A & E Transport Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 01186068

A & E TRANSPORT LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 April 2023

A & E TRANSPORT LIMITED

STATEMENT OF FINANCIAL POSITION

30 April 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		1,284,144	1,243,018

Current assets

Stocks		27,637	33,873
Debtors	6	841,832	881,755
Cash at bank and in hand		103,197	24,443
		----------	----------
		972,666	940,071

Creditors: amounts falling due within one year	7	524,408		514,257
		----------		----------
Net current assets			448,258	425,814
			-------------	-------------
Total assets less current liabilities			1,732,402	1,668,832

Creditors: amounts falling due after more than one year	8		512,772	479,467

Provisions

Taxation including deferred tax	125,310	100,277
	-------------	-------------
Net assets	1,094,320	1,089,088
	-------------	-------------

A & E TRANSPORT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 April 2023

	2023		2022
Note	£	£	£

Capital and reserves

Called up share capital	800	800
Share premium account	39,000	39,000
Revaluation reserve	239,637	325,115
Capital redemption reserve	200	200
Profit and loss account	814,683	723,973
	-------------	-------------
Shareholders funds	1,094,320	1,089,088
	-------------	-------------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 April 2023 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 .

These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:

L M Ducker

Director

Company registration number: 01186068

A & E TRANSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Butterthwaite Lane, Ecclesfield, Sheffield, S35 9WA.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Freehold Property (excluding land)	-	1% straight line
Plant & Machinery	-	10% reducing balance
Office & Garage Equipment	-	10% reducing balance
Motor Vehicles	-	12.5%/25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

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

A financial asset or a financial liability is recognized only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognized at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognized at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortized cost. Other financial instruments, including derivatives, are recognized at fair value, with any subsequent changes to fair value recognized in profit or loss.

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 22 (2022: 22 ).

5. Tangible assets

	Freehold property (excluding land)	Plant and machinery	Office and garage equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 May 2022	988,002	148,648	32,499	1,452,362	2,621,511
Additions	54,353	–	6,664	227,600	288,617
Disposals	( 138,499)	( 115,122)	( 13,648)	( 778,158)	( 1,045,427)
	----------	----------	---------	-------------	-------------
At 30 April 2023	903,856	33,526	25,515	901,804	1,864,701
	----------	----------	---------	-------------	-------------
Depreciation
At 1 May 2022	2,824	114,575	16,207	1,244,887	1,378,493
Charge for the year	2,889	2,554	2,360	64,844	72,647
Disposals	( 478)	( 106,595)	( 9,535)	( 753,975)	( 870,583)
	----------	----------	---------	-------------	-------------
At 30 April 2023	5,235	10,534	9,032	555,756	580,557
	----------	----------	---------	-------------	-------------
Carrying amount
At 30 April 2023	898,621	22,992	16,483	346,048	1,284,144
	----------	----------	---------	-------------	-------------
At 30 April 2022	985,178	34,073	16,292	207,475	1,243,018
	----------	----------	---------	-------------	-------------

Land and property was revalued as at 30 April 2021 by the directors.

6. Debtors

	2023	2022
	£	£
Trade debtors	349,436	368,344
Other debtors	492,396	513,411
	----------	----------
	841,832	881,755
	----------	----------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	70,029	66,630
Trade creditors	140,624	90,578
Social security and other taxes	68,429	71,290
Other creditors	245,326	285,759
	----------	----------
	524,408	514,257
	----------	----------

Included within creditors: amounts falling due within one year is an amount of £68,494 ( 2022 - £62,507) in respect of liabilities payable or repayable by instalments which fall due for payment within one year from the reporting date.

8. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	331,575	399,542
Other creditors	181,197	79,925
	----------	----------
	512,772	479,467
	----------	----------

Included within creditors: amounts falling due after more than one year is an amount of £181,197 ( 2022 - £73,675) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Directors' advances, credits and guarantees

During the year L Ducker operated a loan account with the company. The balance at the start of the year was £60,709 and at the end of the year this had increased to £61,500. Interest of £1,791 was charged by the company. There are no formal repayment terms.

10. Related party transactions

The company was under the control of its directors during the current and previous years. L Ducker is a Director and shareholder in C & D Express Transport Limited, a company registered in England & Wales, number 03038589. Transactions with this related party were as follows (exclusive of VAT): Sales and purchases

	2023	2022
	£	£
Sales made	1,759,015	953,106
Purchases	154,948	42,454

Balances at the year end

	2023	2022
	£	£
Included within trade debtors	347,328	158,057
Included within trade creditors	(25,114)	(6,355)
Inter-company loan balances	(159,227)	(135,789)

L Ducker is also a Director and shareholder in Laker Freight Services Limited, a company registered in England & Wales, number 02381385. At the year end a balance of £299,958 was owed by Laker Freight Services Limited (2022: £386,154). No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.