Company registration number 03259725 (England and Wales)
Farsley Transport Limited
Unaudited
financial statements
for the year ended 31 October 2023
PAGES FOR FILING WITH REGISTRAR
Farsley Transport Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Farsley Transport Limited
Statement Of Financial Position
as at 31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,145,805
1,907,880
Current assets
Debtors
5
1,799,727
2,318,624
Cash at bank and in hand
420,890
700,742
2,220,617
3,019,366
Creditors: amounts falling due within one year
6
(2,655,956)
(3,168,756)
Net current liabilities
(435,339)
(149,390)
Total assets less current liabilities
1,710,466
1,758,490
Creditors: amounts falling due after more than one year
7
(949,373)
(1,012,232)
Provisions for liabilities
8
(336,259)
(300,428)
Net assets
424,834
445,830
Capital and reserves
Called up share capital
9
210
210
Profit and loss reserves
424,624
445,620
Total equity
424,834
445,830
Farsley Transport Limited
Statement Of Financial Position (continued)
as at 31 October 2023
- 2 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 October 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.

The financial statements were approved by the board of directors and authorised for issue on 9 April 2024 and are signed on its behalf by:
N Chappelow
Director
Company Registration No. 03259725
Farsley Transport Limited
Notes to the financial statements
for the year ended 31 October 2023
- 3 -
1
Accounting policies
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.

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

Turnover

Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT. Turnover is recognised upon the provision of goods and services.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.

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

Plant and equipment
- 25% reducing balance
Fixtures and fittings
- 25% reducing balance
Motor vehicles
- 25% reducing balance

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.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Retirement benefits

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

Hire Purchase

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 statement of financial position 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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Farsley Transport Limited
Notes to the financial statements (continued)
for the year ended 31 October 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
91
91
3
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
-
0
(55,492)
Deferred tax
Origination and reversal of timing differences
35,831
300,428
Total tax charge
35,831
244,936
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
9,474
24,318
3,928,472
3,962,264
Additions
3,850
-
0
874,909
878,759
Disposals
-
0
-
0
(612,037)
(612,037)
At 31 October 2023
13,324
24,318
4,191,344
4,228,986
Depreciation and impairment
At 1 November 2022
5,491
21,231
2,027,662
2,054,384
Depreciation charged in the year
1,876
3,087
542,117
547,080
Eliminated in respect of disposals
-
0
-
0
(518,283)
(518,283)
At 31 October 2023
7,367
24,318
2,051,496
2,083,181
Carrying amount
At 31 October 2023
5,957
-
0
2,139,848
2,145,805
At 31 October 2022
3,983
3,087
1,900,810
1,907,880
Farsley Transport Limited
Notes to the financial statements (continued)
for the year ended 31 October 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,542,842
1,721,740
Corporation tax recoverable
-
0
55,492
Other debtors
28,416
58,154
Prepayments and accrued income
228,469
483,238
1,799,727
2,318,624
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
162,500
165,405
Invoice finance
1,097,603
1,270,645
Obligations under finance leases
530,027
490,880
Trade creditors
339,849
752,978
Taxation and social security
255,537
189,525
Accruals and deferred income
270,440
299,323
2,655,956
3,168,756

Invoice financing is secured on the book debt of the company.

The obligations under hire purchase contracts are secured on the assets to which they relate. The bank loan is secured.

7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
165,625
328,125
Obligations under finance leases
783,748
684,107
949,373
1,012,232

The obligations under hire purchase contracts are secured on the assets to which they relate. The bank loan is secured.

8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
336,259
300,428
Farsley Transport Limited
Notes to the financial statements (continued)
for the year ended 31 October 2023
- 6 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of 10p each
1,510
1,510
151
151
Ordinary 'B' shares of 10p each
490
490
49
49
Ordinary 'C' shares of 10p each
100
100
10
10
2,100
2,100
210
210
10
Parent company

The ultimate parent is FTL Services Ltd company, a company registered in England and Wales. The registered office is West House, Kind Cross Road, Halifax, West Yorkshire, HX1 1EB.

11
Company information

Farsley Transport Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Leeds West, Gelderd Lane, Leeds, LS12 6AL.

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