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Registration number: 12740782

CPN Truck Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

CPN Truck Services Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

CPN Truck Services Ltd

(Registration number: 12740782)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

56,841

19,278

Current assets

 

Stocks

5

15,000

95,148

Debtors

6

107,096

103,844

Cash at bank and in hand

 

90,083

72,412

 

212,179

271,404

Creditors: Amounts falling due within one year

7

(217,636)

(286,210)

Net current liabilities

 

(5,457)

(14,806)

Total assets less current liabilities

 

51,384

4,472

Creditors: Amounts falling due after more than one year

7

(10,795)

-

Net assets

 

40,589

4,472

Capital and reserves

 

Called up share capital

300

300

Retained earnings

40,289

4,172

Shareholders' funds

 

40,589

4,472

 

CPN Truck Services Ltd

(Registration number: 12740782)
Balance Sheet as at 28 February 2023

For the financial year ending 28 February 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 16 November 2023 and signed on its behalf by:
 

.........................................
CJ Ramplee
Director

 

CPN Truck Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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:
Alpha House
North Street
Hapton
Lancashire
BB12 7LD
England

These financial statements were authorised for issue by the Board on 16 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

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.

 

CPN Truck Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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% reducing balance

Plant and machinery

25% reducing balance

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. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

CPN Truck Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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 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.

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.

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 directors) during the year, was 7 (2022 - 4).

 

CPN Truck Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

26,251

-

26,251

Additions

35,745

12,990

48,735

Disposals

(13,001)

-

(13,001)

At 28 February 2023

48,995

12,990

61,985

Depreciation

At 1 March 2022

6,973

-

6,973

Charge for the year

-

1,624

1,624

Eliminated on disposal

(3,453)

-

(3,453)

At 28 February 2023

3,520

1,624

5,144

Carrying amount

At 28 February 2023

45,475

11,366

56,841

At 28 February 2022

19,278

-

19,278

5

Stocks

2023
£

2022
£

Work in progress

10,000

-

Other inventories

5,000

95,148

15,000

95,148

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

98,533

92,961

Amounts owed by related parties

200

200

Other debtors

 

8,363

10,683

   

107,096

103,844

 

CPN Truck Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

3,599

-

Trade creditors

 

201,043

281,202

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9,657

673

Taxation and social security

 

1,496

2,957

Accruals and deferred income

 

1,000

800

Other creditors

 

841

578

 

217,636

286,210

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £3,599 (2022 - £0).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

10,795

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £10,796 (2022 - £0).

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

10,795

-

 

CPN Truck Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

3,599

-

9

Parent and ultimate parent undertaking

The company's immediate parent is CP Group (NW) Ltd, incorporated in England and Wales.