Registered number
02802882
Nicholls Transport Ltd
Filleted Accounts
31 May 2023
Nicholls Transport Ltd
Registered number: 02802882
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 13,077 16,297
Investments 4 330,267 330,267
343,344 346,564
Current assets
Stocks 400 400
Debtors 5 1,754 1,306
Cash at bank and in hand 204,469 221,707
206,623 223,413
Creditors: amounts falling due within one year 6 (6,040) (10,036)
Net current assets 200,583 213,377
Total assets less current liabilities 543,927 559,941
Creditors: amounts falling due after more than one year - -
Provisions for liabilities (11,884) (11,884)
Net assets 532,043 548,057
Capital and reserves
Called up share capital 100 100
Fair value reserve 40,500 40,500
Profit and loss account 491,443 507,457
Shareholders' funds 532,043 548,057
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Nicholls
Director
Approved by the board on 21 September 2023
Nicholls Transport Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Workshop and portacabin over 10 and 20 years reducing balance
Plant and machinery over 10 years reducing balance
Fixtures, fittings, tools and equipment over 4 years reducing balance
Investment property
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use 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 and loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 15,315 7,703 79,255 102,273
Additions - 292 - 292
Disposals - - (8,825) (8,825)
At 31 May 2023 15,315 7,995 70,430 93,740
Depreciation
At 1 June 2022 11,566 6,283 68,127 85,976
Charge for the year 187 171 2,658 3,016
On disposals - - (8,329) (8,329)
At 31 May 2023 11,753 6,454 62,456 80,663
Net book value
At 31 May 2023 3,562 1,541 7,974 13,077
At 31 May 2022 3,749 1,420 11,128 16,297
4 Investments
Other
investments Total
£ £
Cost/Revaluation
At 1 June 2022 330,267 330,267
Additions - -
Revaluation - -
Disposals - -
At 31 May 2023 330,267 330,267
Historical cost
At 1 June 2022 280,267
At 31 May 2023 280,267
The investments have been revalued by the director.
5 Debtors 2023 2022
£ £
Trade debtors 900 194
Other debtors 854 1,112
1,754 1,306
Amounts due after more than one year included above - -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors (2) (38)
Taxation and social security costs (1,337) 2,292
Other creditors 7,379 7,782
6,040 10,036
7 Other information
Nicholls Transport Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Dunston Road
Gateshead
Tyne & Wear
NE11 9EE
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