Registered number
07534145
R S Express Distribution & Haulage Limited
Filleted Accounts
31 March 2022
R S Express Distribution & Haulage Limited
Registered number: 07534145
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 220,242 209,382
Current assets
Stocks - 303
Debtors 4 294,999 204,756
Cash at bank and in hand 13,502 1
308,501 205,060
Creditors: amounts falling due within one year 5 (174,407) (215,744)
Net current assets/(liabilities) 134,094 (10,684)
Total assets less current liabilities 354,336 198,698
Creditors: amounts falling due after more than one year 6 (151,622) (193,570)
Provisions for liabilities (55,060) (6,940)
Net assets/(liabilities) 147,654 (1,812)
Capital and reserves
Called up share capital 200 200
Profit and loss account 147,454 (2,012)
Shareholders' funds 147,654 (1,812)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D S Parker
Director
Approved by the board on 29 July 2022
R S Express Distribution & Haulage Limited
Notes to the Accounts
for the year ended 31 March 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer Equipment 15% reducing balance
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 12 10
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2021 3,093 351,130 6,454 360,677
Additions - 68,997 - 68,997
Disposals - (1,300) (6,454) (7,754)
At 31 March 2022 3,093 418,827 - 421,920
Depreciation
At 1 April 2021 2,126 143,577 5,592 151,295
Charge for the year 145 55,962 162 56,269
On disposals - (132) (5,754) (5,886)
At 31 March 2022 2,271 199,407 - 201,678
Net book value
At 31 March 2022 822 219,420 - 220,242
At 31 March 2021 967 207,553 862 209,382
4 Debtors 2022 2021
£ £
Trade debtors 228,482 170,398
Other debtors 66,517 34,358
294,999 204,756
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 22,883 25,207
Obligations under finance lease and hire purchase contracts 59,755 48,806
Trade creditors 57,212 59,824
Taxation and social security costs 11,082 4,858
Other creditors 23,475 77,049
174,407 215,744
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 50,047 73,667
Obligations under finance lease and hire purchase contracts 101,575 119,903
151,622 193,570
7 Capital commitments 2022 2021
£ £
Amounts contracted for but not provided in the accounts 234,261 262,708
8 Other financial commitments 2022 2021
£ £
Total future minimum payments under non-cancellable operating leases 22,563 36,813
9 Related party transactions
The company provides an interest free loan facility to the directors Mr D S Parker and Mr G W Taylor. At the beginning of the accounts period, R S Express Distribution & Haulage Ltd owed £25,154 to Mr G W Taylor and £145 to Mr D S Parker. During the financial year, £24.154 was advanced to Mr G W Taylor and £483 to Mr D S Parker, of which £100 has been repaid by Mr G W Taylor and £2,000 repaid by Mr D S Parker. The balances owing from R S Express Distribution & Haulage Ltd to Mr G W Taylor was £100 and to Mr D S Parker was £1,662 at the year end. The maximum loan amount at any point during the financial period was £338 owing from Mr D S Parker.
10 Other information
R S Express Distribution & Haulage Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 8, Enterprise Court
Seaham Grange Industrial Estate
Seaham
County Durham
SR7 0PS
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