Registered number
02195007
Speditrans Limited
Filleted Accounts
31 March 2023
Speditrans Limited
Registered number: 02195007
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 73,137 74,714
Current assets
Debtors 4 66,366 53,437
Cash at bank and in hand 11,018 20,660
77,384 74,097
Creditors: amounts falling due within one year 5 (220,348) (194,428)
Net current liabilities (142,964) (120,331)
Net liabilities (69,827) (45,617)
Capital and reserves
Called up share capital 100 100
Profit and loss account (69,927) (45,717)
Shareholder's funds (69,827) (45,617)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
P A Butler
Director
Approved by the board on 5 October 2023
Speditrans Limited
Notes to the Accounts
for the year ended 31 March 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).
The accounts are drawn up on the going concern basis. The Director believes this is appropriate as the Company's prospects have improved and on 23 September 2023 the Company completed the sale of its freehold property at a profit of £143,827.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is derived exclusively from the rendering of services and 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.
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:
Freehold buildings over 50 years
Plant and machinery over 5 years
Motor vehicles over 4 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. Loans from the Director who is also the sole shareholder are measured at transaction price at all times.
1 Accounting policies (cont'd)
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 105,488 38,651 41,950 186,089
At 31 March 2023 105,488 38,651 41,950 186,089
Depreciation
At 1 April 2022 30,944 38,481 41,950 111,375
Charge for the year 1,407 170 - 1,577
At 31 March 2023 32,351 38,651 41,950 112,952
Net book value
At 31 March 2023 73,137 - - 73,137
At 31 March 2022 74,544 170 - 74,714
4 Debtors 2023 2022
£ £
Trade debtors 1,764 1,760
Deferred tax asset 35,552 30,203
Other debtors 29,050 21,474
66,366 53,437
Amounts due after more than one year included above 35,552 30,203
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 679 -
Trade creditors 86,429 68,365
Taxation and social security costs 89 510
Other creditors 133,151 125,553
220,348 194,428
Other creditors include loans from the Director, Paul Butler, totalling £106,061. Interest is payable at the rate of six percent per annum calculated on the outstanding balance at the end of each financial year. The interest charge for the year under review has been waived.
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating lease: 19,961 37,455
Payable:
Not later than one year 17,494 17,494
Later than one year and not later than five years 2,467 19,961
Lease payments recognised as an expense during the year 17,494 17,494
7 Controlling party
The ultimate controlling party is Mr P A Butler by virtue of his ownership of the entire share capital of the Company.
8 Other information
Speditrans Limited is a private company limited by shares and incorporated in England. Its registered office is:
Spedition House
The Old Tilmanstone Colliery
Pike Road
Dover
CT15 4ND
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