K. P. Parnell Transport Limited 01507636 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is freight transport. Digita Accounts Production Advanced 6.30.9574.0 true 01507636 2023-04-01 2024-03-31 01507636 2024-03-31 01507636 core:RetainedEarningsAccumulatedLosses 2024-03-31 01507636 core:ShareCapital 2024-03-31 01507636 core:CurrentFinancialInstruments 2024-03-31 01507636 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01507636 core:FurnitureFittingsToolsEquipment 2024-03-31 01507636 core:LandBuildings 2024-03-31 01507636 core:MotorVehicles 2024-03-31 01507636 core:OtherPropertyPlantEquipment 2024-03-31 01507636 bus:SmallEntities 2023-04-01 2024-03-31 01507636 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01507636 bus:FullAccounts 2023-04-01 2024-03-31 01507636 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01507636 bus:RegisteredOffice 2023-04-01 2024-03-31 01507636 bus:Director1 2023-04-01 2024-03-31 01507636 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01507636 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 01507636 core:LandBuildings 2023-04-01 2024-03-31 01507636 core:MotorVehicles 2023-04-01 2024-03-31 01507636 core:OfficeEquipment 2023-04-01 2024-03-31 01507636 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 01507636 core:PlantMachinery 2023-04-01 2024-03-31 01507636 countries:EnglandWales 2023-04-01 2024-03-31 01507636 2023-03-31 01507636 core:FurnitureFittingsToolsEquipment 2023-03-31 01507636 core:LandBuildings 2023-03-31 01507636 core:MotorVehicles 2023-03-31 01507636 core:OtherPropertyPlantEquipment 2023-03-31 01507636 2022-04-01 2023-03-31 01507636 2023-03-31 01507636 core:RetainedEarningsAccumulatedLosses 2023-03-31 01507636 core:ShareCapital 2023-03-31 01507636 core:CurrentFinancialInstruments 2023-03-31 01507636 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01507636 core:FurnitureFittingsToolsEquipment 2023-03-31 01507636 core:LandBuildings 2023-03-31 01507636 core:MotorVehicles 2023-03-31 01507636 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 01507636

K. P. Parnell Transport Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

K. P. Parnell Transport Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

K. P. Parnell Transport Limited

(Registration number: 01507636)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,366,335

2,143,249

Current assets

 

Stocks

5

323,225

317,960

Debtors

6

4,126,661

3,908,207

Cash at bank and in hand

 

466,496

416,473

 

4,916,382

4,642,640

Creditors: Amounts falling due within one year

7

(1,294,549)

(1,040,915)

Net current assets

 

3,621,833

3,601,725

Total assets less current liabilities

 

4,988,168

5,744,974

Provisions for liabilities

(275,061)

(448,755)

Net assets

 

4,713,107

5,296,219

Capital and reserves

 

Called up share capital

100

100

Retained earnings

4,713,007

5,296,119

Shareholders' funds

 

4,713,107

5,296,219

 

K. P. Parnell Transport Limited

(Registration number: 01507636)
Balance Sheet as at 31 March 2024

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 September 2024
 

.........................................
Mr K P Parnell
Director

 

K. P. Parnell 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:
Govan Road
Fenton
Stoke On Trent
Staffs
ST4 2RS

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.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

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.

 

K. P. Parnell Transport Limited

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

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.

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 and buildings

1% straight line

Fixtures, fittings and equipment

25% straight line

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

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.

 

K. P. Parnell Transport Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2023 - 13).

 

K. P. Parnell Transport Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

280,091

774

1,078,015

1,680,557

3,039,437

Additions

-

-

5,000

386,000

391,000

Disposals

-

-

(642,765)

(664,337)

(1,307,102)

At 31 March 2024

280,091

774

440,250

1,402,220

2,123,335

Depreciation

At 1 April 2023

11,200

313

295,341

589,334

896,188

Charge for the year

2,801

193

87,383

279,276

369,653

Eliminated on disposal

-

-

(204,623)

(304,218)

(508,841)

At 31 March 2024

14,001

506

178,101

564,392

757,000

Carrying amount

At 31 March 2024

266,090

268

262,149

837,828

1,366,335

At 31 March 2023

268,891

461

782,674

1,091,223

2,143,249

Included within the net book value of land and buildings above is £266,090 (2023 - £268,891) in respect of freehold land and buildings.
 

 

K. P. Parnell Transport Limited

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

5

Stocks

2024
£

2023
£

Development sites

223,225

217,960

Other inventories

100,000

100,000

323,225

317,960

6

Debtors

Current

2024
£

2023
£

Trade debtors

766,588

414,688

Amounts owed by related parties

1,904,691

1,900,496

Prepayments

33,868

26,823

Other debtors

1,421,514

1,566,200

 

4,126,661

3,908,207

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

343,251

50,648

Taxation and social security

12,583

130,038

Accruals and deferred income

3,550

15,475

Other creditors

935,165

844,754

1,294,549

1,040,915