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Registration number: 03732457

DNS Transport Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

DNS Transport Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

DNS Transport Limited

Company Information

Director

Mr J S Smith

Registered office

Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

Accountants

Cannon Williamson
Chartered Certified Accountants
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

DNS Transport Limited

(Registration number: 03732457)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

5

108,159

198,177

Current assets

 

Debtors

6

18,540

96,173

Cash at bank and in hand

 

93

1,914

 

18,633

98,087

Creditors: Amounts falling due within one year

7

(188,509)

(192,559)

Net current liabilities

 

(169,876)

(94,472)

Total assets less current liabilities

 

(61,717)

103,705

Creditors: Amounts falling due after more than one year

7

(30,683)

(83,924)

Provisions for liabilities

(13,747)

(39,129)

Net liabilities

 

(106,147)

(19,348)

Capital and Reserves

 

Called up share capital

8

200

200

Share premium reserve

175,000

175,000

Retained Earnings

(281,347)

(194,548)

Shareholders' deficit

 

(106,147)

(19,348)

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 November 2023
 

 

DNS Transport Limited

(Registration number: 03732457)
Balance Sheet as at 31 May 2023 (continued)

.........................................
Mr J S Smith
Director

 

DNS Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD
United Kingdom

These financial statements were authorised for issue by the director on 22 November 2023.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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 deferred tax. Tax is recognised in profit or loss, except that a change 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.

 

DNS Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible Assets

Tangible Assets are stated in the balance sheet 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.

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

Freehold property

10% straight line

Plant and machinery

10% straight line

Fixtures and fittings

20% straight line

Motor vehicles

15% straight line

Business combinations

The ultimate parent is James Smith Transport Limited. The group is small and therefore no group accounts have been prepared.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

0% 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.

 

DNS Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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 subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases 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.

 

DNS Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 8).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

350,000

350,000

At 31 May 2023

350,000

350,000

Amortisation

At 1 June 2022

350,000

350,000

At 31 May 2023

350,000

350,000

Carrying amount

At 31 May 2023

-

-

 

DNS Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

5

Tangible Assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 June 2022

142,147

26,867

446,315

230,612

845,941

Additions

-

3,674

-

4,302

7,976

Disposals

-

-

(61,382)

-

(61,382)

At 31 May 2023

142,147

30,541

384,933

234,914

792,535

Depreciation

At 1 June 2022

96,926

24,115

381,131

145,592

647,764

Charge for the year

14,211

1,565

10,236

20,575

46,587

Eliminated on disposal

-

-

(9,975)

-

(9,975)

At 31 May 2023

111,137

25,680

381,392

166,167

684,376

Carrying amount

At 31 May 2023

31,010

4,861

3,541

68,747

108,159

At 31 May 2022

45,221

2,752

65,184

85,020

198,177

Included within the net book value of land and buildings above is £31,010 (2022 - £45,221) in respect of freehold land and buildings.
 

 

DNS Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

6

Debtors

Current

Note

2023
£

2022
£

Trade Debtors

 

14,688

77,052

Amounts owed by related parties

10

2,578

2,533

Other debtors

 

1,274

16,588

   

18,540

96,173

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

16,081

101,736

Trade Creditors

 

9,691

26,118

Taxation and social security

 

5,306

26,095

Other creditors

 

157,431

38,610

 

188,509

192,559

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

30,683

83,924

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

         
 

DNS Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

30,683

30,988

Hire purchase contracts

-

52,936

30,683

83,924

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

9,506

Bank overdrafts

3,819

-

Hire purchase contracts

-

28,499

Other borrowings

12,262

63,731

16,081

101,736

10

Related party transactions

The entity's share capital is owned entirely by James Smith Transport Limited.

 

DNS Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

10

Related party transactions (continued)

Transactions with the director

 

DNS Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

10

Related party transactions (continued)

Directors' remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

16,100

20,800

Contributions paid to money purchase schemes

1,400

3,380

17,500

24,180

Loans to related parties

2023

Parent
£

Total
£

At start of period

1,107

1,107

At end of period

1,107

1,107

2022

Parent
£

Total
£

At start of period

1,107

1,107

At end of period

1,107

1,107