Company registration number 13618276 (England and Wales)
LEATHAM TRANSPORT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LEATHAM TRANSPORT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LEATHAM TRANSPORT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
264,321
130,809
Current assets
Debtors
4
61,413
58,608
Cash at bank and in hand
28,341
7,571
89,754
66,179
Creditors: amounts falling due within one year
5
(137,186)
(84,120)
Net current liabilities
(47,432)
(17,941)
Total assets less current liabilities
216,889
112,868
Creditors: amounts falling due after more than one year
6
(163,510)
(91,790)
Provisions for liabilities
(22,353)
(4,952)
Net assets
31,026
16,126
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
8
30,926
16,026
Total equity
31,026
16,126
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LEATHAM TRANSPORT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
Mrs J Leatham
Director
Company registration number 13618276 (England and Wales)
LEATHAM TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Leatham Transport Limited is a private company limited by shares incorporated in England and Wales. The registered office is Broomhill, High Bickington, Umberleigh, Devon, EX37 9BL.
1.1
Reporting period
The financial statements are made up to 31 December 2022 being the company's annual accounting date.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
Computers
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LEATHAM TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
3
LEATHAM TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 January 2023
150,582
150,582
Additions
177,000
499
177,499
At 31 December 2023
327,582
499
328,081
Depreciation and impairment
At 1 January 2023
19,773
19,773
Depreciation charged in the year
43,862
125
43,987
At 31 December 2023
63,635
125
63,760
Carrying amount
At 31 December 2023
263,947
374
264,321
At 31 December 2022
130,809
130,809
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
49,376
52,095
Prepayments and accrued income
12,037
6,513
61,413
58,608
5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
55,425
27,105
Other borrowings
18,000
Trade creditors
19,778
14,106
Taxation and social security
25,930
16,032
Other creditors
14,744
24,760
Accruals and deferred income
3,309
2,117
137,186
84,120
Items subject to finance agreements are secured by charges over those assets.
LEATHAM TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
163,510
91,790
Items subject to finance agreements are secured by charges over those assets.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
16,026
Profit for the year
15,900
20,026
Dividends declared and paid in the year
(1,000)
(4,000)
At the end of the year
30,926
16,026