Registered number
04960553
Priority Transport Ltd.
Unaudited Filleted Accounts
30 June 2023
Priority Transport Ltd.
Registered number: 04960553
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 1,439,345 831,922
Current assets
Debtors 5 219,960 261,142
Cash at bank and in hand 190,215 446,052
410,175 707,194
Creditors: amounts falling due within one year 6 (646,386) (477,719)
Net current (liabilities)/assets (236,211) 229,475
Total assets less current liabilities 1,203,134 1,061,397
Creditors: amounts falling due after more than one year 7 (193,171) (92,710)
Provisions for liabilities - deferred taxation (113,583) (119,700)
Net assets 896,380 848,987
Capital and reserves
Called up share capital 60 60
Profit and loss account 896,320 848,927
Shareholders' funds 896,380 848,987
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.
Mr S Brown
Director
Approved by the board on 30 September 2023
Priority Transport Ltd.
Notes to the Accounts
for the year ended 30 June 2023
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:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 26 25
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 95,466
At 30 June 2023 95,466
Amortisation
At 1 July 2022 95,466
At 30 June 2023 95,466
Net book value
At 30 June 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 26,879 17,543 1,163,524 1,207,946
Additions - - 781,267 781,267
Disposals - - (31,578) (31,578)
At 30 June 2023 26,879 17,543 1,913,213 1,957,635
Depreciation
At 1 July 2022 - - 376,024 376,024
Charge for the year 3,711 2,631 148,466 154,808
On disposals - - (12,542) (12,542)
At 30 June 2023 3,711 2,631 511,948 518,290
Net book value
At 30 June 2023 23,168 14,912 1,401,265 1,439,345
At 30 June 2022 26,879 17,543 787,500 831,922
5 Debtors 2023 2022
£ £
Trade debtors 212,048 250,747
Other debtors 7,912 10,395
219,960 261,142
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 73,044 198,569
Trade creditors 414,932 38,845
Taxation and social security costs 45,537 184,198
Other creditors 112,873 56,107
646,386 477,719
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 193,171 92,710
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr & Mrs S Brown
Loan 5,395 33,901 (92,000) (52,704)
5,395 33,901 (92,000) (52,704)
9 Other information
Priority Transport Ltd. is a private company limited by shares and incorporated in England. Its registered office is:
1 Anthony Way, Hitchcocks Business Park, Cullompton, EX15 3FX
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