Registered number
09295102
M & E Transport (South West) Limited
Filleted Accounts
31 March 2022
M & E Transport (South West) Limited
Registered number: 09295102
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 - 3,333
Tangible assets 4 320,241 103,568
320,241 106,901
Current assets
Debtors 5 368,811 348,912
Cash at bank and in hand 230,635 193,756
599,446 542,668
Creditors: amounts falling due within one year 6 (471,661) (450,242)
Net current assets 127,785 92,426
Total assets less current liabilities 448,026 199,327
Provisions for liabilities (30,293) (19,678)
Net assets 417,733 179,649
Capital and reserves
Called up share capital 2 2
Profit and loss account 417,731 179,647
Shareholders' funds 417,733 179,649
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.
M J Smart
Director
Approved by the board on 15 June 2022
M & E Transport (South West) 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 25% on a reducing balance basis.
Fixtures, fittings, tools and equipment 25% on a reducing balance basis.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2021 40,000
At 31 March 2022 40,000
Amortisation
At 1 April 2021 36,667
Provided during the year 3,333
At 31 March 2022 40,000
Net book value
At 31 March 2022 -
At 31 March 2021 3,333
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.The goodwill was acquired from M & E Transport, a partnership previously run by Mr & Mrs Smart.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2021 - 3,820 163,140 166,960
Additions 38,133 - 409,432 447,565
Disposals - - (198,140) (198,140)
At 31 March 2022 38,133 3,820 374,432 416,385
Depreciation
At 1 April 2021 - 2,214 61,178 63,392
Charge for the year - 323 93,607 93,930
On disposals - - (61,178) (61,178)
At 31 March 2022 - 2,537 93,607 96,144
Net book value
At 31 March 2022 38,133 1,283 280,825 320,241
At 31 March 2021 - 1,606 101,962 103,568
5 Debtors 2022 2021
£ £
Trade debtors 368,811 343,912
Other debtors - 5,000
368,811 348,912
6 Creditors: amounts falling due within one year 2022 2021
£ £
Obligations under finance lease and hire purchase contracts 10,780 21,689
Trade creditors 478,716 382,583
Taxation and social security costs (14,530) 43,082
Other creditors (3,305) 2,888
471,661 450,242
7 Controlling party
Mr Matthew Smart and Mrs Emma Smart, Directors, have the controlling interest by way of owning 100% of the share holding.
8 Other information
M & E Transport (South West) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4B
Winford Business Park
Winford
Bristol
BS40 8HJ
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