Company Registration No. 11041688 (England and Wales)
Belmont Transport Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 30 November 2023
Belmont Transport Limited
UNAUDITED FINANCIAL STATEMENTS
Contents
Belmont Transport Limited
Company Information
for the year ended 30 November 2023
Company Number
11041688 (England and Wales)
Registered Office
121 Belmont Road
Uxbridge
Middlesex
UB8 1QZ
UNITED KINGDOM
Belmont Transport Limited
Statement of financial position
as at 30 November 2023
Tangible assets
24,405
34,473
Cash at bank and in hand
37,005
46,949
Creditors: amounts falling due within one year
(28,814)
(45,801)
Net current assets
16,694
11,809
Total assets less current liabilities
41,099
46,282
Creditors: amounts falling due after more than one year
(3,473)
(8,687)
Provisions for liabilities
Deferred tax
(4,637)
(6,550)
Called up share capital
1
1
Profit and loss account
32,988
31,044
Shareholders' funds
32,989
31,045
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 14 April 2024 and were signed on its behalf by
Mr H Mangat
Director
Company Registration No. 11041688
Belmont Transport Limited
Notes to the Accounts
for the year ended 30 November 2023
Belmont Transport Limited is a private company, limited by shares, registered in England and Wales, registration number 11041688. The registered office is 121 Belmont Road, Uxbridge, Middlesex, UB8 1QZ, UNITED KINGDOM.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention and 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.
The presentational currency of the financial statements is pound sterling (£).
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.
Turnover is the revenue arising from the sales of goods and services. It is stated at fair value of the consideration receivable, net of value added tax, rebates and discounts. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the following conditions are satisfied:
1) the amount of the of the turnover can be measured reliably;
2) it is probable that the company will receive the consideration due under the contract;
3) the stage of completion of the contract at the end of the reporting period can be measured reliably.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
5 years; straight line
Fixtures & fittings
4 years; straight line
Computer equipment
2 years; straight line
Belmont Transport Limited
Notes to the Accounts
for the year ended 30 November 2023
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.
Current and deferred tax is charged or credited to profit and loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
1) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
2) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing difference are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in difference periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.
The company pays into a defined contribution pension scheme. Contributions paid are charged to the statement of comprehensive income.
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Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 December 2022
52,000
3,500
845
56,345
Additions
-
1,030
366
1,396
At 30 November 2023
52,000
4,530
1,211
57,741
At 1 December 2022
19,933
1,094
845
21,872
Charge for the year
10,400
896
168
11,464
At 30 November 2023
30,333
1,990
1,013
33,336
At 30 November 2023
21,667
2,540
198
24,405
At 30 November 2022
32,067
2,406
-
34,473
Belmont Transport Limited
Notes to the Accounts
for the year ended 30 November 2023
Amounts falling due within one year
Trade debtors
7,605
10,176
Accrued income and prepayments
838
440
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
2,015
1,966
Obligations under finance leases and hire purchase contracts
3,198
17,245
Trade creditors
1,346
2,092
Taxes and social security
7,194
6,982
Loans from directors
11,650
13,857
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Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
3,198
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Average number of employees
During the year the average number of employees was 1 (2022: 1).