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REGISTERED NUMBER: 06108655 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Tim's Transport Ltd

Tim's Transport Ltd (Registered number: 06108655)

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










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Tim's Transport Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: T Cox
Mrs R Cox



SECRETARY: T Cox



REGISTERED OFFICE: Unit 5 Barn Farm Business Park
Tewkesbury Road
Norton
Gloucester
Gloucestershire
GL2 9LH



REGISTERED NUMBER: 06108655 (England and Wales)



ACCOUNTANTS: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
Gloucestershire
GL3 3RS



BANKERS: HSBC
2 The Promenade
Cheltenham
GL50 1LR

Tim's Transport Ltd (Registered number: 06108655)

Statement of Financial Position
31 March 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 153,170 96,873
153,170 96,873

CURRENT ASSETS
Debtors 6 604,878 525,279
Cash at bank and in hand 67,631 20,769
672,509 546,048
CREDITORS
Amounts falling due within one year 7 489,217 392,427
NET CURRENT ASSETS 183,292 153,621
TOTAL ASSETS LESS CURRENT
LIABILITIES

336,462

250,494

CREDITORS
Amounts falling due after more than one
year

8

(129,260

)

(138,765

)

PROVISIONS FOR LIABILITIES (7,271 ) (8,622 )
NET ASSETS 199,931 103,107

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 199,929 103,105
SHAREHOLDERS' FUNDS 199,931 103,107

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.

Tim's Transport Ltd (Registered number: 06108655)

Statement of Financial Position - 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 24 October 2023 and were signed on its behalf by:





T Cox - Director


Tim's Transport Ltd (Registered number: 06108655)

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


1. STATUTORY INFORMATION

Tim's Transport Ltd 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, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of five years.

Intangible assets
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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Tim's Transport Ltd (Registered number: 06108655)

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


2. ACCOUNTING POLICIES - continued

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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 65 (2022 - 40 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 April 2022
and 31 March 2023 400,000
Amortisation
At 1 April 2022
and 31 March 2023 400,000
Net book value
At 31 March 2023 -
At 31 March 2022 -

Tim's Transport Ltd (Registered number: 06108655)

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


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
Cost
At 1 April 2022 173,359 22,317 73,251 268,927
Additions 22,727 266 144,434 167,427
Disposals - - (81,418 ) (81,418 )
At 31 March 2023 196,086 22,583 136,267 354,936
Depreciation
At 1 April 2022 119,059 14,626 38,369 172,054
Charge for year 19,257 1,989 29,811 51,057
Eliminated on disposal - - (21,345 ) (21,345 )
At 31 March 2023 138,316 16,615 46,835 201,766
Net book value
At 31 March 2023 57,770 5,968 89,432 153,170
At 31 March 2022 54,300 7,691 34,882 96,873

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
Cost
At 1 April 2022 51,375 33,350 84,725
Additions 22,500 109,293 131,793
Disposals - (73,749 ) (73,749 )
At 31 March 2023 73,875 68,894 142,769
Depreciation
At 1 April 2022 12,844 20,160 33,004
Charge for year 15,258 17,224 32,482
Eliminated on disposal - (20,160 ) (20,160 )
At 31 March 2023 28,102 17,224 45,326
Net book value
At 31 March 2023 45,773 51,670 97,443
At 31 March 2022 38,531 13,190 51,721

6. DEBTORS
31/3/23 31/3/22
£    £   
Amounts falling due within one year:
Trade debtors 527,474 422,881
Other debtors 55,123 102,398
582,597 525,279

Tim's Transport Ltd (Registered number: 06108655)

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


6. DEBTORS - continued
31/3/23 31/3/22
£    £   
Amounts falling due after more than one year:
Other debtors 22,281 -

Aggregate amounts 604,878 525,279

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans and overdrafts 10,000 13,645
Hire purchase contracts (see note 9) 24,218 13,591
Trade creditors 244,506 213,724
Taxation and social security 149,529 101,494
Other creditors 60,964 49,973
489,217 392,427

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
£    £   
Bank loans 22,389 32,094
Hire purchase contracts (see note 9) 79,124 44,028
Other creditors 27,747 62,643
129,260 138,765

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/3/23 31/3/22
£    £   
Net obligations repayable:
Within one year 24,218 13,591
Between one and five years 79,124 44,028
103,342 57,619

Non-cancellable operating leases
31/3/23 31/3/22
£    £   
Within one year 1,246 628

Tim's Transport Ltd (Registered number: 06108655)

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


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31/3/23 31/3/22
£    £   
Mrs R Cox and T Cox
Balance outstanding at start of year 68,557 142,029
Amounts advanced 186,490 106,528
Amounts repaid (205,000 ) (180,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 50,047 68,557

Interest is charged on the above loan to the directors, included within other debtors at the HM Revenue and Customs official rate of interest. Interest of £1,214 (2022 - £2,085) was charged during the year.

11. RELATED PARTY DISCLOSURES

The directors, T Cox and Mrs R Cox, have personally guaranteed the company's overdraft facility and Funding Circle loans.