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Company registration number: 00841538
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FOR THE YEAR ENDED
30 NOVEMBER 2022
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FITZMAURICE CARRIERS LIMITED
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FITZMAURICE CARRIERS LIMITED
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COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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FITZMAURICE CARRIERS LIMITED
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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FITZMAURICE CARRIERS LIMITED
REGISTERED NUMBER:00841538
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STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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FITZMAURICE CARRIERS LIMITED
REGISTERED NUMBER:00841538
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2022
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Allotted, called up and fully paid share capital
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 9 form part of these financial statements.
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FITZMAURICE CARRIERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
Fitzmaurice Carriers Limited is a private Company limited by shares and incorporated in England and Wales, registration number 00841538. The address of the registered office is disclosed on the Company information page. The principal place of business is Avian Way, Salhouse Road, Norwich, Norfolk, NR7 9AJ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The following principal accounting policies have been applied:
Revenue is recognised from the haulage, storage and handling facilities provided to retail customers. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue derived from haulage, storage and handling facilities to retail customers is recognised in the period in which the services are provided when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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FITZMAURICE CARRIERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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FITZMAURICE CARRIERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete stock.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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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. Actual results in the future could differ from such estimate.
Due to the simplicity of the Company's financial year end position, the directors consider there to be no critical
judgements, estimates and assumptions used in the preparation of these financial statements.
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The average monthly number of employees, including directors, during the year was 54 (2021 - 47).
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FITZMAURICE CARRIERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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During the year, the directors changed the depreciation policy for motor vehicles from an annual charge of 20% on a reducing balance basis to an annual charge of 40% on a reducing balance basis in order for motor vehicles to reflect their true value.
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FITZMAURICE CARRIERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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Investments in unlisted subsidiary companies
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Amounts owed by group undertakings
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Amounts owed by related parties
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Prepayments and accrued income
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FITZMAURICE CARRIERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to related parties
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Short term timing differences
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FITZMAURICE CARRIERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
A contingent liability exists at the accounting date in respect of an unlimited cross-guarantee and a debenture,
secured on all of the company's assets, given to/by specific other companies with common shareholders, being Lenham Garages Limited, Lenham Storage (Midlands) Limited, Lenham Storage (Southern) Limited and Lenham Storage Company Limited in order to secure their banking facilities.
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Related party transactions
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The Company has taken advantage of the provisions in FRS 102 not to disclose transactions with its parent company on the grounds that Fitzmaurice Carriers Limited is a 100% subsidiary of Lenham Storage (Midlands) Limited.
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The auditors' report on the financial statements for the year ended 30 November 2022 was unqualified.
The audit report was signed on 1 March 2023 by Andrew Hookway FCA (Senior statutory auditor) on behalf of Menzies LLP.
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