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Registration number: 09392750

Transport Compliance & Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 December 2023

 

Transport Compliance & Management Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Transport Compliance & Management Limited

Company Information

Directors

Mr D Martindale

Mrs K U Martindale

Company secretary

Mrs K U Martindale

Registered office

Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

Accountants

Cannon Williamson
Chartered Certified Accountants
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

Transport Compliance & Management Limited

(Registration number: 09392750)
Balance Sheet as at 30 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

26,774

47,219

Current assets

 

Debtors

5

13,501

20,409

Cash at bank and in hand

 

3,256

17,143

 

16,757

37,552

Creditors: Amounts falling due within one year

6

(203,224)

(159,432)

Net current liabilities

 

(186,467)

(121,880)

Total assets less current liabilities

 

(159,693)

(74,661)

Creditors: Amounts falling due after more than one year

6

(83,739)

(121,510)

Provisions for liabilities

6,872

(1,729)

Net liabilities

 

(236,560)

(197,900)

Capital and Reserves

 

Called up share capital

7

100

100

Retained Earnings

(236,660)

(198,000)

Shareholders' deficit

 

(236,560)

(197,900)

For the financial year ending 30 December 2023 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.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

 

Transport Compliance & Management Limited

(Registration number: 09392750)
Balance Sheet as at 30 December 2023 (continued)

.........................................
Mr D Martindale
Director

.........................................
Mrs K U Martindale
Company secretary and director

 

Transport Compliance & Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

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:
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD
United Kingdom

These financial statements were authorised for issue by the Board on 29 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Transport Compliance & Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023 (continued)

2

Accounting policies (continued)

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

Fixtures and fittings

20% straight line

Motor vehicles

25% straight line

Plant and Machinery

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Transport Compliance & Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023 (continued)

2

Accounting policies (continued)

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.

Leases

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 directors) during the year, was 7 (2022 - 7).

 

Transport Compliance & Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023 (continued)

4

Tangible Assets

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 31 December 2022

4,607

63,060

19,441

87,108

At 30 December 2023

4,607

63,060

19,441

87,108

Depreciation

At 31 December 2022

3,465

30,217

6,207

39,889

Charge for the year

793

15,765

3,887

20,445

At 30 December 2023

4,258

45,982

10,094

60,334

Carrying amount

At 30 December 2023

349

17,078

9,347

26,774

At 30 December 2022

1,142

32,843

13,234

47,219

5

Debtors

Current

2023
£

2022
£

Trade Debtors

13,501

20,409

 

13,501

20,409

 

Transport Compliance & Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

45,043

51,491

Trade Creditors

 

17,094

23,678

Taxation and social security

 

59,076

56,387

Accruals and deferred income

 

11,705

11,661

Other creditors

 

70,306

16,215

 

203,224

159,432

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

83,739

121,510

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

80,726

109,214

Hire purchase contracts

3,013

12,296

83,739

121,510

Current loans and borrowings

 

Transport Compliance & Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023 (continued)

8

Loans and borrowings (continued)

2023
£

2022
£

Bank borrowings

27,488

25,445

Bank overdrafts

6,524

8,367

Hire purchase contracts

11,031

17,679

45,043

51,491

9

Related party transactions

 

Transport Compliance & Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023 (continued)

9

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

77,667

54,013