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Registration number: 00833185

Burgess & Walker Transport Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Burgess & Walker Transport Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Burgess & Walker Transport Limited

Company Information

Directors

Mr P H Burgess

Ms L R Wilson

Mr G Walker

Company secretary

Ms L R Wilson

Registered office

12 The Broadway
The Broadway
St Ives
Cambridgeshire
PE27 5BN

Accountants

D A Green & Sons
Chartered Certified Accountants
12 The Broadway
The Broadway
St Ives
Cambridgeshire
PE27 5BN

 

Burgess & Walker Transport Limited

(Registration number: 00833185)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,222,014

6,390,756

Current assets

 

Stocks

5

1,008,770

1,146,786

Debtors

6

643,350

511,937

Cash at bank and in hand

 

663,788

667,755

 

2,315,908

2,326,478

Creditors: Amounts falling due within one year

7

(906,059)

(890,987)

Net current assets

 

1,409,849

1,435,491

Total assets less current liabilities

 

7,631,863

7,826,247

Creditors: Amounts falling due after more than one year

7

(2,129,168)

(2,308,071)

Provisions for liabilities

(380,413)

(301,255)

Net assets

 

5,122,282

5,216,921

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

5,122,182

5,216,821

Shareholders' funds

 

5,122,282

5,216,921

 

Burgess & Walker Transport Limited

(Registration number: 00833185)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 June 2024 and signed on its behalf by:
 

.........................................
Mr P H Burgess
Director

.........................................
Mr G Walker
Director

 

Burgess & Walker Transport Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

5,216,821

5,216,921

Loss for the year

-

(14,639)

(14,639)

Dividends

-

(80,000)

(80,000)

At 31 December 2023

100

5,122,182

5,122,282

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

100

4,277,249

4,277,349

Profit for the year

-

1,019,572

1,019,572

Dividends

-

(80,000)

(80,000)

At 31 December 2022

100

5,216,821

5,216,921

 

Burgess & Walker Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
12 The Broadway
The Broadway
St Ives
Cambridgeshire
PE27 5BN
England

These financial statements were authorised for issue by the Board on 24 June 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Burgess & Walker Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

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

Land

no provision

Buildings

2.5% straight line basis

Vehicles, tractors and equipment

Between 15% and 33.33% reducung balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Burgess & Walker Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Burgess & Walker Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 17).

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

5,639,395

3,295,420

8,934,815

Additions

-

493,878

493,878

Disposals

-

(300,080)

(300,080)

At 31 December 2023

5,639,395

3,489,218

9,128,613

Depreciation

At 1 January 2023

834,193

1,709,434

2,543,627

Charge for the year

104,842

413,525

518,367

Eliminated on disposal

-

(155,395)

(155,395)

At 31 December 2023

939,035

1,967,564

2,906,599

Carrying amount

At 31 December 2023

4,700,360

1,521,654

6,222,014

At 31 December 2022

4,805,205

1,585,551

6,390,756

Included within the net book value of land and buildings above is £4,700,359 (2022 - £4,805,205) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

1,008,770

1,146,786

 

Burgess & Walker Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

629,743

494,552

Prepayments

13,607

13,607

Other debtors

-

3,778

 

643,350

511,937

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

413,439

409,940

Trade creditors

 

212,245

181,915

Taxation and social security

 

95,736

104,909

Accruals and deferred income

 

5,000

37,300

Other creditors

 

179,639

156,923

 

906,059

890,987

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

2,129,168

2,308,071

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Burgess & Walker Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,982,601

2,082,340

Hire purchase contracts

146,567

225,731

2,129,168

2,308,071

2023
£

2022
£

Current loans and borrowings

Bank borrowings

195,737

188,745

Hire purchase contracts

217,702

221,195

413,439

409,940

The bank loans are secured by a fixed and floating charge over the assets of the company

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £800.00 per each Ordinary

 

80,000

 

80,000

         

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

132,600

132,600

Contributions paid to money purchase schemes

4,555

2,562

137,155

135,162