Registered number
11261054
Martin's Transport (Telford) Ltd
Filleted Accounts
31 March 2023
Martin's Transport (Telford) Ltd
Registered number: 11261054
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 242,016 137,039
Current assets
Debtors 4 73,304 34,677
Cash at bank and in hand 9,604 13,465
82,908 48,142
Creditors: amounts falling due within one year 5 (209,185) (134,731)
Net current liabilities (126,277) (86,589)
Total assets less current liabilities 115,739 50,450
Creditors: amounts falling due after more than one year 6 (109,274) (89,898)
Net assets/(liabilities) 6,465 (39,448)
Capital and reserves
Called up share capital 1 1
Profit and loss account 6,464 (39,449)
Shareholders' funds 6,465 (39,448)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Martin Hughes
Director
Approved by the board on 31 October 2023
Martin's Transport (Telford) Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Fixtures and fittings 25% reducing balance
Computer equipment 33.33% straight line
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 3,776 14,222 144,137 162,135
Additions - 75,000 111,784 186,784
Disposals - - (33,000) (33,000)
At 31 March 2023 3,776 89,222 222,921 315,919
Depreciation
At 1 April 2022 1,181 2,831 21,084 25,096
Charge for the year 764 1,709 51,834 54,307
On disposals - - (5,500) (5,500)
At 31 March 2023 1,945 4,540 67,418 73,903
Net book value
At 31 March 2023 1,831 84,682 155,503 242,016
At 31 March 2022 2,595 11,391 123,053 137,039
4 Debtors 2023 2022
£ £
Trade debtors 73,304 29,539
Other debtors - 5,138
73,304 34,677
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 58,452 37,471
Trade creditors 21,748 18,878
Taxation and social security costs 88,004 74,815
Other creditors 40,981 3,567
209,185 134,731
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 40,659 44,752
Obligations under finance lease and hire purchase contracts 68,615 45,146
109,274 89,898
7 Other information
Martin's Transport (Telford) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
C/O P1 Accounting Services Ltd
C11 Tweedale Industrial Estate
Madeley
Telford
TF7 4JR
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