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Company registration number: 02355300

Ken Jones Transport (Goldcliff) Limited

Filleted Annual Report and Financial Statements

for the Year Ended 31 October 2023

 

Ken Jones Transport (Goldcliff) Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Ken Jones Transport (Goldcliff) Limited

(Registration number: 02355300)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,001

3,360

Creditors: Amounts falling due within one year

5

(941,327)

(941,327)

Net liabilities

 

(939,326)

(937,967)

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

(940,326)

(938,967)

Total equity

 

(939,326)

(937,967)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the director on 30 July 2024 .
 


S R Keedwell
Company secretary and director

   
 

Ken Jones Transport (Goldcliff) Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

The principal place of business is:
Unit 14 Broad Quay Road
Felnex Industrial Estate
Newport
Gwent
NP19 4PN

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared 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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Key sources of estimation uncertainty

Post year end the directors have confirmed that the company will cease to trade within 12 months of the approval of the financial statements with any remaining assets being transferred to fellow group companies. As such the directors consider it appropriate to prepare the financial statements on a basis other than going concern. No adjustments to the financial statements arose as a result of adopting this basis for preparing the financial statements..

Turnover recognition

Turnover represents the receipts or amounts receivable from the hire of haulage vehicles net of value added tax. Turnover is recognised in the period to which it relates.

 

Ken Jones Transport (Goldcliff) Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold buildings

Straight line over the length of the lease

Plant and machinery

10-15% straight line

Furniture, fittings and equipment

10% straight line

Motor vehicles

15% straight line

Lorries and trailers

15% straight line

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Other debtors and loans receivable are initially recognised at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest method less any provision for impairment.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Short term trade creditors are measured at the transaction price, which is deemed to equate to amortised cost. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period profits and losses.

 

Ken Jones Transport (Goldcliff) Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2022 - 15).

 

Ken Jones Transport (Goldcliff) Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Lorries and trailers
 £

Total
£

Cost or valuation

At 1 November 2022

1

61,113

13,060

106,756

494,420

675,350

At 31 October 2023

1

61,113

13,060

106,756

494,420

675,350

Depreciation

At 1 November 2022

-

61,113

13,060

103,397

494,420

671,990

Charge for the year

-

-

-

1,359

-

1,359

At 31 October 2023

-

61,113

13,060

104,756

494,420

673,349

Carrying amount

At 31 October 2023

1

-

-

2,000

-

2,001

At 31 October 2022

1

-

-

3,359

-

3,360

Included within the net book value of land and buildings above is £1 (2022 - £1) in respect of short leasehold land and buildings.
 

 

Ken Jones Transport (Goldcliff) Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

937,107

937,107

Taxation and social security

 

520

520

Accruals and deferred income

 

3,700

3,700

 

941,327

941,327

6

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

Guarantees

The total amount of guarantees not included in the balance sheet is £Nil (2022 - £Nil). The company has provided an unlimited guarantee in favour of Barclays Bank PLC covering the liabilities of all companies within the R. T. Keedwell Holdings group (excluding Walrow Tyre Services Limited, Truck Tech Yorkshire Limited, Junction 22 Trailers Limited and Keedwell Konnect Limited) and West Trucks (Highbridge) Limited. The bank have secured this debt against an unlimited debenture over all assets of the company.

 

Ken Jones Transport (Goldcliff) Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

7

Related party transactions

Summary of transactions with parent

The company has taken advantage of the exemption in FRS102 paragraph 33.1A from disclosing transactions and balances with wholly owned subsidiaries.
 

8

Parent and ultimate parent undertaking

The company's immediate parent is R. T. Keedwell Holdings Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is S R Keedwell Holdings Limited. These financial statements are available upon request from Companies house, Crown Way, Cardiff, CF14 3UZ

 

9

Audit Report

The Independent Auditor's Report was unqualified.
We draw your attention to note 2 to the financial statements which explains that the company will cease to trade within 12 months following the year-end. As such the directors do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 2. Our opinion is not modified in respect of this matter.
The name of the Senior Statutory Auditor who signed the audit report on 30 July 2024 was Simon Morrison FCA, who signed for and on behalf of Bishop Fleming LLP.