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Registration number: SC491183

Michael Combe Haulage Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Michael Combe Haulage Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 8

 

Michael Combe Haulage Limited

Company Information

Director

Mr Michael Combe

Registered office

1 Acremore Drive
Kinross
KY13 8RD

Accountants

Ross McConnell
Chartered Accountant3 High Street
Kinross
KY13 8AW

 

Michael Combe Haulage Limited

(Registration number: SC491183)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

115,076

116,292

Current assets

 

Debtors

5

21,713

17,969

Cash at bank and in hand

 

10,025

30,282

 

31,738

48,251

Creditors: Amounts falling due within one year

6

(42,385)

(35,582)

Net current (liabilities)/assets

 

(10,647)

12,669

Total assets less current liabilities

 

104,429

128,961

Creditors: Amounts falling due after more than one year

6

(71,393)

(83,472)

Net assets

 

33,036

45,489

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

32,936

45,389

Shareholders' funds

 

33,036

45,489

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 August 2025
 

.........................................
Mr Michael Combe
Director

 

Michael Combe Haulage Limited

Statement of Changes in Equity for the Year Ended 30 November 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 December 2023

100

45,389

45,489

Profit for the year

-

23,547

23,547

Total comprehensive income

-

23,547

23,547

Dividends

-

(36,000)

(36,000)

At 30 November 2024

100

32,936

33,036

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

100

46,142

46,242

Profit for the year

-

33,247

33,247

Dividends

-

(34,000)

(34,000)

At 30 November 2023

100

45,389

45,489

 

Michael Combe Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The address of its registered office is:
1 Acremore Drive
Kinross
KY13 8RD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

Tax

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

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

 

Michael Combe Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

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

Plant & machinery

25% straight line

Cash and cash equivalents

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

Trade debtors

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

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

Trade creditors

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

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

Borrowings

 

Michael Combe Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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

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

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

Leases

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

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

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

Share capital

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

Dividends

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

3

Staff numbers

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

 

Michael Combe Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible Assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2023

374

210,670

211,044

Additions

-

38,995

38,995

Disposals

-

(19,500)

(19,500)

At 30 November 2024

374

230,165

230,539

Depreciation

At 1 December 2023

374

94,378

94,752

Charge for the year

-

38,261

38,261

Eliminated on disposal

-

(17,550)

(17,550)

At 30 November 2024

374

115,089

115,463

Carrying amount

At 30 November 2024

-

115,076

115,076

At 30 November 2023

-

116,292

116,292

5

Debtors

Current

2024
£

2023
£

Trade debtors

21,713

17,969

 

21,713

17,969

6

Creditors

Creditors: amounts falling due within one year

 

Michael Combe Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

28,073

23,299

Trade creditors

 

1,752

1,257

Taxation and social security

 

6,649

7,539

Other creditors

 

5,911

3,487

 

42,385

35,582

Current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

27,533

22,514

Other borrowings

540

785

28,073

23,299

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

71,393

83,472

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100