Port Traction Limited
Registered number: 06383325
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Current assets
Debtors 3 135,104 165,324
Cash at bank and in hand 152,680 147,178
287,784 312,502
Creditors: amounts falling due within one year 4 (258,927) (284,788)
Net current assets 28,857 27,714
Net assets 28,857 27,714
Capital and reserves
Called up share capital 1 1
Profit and loss account 28,856 27,713
Shareholder's funds 28,857 27,714
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A L Myers
Director
Approved by the board on 1 August 2024
Port Traction Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 61 71
3 Debtors 2024 2023
£ £
Trade debtors 134,403 164,528
Deferred tax asset 701 796
135,104 165,324
4 Creditors: amounts falling due within one year 2024 2023
£ £
Taxes and social security costs 145,783 195,240
Other creditors 113,144 89,548
258,927 284,788
5 Pension commitments
The company is providing pension provisions to its employees under auto-enrolment.
6 Related party transactions
The company sold goods and services of £2,833,501 (2023, £2,948,042) and purchased goods and services of £1,126,382 (2023, £1,120,992) to a company controlled by A L Myers. The indebtedness due from this company was £104,248 as at 29th February 2024 (2023, £210,957).
7 Controlling party
The Company is under the control of A L Myers who owns 100% of the share capital.
8 Other information
Port Traction Limited is a private company limited by shares and incorporated in England. Its registered office is:
Station Yard, New Hythe Lane
Larkfield
Aylesford
Kent
ME20 6FF
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