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REGISTERED NUMBER: 13171551 (England and Wales)















Financial Statements for the Year Ended 28th February 2023

for

Punjab Transport Services Ltd

Punjab Transport Services Ltd (Registered number: 13171551)






Contents of the Financial Statements
for the Year Ended 28th February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Punjab Transport Services Ltd

Company Information
for the Year Ended 28th February 2023







DIRECTOR: Mr Y S Deol





REGISTERED OFFICE: 33 Caradoc Street
Cwmcarn
Newport
NP11 7EF





REGISTERED NUMBER: 13171551 (England and Wales)

Punjab Transport Services Ltd (Registered number: 13171551)

Balance Sheet
28th February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 160,137 51,510

CURRENT ASSETS
Debtors 5 8,693 13,564
Cash at bank 3,265 28,711
11,958 42,275
CREDITORS
Amounts falling due within one year 6 96,781 52,682
NET CURRENT LIABILITIES (84,823 ) (10,407 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

75,314

41,103

CREDITORS
Amounts falling due after more than one
year

7

(94,765

)

(23,016

)

PROVISIONS FOR LIABILITIES - (967 )
NET (LIABILITIES)/ASSETS (19,451 ) 17,120

CAPITAL AND RESERVES
Called up share capital 13,000 13,000
Retained earnings (32,451 ) 4,120
SHAREHOLDERS' FUNDS (19,451 ) 17,120

Punjab Transport Services Ltd (Registered number: 13171551)

Balance Sheet - continued
28th February 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Income Statement and Director's Report has not been delivered.

The financial statements were approved by the director and authorised for issue on 29th November 2023 and were signed by:





Mr Y S Deol - Director


Punjab Transport Services Ltd (Registered number: 13171551)

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

1. STATUTORY INFORMATION

Punjab Transport Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement and Director's Report, 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.

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.

Punjab Transport Services Ltd (Registered number: 13171551)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
These accounts are prepared on a going concern basis.

The director has a loan totalling £51,448 (2022: £28,156) included in current liabilities and has indicated that he does not intend to withdraw his support for the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st March 2022 58,868
Additions 140,023
Disposals (5,000 )
At 28th February 2023 193,891
DEPRECIATION
At 1st March 2022 7,358
Charge for year 27,021
Eliminated on disposal (625 )
At 28th February 2023 33,754
NET BOOK VALUE
At 28th February 2023 160,137
At 28th February 2022 51,510

Punjab Transport Services Ltd (Registered number: 13171551)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st March 2022 51,995
Additions 132,223
At 28th February 2023 184,218
DEPRECIATION
At 1st March 2022 6,499
Charge for year 25,636
At 28th February 2023 32,135
NET BOOK VALUE
At 28th February 2023 152,083
At 28th February 2022 45,496

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 8,133 11,660
Other debtors 560 1,904
8,693 13,564

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 38,161 14,537
Trade creditors 2,314 5,417
Taxation and social security 1,697 2,672
Other creditors 54,609 30,056
96,781 52,682

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Hire purchase contracts 94,765 23,016

Punjab Transport Services Ltd (Registered number: 13171551)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 132,926 37,553