Pittaway Transport Limited |
Registered number: |
03562260 |
Balance Sheet |
as at 31 December 2023 |
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Notes |
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2023 |
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2022 |
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£ |
£ |
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£ |
£ |
Fixed assets |
Tangible assets |
3 |
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259,834 |
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172,289 |
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Current assets |
Debtors |
4 |
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288,612 |
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412,480 |
Cash at bank and in hand |
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138,684 |
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43,977 |
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427,296 |
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456,457 |
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Creditors: amounts falling due within one year |
5 |
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(421,906) |
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(345,527) |
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Net current assets |
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5,390 |
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110,930 |
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Total assets less current liabilities |
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265,224 |
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283,219 |
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Creditors: amounts falling due after more than one year |
6 |
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(28,058) |
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(56,395) |
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Provisions for liabilities |
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(62,129) |
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(30,113) |
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Net assets |
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175,037 |
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196,711 |
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Capital and reserves |
Called up share capital |
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195 |
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195 |
Share premium |
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39,900 |
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39,900 |
Capital redemption reserve |
8 |
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50 |
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50 |
Profit and loss account |
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134,892 |
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156,566 |
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Shareholders' funds |
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175,037 |
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196,711 |
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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 members have 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. |
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K M Austin |
Director |
Approved by the board on 29 July 2024 |
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Pittaway Transport Limited |
Notes to the Accounts |
for the year ended 31 December 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the rendering of services. Turnover from the rendering of services is recognised when the haulage service takes place. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets,at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
10% reducing balance basis |
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Motor vehicles |
25% reducing balance basis |
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Debtors |
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Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are recognised at transaction price including any transaction costs. |
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Creditors |
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Short term creditors are measured at transaction price. Loans and other financial liabilities are recognised at transaction price net of any transaction costs. |
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Taxation |
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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. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
12 |
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12 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
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Motor vehicles |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 January 2023 |
31,827 |
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193,328 |
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225,155 |
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Additions |
12,255 |
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126,724 |
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138,979 |
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At 31 December 2023 |
44,082 |
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320,052 |
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364,134 |
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Depreciation |
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At 1 January 2023 |
6,747 |
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46,119 |
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52,866 |
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Charge for the year |
3,175 |
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48,259 |
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51,434 |
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At 31 December 2023 |
9,922 |
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94,378 |
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104,300 |
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Net book value |
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At 31 December 2023 |
34,160 |
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225,674 |
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259,834 |
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At 31 December 2022 |
25,080 |
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147,209 |
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172,289 |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
282,397 |
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306,284 |
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Amounts owed by group undertakings |
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- |
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100,000 |
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Prepayments and accrued income |
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6,215 |
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6,196 |
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288,612 |
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412,480 |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Bank loans and overdrafts |
10,149 |
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9,648 |
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Other loans |
187,325 |
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205,929 |
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Obligations under finance lease and hire purchase contracts |
13,333 |
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12,374 |
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Trade creditors |
115,613 |
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39,724 |
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Amounts owed to Holding Company |
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15,030 |
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- |
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Corporation tax |
5,348 |
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13,315 |
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Other taxes and social security costs |
63,560 |
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52,763 |
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Accruals and deferred income |
11,548 |
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11,774 |
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421,906 |
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345,527 |
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6 |
Creditors: amounts falling due after one year |
2023 |
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2022 |
£ |
£ |
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Bank loans |
14,804 |
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25,195 |
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Obligations under finance lease and hire purchase contracts |
13,254 |
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31,200 |
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28,058 |
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56,395 |
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7 |
Loans |
2023 |
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2022 |
£ |
£ |
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Creditors include: |
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Secured bank loans |
187,325 |
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205,929 |
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The secured loans comprise amounts which are advanced against sales and are secured against certain of the trade debtors. |
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8 |
Capital redemption reserve |
2023 |
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2022 |
£ |
£ |
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At 1 January 2023 |
50 |
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50 |
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At 31 December 2023 |
50 |
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50 |
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9 |
Pension commitments |
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The company operates an auto-enrolement defined contribution scheme in respect of employees eligible and wishing to enrole. The assets of the schemes are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company and amounted to £9,623 (2022 £9,118) |
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10 |
Controlling party |
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The company is a wholly owned subsidiary of Austin Transport Services Limited, which is is the ultimate holding company. |
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11 |
Other information |
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Pittaway Transport Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Aston Road |
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Aston Fields Industrial Estate |
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Bromsgrove |
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West Midlands |
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B60 3EX |