Company Registration No. 13175453 (England and Wales)
STEVE PALMER TRANSPORT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
STEVE PALMER TRANSPORT LIMITED
COMPANY INFORMATION
Director
Mr S Palmer
Company number
13175453
Registered office
52 Cowley Bridge Road
Exeter
Devon
EX4 5AF
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
STEVE PALMER TRANSPORT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
STEVE PALMER TRANSPORT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
3
20,000
30,000
Tangible assets
4
109,328
31,263
129,328
61,263
Current assets
Debtors
5
33,981
29,099
Cash at bank and in hand
12,954
104,220
46,935
133,319
Creditors: amounts falling due within one year
6
(57,466)
(138,836)
Net current liabilities
(10,531)
(5,517)
Total assets less current liabilities
118,797
55,746
Provisions for liabilities
(20,772)
(5,939)
Net assets
98,025
49,807
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
98,024
49,806
Total equity
98,025
49,807
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 20 September 2024
Mr S Palmer
Director
STEVE PALMER TRANSPORT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
Company Registration No. 13175453
STEVE PALMER TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Steve Palmer Transport Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents the invoiced value, excluding VAT of services supplied by the company.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
No Depreciation
Computers
3 Years Straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
STEVE PALMER TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2023 - 1).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
50,000
Amortisation and impairment
At 1 April 2023
20,000
Amortisation charged for the year
10,000
At 31 March 2024
30,000
Carrying amount
At 31 March 2024
20,000
At 31 March 2023
30,000
STEVE PALMER TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Leasehold improvements
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
2,470
498
50,891
53,859
Additions
137,700
137,700
Disposals
(42,399)
(42,399)
At 31 March 2024
2,470
498
146,192
149,160
Depreciation and impairment
At 1 April 2023
332
22,265
22,597
Depreciation charged in the year
166
35,619
35,785
Eliminated in respect of disposals
(18,550)
(18,550)
At 31 March 2024
498
39,334
39,832
Carrying amount
At 31 March 2024
2,470
106,858
109,328
At 31 March 2023
2,470
166
28,627
31,263
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
29,963
23,148
Other debtors
2,000
Prepayments and accrued income
4,018
3,951
33,981
29,099
6
Creditors: amounts falling due within one year
2024
2023
£
£
Payments received on account
2,000
Trade creditors
7,694
7,441
Corporation tax
8,317
22,852
Other taxation and social security
14,532
14,062
Other creditors
25,870
91,528
Accruals and deferred income
1,053
953
57,466
138,836
STEVE PALMER TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Authorised
1 Ordinary of £1 each
1
1
Issued and fully paid
1 Ordinary of £1 each
1
1