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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
Page
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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
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System 7 Transport Services Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
284,949 
172,120 
Current assets
Debtors
100,364 
97,894 
Cash at bank and in hand
70,198 
84,709 
170,562 
182,603 
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
Deferred tax
(64,386)
- 
Net assets
235,606 
220,722 
Capital and reserves
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
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System 7 Transport Services Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
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.
2
Accounting policies
Basis of preparation
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.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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 taxation
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.
Pension costs
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.
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System 7 Transport Services Limited Notes to the Accounts for the year ended 31 March 2023
Leased assets
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 
Depreciation
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 
Net book value
At 31 March 2023
7,920 
276,200 
829 
284,949 
At 31 March 2022
- 
171,774 
346 
172,120 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
240,687 
147,802 
4
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
82,120 
86,273 
Accrued income and prepayments
11,017 
11,621 
Other debtors
7,227 
- 
100,364 
97,894 
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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 
VAT
27,835 
27,928 
Obligations under finance leases and hire purchase contracts
46,848 
15,873 
Trade creditors
- 
1,251 
Taxes and social security
11,388 
25,995 
Other creditors
566 
995 
Loans from directors
- 
351 
Accruals
1,000 
- 
108,642 
82,393 
6
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
11,059 
35,000 
Obligations under finance leases and hire purchase contracts
35,818 
16,608 
46,877 
51,608 
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
8
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Keith Simon Bridges
Loan to Director
- 
7,227 
- 
7,227 
- 
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).
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