in the administration process. Appropriate provisions have been made for known or anticipated administration costs and obligations.
This represents a change from the prior year, when the financial statements were prepared on a going concern basis, albeit with disclosure of a material uncertainty. Given the cessation of trading and the commencement of administration shortly after the year end, the directors consider the break-up basis to be the only appropriate basis of preparation for the financial statements for the year ended 30 June 2024.
2.3. Significant judgements and estimations
In preparing these financial statements, the directors have made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. These judgements and estimates are based on historical experience and other relevant factors, but by their nature involve uncertainty.
Significant Judgements
Non-going concern basis of preparation
The directors have concluded that the company was no longer a going concern at the balance sheet date, 30 June 2024, in light of ongoing financial pressures and the subsequent entry into administration on 5 August 2024. Accordingly, the financial statements have been prepared on a break-up basis. This judgement has significantly impacted the valuation of assets and the classification of liabilities.
Recognition of administration as an adjusting event
Although formal administration occurred after the year end, the directors judged it to be an adjusting post-balance sheet event under FRS 102, as the conditions leading to administration existed at the balance sheet date. Consequently, appropriate adjustments have been made to reflect the expected realisable values of assets and liabilities under the break-up basis.
...CONTINUED
Page 13
Page 14
H.Parkinson Haulage Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
2.3. Significant judgements and estimations - continued
Key Sources of Estimation Uncertainty
Recoverable amount of tangible fixed assets
The company’s tangible fixed assets have been impaired to their estimated recoverable amounts, based on expected disposal proceeds under administration. These estimates are inherently uncertain and depend on the timing and method of realisation, market demand, and the condition of the assets.
Impairment of trade and other receivables
Debtors have been assessed for recoverability based on known credit issues, payment history, and the administration process. Where recovery is uncertain, provisions have been made based on the best information available. Estimating these impairments requires judgement and is sensitive to changes in assumptions.
Dilapidation provision
The company has recognised a provision for dilapidation costs in respect of previously leased properties. The amount provided is based on the directors’ best estimate at the reporting date, supported by legal and professional advice. The final amount remains subject to negotiation and uncertainty.
Accruals and liabilities
Liabilities have been recognised for known obligations at the reporting date, including trade creditors, employee costs, and professional fees. However, no general provision has been made for the costs of administration itself, as the company had not yet entered administration nor formally committed to that process at 30 June 2024. These costs will be accounted for as they arise and disclosed as a post-balance sheet event.
2.4. Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.
Revenue from haulage contracts is recognised when the collection of goods has been completed.
Income in respect of storage rental, warehouse handling, vehicle maintenance and other incidental income streams is recognised upon delivery of the service to the customer.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold | Straight line over the length of the leases
Motor Vehicles | 8% - 20% per annum on cost
Fixtures & Fittings | 12% - 50% per annum on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Impairment of fixed assets
As the financial statements are prepared on a non-going concern basis, the company assesses the carrying amounts of its tangible fixed assets with reference to their expected recoverable amounts in an orderly wind-down or disposal scenario.
At each reporting date, the company considers whether there is any indication that an asset may be impaired. Where such indication exists, the recoverable amount of the asset is estimated. Under the non-going concern basis, the recoverable amount is determined as the fair value less costs to sell.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the group of assets to which it belongs, consistent with how assets are expected to be realised under administration.
If the recoverable amount of an asset or asset group is lower than its carrying amount, the asset is written down to its recoverable amount and the resulting impairment loss is recognised immediately in profit or loss.
Reversals of impairment losses are not anticipated under the non-going concern basis, but if applicable, would be recognised only where there is clear evidence that the recoverable amount of the asset has increased and no longer reflects impairment.
Page 14
Page 15
H.Parkinson Haulage Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks relate to fuel stocks and are stated at cost.
2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.9. Financial Instruments
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 liability simultaneously.
Due to the company’s entry into administration shortly after the balance sheet date, these financial statements have been prepared on a non-going concern basis. As such, financial assets and liabilities are measured with reference to their expected recoverable or settlement amounts, rather than amortised cost.
Basic financial assets
Basic financial assets, which include trade debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Under the non-going concern basis, subsequent measurement reflects the expected realisable value of each asset. Where the recoverable amount is materially lower than the carrying amount, an impairment loss is recognised in profit or loss.
Financial assets expected to be realised within one year are not amortised.
Other financial assets
The company does not hold any complex or non-basic financial assets. Where applicable, investments in unlisted equity instruments are measured at cost less impairment, as their fair value cannot be measured reliably.
Impairment of financial assets
Financial assets are assessed for impairment at each reporting date. Impairment is recognised where there is objective evidence that the company will not recover the full contractual cash flows, based on known customer circumstances, historical payment trends, and other relevant factors.
The impairment loss is the difference between the carrying amount and the estimated recoverable amount. Impairment losses are recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, are settled, or are transferred and the company has transferred substantially all the risks and rewards of ownership.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade creditors, loans and accruals, are initially recognised at transaction price.
Under the non-going concern basis, liabilities are assessed based on the amounts expected to be settled in administration. Where it is probable that a liability will be settled for less than its contractual amount (e.g. through a reduced or compromised payment), the liability is adjusted accordingly and the gain recognised in profit or loss.
Financial liabilities payable within one year are not amortised.
...CONTINUED
Page 15
Page 16
H.Parkinson Haulage Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
2.9. Financial Instruments - continued
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations are discharged, cancelled, expire, or are settled through the administration process.
Equity instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct transaction costs.
Dividends payable on equity instruments are recognised as liabilities when the obligation to make payment is no longer at the discretion of the company. No dividends were declared or paid after the balance sheet date and prior to the company entering administration.
As the financial statements have been prepared on a non-going concern basis, equity does not represent a residual interest in a going concern but reflects the remaining interest in the company’s net assets at the reporting date.
2.10. Interest Payable
Interest costs incurred by the company include charges on sales ledger factoring arrangements, bank overdrafts, and hire purchase and finance lease contracts.
Interest is recognised in profit or loss on an accruals basis, using the effective interest method where relevant. Under the non-going concern basis, interest is accrued up to the balance sheet date only, with no assumption of ongoing trading or financing costs beyond this point.
No further interest is accrued on liabilities where the company no longer expects to settle the full contractual amount due (e.g. where liabilities are expected to be compromised or extinguished in administration).
2.11. Taxation
Current tax
Current tax is based on taxable profit for the year and is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Taxable profit differs from the profit or loss reported in the financial statements because it excludes items of income or expense that are taxable or deductible in other years, as well as items that are never taxable or deductible.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, except as required by FRS 102.
Deferred tax liabilities are recognised in full for all taxable temporary differences. Deferred tax assets are recognised only to the extent that it is probable they will be recovered against the reversal of deferred tax liabilities or future taxable profits.
As the financial statements are prepared on a non-going concern basis, the recoverability of deferred tax assets has been reassessed. A deferred tax asset in respect of trading losses has been recognised only to the extent that it is expected to offset the deferred tax liability arising from accelerated capital allowances. No deferred tax asset has been recognised in respect of the pension accrual, as the related liability is not expected to be paid and the timing difference is therefore unlikely to reverse.
Deferred tax is measured at the tax rates expected to apply when the timing differences reverse, based on tax laws enacted or substantively enacted at the reporting date. Deferred tax is charged or credited to the profit and loss account, except where it relates to items recognised directly in equity, in which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets against current tax liabilities, and when they relate to income taxes levied by the same taxation authority.
Page 16
Page 17
H.Parkinson Haulage Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
2.12. Provisions and Contingencies
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic resources will be required to settle the obligation, and a reliable estimate of the amount can be made.
Provisions are measured at the directors’ best estimate of the expenditure required to settle the obligation at the balance sheet date. Under the non-going concern basis of preparation, provisions are not discounted, as settlement is expected in the near term and future trading is not assumed.
At the reporting date, the company has recognised a provision of £383,000 in respect of a material loss claim brought by the landlord of a previously leased property. The claim relates to alleged breaches of lease obligations, including repair, reinstatement, and redecoration. The provision reflects the directors’ best estimate based on professional legal and property advice and will be reassessed as further information becomes available.
Contingent Liabilities
Contingent liabilities are not recognised in the balance sheet. A contingent liability is disclosed when there is a possible obligation arising from past events whose existence will be confirmed only by the occurrence or non-occurrence of uncertain future events not wholly within the company's control, or where a present obligation exists but cannot be measured reliably or is not considered probable.
As a result of the company entering administration after the reporting date, the directors have considered the possibility of additional exposures arising from lease exits, commercial arrangements, or creditor disputes. Where such exposures exist but are not considered probable or reliably measurable, they are disclosed as contingent liabilities.
No contingent liabilities are disclosed where the likelihood of an outflow of economic resources is considered remote.
2.13. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.14. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Turnover
Analysis of turnover by class of business is as follows:

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Other | 297,293 |  | 314,871
Road haulage | 14,024,449 |  | 14,010,778
Warehousing | 1,378,178 |  | 1,969,620
| 15,699,920 |  | 16,295,269

Page 17
Page 18
H.Parkinson Haulage Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
4. Operating Loss
The operating loss is stated after charging:

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Bad debts | 5,780 |  | 9,773
Operating lease rentals | 2,148,719 |  | 1,673,269
Depreciation of tangible fixed assets - owned | 242,960 |  | 157,095
Depreciation of tangible fixed assets - finance leases and hire purchase contracts | 777,514 |  | 907,842
Impairment losses - tangible fixed assets | 1,231,000 |  | -
Loss/(profit) on disposal of tangible fixed assets | 255,925 |  | (81,387 )

In addition to the above, the following items were also charged during the period:

| 2024 |  | 2023
| £ |  | £
Impairment losses - trade debtors and other current assets | 207,937 |  | -

5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the company's financial statements | 9,500 |  | 10,000
Other Services
Auditing accounts of associates | - |  | 3,600
Other non-audit services | 4,500 |  | 4,400
| 4,500 |  | 8,000

6. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 4,971,621 |  | 4,695,595
Social security costs | 471,451 |  | 458,577
Other pension costs | 88,916 |  | 102,185
| 5,531,988 |  | 5,256,357

Page 18
Page 19
H.Parkinson Haulage Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
7. Average Number of Employees
Average number of employees, including directors, during the year was as follows:

| 2024 |  | 2023
--- | --- | --- | ---
Office and administration | 22 |  | 23
Drivers | 101 |  | 83
Garage and workshop | 6 |  | 6
Warehouse | 10 |  | 19
| 139 |  | 131

8. Directors' remuneration

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Emoluments | 130,345 |  | 102,852
Company contributions to money purchase pension schemes | 440 |  | 1,329
| 130,785 |  | 104,181

The number of directors to whom retirement benefits were accruing was as follows:

| 2024 |  | 2023 as restated
--- | --- | --- | ---
Money purchase pension schemes | 2 |  | 2

9. Interest Payable and Similar Charges

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Bank loans and overdrafts | 102,536 |  | 67,772
Finance charges payable under finance leases and hire purchase contracts | 166,297 |  | 149,654
Other finance charges | 24,559 |  | 17,739
| 293,392 |  | 235,165

Page 19
Page 20
H.Parkinson Haulage Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
10. Tax on Profit

The tax credit on the loss for the year was as follows:
| Tax Rate | 2024 |  | 2023 as restated
--- | --- | --- | --- | ---
| 2024 | 2023 | £ |  | £
Current tax
UK Corporation Tax | 25.0% | 20.5% | - |  | -
Prior period adjustment | - |  | (441,936 )
| - |  | (441,936 )
Deferred Tax
Deferred taxation | - |  | -
Changes in tax rates | - |  | (14,713 )
Origination and reversal of timing differences | (442,344 ) |  | 106,531
| (442,344) |  | 91,818
Total tax charge for the period | (442,344 ) |  | (350,118 )
The actual credit for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
| 2024 |  | 2023
| £ |  | £
Profit before tax | (3,031,507) |  | (340,719)
Tax on profit at 25% (UK standard rate) | (757,877 ) |  | (69,834 )
Expenses not deductible for tax purposes | 10,406 |  | 3,572
Capital allowances | (755 ) |  | (689 )
Prior period adjustment | - |  | (441,936 )
Difference in tax rates | - |  | (14,713 )
Deferred tax from unrecognised tax loss or credit | 141,316 |  | -
Group relief | 164,566 |  | -
Deferred tax from unrecognised timing difference from a prior period | - |  | 173,482
Total tax charge for the period | (442,344) |  | (350,118)

11. Prior Period Adjustment
During the year, the directors identified a number of adjustments that were required to correct the prior year financial statements. These have been reflected as prior period adjustments in accordance with FRS 102, with comparative figures restated as applicable.
The net impact of these adjustments was a reduction in opening reserves of £59,672 as at 1 July 2023.
No adjustment was required to the opening reserves as at 1 July 2022.
The nature and financial impact of each adjustment are as follows:
Sales ledger credit and purchase ledger debit balances
Certain credit balances in trade debtors and debit balances in trade creditors were previously netted off. These have now been correctly grossed up, increasing both assets and liabilities by £153,063.
Impact on reserves: £Nil
...CONTINUED
Page 20
Page 21
H.Parkinson Haulage Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
11. Prior Period Adjustment - continued
Research and development tax credit
An additional R&D tax credit of £113,810, relating to qualifying expenditure in the year ended 30 June 2023, was not previously recognised. This has now been reflected as a prior period adjustment.
Increase to reserves: £113,810.
Deferred tax on surrendered losses
As a result of the R&D claim, a deferred tax adjustment of £173,482 has been recognised, reflecting the utilisation of trading losses previously recognised as a deferred tax asset.
Reduction to reserves: £173,482.
Dilapidation provision reclassification
A provision for dilapidation costs of £383,000 was previously included within accruals. This has now been reclassified correctly as a provision.
Impact on reserves: £Nil
Write-off of fully depreciated assets
Fixtures and fittings with a gross cost and accumulated depreciation of £158,500, which had been scrapped, were removed from the fixed asset register.
Impact on reserves: £Nil
12. Tangible Assets

| Land & Property
--- | ---
| Leasehold | Motor Vehicles | Fixtures & Fittings | Total
| £ | £ | £ | £
Cost
As at 1 July 2023 | 163,290 | 8,591,619 | 240,627 | 8,995,536
Additions | 23,400 | 218,929 | 708 | 243,037
Disposals | (43,822 ) | (3,319,385 ) | (75,050 ) | (3,438,257 )
As at 30 June 2024 | 142,868 | 5,491,163 | 166,285 | 5,800,316
Depreciation
As at 1 July 2023 | 39,449 | 4,514,788 | 108,169 | 4,662,406
Provided during the period | 12,769 | 971,942 | 35,763 | 1,020,474
Impairment losses | 104,000 | 1,056,000 | 71,000 | 1,231,000
Disposals | (13,772 ) | (2,378,587 ) | (48,823 ) | (2,441,182 )
As at 30 June 2024 | 142,446 | 4,164,143 | 166,109 | 4,472,698
Net Book Value
As at 30 June 2024 | 422 | 1,327,020 | 176 | 1,327,618
As at 1 July 2023 | 123,841 | 4,076,831 | 132,458 | 4,333,130

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Motor Vehicles | 789,029 |  | 3,359,208

13. Stocks

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Stock | 39,671 |  | 7,459

Page 21
Page 22
H.Parkinson Haulage Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
14. Debtors

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 1,785,027 |  | 3,132,038
Amounts owed by group undertakings | - |  | 223,114
Other debtors | 489,927 |  | 1,088,504
| 2,274,954 |  | 4,443,656

15. Creditors: Amounts Falling Due Within One Year

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Net obligations under finance lease and hire purchase contracts | 901,520 |  | 1,157,800
Trade creditors | 2,158,372 |  | 2,653,418
Bank loans and overdrafts | 216,276 |  | 138,475
Invoice discounting advances | 725,498 |  | 1,358,052
Amounts owed to group undertakings | 21,729 |  | -
Amounts owed to participating interests | 359,181 |  | 326,826
Other creditors | 145,212 |  | 118,490
Taxation and social security | 370,766 |  | 152,810
Accruals and deferred income | 44,377 |  | 59,403
| 4,942,931 |  | 5,965,274

Finance lease and hire purchase obligations are secured over the assets to which they relate.
16. Creditors: Amounts Falling Due After More Than One Year

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Net obligations under finance lease and hire purchase contracts | - |  | 1,026,640

Finance lease and hire purchase obligations are secured over the assets to which they relate.
17. Loans
An analysis of the maturity of loans is given below:

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Amounts falling due within one year or on demand:
Other loans | 725,498 |  | 1,358,052

The bank overdraft and invoice discounting facility are secured over the land and buildings owned by the company and a debenture incorporating fixed and floating charges over all current and future assets within the group.
There is a cross-company guarantee in place across with group, with the parent company acting as a guarantor for the company.
Page 22
Page 23
H.Parkinson Haulage Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
18. Obligations Under Finance Leases and Hire Purchase

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
The future minimum finance lease payments are as follows:
Not later than one year | 901,520 |  | 1,157,800
Later than one year and not later than five years | - |  | 1,026,640
| 901,520 |  | 2,184,440
| 901,520 |  | 2,184,440

Finance lease payments represent rentals payable by the group for certain items of plant and machinery. These leases typically include purchase options at the end of the term and place no restrictions on the use of the assets. The average lease term ranges from 3 to 5 years. All leases are on a fixed repayment basis, with no arrangements for contingent rental
payments.
Hire purchase payments represent contractual repayments for certain items of plant and machinery. The average term of these agreements is also between 3 and 5 years.
As a result of the group preparing these financial statements on a non-going concern basis, all outstanding finance lease and hire purchase obligations have been classified as current liabilities. This reflects the expectation that these obligations will either be settled or otherwise resolved within the administration or wind-down period.
19. Deferred Taxation
The provision for deferred tax is made up as follows:

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Accelerated capital allowances | 91,764 |  | 619,038
Tax losses carried forward | (91,764 ) |  | (174,811 )
Other timing differences | - |  | (1,883)
| - |  | 442,344

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so and where they relate to income taxes levied by the same taxation authority.
The company has no recognised deferred tax assets or liabilities at the balance sheet date.
The group has recognised a deferred tax asset in respect of trading losses, but only to the extent that these losses are expected to be utilised against balancing charges arising on the disposal of fixed assets, following the transition to a non-going concern basis.
No deferred tax asset has been recognised in respect of other temporary differences or remaining trading losses, due to the uncertainty over the availability of future taxable profits against which they could be utilised. The recognition criteria under FRS 102 are therefore not met in relation to those amounts.
Given the group's wind-down and the administration of its principal trading subsidiary, no material deferred tax liabilities are expected to crystallise beyond those recognised.
20. Provisions for Liabilities

| Deferred Tax | Other Provisions | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 July 2023 | 442,344 | 383,000 | 825,344
Origination and reversal of timing differences | (442,344 ) | - | (442,344 )
Balance at 30 June 2024 | - | 383,000 | 383,000

Page 23
Page 24
H.Parkinson Haulage Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
21. Share Capital

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 21,000 |  | 21,000

22. Contingent Liabilities
As a result of the company entering administration on 5 August 2024, certain contractual and legal matters remain unresolved. While provisions have been recognised where appropriate; particularly in relation to lease obligations; the directors note that there may be additional exposures in respect of other lease terminations, supplier claims, or contractual disputes.
At the balance sheet date, these matters were uncertain in both timing and amount, and it was not considered probable that a material outflow of economic resources would be required. Accordingly, no further liabilities have been recognised.
The company, under the control of its administrators, will continue to monitor these matters and respond as further information becomes available.
23. Other Commitments
The group had non-cancellable operating lease commitments at the balance sheet date relating to properties and vehicles.
These leases were expected to continue under normal trading conditions.
However, as disclosed elsewhere in these financial statements, the company entered administration on 5th August 2024 and is no longer a going concern. As a result, the lease agreements are expected to be terminated, renegotiated, or otherwise settled through the administration process.
Accordingly, no future minimum lease payments are disclosed, as the contractual terms are no longer expected to apply in full, and the obligations will be addressed within the administration.
24. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £88,916 (2023: £102,185).
At the balance sheet date contributions of £77,065 (2023: £7,534) were due to the fund and are included in creditors.
25. Dividends

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
On equity shares:
Final dividend paid | 62,443 |  | 135,082

26. Post Balance Sheet Events
On 5th August 2024, the company entered into administration which followed a period of sustained trading difficulties and cash flow pressures.
As a result of this development, the financial statements have been prepared on a non-going concern basis, as described in the basis of preparation note.
Significant impairment provisions and classification adjustments have been made accordingly to reflect the expected outcome of the administration process.
While the administration occurred after the balance sheet date, it provides further evidence regarding the company’s position and prospects and is considered a material non-adjusting post balance sheet event.
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H.Parkinson Haulage Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
27. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
Key management personnel (including directors) received compensation of £130,785 (2023: £104,181)
130,785 104,181
During the year, the company made purchases from related parties of £631,380 (2023: £450,360) which comprised subcontracted haulage services, property rents and other recharges.
During the year, the company made sales and other recharges to related parties of £913,297 (2023: £463,944) which comprised recharged haulage services and asset sales.
At the balance sheet date, the group owed £359,181 (2023: £328,948) to related parties and was owed £2,897 (2023: £2,102) from other related parties.
28. Controlling Parties
The company's immediate parent undertaking is HPH Group Limited .
The ultimate parent undertaking and that of the smallest and largest group for which group accounts are drawn up of which the company is a member is HPH Group Limited (incorporated in England & Wales). Its registered office is Mayfield House, Chorley Road, Walton-Le-Dale, Preston, Lancashire PR5 4JN .
Copies of the group accounts may be obtained from the company's registered office.
On 5 August 2024, the company entered administration and control passed to the appointed administrators, who act as agents of the company without personal liability. From that date, the administrators are considered to be the controlling party.
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