JHP Transport (Lanark) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC455999

JHP Transport (Lanark) Limited

Filleted Unaudited Abridged Financial Statements

For the year ended

30 November 2024

JHP Transport (Lanark) Limited

Abridged Financial Statements

Year ended 30 November 2024

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

JHP Transport (Lanark) Limited

Abridged Statement of Financial Position

30 November 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	6	1,978,451	1,653,138

Current assets

Stocks	2,000	1,800
Debtors	2,188,190	2,258,360
Cash at bank and in hand	25,737	290,625
	------------	------------
	2,215,927	2,550,785

Creditors: amounts falling due within one year	3,063,027	2,847,062
	------------	------------
Net current liabilities	847,100	296,277
	------------	------------
Total assets less current liabilities	1,131,351	1,356,861

Creditors: amounts falling due after more than one year	826,186	746,059

Provisions	238,091	175,593
	------------	------------
Net assets	67,074	435,209
	------------	------------

JHP Transport (Lanark) Limited

Abridged Statement of Financial Position (continued)

30 November 2024

	2024	2023
Note	£	£

Capital and reserves

Called up share capital	1	1
Profit and loss account	67,073	435,208
	--------	---------
Shareholder funds	67,074	435,209
	--------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the 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.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 November 2024 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Mr J H Prentice

Director

Company registration number: SC455999

JHP Transport (Lanark) Limited

Notes to the Abridged Financial Statements

Year ended 30 November 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Mechanics Workshop, New Lanark, Lanark, ML11 9DB, Lanarkshire.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The accounts have been prepared on the going concern basis reflecting the continuing support of the directors, who intend to ensure there are sufficient funds to meet the company's working capital requirement for the foreseeable future.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions or other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:

Property	-	0% - 2% reducing balance
Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	18% reducing balance
Motor vehicles	-	15% reducing balance
Office equipment	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 63 (2023: 77 ).

5. Intangible assets

	£
Cost
At 1 December 2023 and 30 November 2024	613,600
	---------
Amortisation
At 1 December 2023 and 30 November 2024	613,600
	---------
Carrying amount
At 30 November 2024	–
	---------
At 30 November 2023	–
	---------

The goodwill arose on the acquisition of JHP Transport by the company.

6. Tangible assets

	£
Cost
At 1 December 2023	2,287,483
Additions	581,444
Disposals	( 79,300)
	------------
At 30 November 2024	2,789,627
	------------
Depreciation
At 1 December 2023	634,345
Charge for the year	190,104
Disposals	( 13,273)
	------------
At 30 November 2024	811,176
	------------
Carrying amount
At 30 November 2024	1,978,451
	------------
At 30 November 2023	1,653,138
	------------

7. Charges on assets

Creditors include bank loans, overdrafts and net obligations under hire purchase contracts which are secured of £1,805,688 (2023 - £1,742,592).

8. Other financial commitments

At the balance sheet date, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £269,041 (2023 - £269,041). The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The amount of unpaid contributions at the balance sheet date amounted to £13,569 (2023 - £1,372) and are included in other creditors.

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr J H Prentice	( 50,087)	159,006	( 40,000)	68,919
Mrs C Welsh	13,919	11,991	( 12,232)	13,678
	--------	---------	--------	--------
	( 36,168)	170,997	( 52,232)	82,597
	--------	---------	--------	--------

	2023
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr J H Prentice	( 3,872)	500,117	( 546,332)	( 50,087)
Mrs C Welsh	9,126	4,793	–	13,919
	-------	---------	---------	--------
	5,254	504,910	( 546,332)	( 36,168)
	-------	---------	---------	--------

No interest is chargeable on this balance and the loan is repayable on demand.

10. Related party transactions

The company was under the control of JHP Transport (Holdings) Limited during the year. During the year the company traded in the normal course of business with Farm Field Fresh Ltd; a company in which Mr J H Prentice is a director. The company supplied labour to Farm Field Fresh Ltd and raised charges totalling £74,814 (2023 - £149,639). At the year end the amount due to the company by Farm Field Fresh Ltd amounted to £51,116 (2023 - £37,400). In addition, the company also received goods and services from Farm Field Fresh Ltd totalling £560,300 (2023 - £590,390). At the year end the amount due to Farm Field Fresh Ltd amounted to £18,076 (2023 - £34,879). During the year the company traded in the normal course of business with JHP Aggregates & Decorative Stone Ltd; a company in which Mr J H Prentice is a director. The company supplied labour to JHP Aggregates & Decorative Stone Ltd and raised charges totalling £1,030,780 (2023 - £59,996). At the year end the amount due to the company by JHP Aggregates & Decorative Stone Ltd amounted to £84,510 (2023 - £4,601). In addition, the company also received goods and services from JHP Aggregates & Decoratve Stone Ltd totalling £2,283 (2023 - £nil). At the year end the amount due to JHP Aggregates & Decorative Stone Ltd amounted to £2,639 (2023 - £nil). Dividends totalling £40,000 (2023 - £100,000) were paid to the holding company during the year.