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REGISTERED NUMBER: 03655495 (England and Wales)





PETER SMYTHE TRANSPORT TRAINING LIMITED

REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023






PETER SMYTHE TRANSPORT TRAINING LIMITED (REGISTERED NUMBER: 03655495)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Report of the Director 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


PETER SMYTHE TRANSPORT TRAINING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTOR: G H Allen





REGISTERED OFFICE: Plot J Brierley Industrial Estate
Brierley Park Close
Sutton-in-Ashfield
Nottinghamshire
NG17 3FW





REGISTERED NUMBER: 03655495 (England and Wales)





ACCOUNTANTS: ApC
Chartered Accountants
7 St John Street
Mansfield
Nottinghamshire
NG18 1QH

PETER SMYTHE TRANSPORT TRAINING LIMITED (REGISTERED NUMBER: 03655495)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 NOVEMBER 2023


The director presents his report with the financial statements of the company for the year ended 30 November 2023.

DIRECTOR
G H Allen held office during the whole of the period from 1 December 2022 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





G H Allen - Director


30 August 2024

PETER SMYTHE TRANSPORT TRAINING LIMITED (REGISTERED NUMBER: 03655495)

INCOME STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023 2022
Notes £    £   

TURNOVER 1,972,573 1,533,801

Cost of sales (271,583 ) (316,762 )
GROSS PROFIT 1,700,990 1,217,039

Administrative expenses (1,472,789 ) (1,182,487 )
228,201 34,552

Other operating income - 25,500
OPERATING PROFIT 4 228,201 60,052


Interest payable and similar expenses (100,075 ) (12,892 )
PROFIT BEFORE TAXATION 128,126 47,160

Tax on profit (7,115 ) (47,004 )
PROFIT FOR THE FINANCIAL YEAR 121,011 156

PETER SMYTHE TRANSPORT TRAINING LIMITED (REGISTERED NUMBER: 03655495)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 4,212 5,949
Tangible assets 6 770,981 561,685
775,193 567,634

CURRENT ASSETS
Stocks 16,254 4,000
Debtors 7 1,489,374 887,962
Cash at bank 7,488 26,326
1,513,116 918,288
CREDITORS
Amounts falling due within one year 8 1,320,320 846,722
NET CURRENT ASSETS 192,796 71,566
TOTAL ASSETS LESS CURRENT
LIABILITIES

967,989

639,200

CREDITORS
Amounts falling due after more than one
year

9

(504,002

)

(303,339

)

PROVISIONS FOR LIABILITIES (97,689 ) (90,574 )
NET ASSETS 366,298 245,287

PETER SMYTHE TRANSPORT TRAINING LIMITED (REGISTERED NUMBER: 03655495)

BALANCE SHEET - continued
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 111 111
Retained earnings 366,187 245,176
366,298 245,287

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 30 August 2024 and were signed by:





G H Allen - Director


PETER SMYTHE TRANSPORT TRAINING LIMITED (REGISTERED NUMBER: 03655495)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Peter Smythe Transport Training 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


PETER SMYTHE TRANSPORT TRAINING LIMITED (REGISTERED NUMBER: 03655495)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 18 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 129,132 137,601
Goodwill amortisation 1,737 2,404

PETER SMYTHE TRANSPORT TRAINING LIMITED (REGISTERED NUMBER: 03655495)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 12,020
AMORTISATION
At 1 December 2022 6,071
Charge for year 1,737
At 30 November 2023 7,808
NET BOOK VALUE
At 30 November 2023 4,212
At 30 November 2022 5,949

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2022 56,831 1,045,127 1,101,958
Additions 200,000 296,732 496,732
Disposals - (186,240 ) (186,240 )
At 30 November 2023 256,831 1,155,619 1,412,450
DEPRECIATION
At 1 December 2022 - 540,273 540,273
Charge for year - 129,132 129,132
Eliminated on disposal - (27,936 ) (27,936 )
At 30 November 2023 - 641,469 641,469
NET BOOK VALUE
At 30 November 2023 256,831 514,150 770,981
At 30 November 2022 56,831 504,854 561,685

PETER SMYTHE TRANSPORT TRAINING LIMITED (REGISTERED NUMBER: 03655495)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 199,602 172,664
Amounts owed by group undertakings 416,345 209,395
Amounts owed by participating interests 638,226 469,743
Other debtors 235,201 36,160
1,489,374 887,962

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 49,960 49,937
Hire purchase contracts 73,298 272,507
Trade creditors 72,263 34,848
Amounts owed to group undertakings 26,124 35,000
Amounts owed to participating interests 698,052 299,500
Taxation and social security 195,139 99,370
Other creditors 205,484 55,560
1,320,320 846,722

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 100,143 150,126
Hire purchase contracts 290,235 153,213
Other creditors 113,624 -
504,002 303,339