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COMPANY REGISTRATION NUMBER: 05133683
FAULKNER TRANSPORT LIMITED
UNAUDITED FINANCIAL STATEMENTS
31 May 2022
FAULKNER TRANSPORT LIMITED
FINANCIAL STATEMENTS
Year ended 31 May 2022
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
FAULKNER TRANSPORT LIMITED
DIRECTORS' REPORT
Year ended 31 May 2022
The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2022 .
DIRECTORS
The directors who served the company during the year were as follows:
Mr K Faulkner
Mr D Faulkner
(Appointed 16 August 2021)
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 13 September 2022 and signed on behalf of the board by:
Mrs J Faulkner Company Secretary
FAULKNER TRANSPORT LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
Year ended 31 May 2022
2022
2021
Note
£
£
TURNOVER
932,607
852,931
Cost of sales
858,695
744,933
---------
---------
GROSS PROFIT
73,912
107,998
Administrative expenses
39,769
45,967
Other operating income
396
2,251
--------
---------
OPERATING PROFIT
34,539
64,282
Other interest receivable and similar income
5
Interest payable and similar expenses
1,465
1,764
--------
---------
PROFIT BEFORE TAXATION
33,079
62,518
Tax on profit
4,705
11,933
--------
--------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
28,374
50,585
--------
--------
Dividends paid and payable
( 10,000)
( 10,000)
RETAINED EARNINGS/(LOSSES) AT THE START OF THE YEAR
33,298
( 7,287)
--------
--------
RETAINED EARNINGS AT THE END OF THE YEAR
51,672
33,298
--------
--------
All the activities of the company are from continuing operations.
FAULKNER TRANSPORT LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2022
2022
2021
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
40,959
26,823
CURRENT ASSETS
Debtors
6
44,815
122,054
Cash at bank and in hand
67,807
21,398
---------
---------
112,622
143,452
CREDITORS: amounts falling due within one year
7
63,496
91,463
---------
---------
NET CURRENT ASSETS
49,126
51,989
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
90,085
78,812
CREDITORS: amounts falling due after more than one year
8
30,630
40,417
PROVISIONS
Taxation including deferred tax
7,782
5,096
--------
--------
NET ASSETS
51,673
33,299
--------
--------
CAPITAL AND RESERVES
Called up share capital
9
1
1
Profit and loss account
51,672
33,298
--------
--------
SHAREHOLDERS FUNDS
51,673
33,299
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FAULKNER TRANSPORT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2022
These financial statements were approved by the board of directors and authorised for issue on 13 September 2022 , and are signed on behalf of the board by:
Mr K Faulkner
Director
Company registration number: 05133683
FAULKNER TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 May 2022
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Chetwynd Aston, Nr Newport, Shropshire, TF10 9LL.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, net of Value Added Tax, and is recognised at the time that a delivery is made.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
50% straight line
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 7 (2021: 7 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 June 2021
4,963
637
78,572
3,303
87,475
Additions
28,464
28,464
-------
----
---------
-------
---------
At 31 May 2022
4,963
637
107,036
3,303
115,939
-------
----
---------
-------
---------
Depreciation
At 1 June 2021
2,490
531
55,355
2,276
60,652
Charge for the year
371
10
12,920
1,027
14,328
-------
----
---------
-------
---------
At 31 May 2022
2,861
541
68,275
3,303
74,980
-------
----
---------
-------
---------
Carrying amount
At 31 May 2022
2,102
96
38,761
40,959
-------
----
---------
-------
---------
At 31 May 2021
2,473
106
23,217
1,027
26,823
-------
----
---------
-------
---------
6. DEBTORS
2022
2021
£
£
Trade debtors
34,069
112,156
Other debtors
10,746
9,898
--------
---------
44,815
122,054
--------
---------
7. CREDITORS: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
9,787
16,688
Trade creditors
36,038
46,130
Corporation tax
2,019
9,930
Social security and other taxes
8,894
12,239
Other creditors
6,758
6,476
--------
--------
63,496
91,463
--------
--------
Included within creditors falling due within one year are amounts for which security has been given by the company in respect of bank loans and overdrafts of £nil (2021:£7,105).
Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.
8. CREDITORS: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
30,630
40,417
--------
--------
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
97,272
81,449
Later than 1 year and not later than 5 years
133,128
103,349
---------
---------
230,400
184,798
---------
---------
11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr K Faulkner
11,761
( 11,761)
----
--------
--------
----
2021
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr K Faulkner
3,350
( 3,350)
----
-------
-------
----
The above advance was interest free.