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REGISTERED NUMBER: 08285352 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

FOR

KEITH ELKINGTON TRANSPORT LIMITED

KEITH ELKINGTON TRANSPORT LIMITED (REGISTERED NUMBER: 08285352)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


KEITH ELKINGTON TRANSPORT LIMITED

COMPANY INFORMATION
for the Year Ended 31 January 2022







DIRECTORS: K N Elkington
O J Elkington
M R Foster





REGISTERED OFFICE: ECL House
Lake Street
Leighton Buzzard
Bedfordshire
LU7 1RT





REGISTERED NUMBER: 08285352 (England and Wales)





ACCOUNTANTS: Ad Valorem Accountancy Services Limited
Chartered Certified Accountants
2 Manor Farm Court
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN

KEITH ELKINGTON TRANSPORT LIMITED (REGISTERED NUMBER: 08285352)

STATEMENT OF FINANCIAL POSITION
31 January 2022

31.1.22 31.1.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 297,000 324,000
Tangible assets 5 355,355 456,534
652,355 780,534

CURRENT ASSETS
Stocks 80,871 -
Debtors 6 542,318 494,890
Cash at bank and in hand 170,499 366,199
793,688 861,089
CREDITORS
Amounts falling due within one year 7 671,791 592,071
NET CURRENT ASSETS 121,897 269,018
TOTAL ASSETS LESS CURRENT
LIABILITIES

774,252

1,049,552

CREDITORS
Amounts falling due after more than one
year

8

(379,222

)

(757,383

)

PROVISIONS FOR LIABILITIES (20,964 ) (11,710 )
NET ASSETS 374,066 280,459

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 373,966 280,359
SHAREHOLDERS' FUNDS 374,066 280,459

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

KEITH ELKINGTON TRANSPORT LIMITED (REGISTERED NUMBER: 08285352)

STATEMENT OF FINANCIAL POSITION - continued
31 January 2022


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2022 and were signed on its behalf by:





O J Elkington - Director


KEITH ELKINGTON TRANSPORT LIMITED (REGISTERED NUMBER: 08285352)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2022

1. STATUTORY INFORMATION

Keith Elkington Transport 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 (£).

The business address is :

Unit 17 Garamonde Drive
Wymbush
Milton Keynes
Buckinghamshire
MK8 8DF

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
The company's turnover represents the value, excluding value added tax, of services supplied to customers during the year. A sale is recognised when revenue and associated costs can be measured reliably and future economic benefits are probable. Revenue is measured at the fair value of the consideration received or receivable for services provided in the normal course of business, net of discounts and VAT.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - over the period of the lease and 25% on cost
Computer equipment - 25% 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 Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 statement of financial position date.


KEITH ELKINGTON TRANSPORT LIMITED (REGISTERED NUMBER: 08285352)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Debtors receivable and creditors payable
Debtors and creditors with no stated interest rate and receivable or payable within or after one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2021 - 40 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2021
and 31 January 2022 540,000
AMORTISATION
At 1 February 2021
and 31 January 2022 243,000
NET BOOK VALUE
At 31 January 2022 297,000
At 31 January 2021 297,000

KEITH ELKINGTON TRANSPORT LIMITED (REGISTERED NUMBER: 08285352)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2022

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2021 39,419 130,583 1,208,266 64,252 1,442,520
Additions 6,483 - 184,825 3,533 194,841
Disposals - (5,423 ) (44,000 ) - (49,423 )
At 31 January 2022 45,902 125,160 1,349,091 67,785 1,587,938
DEPRECIATION
At 1 February 2021 27,206 118,813 789,427 50,540 985,986
Charge for year 4,356 5,751 233,941 6,004 250,052
Eliminated on disposal - (3,455 ) - - (3,455 )
At 31 January 2022 31,562 121,109 1,023,368 56,544 1,232,583
NET BOOK VALUE
At 31 January 2022 14,340 4,051 325,723 11,241 355,355
At 31 January 2021 12,213 11,770 418,839 13,712 456,534

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Motor
vehicles
£   
COST
At 1 February 2021 1,030,695
Additions 184,825
Disposals (44,000 )
Transfer to ownership (352,050 )
At 31 January 2022 819,470
DEPRECIATION
At 1 February 2021 611,859
Charge for year 233,941
Transfer to ownership (339,206 )
At 31 January 2022 506,594
NET BOOK VALUE
At 31 January 2022 312,876
At 31 January 2021 418,836

KEITH ELKINGTON TRANSPORT LIMITED (REGISTERED NUMBER: 08285352)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2022

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.22 31.1.21
£    £   
Trade debtors 296,447 262,284
Other debtors 9,594 80,859
Directors' current accounts - 10,238
Prepayments and accrued income 236,277 141,509
542,318 494,890

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.22 31.1.21
£    £   
Bank loans and overdrafts 70,722 91,448
Hire purchase contracts and finance leases 179,409 256,374
Trade creditors 180,263 45,067
Tax 97,707 65,424
Social security and other taxes 21,144 14,748
VAT 21,709 59,357
Other creditors 3,200 3,762
Directors' current accounts 19,606 5,292
Accrued expenses 78,031 50,599
671,791 592,071

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.22 31.1.21
£    £   
Bank loans - 1-2 years 61,899 121,309
Bank loans - 2-5 years 144,431 336,000
Bank loans more than 5 years by instalments - 37,334
Hire purchase contracts and finance leases 172,892 262,740
379,222 757,383

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years by instalments - 37,334

9. SECURED DEBTS

The following secured debts are included within creditors:

31.1.22 31.1.21
£    £   
Bank loans 277,052 586,091
Hire purchase contracts and finance leases 352,301 519,114
629,353 1,105,205

Hire purchase contracts and finance leases are secured over the individual assets to which they relate.

KEITH ELKINGTON TRANSPORT LIMITED (REGISTERED NUMBER: 08285352)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2022

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.1.22 31.1.21
value: £    £   
100 Ordinary £1 100 100

11. OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments at 31 January 2022 was £335,599 (2021 - £501,067).

These all relate to operating property leases which expire in November 2023 and February 2025.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2022 and 31 January 2021:

31.1.22 31.1.21
£    £   
O J Elkington
Balance outstanding at start of year - 97
Amounts repaid - (97 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

K N Elkington
Balance outstanding at start of year 10,238 -
Amounts advanced - 10,238
Amounts repaid (10,238 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 10,238

Loans to directors are interest free and repayable on demand.