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Registration number: 03686992

BSB Transport Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

BSB Transport Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

BSB Transport Limited

(Registration number: 03686992)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,111,260

1,229,488

Current assets

 

Stocks

5

45,788

17,099

Debtors

6

473,536

465,596

Cash at bank and in hand

 

43,954

257,307

 

563,278

740,002

Creditors: Amounts falling due within one year

7

(832,226)

(909,819)

Net current liabilities

 

(268,948)

(169,817)

Total assets less current liabilities

 

842,312

1,059,671

Creditors: Amounts falling due after more than one year

7

(31,716)

(118,645)

Provisions for liabilities

(223,452)

(275,798)

Net assets

 

587,144

665,228

Capital and reserves

 

Called up share capital

2,002

2,002

Retained earnings

585,142

663,226

Shareholders' funds

 

587,144

665,228

For the financial year ending 31 March 2024 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.

 

BSB Transport Limited

(Registration number: 03686992)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 20 August 2024 and signed on its behalf by:
 

.........................................
R Allen
Director

.........................................
J A Burns-Salmond
Director

 

BSB Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Trondhiem Way
Redwood Park Estate
Stallingborough
N E Lincs
DN41 8FD

These financial statements were authorised for issue by the Board on 20 August 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

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.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

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.

 

BSB Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and Machinery

15% and 25% reducing balance

Fixtures and Fittings

15% reducing balance

Motor Vehicles

15% reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less associated costs to completion and selling costs,

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.

 

BSB Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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

The company contributes into a group personal pension scheme on behalf of its employees. The contributions are recognised in the profit and loss account when they fall due.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 14 (2023 - 15).

 

BSB Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

150,009

93,508

1,657,967

102,206

Additions

111,877

-

16,830

34,546

Disposals

-

-

-

(36,022)

At 31 March 2024

261,886

93,508

1,674,797

100,730

Depreciation

At 1 April 2023

-

52,728

667,084

54,391

Charge for the year

9,830

6,117

235,244

15,160

Eliminated on disposal

-

-

-

(20,893)

At 31 March 2024

9,830

58,845

902,328

48,658

Carrying amount

At 31 March 2024

252,056

34,663

772,469

52,072

At 31 March 2023

150,009

40,781

990,883

47,815

Total
£

Cost or valuation

At 1 April 2023

2,003,690

Additions

163,253

Disposals

(36,022)

At 31 March 2024

2,130,921

Depreciation

At 1 April 2023

774,203

Charge for the year

266,351

Eliminated on disposal

(20,893)

At 31 March 2024

1,019,661

Carrying amount

At 31 March 2024

1,111,260

At 31 March 2023

1,229,488

 

BSB Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Included within the net book value of land and buildings above is £252,056 (2023 - £150,009) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

45,788

17,099

6

Debtors

Current

2024
£

2023
£

Trade debtors

437,817

405,047

Prepayments

33,219

24,478

Other debtors

2,500

36,071

 

473,536

465,596

 

BSB Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

417,236

681,233

Trade creditors

 

175,180

113,760

Taxation and social security

 

86,912

71,064

Accruals and deferred income

 

91,866

30,465

Other creditors

 

61,032

13,297

 

832,226

909,819

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £417,236 (2023 - £681,233).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

31,716

118,645

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £31,716 (2023 - £118,645).

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

31,716

118,645

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

330,684

311,314

Hire purchase contracts

86,552

369,919

417,236

681,233

 

BSB Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £366,656 (2023 - £421,831).