2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04633359 2023-01-01 2023-12-31 04633359 2023-12-31 04633359 2022-12-31 04633359 2022-01-01 2022-12-31 04633359 2022-12-31 04633359 2021-12-31 04633359 core:MotorVehicles 2023-01-01 2023-12-31 04633359 bus:Director3 2023-01-01 2023-12-31 04633359 core:MotorVehicles 2022-12-31 04633359 core:MotorVehicles 2023-12-31 04633359 core:WithinOneYear 2023-12-31 04633359 core:WithinOneYear 2022-12-31 04633359 core:ShareCapital 2023-12-31 04633359 core:ShareCapital 2022-12-31 04633359 core:RetainedEarningsAccumulatedLosses 2023-12-31 04633359 core:RetainedEarningsAccumulatedLosses 2022-12-31 04633359 core:MotorVehicles 2022-12-31 04633359 bus:SmallEntities 2023-01-01 2023-12-31 04633359 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04633359 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04633359 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04633359 bus:FullAccounts 2023-01-01 2023-12-31 04633359 core:OfficeEquipment 2023-01-01 2023-12-31 04633359 core:OfficeEquipment 2023-12-31 04633359 core:OfficeEquipment 2022-12-31 04633359 core:AllAssociates 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 04633359
Buddy's Transport Services Limited
Filleted Unaudited Financial Statements
31 December 2023
Buddy's Transport Services Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Buddy's Transport Services Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
93,059
124,063
Current assets
Debtors
6
48,469
97,397
Cash at bank and in hand
71,720
87,949
---------
---------
120,189
185,346
Creditors: amounts falling due within one year
7
339,634
307,650
---------
---------
Net current liabilities
219,445
122,304
---------
---------
Total assets less current liabilities
( 126,386)
1,759
Provisions
Taxation including deferred tax
2,382
240
---------
-------
Net (liabilities)/assets
( 128,768)
1,519
---------
-------
Capital and reserves
Called up share capital
3
3
Profit and loss account
( 128,771)
1,516
---------
-------
Shareholders (deficit)/funds
( 128,768)
1,519
---------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Buddy's Transport Services Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 15 March 2024 , and are signed on behalf of the board by:
Mr P Mansfield
Director
Company registration number: 04633359
Buddy's Transport Services Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors considered the going concern basis to be appropriate as they confirmed their continued financial support to the business to allow it to meet its debts as they fall due for at least 12 months from the date of signing the accounts.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
149,000
303
149,303
---------
----
---------
Depreciation
At 1 January 2023
25,167
73
25,240
Charge for the year
30,958
46
31,004
---------
----
---------
At 31 December 2023
56,125
119
56,244
---------
----
---------
Carrying amount
At 31 December 2023
92,875
184
93,059
---------
----
---------
At 31 December 2022
123,833
230
124,063
---------
----
---------
6. Debtors
2023
2022
£
£
Trade debtors
47,980
59,611
Other debtors
489
37,786
--------
--------
48,469
97,397
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
22,988
27,136
Social security and other taxes
30,139
27,649
Other creditors
286,507
252,865
---------
---------
339,634
307,650
---------
---------
8. Related party transactions
At the year end the company owed £279,000 (2022: £244,000) to a group company.
9. Controlling party
The parent company of Buddy's Transport Services Limited is Paul & Jane Mansfield Soft Fruits Limited which is a wholly owned subsidiary of Mansfield Farms Group Ltd . The registered address of Mansfield Farms Group Limited is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN . Mr P A Mansfield is the majority shareholder of Mansfield Farms Group Ltd and therefore the ultimate controlling party.