1 July 2022 v2024.8.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activity0falsetruexbrli:purexbrli:sharesiso4217:GBP8311862022-07-012023-06-308311862023-06-308311862022-06-30831186core:WithinOneYear2023-06-30831186core:WithinOneYear2022-06-30831186core:AfterOneYear2023-06-30831186core:AfterOneYear2022-06-30831186core:ShareCapital2023-06-30831186core:ShareCapital2022-06-30831186core:RetainedEarningsAccumulatedLosses2023-06-30831186core:RetainedEarningsAccumulatedLosses2022-06-30831186bus:Director12022-07-012023-06-30831186bus:Director22022-07-012023-06-30831186bus:RegisteredOffice2022-07-012023-06-30831186core:PlantMachinery2022-07-012023-06-30831186core:FurnitureFittingsToolsEquipment2022-07-012023-06-30831186core:MotorVehicles2022-07-012023-06-308311862021-07-012022-06-30831186core:IntangibleAssetsOtherThanGoodwill2022-07-01831186core:IntangibleAssetsOtherThanGoodwill2022-07-012023-06-30831186core:IntangibleAssetsOtherThanGoodwill2023-06-30831186core:IntangibleAssetsOtherThanGoodwill2022-06-30831186core:LandBuildings2022-07-01831186core:PlantMachinery2022-07-018311862022-07-01831186core:LandBuildings2023-06-30831186core:PlantMachinery2023-06-30831186core:LandBuildings2022-07-012023-06-30831186core:LandBuildings2022-06-30831186core:PlantMachinery2022-06-3083118612022-07-012023-06-30831186countries:EnglandWales2022-07-012023-06-30831186bus:AuditExemptWithAccountantsReport2022-07-012023-06-30831186bus:PrivateLimitedCompanyLtd2022-07-012023-06-30831186bus:SmallEntities2022-07-012023-06-30831186bus:FullAccounts2022-07-012023-06-30
Company registration number:
831186
BOWMANS TRANSPORT (MANSFIELD) LIMITED
Unaudited Filleted Financial Statements for the year ended
30 June 2023
J M Bramley Accountants
106 Carter Lane, Mansfield, Notts, NG18 3DH, United Kingdom
BOWMANS TRANSPORT (MANSFIELD) LIMITED
Report to the board of directors on the preparation of the unaudited statutory financial statements of BOWMANS TRANSPORT (MANSFIELD) LIMITED
Year ended
30 June 2023
As described on the statement of financial position, the Board of Directors of
BOWMANS TRANSPORT (MANSFIELD) LIMITED
are responsible for the preparation of the
financial statements
for the year ended
30 June 2023
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
J M Bramley Accountants
106 Carter Lane
Mansfield
Notts
NG18 3DH
United Kingdom
Date:
25 January 2024
BOWMANS TRANSPORT (MANSFIELD) LIMITED
Statement of Financial Position
30 June 2023
20232022
Note££
Fixed assets    
Intangible assets 5
268,352
 
373,672
 
Tangible assets 6
2,027,799
 
1,931,196
 
2,296,151
 
2,304,868
 
Current assets    
Stocks
10,600
 
11,000
 
Debtors 7
1,126,701
 
1,397,559
 
Cash at bank and in hand
212,488
 
796,562
 
1,349,789
 
2,205,121
 
Creditors: amounts falling due within one year 8
(907,464
)
(1,465,354
)
Net current assets
442,325
 
739,767
 
Total assets less current liabilities 2,738,476   3,044,635  
Creditors: amounts falling due after more than one year 9
(161,964
)
(366,475
)
Net assets
2,576,512
 
2,678,160
 
Capital and reserves    
Called up share capital
23,000
 
23,000
 
Profit and loss account
2,553,512
 
2,655,160
 
Shareholders funds
2,576,512
 
2,678,160
 
For the year ending
30 June 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.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
25 January 2024
, and are signed on behalf of the board by:
Mr P Bowman
Mrs H Bowman
DirectorDirector
Company registration number:
831186
BOWMANS TRANSPORT (MANSFIELD) LIMITED
Notes to the Financial Statements
Year ended
30 June 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Nunnbrook Road
,
Huthwaite
,
Sutton in Ashfield
,
Nottinghamshire
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
15% reducing balance
Fixtures, fittings and equipment
15% reducing balance
Motor vehicles
25% reducing balance

Impairment

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.

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 stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases 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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

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 Average number of employees

The average number of persons employed by the company during the year was nil (2022:
28
).

5 Intangible assets

Other intangible assets
£
Cost  
At
1 July 2022
1,096,374
 
Disposals
(105,320
)
At
30 June 2023
991,054
 
Amortisation  
At
1 July 2022
and
30 June 2023
722,702
 
Carrying amount  
At
30 June 2023
268,352
 
At 30 June 2022
373,672
 

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 July 2022
307,859
 
4,429,669
 
4,737,528
 
Additions -  
484,204
 
484,204
 
Disposals -  
(19,400
)
(19,400
)
At
30 June 2023
307,859
 
4,894,473
 
5,202,332
 
Depreciation      
At
1 July 2022
82,094
 
2,724,238
 
2,806,332
 
Charge
4,240
 
378,597
 
382,837
 
Disposals -  
(14,636
)
(14,636
)
At
30 June 2023
86,334
 
3,088,199
 
3,174,533
 
Carrying amount      
At
30 June 2023
221,525
 
1,806,274
 
2,027,799
 
At 30 June 2022
225,765
 
1,705,431
 
1,931,196
 

7 Debtors

20232022
££
Trade debtors
1,023,230
 
1,321,053
 
Other debtors
103,471
 
76,506
 
1,126,701
 
1,397,559
 

8 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
93,743
 
150,047
 
Trade creditors
558,617
 
451,163
 
Taxation and social security
291,402
 
438,928
 
Other creditors
(36,298
)
425,216
 
907,464
 
1,465,354
 

9 Creditors: amounts falling due after more than one year

20232022
££
Other creditors
161,964
 
366,475