REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2023 |
for |
E. VALLANCE TRANSPORT SERVICES LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2023 |
for |
E. VALLANCE TRANSPORT SERVICES LIMITED |
E. VALLANCE TRANSPORT SERVICES LIMITED (REGISTERED NUMBER: 0158667 |
Contents of the Financial Statements |
for the Year Ended 31 January 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
E. VALLANCE TRANSPORT SERVICES LIMITED |
Company Information |
for the Year Ended 31 January 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
BANKERS: |
1 Newhouse Road |
Blackpool |
Lancashire |
FY4 4YH |
E. VALLANCE TRANSPORT SERVICES LIMITED (REGISTERED NUMBER: 0158667 |
Balance Sheet |
31 January 2023 |
31.1.23 | 31.1.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
E. VALLANCE TRANSPORT SERVICES LIMITED (REGISTERED NUMBER: 0158667 |
Balance Sheet - continued |
31 January 2023 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
E. VALLANCE TRANSPORT SERVICES LIMITED (REGISTERED NUMBER: 0158667 |
Notes to the Financial Statements |
for the Year Ended 31 January 2023 |
1. | STATUTORY INFORMATION |
E. Vallance Transport Services Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net amounts invoiced, excluding value added tax. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Freehold property - 2% on cost |
Plant and machinery - 25% on cost |
Motor vehicles - 10%, 15%, 20% and 25% on cost |
The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying value of the asset and is credited or charged to Profit and Loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 |
The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income and expenses that are taxable or deductible in other years and it further excludes that are not taxable or deductible. |
E. VALLANCE TRANSPORT SERVICES LIMITED (REGISTERED NUMBER: 0158667 |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates defined contribution pension schemes for directors and certain employees. Contributions payable to the company's pension schemes are charged to profit or loss in the period to which they relate. |
Financial instruments |
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment. |
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. |
Trade and other creditors are initially recognised at the transaction price and are therefore stated at amortised cost using the effective interest method unless the discounting would be immaterial, in which case they are stated at cost. |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
E. VALLANCE TRANSPORT SERVICES LIMITED (REGISTERED NUMBER: 0158667 |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 February 2022 |
Transfer to ownership | (1,900 | ) |
At 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
E. VALLANCE TRANSPORT SERVICES LIMITED (REGISTERED NUMBER: 0158667 |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 8) |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.1.23 | 31.1.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
31.1.23 | 31.1.22 |
£ | £ |
Within one year |
Between one and five years |
E. VALLANCE TRANSPORT SERVICES LIMITED (REGISTERED NUMBER: 0158667 |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.1.23 | 31.1.22 |
£ | £ |
Bank Loans | 46,367 | 59,956 |
Hire purchase contracts | 548,429 | 823,975 |
HSBC hold a First Legal Mortgage over the freehold property of E Vallance Transport Services Ltd known as Unit 14, Aldon Road, Poulton-le-Fylde, FY6 8JL. The hire purchase contracts are secured by fixed charges over the assets subject to the hire purchase contracts. |
10. | CAPITAL COMMITMENTS |
31.1.23 | 31.1.22 |
£ | £ |
Contracted but not provided for in the |
financial statements |