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COMPANY REGISTRATION NUMBER: 03124095
MLT Transport Ltd
Unaudited financial statements
30 November 2023
MLT Transport Ltd
Statement of financial position
30 November 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,037,859
1,124,929
Current assets
Stocks
1,535
1,688
Debtors
6
542,026
593,078
Cash at bank and in hand
294,512
183,027
---------
---------
838,073
777,793
Creditors: Amounts falling due within one year
7
( 283,399)
( 424,662)
---------
---------
Net current assets
554,674
353,131
-----------
-----------
Total assets less current liabilities
1,592,533
1,478,060
Creditors: Amounts falling due after more than one year
8
( 369,467)
( 343,841)
Provisions
Taxation including deferred tax
( 258,509)
( 238,362)
-----------
-----------
Net assets
964,557
895,857
-----------
-----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
964,457
895,757
---------
---------
Shareholders funds
964,557
895,857
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MLT Transport Ltd
Statement of financial position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 7 February 2024 , and are signed on behalf of the board by:
W B Betts
Director
Company registration number: 03124095
MLT Transport Ltd
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 61 Rattlers Road, Brandon, Suffolk, IP27 0HA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of employees during the year was 18 (2022: 18 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
165,841
53,397
2,214,531
2,433,769
Additions
587
322,873
323,460
Disposals
( 113,108)
( 52,437)
( 498,830)
( 664,375)
---------
-------
-----------
-----------
At 30 November 2023
53,320
960
2,038,574
2,092,854
---------
-------
-----------
-----------
Depreciation
At 1 December 2022
127,316
51,159
1,130,365
1,308,840
Charge for the year
7,253
101
213,821
221,175
Disposals
( 110,848)
( 50,707)
( 313,465)
( 475,020)
---------
-------
-----------
-----------
At 30 November 2023
23,721
553
1,030,721
1,054,995
---------
-------
-----------
-----------
Carrying amount
At 30 November 2023
29,599
407
1,007,853
1,037,859
---------
-------
-----------
-----------
At 30 November 2022
38,525
2,238
1,084,166
1,124,929
---------
-------
-----------
-----------
6. Debtors
2023
2022
£
£
Trade debtors
355,158
383,969
Other debtors
186,868
209,109
---------
---------
542,026
593,078
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
22,706
48,377
Social security and other taxes
73,292
60,867
Other creditors
187,401
315,418
---------
---------
283,399
424,662
---------
---------
Included in other creditors are hire purchase agreements amounting to £179,801 (2022: £229,913) secured against the assets to which they relate.
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Other creditors
369,467
343,841
---------
---------
Included in other creditors are hire purchase agreements amounting to £369,467 (2022: £343,841) secured against the assets to which they relate.
9. Directors' advances, credits and guarantees
Included in debtors is an amount due from the director to the company of £672 (2022: £1,234). The loan is unsecured and interest free.