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Registration number: 08533984

SJ Bulk Transport Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2023

 

SJ Bulk Transport Limited

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 3

 

SJ Bulk Transport Limited

(Registration number: 08533984)
Abridged Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

408,189

264,969

Current assets

 

Debtors

77,187

41,320

Cash at bank and in hand

 

62,761

91,763

 

139,948

133,083

Creditors: Amounts falling due within one year

(204,570)

(168,854)

Net current liabilities

 

(64,622)

(35,771)

Total assets less current liabilities

 

343,567

229,198

Creditors: Amounts falling due after more than one year

(30,198)

(49,426)

Provisions for liabilities

(76,321)

(44,592)

Net assets

 

237,048

135,180

Capital and reserves

 

Called up share capital

100

100

Retained earnings

236,948

135,080

Shareholders' funds

 

237,048

135,180

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.

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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 12 January 2024 and signed on its behalf by:
 

.........................................
S Wallace
Director

 

SJ Bulk Transport Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

1

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 abridged 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 abridged 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.

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 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.

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.

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

Plant and machinery

10% net book value

Fixtures and fittings

Over 3 years

Motor vehicles

15% net book value

 

SJ Bulk Transport Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

Leases

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract.

Defined contribution pension obligation

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.

Financial instruments

The company is party to only the basic financial instruments such as cash, trade debtors and creditors and loans. Instruments such as trade debtors and trade creditors are initially recognised at their transaction cost and reviewed at the year end for impairment. Debt instruments not repayable on demand or due within one year, such as bank loans, are measured at amortised cost using the effective interest rate.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

449

259,510

93,412

353,371

Additions

-

135,360

85,950

221,310

Disposals

-

-

(43,000)

(43,000)

At 31 May 2023

449

394,870

136,362

531,681

Depreciation

At 1 June 2022

449

77,556

10,397

88,402

Charge for the year

-

30,676

9,431

40,107

Eliminated on disposal

-

-

(5,017)

(5,017)

At 31 May 2023

449

108,232

14,811

123,492

Carrying amount

At 31 May 2023

-

286,638

121,551

408,189

At 31 May 2022

-

181,954

83,015

264,969