Harrison Solway Logistics Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03953616 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30th June 2022

for

Harrison Solway Logistics Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

L M N Solway

K Solway

REGISTERED OFFICE:

Unit 8 Kingston International

Business Park, Hedon Road

Hull

HU9 5NX

REGISTERED NUMBER:

03953616 (England and Wales)

ACCOUNTANTS:

cbaSadofskys

Chartered Accountants

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

BANKERS:

National Westminster Bank plc

34 King Edward Street

Hull

East Yorkshire

HU1 3SS

FIXED ASSETS

Tangible assets

4

2,197,518

1,684,461

Investments

5

250

250

2,197,768

1,684,711

CURRENT ASSETS

Stocks

18,695

13,294

Debtors

1,892,852

1,571,655

Cash at bank

85,546

105

1,997,093

1,585,054

CREDITORS

Amounts falling due within one year

1,964,478

1,572,158

NET CURRENT ASSETS

32,615

12,896

TOTAL ASSETS LESS CURRENT LIABILITIES

2,230,383

1,697,607

CREDITORS

Amounts falling due after more than one year

(801,082

)

(603,125

)

PROVISIONS FOR LIABILITIES

(515,259

)

(385,226

)

NET ASSETS

914,042

709,256

CAPITAL AND RESERVES

Called up share capital

7

1,000

1,000

Retained earnings

913,042

708,256

SHAREHOLDERS' FUNDS

914,042

709,256

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30th June 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2nd March 2023 and were signed on its behalf by:

L M N Solway - Director

K Solway - Director

1.	STATUTORY INFORMATION

Harrison Solway Logistics 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.

Revenue for the transportation and storage of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Land and buildings

-

16.67% on cost

Plant and machinery etc

-

33% on cost, 15% on reducing balance, 10% on cost, 10% on reducing balance, 2% on reducing balance, straight line over 5 years and straight line over 8 years

Fixed asset investments

Investments comprise investments in unquoted equity instruments which are measured at cost. Any significant change in fair value is recognised in the profit and loss.

Stocks

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

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

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 or 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.

Government grants

Government grants are recognised using the accruals model. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the assets to which they relate.

A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the company with no future related costs, is credited to income in the period in which it becomes receivable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 59 (2021 - 49 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st July 2021

3,070,793

Additions

919,901

Disposals

(291,780

)

At 30th June 2022

3,698,914

DEPRECIATION

At 1st July 2021

1,386,332

Charge for year

372,844

Eliminated on disposal

(257,780

)

At 30th June 2022

1,501,396

NET BOOK VALUE

At 30th June 2022

2,197,518

At 30th June 2021

1,684,461

The net book value of tangible fixed assets includes £ 1,440,005 (2021 - £ 1,555,378 ) in respect of assets held under hire purchase contracts.

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1st July 2021

and 30th June 2022

250

NET BOOK VALUE

At 30th June 2022

250

At 30th June 2021

250

6.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank overdraft

-

2,676

Hire purchase contracts

1,092,227

756,402

RBS sales ledger funding

710,937

429,640

1,803,164

1,188,718

The Invoice discounting facility and Hire Purchase are secured by way of a fixed and floating charge over the debtor listing and assets of the company.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

500

Ordinary A

£1

500

500

500

Ordinary B

£1

500

500

1,000

1,000

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Harrison Solway Logistics Limited for the year ended 30th June 2022 which comprise the Income Statement, Abridged Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Harrison Solway Logistics Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Harrison Solway Logistics Limited and state those matters that we have agreed to state to the Board of Directors of Harrison Solway Logistics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Harrison Solway Logistics Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Harrison Solway Logistics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Harrison Solway Logistics Limited. You consider that Harrison Solway Logistics Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Harrison Solway Logistics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

cbaSadofskys

Chartered Accountants

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

2nd March 2023