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Company Registration number: 04977250

Viv S Lightfoot Transport Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 March 2024

 

Viv S Lightfoot Transport Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

Viv S Lightfoot Transport Limited

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

577,605

566,480

Current assets

 

Stocks

6

2,310

1,740

Debtors

7

160,298

159,922

Cash at bank and in hand

 

222,041

341,806

 

384,649

503,468

Creditors: Amounts falling due within one year

8

(529,458)

(622,429)

Net current liabilities

 

(144,809)

(118,961)

Total assets less current liabilities

 

432,796

447,519

Provisions for liabilities

(95,699)

(94,704)

Net assets

 

337,097

352,815

Capital and reserves

 

Called up share capital

4

4

Retained earnings

337,093

352,811

Shareholders' funds

 

337,097

352,815

 

Viv S Lightfoot Transport Limited

Balance Sheet as at 31 March 2024 (continued)

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.

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.

Company registration number: 04977250

Approved and authorised by the Board on 31 August 2024 and signed on its behalf by:
 

.........................................
Mrs I J Lightfoot
Company secretary and director

.........................................
Mr S V Lightfoot
Director

.........................................
Mrs J Lightfoot
Director

.........................................
Mr R E Lightfoot
Director

 

Viv S Lightfoot Transport Limited

Notes to the 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:
Pennine Garage
Silloth Industrial Estate
Silloth
Wigton
CA7 4PA

These financial statements were authorised for issue by the Board on 31 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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

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

 

Viv S Lightfoot Transport Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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 corporation 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.

 

Viv S Lightfoot Transport Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

2

ACCOUNTING POLICIES (continued)

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

Plant and machinery

15% reducing balance

Motor vehicles

20%/25% reducing balance

Land and buildings

No charge on land. 2% reducing balance on buildings

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

Viv S Lightfoot Transport Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

4

INTANGIBLE ASSETS

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

334,000

334,000

At 31 March 2024

334,000

334,000

Amortisation

At 1 April 2023

334,000

334,000

At 31 March 2024

334,000

334,000

Carrying amount

At 31 March 2024

-

-

 

Viv S Lightfoot Transport Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

5

TANGIBLE ASSETS

Land and buildings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

75,500

809,435

199,405

1,084,340

Additions

-

-

115,000

115,000

At 31 March 2024

75,500

809,435

314,405

1,199,340

Depreciation

At 1 April 2023

7,460

414,163

96,237

517,860

Charge for the year

951

79,561

23,363

103,875

At 31 March 2024

8,411

493,724

119,600

621,735

Carrying amount

At 31 March 2024

67,089

315,711

194,805

577,605

At 31 March 2023

68,040

395,272

103,168

566,480

Included within the net book value of land and buildings above is £67,089 (2023 - £68,040) in respect of freehold land and buildings.
 

6

STOCKS

2024
£

2023
£

Stocks

2,310

1,740

7

DEBTORS

Current

2024
£

2023
£

Trade debtors

157,193

154,105

Prepayments

3,105

2,216

Other debtors

-

3,601

 

160,298

159,922

 

Viv S Lightfoot Transport Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

8

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

45,078

198,838

Taxation and social security

60,205

22,150

Accruals and deferred income

25,017

24,918

Other creditors

399,158

376,523

529,458

622,429