Company Registration No. SC438750 (Scotland)
Cavalry Transport Limited
Unaudited accounts
for the year ended 31 December 2022
Cavalry Transport Limited
Company Information
for the year ended 31 December 2022
Directors
Andrew Macnab
Robert Sloan
Company Number
SC438750 (Scotland)
Registered Office
Unit 4B Sunnyside Farm
Macbiehill
West Linton
EH46 7AZ
Accountants
Jean S Macnab LLB CA CTA
1 Medwyn Drive
West Linton
Peeblesshire
EH46 7HW
Cavalry Transport Limited
Statement of financial position
as at 31 December 2022
Tangible assets
71,424
119,468
Cash at bank and in hand
339
859
Creditors: amounts falling due within one year
(91,330)
(113,878)
Net current liabilities
(58,583)
(74,047)
Total assets less current liabilities
12,841
45,421
Creditors: amounts falling due after more than one year
(100,694)
(103,828)
Provisions for liabilities
Deferred tax
(9,936)
(15,531)
Net liabilities
(97,789)
(73,938)
Called up share capital
100
100
Profit and loss account
(97,889)
(74,038)
Shareholders' funds
(97,789)
(73,938)
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by
Andrew Macnab
Director
Company Registration No. SC438750
Cavalry Transport Limited
Notes to the Accounts
for the year ended 31 December 2022
Cavalry Transport Limited is a private company, limited by shares, registered in Scotland, registration number SC438750. The registered office is Unit 4B Sunnyside Farm, Macbiehill, West Linton, EH46 7AZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value of sales to customers, net of discounts and allowances, and excludes VAT. Sales of services are recognised when services have been provided and the right to consideration has been earned.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.
A net deferred tax asset is regarded as recoverable and therefore recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the reversal of the underlying timing differences can be deducted.
The company has net liabilities at 31 December 2022 of £97,789, and net current assets of £12,841. The directors have confirmed that the loans they have provided, totaling £41,418, will only be repaid if other creditors are paid in full, and they have continued to meet all obligations in the period since the year end. On that basis it is reasonable to consider that the company is a going concern.
Cavalry Transport Limited
Notes to the Accounts
for the year ended 31 December 2022
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2022
6,667
192,194
779
199,640
At 31 December 2022
6,667
194,677
779
202,123
At 1 January 2022
1,667
77,920
585
80,172
Charge for the year
1,666
48,667
194
50,527
At 31 December 2022
3,333
126,587
779
130,699
At 31 December 2022
3,334
68,090
-
71,424
At 31 December 2021
5,000
114,274
194
119,468
Amounts falling due within one year
Trade debtors
20,363
26,927
Other debtors
12,045
12,045
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
25,296
22,754
Obligations under finance leases and hire purchase contracts
24,308
41,509
Taxes and social security
23,260
38,988
Loans from directors
15,918
10,374
7
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
49,863
66,695
Loans from directors
26,500
-
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Cavalry Transport Limited
Notes to the Accounts
for the year ended 31 December 2022
9
Transactions with related parties
The directors own the majority of the shares in Cavalry Garage Services Limited, which undertakes work for this company. At 31 December 2022, Cavalry Garage services owed £12,045 (2021 - £12,045) to Cavalry Transport Limited. Cavalry Garage Services Ltd ceased to trade on 31 May 2023.
10
Average number of employees
During the year the average number of employees was 6 (2021: 12).