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REGISTERED NUMBER: 03110279 (England and Wales)








UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

MLC TRANSPORT LIMITED

MLC TRANSPORT LIMITED (REGISTERED NUMBER: 03110279)






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




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


MLC TRANSPORT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 October 2023







DIRECTORS: Mrs K A F Harris
Mr D A Harris





REGISTERED OFFICE: 41 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX





REGISTERED NUMBER: 03110279 (England and Wales)





ACCOUNTANTS: Mitchell Glanville Limited
Chartered Accountants
41 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX

MLC TRANSPORT LIMITED (REGISTERED NUMBER: 03110279)

BALANCE SHEET
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,642,504 1,380,029

CURRENT ASSETS
Debtors 5 256,546 330,993
Cash at bank 125,610 185,609
382,156 516,602
CREDITORS
Amounts falling due within one year 6 601,891 533,787
NET CURRENT LIABILITIES (219,735 ) (17,185 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,422,769

1,362,844

CREDITORS
Amounts falling due after more than one year 7 (477,499 ) (520,203 )

PROVISIONS FOR LIABILITIES (247,492 ) (239,111 )
NET ASSETS 697,778 603,530

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 697,776 603,528
SHAREHOLDERS' FUNDS 697,778 603,530

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

MLC TRANSPORT LIMITED (REGISTERED NUMBER: 03110279)

BALANCE SHEET - continued
31 October 2023


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:




Mrs K A F Harris - Director



Mr D A Harris - Director


MLC TRANSPORT LIMITED (REGISTERED NUMBER: 03110279)

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

1. STATUTORY INFORMATION

MLC 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.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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 or deferred taxation assets and liabilities are not discounted.

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.

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.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 AND OTHER POST-RETIREMENT BENEFITS
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.

MLC TRANSPORT LIMITED (REGISTERED NUMBER: 03110279)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 26 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and Motor
property property fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 288,781 134,806 39,760 2,441,681 2,905,028
Additions - 228,950 1,996 273,792 504,738
Disposals - - - (33,483 ) (33,483 )
Transfer to ownership - - - (210,391 ) (210,391 )
At 31 October 2023 288,781 363,756 41,756 2,471,599 3,165,892
DEPRECIATION
At 1 November 2022 - - 33,251 1,491,748 1,524,999
Charge for year - - 1,818 225,029 226,847
Eliminated on disposal - - - (18,066 ) (18,066 )
Transfer to ownership - - - (210,392 ) (210,392 )
At 31 October 2023 - - 35,069 1,488,319 1,523,388
NET BOOK VALUE
At 31 October 2023 288,781 363,756 6,687 983,280 1,642,504
At 31 October 2022 288,781 134,806 6,509 949,933 1,380,029

The directors have estimated that the value of the land is approximately £450,000 at the end of the financial year.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 November 2022 1,428,081
Additions 273,792
Disposals (33,483 )
Transfer to ownership (210,391 )
At 31 October 2023 1,457,999
DEPRECIATION
At 1 November 2022 469,931
Charge for year 174,485
Eliminated on disposal (18,066 )
At 31 October 2023 626,350
NET BOOK VALUE
At 31 October 2023 831,649
At 31 October 2022 958,150

MLC TRANSPORT LIMITED (REGISTERED NUMBER: 03110279)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 254,069 330,993
Other debtors 354 -
Prepayments and accrued income 2,123 -
256,546 330,993

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 20,491 20,491
Hire purchase contracts (see note 9) 230,408 282,367
Trade creditors 97,494 129,245
Tax 5,106 -
Social security and other taxes - 15,089
Pension 2,843 2,548
VAT 35,444 79,526
Directors' loan accounts 206,915 1,331
Accrued expenses 3,190 3,190
601,891 533,787

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 8) 169,696 190,282
Hire purchase contracts (see note 9) 307,803 329,921
477,499 520,203

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 20,491 20,491

Amounts falling due between two and five years:
Bank loans - 2-5 years 169,696 190,282

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 230,408 282,367
Between one and five years 307,803 329,921
538,211 612,288

MLC TRANSPORT LIMITED (REGISTERED NUMBER: 03110279)

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

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
Mrs K A F Harris
Balance outstanding at start of year (19 ) (19 )
Amounts repaid (110,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (110,019 ) (19 )

Mr D A Harris
Balance outstanding at start of year (1,311 ) (169 )
Amounts advanced 14,415 3,611
Amounts repaid (110,000 ) (4,753 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (96,896 ) (1,311 )

The loans bear no interest and is repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr D A Harris.