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Company No: 12470417 (England and Wales)

PETER GEORGE TRANSPORT LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

PETER GEORGE TRANSPORT LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

PETER GEORGE TRANSPORT LIMITED

BALANCE SHEET

As at 31 March 2024
PETER GEORGE TRANSPORT LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 3,400 6,800
Tangible assets 4 125,162 49,537
128,562 56,337
Current assets
Stocks 5 10,000 15,000
Debtors 6 149,091 237,314
Cash at bank and in hand 67,081 24,283
226,172 276,597
Creditors: amounts falling due within one year 7 ( 165,170) ( 124,643)
Net current assets 61,002 151,954
Total assets less current liabilities 189,564 208,291
Creditors: amounts falling due after more than one year 8 ( 74,753) ( 36,735)
Provision for liabilities ( 24,944) ( 11,058)
Net assets 89,867 160,498
Capital and reserves
Called-up share capital 100 100
Profit and loss account 89,767 160,398
Total shareholder's funds 89,867 160,498

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.

Director's responsibilities:

The financial statements of Peter George Transport Limited (registered number: 12470417) were approved and authorised for issue by the Director on 30 September 2024. They were signed on its behalf by:

Mr Nick George
Director
PETER GEORGE TRANSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
PETER GEORGE TRANSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Peter George Transport Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. [MANUFACTURERS, ETC - Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.] Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 17,000 17,000
At 31 March 2024 17,000 17,000
Accumulated amortisation
At 01 April 2023 10,200 10,200
Charge for the financial year 3,400 3,400
At 31 March 2024 13,600 13,600
Net book value
At 31 March 2024 3,400 3,400
At 31 March 2023 6,800 6,800

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2023 0 437 86,430 86,867
Additions 21,161 316 67,375 88,852
Disposals 0 0 ( 1,423) ( 1,423)
At 31 March 2024 21,161 753 152,382 174,296
Accumulated depreciation
At 01 April 2023 0 253 37,077 37,330
Charge for the financial year 0 92 12,535 12,627
Disposals 0 0 ( 823) ( 823)
At 31 March 2024 0 345 48,789 49,134
Net book value
At 31 March 2024 21,161 408 103,593 125,162
At 31 March 2023 0 184 49,353 49,537

5. Stocks

2024 2023
£ £
Stocks 10,000 15,000

6. Debtors

2024 2023
£ £
Trade debtors 121,749 192,254
Corporation tax 12,523 0
Other debtors 14,819 45,060
149,091 237,314

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 134,733 77,319
Taxation and social security 1,180 23,807
Obligations under finance leases and hire purchase contracts 15,860 10,569
Other creditors 3,397 2,948
165,170 124,643

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 11,667 21,667
Obligations under finance leases and hire purchase contracts 63,086 15,068
74,753 36,735