Company Registration No. 04399088 (England and Wales)
SUSSEX TRANSPORT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SUSSEX TRANSPORT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SUSSEX TRANSPORT LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SUSSEX TRANSPORT LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sussex Transport Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes 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/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Sussex Transport Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sussex Transport Limited and state those matters that we have agreed to state to the Board of Directors of Sussex 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 Sussex Transport Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Sussex Transport Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sussex Transport Limited. You consider that Sussex 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 financial statements of Sussex 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 financial statements.

Carpenter Box
17 October 2023
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
SUSSEX TRANSPORT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,740,816
2,247,337
Current assets
Debtors
5
1,863,204
1,764,005
Cash at bank and in hand
1,085,081
313,806
2,948,285
2,077,811
Creditors: amounts falling due within one year
6
(2,064,483)
(1,809,076)
Net current assets
883,802
268,735
Total assets less current liabilities
3,624,618
2,516,072
Creditors: amounts falling due after more than one year
7
(777,988)
(877,650)
Provisions for liabilities
(673,900)
(365,900)
Net assets
2,172,730
1,272,522
Capital and reserves
Called up share capital
8
300
300
Profit and loss reserves
2,172,430
1,272,222
Total equity
2,172,730
1,272,522

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SUSSEX TRANSPORT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 17 October 2023 and are signed on its behalf by:
Mr D Pulford
Director
Company Registration No. 04399088
SUSSEX TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

Sussex Transport Limited is a private company limited by shares incorporated in England and Wales. The registered office is Downsview House, Marlborough Road, Lancing Business Park, Lancing, West Sussex, BN15 8SU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.  Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Rental income is recognised on a receivable basis.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings leasehold
evenly over the lease term
Plant and machinery & computer equipment
25% pa diminishing balance / 5 years straight line
Fixtures, fittings & equipment
15% pa diminishing balance
Computer equipment
3 years straight line
Motor vehicles
25% pa diminishing balance / evenly over the lease term

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

SUSSEX TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

SUSSEX TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Exceptional item
2023
2022
£
£
Expenditure
Profit/loss on sale of tangible assets
(59,500)
116,810

The exceptional profit on disposal of fixed assets has arisen as the relevant vehicles were undervalued when they were refinanced (see comparative note below).

 

(2022: The exceptional loss on disposal of fixed assets has arisen as a result of refinancing some of the company's vehicle fleet. To facilitate the company's cashflow through the pandemic to protect the trade, employees, supply chain and customers, the directors felt it necessary to refinance a number of the unencumbered motor vehicles used for carrying out the company's trade. The nature of the finance was that of a sale and then hire purchase refinance. Due to the lower than market value applied to the vehicles by the finance company, this triggered a large loss when compared to the vehicles' carrying value in the accounts. It is expected that due to the current market value of the vehicles , they will make a profit when sold in the future.)

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 54 (2022 - 48).

SUSSEX TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
4
Tangible fixed assets
Land and buildings leasehold
Plant and machinery & computer equipment
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
37,005
1,605,238
106,562
95,645
1,244,201
3,088,651
Additions
20,193
685,850
1,294
15,234
543,094
1,265,665
Disposals
-
0
(116,945)
-
0
-
0
(140,024)
(256,969)
At 31 March 2023
57,198
2,174,143
107,856
110,879
1,647,271
4,097,347
Depreciation and impairment
At 1 April 2022
30,913
447,060
84,600
71,218
207,523
841,314
Depreciation charged in the year
3,539
397,923
2,689
16,579
126,791
547,521
Eliminated in respect of disposals
-
0
(28,924)
-
0
-
0
(3,380)
(32,304)
At 31 March 2023
34,452
816,059
87,289
87,797
330,934
1,356,531
Carrying amount
At 31 March 2023
22,746
1,358,084
20,567
23,082
1,316,337
2,740,816
At 31 March 2022
6,092
1,158,178
21,962
24,427
1,036,678
2,247,337
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,846,179
1,761,045
Other debtors
17,025
2,960
1,863,204
1,764,005
SUSSEX TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
51,966
50,512
Trade creditors
584,885
693,551
Taxation and social security
507,091
260,571
Other creditors
920,541
804,442
2,064,483
1,809,076

Also included in bank loans and overdrafts is a bank loan £51,966 (2022: £48,034) secured over the assets of the company.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
55,899
107,865
Other creditors
722,089
769,785
777,988
877,650

Included within other creditors in notes 6 and 7 above are obligations under hire purchase contracts, totalling £1,478,111 (2022: £1,402,065). These hire purchase contracts are secured on the assets to which they relate.

 

The amounts included in bank loans and overdrafts are secured over the assets of the company.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300
300
300
300
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
177,500
177,500
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