A & B Contractors (Transport) Ltd 08949059 false 2022-01-01 2022-12-31 2022-12-31 The principal activity of the company is haulage services Digita Accounts Production Advanced 6.30.9574.0 true 08949059 2022-01-01 2022-12-31 08949059 2022-12-31 08949059 bus:OrdinaryShareClass1 2022-12-31 08949059 core:CurrentFinancialInstruments 2022-12-31 08949059 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 08949059 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 08949059 core:FurnitureFittingsToolsEquipment 2022-12-31 08949059 core:MotorVehicles 2022-12-31 08949059 bus:SmallEntities 2022-01-01 2022-12-31 08949059 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 08949059 bus:FullAccounts 2022-01-01 2022-12-31 08949059 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 08949059 bus:RegisteredOffice 2022-01-01 2022-12-31 08949059 bus:Director1 2022-01-01 2022-12-31 08949059 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 08949059 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 08949059 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 08949059 core:MotorVehicles 2022-01-01 2022-12-31 08949059 core:PlantMachinery 2022-01-01 2022-12-31 08949059 core:Vehicles 2022-01-01 2022-12-31 08949059 countries:AllCountries 2022-01-01 2022-12-31 08949059 2021-12-31 08949059 core:FurnitureFittingsToolsEquipment 2021-12-31 08949059 core:MotorVehicles 2021-12-31 08949059 2021-01-01 2021-12-31 08949059 2021-12-31 08949059 bus:OrdinaryShareClass1 2021-12-31 08949059 core:CurrentFinancialInstruments 2021-12-31 08949059 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 08949059 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 08949059 core:FurnitureFittingsToolsEquipment 2021-12-31 08949059 core:MotorVehicles 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08949059

A & B Contractors (Transport) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

A & B Contractors (Transport) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

A & B Contractors (Transport) Ltd

Company Information

Director

Mr Richard Barrow

Registered office

Porte Farm
Kentisbury
Barnstaple
Devon
EX31 4NL

Accountants

Ward and Co Chartered Accountants
West Penhill Farm
Fremington
Barnstaple
Devon
EX31 2NG

 

A & B Contractors (Transport) Ltd

(Registration number: 08949059)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

124,136

115,187

Current assets

 

Stocks

5

3,900

4,500

Debtors

6

88,667

255,050

 

92,567

259,550

Creditors: Amounts falling due within one year

7

(623,782)

(628,984)

Net current liabilities

 

(531,215)

(369,434)

Total assets less current liabilities

 

(407,079)

(254,247)

Creditors: Amounts falling due after more than one year

7

(74,324)

(44,559)

Net liabilities

 

(481,403)

(298,806)

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

(482,403)

(299,806)

Shareholders' deficit

 

(481,403)

(298,806)

For the financial year ending 31 December 2022 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 2 February 2024
 

.........................................
Mr Richard Barrow
Director

 

A & B Contractors (Transport) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Porte Farm
Kentisbury
Barnstaple
Devon
EX31 4NL

These financial statements were authorised for issue by the director on 2 February 2024.

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.

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 represents the sum of the tax currently payable and deferred tax.

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.

 

A & B Contractors (Transport) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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

Lorries

12.5% reducing balance

Plant & Machinery

10% reducing balance

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.

Borrowings

 

A & B Contractors (Transport) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2021 - 5).

 

A & B Contractors (Transport) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Plant & Trailers
£

Lorries
£

Total
£

Cost or valuation

At 1 January 2022

43,908

136,500

180,408

Additions

1,859

112,000

113,859

Disposals

-

(62,750)

(62,750)

At 31 December 2022

45,767

185,750

231,517

Depreciation

At 1 January 2022

3,625

61,597

65,222

Charge for the year

4,152

38,007

42,159

At 31 December 2022

7,777

99,604

107,381

Carrying amount

At 31 December 2022

37,990

86,146

124,136

At 31 December 2021

40,283

74,904

115,187

5

Stocks

2022
£

2021
£

Other inventories

3,900

4,500

6

Debtors

Current

2022
£

2021
£

Trade debtors

41,868

217,668

Other debtors

46,799

37,382

 

88,667

255,050

7

Creditors

Creditors: amounts falling due within one year

 

A & B Contractors (Transport) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

122,493

121,042

Trade creditors

 

334,274

265,033

Taxation and social security

 

152,221

217,712

Other creditors

 

14,794

25,197

 

623,782

628,984

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

74,324

44,559

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000