Rawlings Transport Limited 09424891 false 2022-04-06 2023-04-05 2023-04-05 The principal activity of the company is licensed vehicle services Digita Accounts Production Advanced 6.30.9574.0 true 09424891 2022-04-06 2023-04-05 09424891 2023-04-05 09424891 core:RetainedEarningsAccumulatedLosses 2023-04-05 09424891 core:ShareCapital 2023-04-05 09424891 core:CurrentFinancialInstruments 2023-04-05 09424891 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-05 09424891 core:FurnitureFittingsToolsEquipment 2023-04-05 09424891 core:LandBuildings 2023-04-05 09424891 core:MotorVehicles 2023-04-05 09424891 bus:SmallEntities 2022-04-06 2023-04-05 09424891 bus:AuditExemptWithAccountantsReport 2022-04-06 2023-04-05 09424891 bus:FullAccounts 2022-04-06 2023-04-05 09424891 bus:SmallCompaniesRegimeForAccounts 2022-04-06 2023-04-05 09424891 bus:RegisteredOffice 2022-04-06 2023-04-05 09424891 bus:Director2 2022-04-06 2023-04-05 09424891 bus:PrivateLimitedCompanyLtd 2022-04-06 2023-04-05 09424891 core:FurnitureFittingsToolsEquipment 2022-04-06 2023-04-05 09424891 core:LandBuildings 2022-04-06 2023-04-05 09424891 core:MotorVehicles 2022-04-06 2023-04-05 09424891 core:OfficeEquipment 2022-04-06 2023-04-05 09424891 core:PlantMachinery 2022-04-06 2023-04-05 09424891 countries:EnglandWales 2022-04-06 2023-04-05 09424891 2022-04-05 09424891 core:FurnitureFittingsToolsEquipment 2022-04-05 09424891 core:LandBuildings 2022-04-05 09424891 core:MotorVehicles 2022-04-05 09424891 2021-04-06 2022-04-05 09424891 2022-04-05 09424891 core:RetainedEarningsAccumulatedLosses 2022-04-05 09424891 core:ShareCapital 2022-04-05 09424891 core:CurrentFinancialInstruments 2022-04-05 09424891 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-05 09424891 core:FurnitureFittingsToolsEquipment 2022-04-05 09424891 core:LandBuildings 2022-04-05 09424891 core:MotorVehicles 2022-04-05 iso4217:GBP xbrli:pure

Registration number: 09424891

Prepared for the registrar

Rawlings Transport Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2023

 

Rawlings Transport Limited

(Registration number: 09424891)
Balance Sheet as at 5 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,347

13,929

Current assets

 

Debtors

5

22,893

32,959

Cash at bank and in hand

 

4,839

16,880

 

27,732

49,839

Creditors: Amounts falling due within one year

6

(37,499)

(60,586)

Net current liabilities

 

(9,767)

(10,747)

Net assets

 

580

3,182

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

480

3,082

Total equity

 

580

3,182

For the financial year ending 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 September 2023 and signed on its behalf by:
 


Mrs N Smith
Director

 

Rawlings Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 79b
Northwick Business Centre
Blockley
Moreton-In-Marsh
GL56 9RF

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Rawlings Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% of written down value

Office equipment

33% straight line

Plant and machinery

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Hire purchase

Assets held under hire purchase are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Rawlings Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

Rawlings Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023

 

4

Tangible assets

Plant and machinery
£

Office equipment
 £

Motor vehicles
 £

Total
£

Cost

At 6 April 2022

548

1,944

44,664

47,156

At 5 April 2023

548

1,944

44,664

47,156

Depreciation

At 6 April 2022

261

1,465

31,501

33,227

Charge for the year

110

182

3,290

3,582

At 5 April 2023

371

1,647

34,791

36,809

Carrying amount

At 5 April 2023

177

297

9,873

10,347

At 5 April 2022

287

479

13,163

13,929

 

5

Debtors

2023
£

2022
£

Trade debtors

19,064

28,289

Prepayments

3,829

4,670

 

22,893

32,959

 

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

24,729

44,112

Social security and other taxes

 

6,906

11,631

Accrued expenses

 

2,100

2,000

Corporation tax liability

3,764

2,843

 

37,499

60,586

 

Rawlings Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023

 

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase

-

938

Directors' loan accounts

13,544

18,769

Loan from Associated Broad Campden Cars Limited

11,185

24,405

24,729

44,112

 

8

Related party transactions

At 5 April 2023 the company owed Mr S Smith £8,748 (2022 - £18,699) and the company owed Mrs J Rawlings £4,796 (2022 - £70) in the form of directors' loan accounts. These loans are unsecured, repayable on demand and no interest is payable.

Transactions with other related parties

Within loans and borrowings is £11,185 (2022 - £24,405) owed to Associated Broad Campden Cars Limited in the form of a loan. The loan is unsecured and interest free. The companies are related by virtue of the director, Mrs N Smith.