Registered number
01974727
Cranheath Transport Limited
Unaudited Filleted Accounts
31 March 2024
Cranheath Transport Limited
Registered number: 01974727
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 481,073 233,142
Current assets
Debtors 4 419,596 418,616
Cash at bank and in hand 344,532 256,033
764,128 674,649
Creditors: amounts falling due within one year 5 (281,484) (222,382)
Net current assets 482,644 452,267
Total assets less current liabilities 963,717 685,409
Creditors: amounts falling due after more than one year 6 (339,773) (251,400)
Provisions for liabilities (120,268) (44,297)
Net assets 503,676 389,712
Capital and reserves
Called up share capital 100 100
Profit and loss account 503,576 389,612
Shareholders' funds 503,676 389,712
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs L Brooking
Director
Approved by the board on 03 September 2024
Cranheath Transport Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Lorries over 4 years
Fixtures, fittings, tools and equipment over 5 years
Stocks and Work in Progress
Stocks/work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 11
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 2,448 1,853,338 1,855,786
Additions - 503,492 503,492
At 31 March 2024 2,448 2,356,830 2,359,278
Depreciation
At 1 April 2023 2,448 1,620,196 1,622,644
Charge for the year - 255,561 255,561
At 31 March 2024 2,448 1,875,757 1,878,205
Net book value
At 31 March 2024 - 481,073 481,073
At 31 March 2023 - 233,142 233,142
4 Debtors 2024 2023
£ £
Trade debtors 329,480 332,553
Other debtors 90,116 86,063
419,596 418,616
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,948 9,704
Obligations under finance lease and hire purchase contracts 176,638 113,675
Trade creditors 64,703 55,827
Taxation and social security costs 10,066 38,843
Other creditors 20,129 4,333
281,484 222,382
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,460 22,651
Obligations under finance lease and hire purchase contracts 327,313 228,749
339,773 251,400
7 Controlling party
The controlling party is Mrs Brooking by virtue of her 95% shareholding.
8 Other information
Cranheath Transport Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 9
Burrington Way
Plymouth
Devon
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