Hampson Haulage Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01494321 (England and Wales)

Financial Statements

for the Year Ended 31 December 2021

for

Hampson Haulage Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D J Critchlow

S Eyles

P Eyles

P J Hampson

REGISTERED OFFICE:

248 Mackadown Lane

Kitts Green

Birmingham

B33 0LE

BUSINESS ADDRESS:

Unit 8a-8c

Albion Industrial Estate

Oldbury Road

West Bromwich

West Midlands

B70 9EH

REGISTERED NUMBER:

01494321 (England and Wales)

AUDITORS:

Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

FIXED ASSETS

Tangible assets

4

271,035

106,762

CURRENT ASSETS

Stocks

6,500

20,000

Debtors

5

635,672

422,058

Cash at bank

88,066

14,569

730,238

456,627

CREDITORS

Amounts falling due within one year

6

(791,613

)

(447,508

)

NET CURRENT (LIABILITIES)/ASSETS

(61,375

)

9,119

TOTAL ASSETS LESS CURRENT LIABILITIES

209,660

115,881

CREDITORS

Amounts falling due after more than one year

7

(83,017

)

(46,667

)

PROVISIONS FOR LIABILITIES

(4,330

)

-

NET ASSETS

122,313

69,214

CAPITAL AND RESERVES

Called up share capital

10

46,180

46,180

Retained earnings

11

76,133

23,034

SHAREHOLDERS' FUNDS

122,313

69,214

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2022 and were signed on its behalf by:

D J Critchlow - Director

1.	STATUTORY INFORMATION

Hampson Haulage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

25% on cost

Plant and machinery

-

25% on cost

Motor vehicles

-

10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2020 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2021

90,612

103,458

127,363

321,433

Additions

60,000

7,024

130,100

197,124

At 31 December 2021

150,612

110,482

257,463

518,557

DEPRECIATION

At 1 January 2021

90,612

103,458

20,601

214,671

Charge for year

11,250

878

20,723

32,851

At 31 December 2021

101,862

104,336

41,324

247,522

NET BOOK VALUE

At 31 December 2021

48,750

6,146

216,139

271,035

At 31 December 2020

-

-

106,762

106,762

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

77,250

At 31 December 2021

77,250

DEPRECIATION

Charge for year

5,794

At 31 December 2021

5,794

NET BOOK VALUE

At 31 December 2021

71,456

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

441,780

316,208

Other debtors

193,892

105,850

635,672

422,058

Trade debtors of £384,778 (2020 - £265,529) are subject to an invoice discounting agreement with Lloyds Bank PLC.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

10,000

3,333

Hire purchase contracts (see note 8)

13,905

-

Trade creditors

243,011

167,667

Amounts owed to group undertakings

281,290

80,000

Taxation and social security

94,163

110,735

Other creditors

149,244

85,773

791,613

447,508

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

36,667

46,667

Hire purchase contracts (see note 8)

46,350

-

83,017

46,667

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2021

2020

£

£

Net obligations repayable:

Within one year

13,905

-

Between one and five years

46,350

-

60,255

-

Non-cancellable operating

leases

2021

2020

£

£

Within one year

90,000

90,000

Between one and five years

52,500

90,000

In more than five years

-

52,500

142,500

232,500

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Payments on account

116,900

26,484

The invoice discounting payments on account of £116,900 (2020 - £26,484) represent loans secured against the trade debtors balance under a factoring agreement with Lloyds Bank PLC.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

46,180

Ordinary

£1

46,180

46,180

11.

RESERVES

Retained

earnings

£

At 1 January 2021

23,034

Profit for the year

53,099

At 31 December 2021

76,133

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Susanna D Ault FCCA ACA (Senior Statutory Auditor)

for and on behalf of Tomkinson Teal (Lichfield) LLP

13.	CONTINGENT LIABILITIES

A guarantee exists between group companies in respect of bank debt with Lloyds Bank PLC. At 31

December 2021 group bank debt subject to this agreement amounted to £1,284,997 (2020 - £1,403,482).

A fixed and floating charge exists between group companies in respect of bank debt with Barclays bank PLC. At 31 December 2021 group bank debt subject to this agreement amounted to £3,340,164 (2020 - £3,505,713).

14.	ULTIMATE CONTROLLING PARTY