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Registration number: 04529048

Les Watson Transport Limited

Unaudited Financial Statements

30 September 2023

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Les Watson Transport Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Les Watson Transport Limited
for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Les Watson Transport Limited for the year ended 30 September 2023 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Les Watson Transport Limited, as a body, in accordance with the terms of our engagement letter dated 22 December 2023. Our work has been undertaken solely to prepare for your approval the accounts of Les Watson Transport Limited and state those matters that we have agreed to state to the Board of Directors of Les Watson Transport Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Les Watson Transport Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Les Watson Transport Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Les Watson Transport Limited. You consider that Les Watson Transport Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Les Watson Transport Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

20 February 2024

 

Les Watson Transport Limited

(Registration number: 04529048)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,536,546

1,572,907

Investment property

5

179,451

96,122

 

1,715,997

1,669,029

Current assets

 

Stocks

22,000

26,050

Debtors

6

619,060

672,246

Cash at bank and in hand

 

308,028

218,753

 

949,088

917,049

Creditors: Amounts falling due within one year

7

(676,816)

(670,741)

Net current assets

 

272,272

246,308

Total assets less current liabilities

 

1,988,269

1,915,337

Creditors: Amounts falling due after more than one year

7

(683,958)

(750,028)

Provisions for liabilities

(355,976)

(304,875)

Net assets

 

948,335

860,434

Capital and reserves

 

Allotted, called up and fully paid share capital

2

2

Profit and loss account

948,333

860,432

Total equity

 

948,335

860,434

 

Les Watson Transport Limited

(Registration number: 04529048)
Balance Sheet as at 30 September 2023 (continued)

For the financial year ending 30 September 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

.........................................

A L Watson

Director

 

Les Watson Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
The Sycamores
Calthwaite
PENRITH
CA11 9RX

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 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 for the period comprises current and 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.

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.

 

Les Watson Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

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

Freehold buildings

20 years straight line basis

Plant and equipment

10% reducing balance basis and 3 years straight line basis

Commercial motor vehicles

20% reducing balance basis

Furniture, fittings and office equipment

10% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuer uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 the sale of goods 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.

 

Les Watson Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

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 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.

 

Les Watson Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

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 17 (2022 - 17).

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 October 2022

39,425

87,037

2,721,635

3,123

2,851,220

Additions

-

224

327,695

-

327,919

Disposals

-

-

(222,775)

-

(222,775)

At 30 September 2023

39,425

87,261

2,826,555

3,123

2,956,364

Depreciation

At 1 October 2022

32,038

41,437

1,202,964

1,874

1,278,313

Charge for the year

1,821

5,223

306,991

125

314,160

Eliminated on disposal

-

-

(172,655)

-

(172,655)

At 30 September 2023

33,859

46,660

1,337,300

1,999

1,419,818

Carrying amount

At 30 September 2023

5,566

40,601

1,489,255

1,124

1,536,546

At 30 September 2022

7,387

45,600

1,518,671

1,249

1,572,907

 

Les Watson Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

5

Investment properties

£

At 1 October 2022

96,122

Additions

83,329

At 30 September 2023

179,451

There has been no valuation of investment properties by an independent valuer. The directors are of the opinion that cost is still a reasonable estimate of the fair value of the properties.

6

Debtors

2023
£

2022
£

Trade debtors

609,961

606,334

Other debtors

9,099

65,912

619,060

672,246

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

470,550

438,373

Trade creditors

 

117,059

140,780

Taxation and social security

 

51,654

56,668

Other creditors

 

37,553

34,920

 

676,816

670,741

Due after one year

 

Loans and borrowings

8

683,958

750,028

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

17,635

17,237

Bank overdrafts

-

59,920

Finance lease liabilities

383,363

328,879

Other borrowings

69,552

32,337

470,550

438,373

 

Les Watson Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

17,635

17,237

Bank overdrafts

-

59,920

Finance lease liabilities

383,363

328,879

400,998

406,036

Bank borrowings are secured by fixed and floating charges over the company's assets.

Bank overdrafts are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

37,174

54,509

Finance lease liabilities

646,784

695,519

683,958

750,028

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

37,174

54,509

Finance lease liabilities

646,784

695,519

683,958

750,028

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £300 (2022 - £600).