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COMPANY REGISTRATION NUMBER: 05158817
T & TA Park (Transport) Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
T & TA Park (Transport) Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
359,711
386,376
Current assets
Stocks
31,129
29,007
Debtors
6
209,469
255,002
----------
----------
240,598
284,009
Creditors: amounts falling due within one year
7
203,132
252,720
----------
----------
Net current assets
37,466
31,289
----------
----------
Total assets less current liabilities
397,177
417,665
Creditors: amounts falling due after more than one year
8
24,375
34,040
Provisions
Taxation including deferred tax
58,881
62,086
----------
----------
Net assets
313,921
321,539
----------
----------
Capital and reserves
Called up share capital
28,000
28,000
Profit and loss account
285,921
293,539
----------
----------
Shareholder funds
313,921
321,539
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
T & TA Park (Transport) Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 1 November 2023 , and are signed on behalf of the board by:
Mr TA Park
Director
Company registration number: 05158817
T & TA Park (Transport) Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Low Well Farm, Wheldrake Lane, Crockey Hill, York, YO19 4SG, North Yorkshire.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered and goods supplied, net of discounts and Value Added Tax. Revenue from the provision of services is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
(d) Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% and 33% reducing balance
Lorries and trailers
-
20% and 10% reducing balance
(g) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(h) Hire purchase contracts
Assets held under hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(i) Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
(j) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(k) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2022: 27 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Office equipment
Lorries and trailers
Total
£
£
£
£
£
Cost
At 1 April 2022
69,666
4,278
26,548
902,895
1,003,387
Additions
16,029
3,500
349
26,000
45,878
Disposals
( 7,040)
( 3,653)
( 39,900)
( 50,593)
--------
-------
--------
----------
-------------
At 31 March 2023
78,655
4,125
26,897
888,995
998,672
--------
-------
--------
----------
-------------
Depreciation
At 1 April 2022
33,748
3,551
17,083
562,629
617,011
Charge for the year
3,842
662
1,641
53,056
59,201
Disposals
( 4,997)
( 3,394)
( 28,860)
( 37,251)
--------
-------
--------
----------
-------------
At 31 March 2023
32,593
819
18,724
586,825
638,961
--------
-------
--------
----------
-------------
Carrying amount
At 31 March 2023
46,062
3,306
8,173
302,170
359,711
--------
-------
--------
----------
-------------
At 31 March 2022
35,918
727
9,465
340,266
386,376
--------
-------
--------
----------
-------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Lorries and trailers
£
At 31 March 2023
----
At 31 March 2022
85,298
--------
6. Debtors
2023
2022
£
£
Trade debtors
209,469
255,002
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
54,241
45,010
Trade creditors
148,485
166,682
Obligations under finance leases and hire purchase contracts
22,777
Directors loan accounts
406
406
Other loans
17,845
----------
----------
203,132
252,720
----------
----------
Hire purchase creditors are secured on the associated asset.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
24,375
34,040
--------
--------
Hire purchase creditors are secured on the associated asset. Included within creditors: amounts falling due after more than one year is an amount of £2,500 in respect of liabilities payable by installments which fall due for payment after more than five years from the reporting date
9. Related party transactions
During the year the directors had a loan account with the company which was in credit at the year end, with a balance of £ 406 (2022 £406). This loan is interest free and repayable on demand.