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REGISTERED NUMBER: 01351304 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

JAMES TIMMS TRANSPORT LIMITED

JAMES TIMMS TRANSPORT LIMITED (REGISTERED NUMBER: 01351304)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


JAMES TIMMS TRANSPORT LIMITED (REGISTERED NUMBER: 01351304)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 486,624 390,814

CURRENT ASSETS
Stocks 5 9,868 8,386
Debtors 6 644,734 563,729
Cash at bank and in hand 183,106 436,367
837,708 1,008,482
CREDITORS
Amounts falling due within one year 7 145,778 274,660
NET CURRENT ASSETS 691,930 733,822
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,178,554

1,124,636

PROVISIONS FOR LIABILITIES 116,016 70,452
NET ASSETS 1,062,538 1,054,184

CAPITAL AND RESERVES
Called up share capital 232 232
Share premium account 132,528 132,528
Retained earnings 929,778 921,424
SHAREHOLDERS' FUNDS 1,062,538 1,054,184

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.

JAMES TIMMS TRANSPORT LIMITED (REGISTERED NUMBER: 01351304)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2023 and were signed on its behalf by:





J B S Timms - Director


JAMES TIMMS TRANSPORT LIMITED (REGISTERED NUMBER: 01351304)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

James Timms Transport Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01351304

Registered office: Kidnams Farm
School Lane
Whitmister
Gloucester
Gloucestershire
GL2 7NT

The presentation currency of the financial statements is the Pound Sterling (£).


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 comprises of the fair value of the consideration receivable and is shown net of value added tax, returns, rebates and discounts.Turnover from services is recognised in the accounting periods in which the services are rendered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

No depreciation is provided on freehold property as market value is considered to be greater than cost and the property is maintained to a high standard.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial Instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


JAMES TIMMS TRANSPORT LIMITED (REGISTERED NUMBER: 01351304)

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
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.

Going concern
The directors have considered the risks and issues concerning the company and its activities, and no
material uncertainties that may cast significant doubt about the company's ability to continue as a
going concern have been identified by the directors.

Provisions
Provisions are recognised only where a present obligation exists as a result of a past transaction or event at or prior to the balance sheet date. In addition, a provision is only recognised where the amounts involved can be reliably estimated. Where material, provisions are calculated on a discounted basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 18 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2022 5,875 185,973 929,504 1,121,352
Additions 17,686 9,926 204,110 231,722
Disposals - - (58,500 ) (58,500 )
At 31 March 2023 23,561 195,899 1,075,114 1,294,574
DEPRECIATION
At 1 April 2022 281 126,834 603,423 730,538
Charge for year 722 12,228 109,080 122,030
Eliminated on disposal - - (44,618 ) (44,618 )
At 31 March 2023 1,003 139,062 667,885 807,950
NET BOOK VALUE
At 31 March 2023 22,558 56,837 407,229 486,624
At 31 March 2022 5,594 59,139 326,081 390,814

JAMES TIMMS TRANSPORT LIMITED (REGISTERED NUMBER: 01351304)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. STOCKS
2023 2022
£    £   
Stocks 9,868 8,386

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 519,840 513,840
Other debtors 34,050 38,534
Directors' current accounts 8,012 -
Prepayments and accrued income 82,832 11,355
644,734 563,729

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 74,954 127,476
Corporation Tax 1,579 33,828
Social security and other taxes 3,745 9,781
Wages Control Account - 10,398
Pensions 2,021 1,089
VAT 50,804 52,212
Other creditors 2,202 8,202
Directors' current accounts - 13,559
Accrued expenses 10,473 18,115
145,778 274,660

8. LEASING AGREEMENTS
The total minimum lease payments due for operating leases is £1,095,833 (2022: £1,265,166).

9. SECURED DEBTS

There are three outstanding charges over assets held by the company.

A charge was registered by Midland Bank Plc on 26 March 1997. The charge contains a fixed and floating charge over all assets of the company.

A second charge was registered by HSBC Bank Plc on 14 August 2003 and is held over the freehold property Keepers Cottage.

The third charge was registered by HSBC Bank Plc on 27 July 2011 and is contains a fixed and floating charge over all assets of the company.

JAMES TIMMS TRANSPORT LIMITED (REGISTERED NUMBER: 01351304)

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 a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
J B S Timms
Balance outstanding at start of year (13,559 ) (5,732 )
Amounts advanced 25,949 60,664
Amounts repaid - (68,491 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,390 (13,559 )

Interest is being charged annually at the HMRC approved rate and there are no set repayment terms.