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REGISTERED NUMBER: 07969466 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Philmar Transport Limited

Philmar Transport Limited (Registered number: 07969466)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Philmar Transport Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr I P Strickland
Mr J A Strickland





REGISTERED OFFICE: Reedham House
31 King Street West
Manchester
Manchester
M3 2PJ





REGISTERED NUMBER: 07969466 (England and Wales)





ACCOUNTANTS: Freedman Frankl & Taylor
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Philmar Transport Limited (Registered number: 07969466)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 9,500 10,500
Tangible assets 5 58,654 168,274
68,154 178,774

CURRENT ASSETS
Debtors 6 152,183 153,328
Cash at bank and in hand 11,830 269
164,013 153,597
CREDITORS
Amounts falling due within one year 7 168,001 225,016
NET CURRENT LIABILITIES (3,988 ) (71,419 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

64,166

107,355

PROVISIONS FOR LIABILITIES 35,507 38,252
NET ASSETS 28,659 69,103

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 28,559 69,003
SHAREHOLDERS' FUNDS 28,659 69,103

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Philmar Transport Limited (Registered number: 07969466)

Balance Sheet - continued
31 March 2023


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

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 2 October 2023 and were signed on its behalf by:





Mr I P Strickland - Director


Philmar Transport Limited (Registered number: 07969466)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Philmar Transport Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for the provision of services, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill and intangible fixed assets
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are initially recorded at cost less accumulated depreciation and accumulated impairment losses.

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.


Philmar Transport Limited (Registered number: 07969466)

Notes to the Financial Statements - continued
for the Year Ended 31 March 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. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. Those held under operating leases are charged to the profit and loss account as they are incurred.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the profit and loss account over the expected useful lives of the assets concerned. Other grants are credited to the profit and loss account as the related expenditure is incurred.

Going concern
The company's financial statements for the year ended 31 March 2023 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 8 ) .

Philmar Transport Limited (Registered number: 07969466)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 20,000
AMORTISATION
At 1 April 2022 9,500
Charge for year 1,000
At 31 March 2023 10,500
NET BOOK VALUE
At 31 March 2023 9,500
At 31 March 2022 10,500

5. TANGIBLE FIXED ASSETS
Fixtures
Land and Plant and and
buildings machinery fittings
£    £    £   
COST
At 1 April 2022 15,931 23,687 382
Additions - 2,999 -
Disposals - (839 ) -
At 31 March 2023 15,931 25,847 382
DEPRECIATION
At 1 April 2022 664 9,577 209
Charge for year 318 3,777 43
Eliminated on disposal - (492 ) -
At 31 March 2023 982 12,862 252
NET BOOK VALUE
At 31 March 2023 14,949 12,985 130
At 31 March 2022 15,267 14,110 173

Philmar Transport Limited (Registered number: 07969466)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 307,840 2,393 350,233
Additions 7,495 229 10,723
Disposals (215,090 ) - (215,929 )
At 31 March 2023 100,245 2,622 145,027
DEPRECIATION
At 1 April 2022 170,243 1,266 181,959
Charge for year 10,584 301 15,023
Eliminated on disposal (110,117 ) - (110,609 )
At 31 March 2023 70,710 1,567 86,373
NET BOOK VALUE
At 31 March 2023 29,535 1,055 58,654
At 31 March 2022 137,597 1,127 168,274

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022 178,895
Disposals (100,895 )
Transfer to ownership (78,000 )
At 31 March 2023 -
DEPRECIATION
At 1 April 2022 101,943
Charge for year 5,784
Eliminated on disposal (47,080 )
Transfer to ownership (60,647 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 76,952

Philmar Transport Limited (Registered number: 07969466)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 141,869 149,159
Other debtors 1,276 -
Prepayments 9,038 4,169
152,183 153,328

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 2,193
Hire purchase contracts (see note 8) - 13,392
Trade creditors 47,823 26,462
Taxation and social security 51,706 37,644
Other creditors 68,472 145,325
168,001 225,016

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year - 14,021

Finance charges repayable:
Within one year - 629

Net obligations repayable:
Within one year - 13,392

Non-cancellable operating leases
2023 2022
£    £   
Between one and five years - 97,917

Philmar Transport Limited (Registered number: 07969466)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 13,392

10. RELATED PARTY DISCLOSURES

Included in other creditors falling due within one year and also creditors falling due after more than one year is directors' current and loan account balances amounting to £38,785 and £Nil (2022: £114,785 and £Nil). No interest has been charged on these balances. The loan account balance is repayable by a minimum notice of one year and a day.