Company Registration No. 13175453 (England and Wales)
STEVE PALMER TRANSPORT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
STEVE PALMER TRANSPORT LIMITED
COMPANY INFORMATION
Director
Mr S Palmer
Company number
13175453
Registered office
52 Cowley Bridge Road
Exeter
Devon
EX4 5AF
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
STEVE PALMER TRANSPORT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
STEVE PALMER TRANSPORT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
3
30,000
40,000
Tangible assets
4
31,263
40,971
61,263
80,971
Current assets
Debtors
5
29,099
29,213
Cash at bank and in hand
104,220
10,202
133,319
39,415
Creditors: amounts falling due within one year
6
(138,836)
(101,989)
Net current liabilities
(5,517)
(62,574)
Total assets less current liabilities
55,746
18,397
Provisions for liabilities
(5,939)
(7,784)
Net assets
49,807
10,613
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
49,806
10,612
Total equity
49,807
10,613

The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and signed by the director and authorised for issue on 22 October 2023
Mr S Palmer
Director
STEVE PALMER TRANSPORT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
Company Registration No. 13175453
STEVE PALMER TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Steve Palmer Transport Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Turnover

Turnover represents the invoiced value, excluding VAT of services supplied by the company.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
No Depreciation
Computers
3 Years Straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

STEVE PALMER TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
50,000
Amortisation and impairment
At 1 April 2022
10,000
Amortisation charged for the year
10,000
At 31 March 2023
20,000
Carrying amount
At 31 March 2023
30,000
At 31 March 2022
40,000
STEVE PALMER TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Leasehold improvements
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
2,470
498
50,892
53,860
Depreciation and impairment
At 1 April 2022
-
0
166
12,723
12,889
Depreciation charged in the year
-
0
166
9,542
9,708
At 31 March 2023
-
0
332
22,265
22,597
Carrying amount
At 31 March 2023
2,470
166
28,627
31,263
At 31 March 2022
2,470
332
38,169
40,971
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
23,148
22,395
Other debtors
2,000
2,000
Prepayments and accrued income
3,951
4,818
29,099
29,213
6
Creditors: amounts falling due within one year
2023
2022
£
£
Payments received on account
2,000
-
0
Trade creditors
7,441
7,848
Corporation tax
22,852
19,369
Other taxation and social security
14,062
9,135
Other creditors
91,528
64,729
Accruals and deferred income
953
908
138,836
101,989
STEVE PALMER TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Authorised
1 Ordinary of £1 each
1
1
Issued and fully paid
1 Ordinary of £1 each
1
1
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