Registered number
05550290
SNA TRANSPORT LIMITED
Filleted Accounts
31 December 2023
SNA TRANSPORT LIMITED
Registered number: 05550290
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 7,200 14,400
Tangible assets 4 886,174 783,957
893,374 798,357
Current assets
Debtors 5 292,590 177,998
Cash at bank and in hand 57,029 91,547
349,619 269,545
Creditors: amounts falling due within one year 6 (216,269) (295,433)
Net current assets/(liabilities) 133,350 (25,888)
Total assets less current liabilities 1,026,724 772,469
Creditors: amounts falling due after more than one year 7 (507,162) (427,167)
Net assets 519,562 345,302
Capital and reserves
Called up share capital 100 100
Profit and loss account 519,462 345,202
Shareholder's funds 519,562 345,302
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
S Ahmed
Director
Approved by the board on 2 September 2024
SNA TRANSPORT LIMITED
Notes to the Accounts
for the year ended 31 December 2023
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Motor vehicles over 10 years
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 10 years
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 36,000
At 31 December 2023 36,000
Amortisation
At 1 January 2023 21,600
Provided during the year 7,200
At 31 December 2023 28,800
Net book value
At 31 December 2023 7,200
At 31 December 2022 14,400
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Fixture & Fittings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 11,217 9,639 1,061,758 1,082,614
Additions - 10,717 192,877 203,594
At 31 December 2023 11,217 20,356 1,254,635 1,286,208
Depreciation
At 1 January 2023 663 7,447 290,547 298,657
Charge for the year 2,804 2,165 96,408 101,377
At 31 December 2023 3,467 9,612 386,955 400,034
Net book value
At 31 December 2023 7,750 10,744 867,680 886,174
At 31 December 2022 10,554 2,192 771,211 783,957
5 Debtors 2023 2022
£ £
Trade debtors 146,372 122,411
Amounts owed by group undertakings and undertakings in which the company has a participating interest 135,436 45,784
Prepayments 3,267 -
Cash Payments to Drivers 1,565 -
Deposit - 3,853
Other debtors 5,950 5,950
292,590 177,998
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 16,376 14,266
Obligations under finance lease and hire purchase contracts - 144,536
Trade creditors 981 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest 58,759 -
VAT 151,632 131,663
PAYE 210 358
Taxation and social security costs 5,864 -
Amounts owed to directors (19,839) -
Net Wages 1,000 -
Accruals 1,010 4,610
Pension Payable 276 -
216,269 295,433
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 23,326 28,783
Obligations under finance lease and hire purchase contracts 483,836 398,384
507,162 427,167
8 Other information
SNA TRANSPORT LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
523 London Road
LONDON
SM3 8JR
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