Company Registration No. 05246494 (England and Wales)
System 7 Transport Services Limited
Unaudited accounts
for the year ended 31 March 2023
System 7 Transport Services Limited
Unaudited accounts
Contents
System 7 Transport Services Limited
Company Information
for the year ended 31 March 2023
Director
Keith Simon Bridges
Company Number
05246494 (England and Wales)
Registered Office
29 Weaver Moss
Sandhurst
Berkshire
GU47 9BQ
England
Accountants
Blue Cube Accountants Limited
Britwell Grange
Britwell Road
Burnham
SL1 8DF
System 7 Transport Services Limited
Statement of financial position
as at 31 March 2023
Tangible assets
284,949
172,120
Cash at bank and in hand
70,198
84,709
Creditors: amounts falling due within one year
(108,642)
(82,393)
Net current assets
61,920
100,210
Total assets less current liabilities
346,869
272,330
Creditors: amounts falling due after more than one year
(46,877)
(51,608)
Provisions for liabilities
Net assets
235,606
220,722
Called up share capital
100
100
Profit and loss account
235,506
220,622
Shareholders' funds
235,606
220,722
For the year ending 31 March 2023 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 director acknowledges his 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 and authorised for issue on 5 October 2023 and were signed on its behalf by
Keith Simon Bridges
Director
Company Registration No. 05246494
System 7 Transport Services Limited
Notes to the Accounts
for the year ended 31 March 2023
System 7 Transport Services Limited is a private company, limited by shares, registered in England and Wales, registration number 05246494. The registered office is 29 Weaver Moss, Sandhurst, Berkshire, GU47 9BQ, England.
These financial statements have been prepared in compliance with FRS 102, ’The Financial Reporting Standard applicable to the UK and Republic of Ireland’ including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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:
Land & buildings
10% Reducing Balance
Motor vehicles
20% Reducing Balance
Fixtures & fittings
33% Straight Line
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charge to the profit & loss account in the period to which they relate.
System 7 Transport Services Limited
Notes to the Accounts
for the year ended 31 March 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
3
Tangible fixed assets
Land & buildings
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
-
267,047
9,006
276,053
Additions
8,800
199,076
1,237
209,113
Disposals
-
(32,000)
-
(32,000)
At 31 March 2023
8,800
434,123
10,243
453,166
At 1 April 2022
-
95,273
8,660
103,933
Charge for the year
880
69,050
754
70,684
On disposals
-
(6,400)
-
(6,400)
At 31 March 2023
880
157,923
9,414
168,217
At 31 March 2023
7,920
276,200
829
284,949
At 31 March 2022
-
171,774
346
172,120
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
240,687
147,802
Amounts falling due within one year
Trade debtors
82,120
86,273
Accrued income and prepayments
11,017
11,621
System 7 Transport Services Limited
Notes to the Accounts
for the year ended 31 March 2023
5
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
21,005
10,000
Obligations under finance leases and hire purchase contracts
46,848
15,873
Taxes and social security
11,388
25,995
Loans from directors
-
351
6
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
35,818
16,608
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan to Director
-
7,227
-
7,227
The loan to the director is repayable on demand and interest free.
9
Average number of employees
During the year the average number of employees was 5 (2022: 4).