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REGISTERED NUMBER: 02617954 (England and Wales)











QUINNS TRANSPORT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






QUINNS TRANSPORT LIMITED (REGISTERED NUMBER: 02617954)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Abridged Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


QUINNS TRANSPORT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: L Quinn
S A Quinn





SECRETARY: S A Quinn





REGISTERED OFFICE: Station Approach
Station Lane
Shipton by Beningbrough
York
North Yorkshire
YO30 1BS





REGISTERED NUMBER: 02617954 (England and Wales)





ACCOUNTANTS: UHY Calvert Smith
Chartered Accountants
Heritage House
Murton Way
Osbaldwick
York
YO19 5UW

QUINNS TRANSPORT LIMITED (REGISTERED NUMBER: 02617954)

ABRIDGED BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 321,433 375,248
Investment property 5 300,000 300,000
621,433 675,248

CURRENT ASSETS
Stocks 10,530 11,382
Debtors 93,249 198,489
Cash at bank 38,185 78,559
141,964 288,430
CREDITORS
Amounts falling due within one year 258,196 356,078
NET CURRENT LIABILITIES (116,232 ) (67,648 )
TOTAL ASSETS LESS CURRENT LIABILITIES 505,201 607,600

CREDITORS
Amounts falling due after more than one
year

(58,287

)

(109,802

)

PROVISIONS FOR LIABILITIES (128,774 ) (141,308 )
NET ASSETS 318,140 356,490

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve
(non-distributable) 209,375 173,651
Retained earnings 107,765 181,839
SHAREHOLDERS' FUNDS 318,140 356,490

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

QUINNS TRANSPORT LIMITED (REGISTERED NUMBER: 02617954)

ABRIDGED BALANCE SHEET - continued
31 JULY 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by:




L Quinn - Director



S A Quinn - Director


QUINNS TRANSPORT LIMITED (REGISTERED NUMBER: 02617954)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Quinns Transport Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the amount invoiced for haulier services excluding value added tax. Rental income is included in other operating income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - Straight line over 3 years, Straight line over 10 years and Straight line over 7 years

Freehold land is not depreciated.

Investment properties
Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs.

Subsequently, investment properties are measured at fair value. Investment property valuations are based on an open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair value of investment properties are included in the Profit and Loss Account and retained earnings in the period in which they arise.

Aggregate retained earnings on the revaluation of investment properties are non-distributable.

Stocks
Stock of fuel and vehicle spares is stated at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


QUINNS TRANSPORT LIMITED (REGISTERED NUMBER: 02617954)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS

Included in the cost of tangible fixed assets is freehold land of £23,435 (2022 - £23,435) which is not depreciated.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022
and 31 July 2023 300,000
NET BOOK VALUE
At 31 July 2023 300,000
At 31 July 2022 300,000

The carrying value of investment properties is reviewed at the end of each accounting period by the directors and adjusted, if necessary, in line with current fair values. The valuations have been undertaken in accordance with an appropriate methodology based on return of capital adjusted for regional variations in property values. Deferred taxation has been provided as necessary as a separate provision.

QUINNS TRANSPORT LIMITED (REGISTERED NUMBER: 02617954)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


5. INVESTMENT PROPERTY - continued

Fair value at 31 July 2023 is represented by:
£   
Valuation in 2006 22,433
Valuation in 2016 95,048
Valuation in 2022 150,000
Cost 32,519
300,000

6. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 17,954 23,814
Hire purchase contracts 76,075 134,403
94,029 158,217

Amounts due under hire purchase agreements are secured against the assets financed.

The bank loan is provided through the Bounce Back Loan Scheme. Under the terms of the Scheme, the Secretary of State for Business, Energy and Industrial Strategy has agreed to provide the company's lenders with a Partial Guarantee. The lender's ability to provide this loan is dependent upon the lenders receiving the Partial Guarantee.