Registration number: 05313720

Collett Brothers (Haulage) Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

Collett Brothers (Haulage) Limited

Company Information

Directors

John Powell Collett Richard Michael Collett Michael William Collett

Registered office

74 Brize Norton Road Minster Lovell Witney Oxon OX29 0SG

Accountants

ReesRussell LLP Chartered Accountants 37 Market Square Witney Oxfordshire OX28 6RE

Collett Brothers (Haulage) Limited

(Registration number: 05313720)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	488,293	481,394
Current assets
Debtors	6	289,805	289,165
Cash at bank and in hand		773,789	792,057
		1,063,594	1,081,222
Creditors: Amounts falling due within one year	7	(207,774)	(210,685)
Net current assets		855,820	870,537
Total assets less current liabilities		1,344,113	1,351,931
Creditors: Amounts falling due after more than one year	7	(54,902)	(124,790)
Provisions for liabilities		(92,776)	(55,385)
Net assets		1,196,435	1,171,756
Capital and reserves
Called up share capital		700	700
Capital redemption reserve		300	300
Retained earnings		1,195,435	1,170,756
Shareholders' funds		1,196,435	1,171,756

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 16 September 2025 and signed on its behalf by:
 

John Powell Collett
Director

Collett Brothers (Haulage) Limited

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

1	General information

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

The address of its registered office is:
74 Brize Norton Road
Minster Lovell
Witney
Oxon
OX29 0SG

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.

Going concern

The financial statements have been prepared on a going concern basis.

Government grants

Grants that are received in respect of expenses or losses already incurred by the entity are recognised in profit and loss in the period when the grant becomes receivable.

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
Motor vehicles	25% reducing balance
Plant and machinery	15% reducing balance
Fixtures and fittings	15% reducing balance

Collett Brothers (Haulage) Limited

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	5 years

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

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.

Collett Brothers (Haulage) Limited

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 8).

Collett Brothers (Haulage) Limited

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

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	165,460	165,460
At 31 December 2024	165,460	165,460
Amortisation
At 1 January 2024	165,460	165,460
At 31 December 2024	165,460	165,460
Carrying amount
At 31 December 2024	-	-

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2024	5,077	1,242,637	19,027	1,266,741
Additions	-	168,000	-	168,000
At 31 December 2024	5,077	1,410,637	19,027	1,434,741
Depreciation
At 1 January 2024	4,350	765,924	15,073	785,347
Charge for the year	109	160,399	593	161,101
At 31 December 2024	4,459	926,323	15,666	946,448
Carrying amount
At 31 December 2024	618	484,314	3,361	488,293
At 31 December 2023	727	476,713	3,954	481,394

Collett Brothers (Haulage) Limited

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

6

Debtors

Current	2024 £	2023 £
Trade debtors	277,347	275,081
Prepayments	2,583	2,584
Other debtors	9,875	11,500
	289,805	289,165

Collett Brothers (Haulage) Limited

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

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	8	44,797	55,446
Trade creditors		86,221	104,397
Taxation and social security		44,983	24,050
Accruals and deferred income		5,200	5,200
Other creditors		26,573	21,592
		207,774	210,685

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	8	54,902	124,790

8	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	-	21,777
Hire purchase contracts	54,902	103,013
	54,902	124,790

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	-	10,648
Hire purchase contracts	44,797	44,798
	44,797	55,446