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Registered number: 05432772
KRP Express Transport Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—8
Page 1
Balance Sheet
Registered number: 05432772
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,167,721 1,217,078
Investments 5 250,000 250,000
1,417,721 1,467,078
CURRENT ASSETS
Stocks 6 11,256 15,110
Debtors 7 632,331 642,794
Cash at bank and in hand 425,789 552,236
1,069,376 1,210,140
Creditors: Amounts Falling Due Within One Year 8 (801,565 ) (801,209 )
NET CURRENT ASSETS (LIABILITIES) 267,811 408,931
TOTAL ASSETS LESS CURRENT LIABILITIES 1,685,532 1,876,009
Creditors: Amounts Falling Due After More Than One Year 9 (692,265 ) (916,398 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (291,931 ) (304,270 )
NET ASSETS 701,336 655,341
CAPITAL AND RESERVES
Called up share capital 100 100
Fair Value Reserve 14 37,500 37,500
Profit and Loss Account 663,736 617,741
SHAREHOLDERS' FUNDS 701,336 655,341
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms V Colman
Director
12 September 2024
The notes on pages 4 to 8 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Fair Value Reserve Profit and Loss Account Total
£ £ £ £
As at 1 April 2022 100 - 718,599 718,699
Profit for the year and total comprehensive income - - 50,642 50,642
Dividends paid - - (114,000) (114,000)
Movements in fair value reserve - 37,500 - 37,500
Transfer from revaluation reserve - - (37,500) (37,500)
As at 31 March 2023 and 1 April 2023 100 37,500 617,741 655,341
Profit for the year and total comprehensive income - - 86,685 86,685
Dividends paid - - (40,690) (40,690)
As at 31 March 2024 100 37,500 663,736 701,336
Page 3
Page 4
Notes to the Financial Statements
1. General Information
KRP Express Transport Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05432772 . The registered office is Unit 4x Central Crescent, Marchwood Industrial Estate, Marchwood, Hampshire, SO40 4BJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 12.5%, 20% and 25% on cost
Motor Vehicles 12.5%, 20%, 25% & 33% on cost
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2023: 20)
18 20
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4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 April 2023 2,238,940
Additions 306,525
Disposals (215,362 )
As at 31 March 2024 2,330,103
Depreciation
As at 1 April 2023 1,021,862
Provided during the period 316,673
Disposals (176,153 )
As at 31 March 2024 1,162,382
Net Book Value
As at 31 March 2024 1,167,721
As at 1 April 2023 1,217,078
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 201,007 103,273
Motor Vehicles 827,364 985,705
1,028,371 1,088,978
5. Investments
Other
£
Cost
As at 1 April 2023 250,000
As at 31 March 2024 250,000
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 250,000
As at 1 April 2023 250,000
6. Stocks
2024 2023
£ £
Materials 11,256 15,110
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 521,299 541,612
Other debtors 111,032 101,182
632,331 642,794
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 258,229 293,726
Trade creditors 378,259 318,851
Bank loans and overdrafts - 50,000
Amounts owed to participating interests 1,083 -
Other creditors 83,729 84,562
Taxation and social security 80,265 54,070
801,565 801,209
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 621,224 667,843
Bank loans - 112,500
Other creditors 71,041 136,055
692,265 916,398
10. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
Hire purchase liabilities are secured against the assets to which they relate.
Lloyds Bank Plc has a fixed and floating charge over all the property or undertaking of the company. Full details of this charge can be found on Companies House website
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 879,453 961,569
Bank loans and overdrafts - 162,500
Other Creditors 136,055 195,552
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 258,229 293,726
Later than one year and not later than five years 621,224 667,843
879,453 961,569
879,453 961,569
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12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 29,000 29,000
29,000 29,000
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Ms Vicky Colman (17,797 ) 57,712 (39,690 ) - 225
The above loan is unsecured, interest free and repayable on demand.
14. Reserves
Fair Value Reserve
£
As at 1 April 2023 37,500
As at 31 March 2024 37,500
15. Related Party Transactions
Included within other creditors amounts falling due within 1 year is an amount of £775 (2023: £Nil) owed to Mr G Roberts a shareholder of the company. No interest has been charged on this loan which is repayable on demand.
Included within other creditors amounts falling due within 1 year is an amount of £308 (2023: £Nil) owed to Driver Supply and Training Ltd a subsidiary of this company. No interest has been charged on this loan which is repayable on demand.
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