Registered number
03562260
Pittaway Transport Limited
Report and Unaudited Accounts
31 December 2023
Collins
Chartered Accountants
West Midlands
Pittaway Transport Limited
Registered number: 03562260
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Tangible assets 3 259,834 172,289
Current assets
Debtors 4 288,612 412,480
Cash at bank and in hand 138,684 43,977
427,296 456,457
Creditors: amounts falling due within one year 5 (421,906) (345,527)
Net current assets 5,390 110,930
Total assets less current liabilities 265,224 283,219
Creditors: amounts falling due after more than one year 6 (28,058) (56,395)
Provisions for liabilities (62,129) (30,113)
Net assets 175,037 196,711
Capital and reserves
Called up share capital 195 195
Share premium 39,900 39,900
Capital redemption reserve 8 50 50
Profit and loss account 134,892 156,566
Shareholders' funds 175,037 196,711
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.
K M Austin
Director
Approved by the board on 29 July 2024
Pittaway Transport Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
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.
Turnover
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.
Tangible fixed assets
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:
Plant and machinery 10% reducing balance basis
Motor vehicles 25% reducing balance basis
Debtors
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.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are recognised at transaction price net of any transaction costs.
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.
Leased assets
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 12
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 31,827 193,328 225,155
Additions 12,255 126,724 138,979
At 31 December 2023 44,082 320,052 364,134
Depreciation
At 1 January 2023 6,747 46,119 52,866
Charge for the year 3,175 48,259 51,434
At 31 December 2023 9,922 94,378 104,300
Net book value
At 31 December 2023 34,160 225,674 259,834
At 31 December 2022 25,080 147,209 172,289
4 Debtors 2023 2022
£ £
Trade debtors 282,397 306,284
Amounts owed by group undertakings - 100,000
Prepayments and accrued income 6,215 6,196
288,612 412,480
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,149 9,648
Other loans 187,325 205,929
Obligations under finance lease and hire purchase contracts 13,333 12,374
Trade creditors 115,613 39,724
Amounts owed to Holding Company 15,030 -
Corporation tax 5,348 13,315
Other taxes and social security costs 63,560 52,763
Accruals and deferred income 11,548 11,774
421,906 345,527
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,804 25,195
Obligations under finance lease and hire purchase contracts 13,254 31,200
28,058 56,395
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 187,325 205,929
The secured loans comprise amounts which are advanced against sales and are secured against certain of the trade debtors.
8 Capital redemption reserve 2023 2022
£ £
At 1 January 2023 50 50
At 31 December 2023 50 50
9 Pension commitments
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)
10 Controlling party
The company is a wholly owned subsidiary of Austin Transport Services Limited, which is is the ultimate holding company.
11 Other information
Pittaway Transport Limited is a private company limited by shares and incorporated in England. Its registered office is:
Aston Road
Aston Fields Industrial Estate
Bromsgrove
West Midlands
B60 3EX
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