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REGISTERED NUMBER: 11229617 (England and Wales)










Unaudited Financial Statements

for the Year Ended 29 February 2024

for

DEREK GRIEVES TRANSPORT LTD

DEREK GRIEVES TRANSPORT LTD (Registered number: 11229617)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DEREK GRIEVES TRANSPORT LTD

Company Information
for the Year Ended 29 February 2024







DIRECTORS: D Grieves
Miss K Grieves
J Grieves





REGISTERED OFFICE: Robric House
Front Street North
Cassop
Co. Durham
DH6 4RJ





REGISTERED NUMBER: 11229617 (England and Wales)





ACCOUNTANTS: Little & Neal
37-38 Market Street
Ferryhill
Co. Durham
DL17 8JH

DEREK GRIEVES TRANSPORT LTD (Registered number: 11229617)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 334,684 305,211
334,684 305,211

CURRENT ASSETS
Stocks 3,420 3,645
Debtors 6 142,179 176,563
Cash at bank and in hand 176,963 174,573
322,562 354,781
CREDITORS
Amounts falling due within one year 7 271,022 303,185
NET CURRENT ASSETS 51,540 51,596
TOTAL ASSETS LESS CURRENT
LIABILITIES

386,224

356,807

CREDITORS
Amounts falling due after more than one
year

8

(17,448

)

(69,848

)

PROVISIONS FOR LIABILITIES (63,590 ) (54,126 )
NET ASSETS 305,186 232,833

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 305,086 232,733
305,186 232,833

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DEREK GRIEVES TRANSPORT LTD (Registered number: 11229617)

Balance Sheet - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





Miss K Grieves - Director


DEREK GRIEVES TRANSPORT LTD (Registered number: 11229617)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

DEREK GRIEVES TRANSPORT LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

DEREK GRIEVES TRANSPORT LTD (Registered number: 11229617)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 12,500
AMORTISATION
At 1 March 2023
and 29 February 2024 12,500
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 680,894
Additions 175,649
Disposals (190,854 )
At 29 February 2024 665,689
DEPRECIATION
At 1 March 2023 375,683
Charge for year 95,380
Eliminated on disposal (140,058 )
At 29 February 2024 331,005
NET BOOK VALUE
At 29 February 2024 334,684
At 28 February 2023 305,211

DEREK GRIEVES TRANSPORT LTD (Registered number: 11229617)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2023 215,245
Disposals (28,745 )
At 29 February 2024 186,500
DEPRECIATION
At 1 March 2023 69,194
Charge for year 33,874
Eliminated on disposal (14,232 )
At 29 February 2024 88,836
NET BOOK VALUE
At 29 February 2024 97,664
At 28 February 2023 146,051

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 135,400 172,419
Other debtors 6,779 4,144
142,179 176,563

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts 37,904 39,917
Trade creditors 13,130 15,552
Taxation and social security 25,233 28,977
Other creditors 194,755 218,739
271,022 303,185

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts 17,448 69,848