Company Registration No.04266751 (England and Wales)
MCGOVERN HAULAGE LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2022
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE
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COMPANY INFORMATION
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Chartered Certified Accountants and Statutory Auditors
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National Westminster Bank Plc
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Prince Evans Solicitors LLP
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CONTENTS
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Notes to the financial statements
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MCGOVERN HAULAGE LIMITED
REGISTERED NUMBER:04266751
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BALANCE SHEET
AS AT 31 DECEMBER 2022
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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MCGOVERN HAULAGE LIMITED
REGISTERED NUMBER:04266751
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
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 profit and loss account 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 on 30 May 2023.
___________________________
Anthony M McGovern
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
McGovern Haulage Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25-31 Colin Road, Willesden, London, NW10 2EE.
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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company.
The following principal accounting policies have been applied:
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover represents amounts invoiced during the year for plant hire, exclusive of value added tax, and income from the lending of finance.
Turnover from plant hire is recognised on a straight line basis over the period to which it relates.
Turnover related to income from the lending of finance is recognised at the fair value of the consideration receivable.
The company operates a defined contribution plan for its employees. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Amounts not paid are shown in creditors as a liability in the balance sheet.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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, using the straight-line method.
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.
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Fees payable for audit services
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The average monthly number of employees, including directors, during the year was 7 (2021 - 7).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Prepayments and accrued income
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Loan debtors consist of the lending of finance on commercial terms to other companies. The debts are secured and repayable on demand.
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Creditors: Amounts falling due within one year
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Amounts owed to related undertakings
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Other taxation and social security
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The amounts owed to related undertakings are unsecured, interest-free and payable on demand.
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,835 (2021 - £2,813). Contributions totalling £205 (2021 - £199) were payable to the fund at the balance sheet date and are included in creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Authorised, allotted, called up and fully paid
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100 Ordinary shares of £1 each
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Post balance sheet events
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There were no events since the year end which materially affected the company.
The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.
The audit report was signed on 30 May 2023 by Kumar Perumal (Senior statutory auditor) on behalf of Riordan O'Sullivan & Co.
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