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Registration number: 01894590

Mason Brothers Transport Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Mason Brothers Transport Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Mason Brothers Transport Limited

Company Information

Directors

Mr R P Mason

Mr J R Mason

Mr C C Mason

Company secretary

Mr C C Mason

Registered office

Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

Accountants

Cannon Williamson
Chartered Certified Accountants
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

Mason Brothers Transport Limited

(Registration number: 01894590)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

1,278,883

1,378,556

Current assets

 

Stocks

5

74,000

114,500

Debtors

6

1,853,179

1,817,124

Cash at bank and in hand

 

242,699

403,399

 

2,169,878

2,335,023

Creditors: Amounts falling due within one year

7

(456,161)

(646,937)

Net current assets

 

1,713,717

1,688,086

Total assets less current liabilities

 

2,992,600

3,066,642

Provisions for liabilities

(40,408)

(13,674)

Net assets

 

2,952,192

3,052,968

Capital and Reserves

 

Called up share capital

8

3,000

3,000

Retained Earnings

2,949,192

3,049,968

Shareholders' funds

 

2,952,192

3,052,968

For the financial year ending 30 April 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
Mr R P Mason
Director

 

Mason Brothers Transport Limited

(Registration number: 01894590)
Balance Sheet as at 30 April 2024 (continued)

.........................................
Mr J R Mason
Director

.........................................
Mr C C Mason
Company secretary and director

 

Mason Brothers Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD
United Kingdom

These financial statements were authorised for issue by the Board on 30 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Mason Brothers Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

2% straight line

Plant and machinery

10% straight line

Fixtures and fittings

20% straight line

Motor vehicles

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Mason Brothers Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2023 - 30).

 

Mason Brothers Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible Assets

Freehold property
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 May 2023

45,000

1,983,870

40,513

421,502

1,919,863

4,410,748

Additions

-

-

-

-

8,000

8,000

At 30 April 2024

45,000

1,983,870

40,513

421,502

1,927,863

4,418,748

Depreciation

At 1 May 2023

-

801,120

40,504

366,929

1,823,639

3,032,192

Charge for the year

-

38,166

-

22,424

47,083

107,673

At 30 April 2024

-

839,286

40,504

389,353

1,870,722

3,139,865

Carrying amount

At 30 April 2024

45,000

1,144,584

9

32,149

57,141

1,278,883

At 30 April 2023

45,000

1,182,750

9

54,573

96,224

1,378,556

Included within the net book value of land and buildings above is £45,000 (2023 - £45,000) in respect of freehold land and buildings and £1,144,584 (2023 - £1,182,750) in respect of long leasehold land and buildings.
Long leasehold property contains various buildings and site enhancements constructed on land owned by the directors personally.

 

Mason Brothers Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

62,000

102,500

Other inventories

12,000

12,000

74,000

114,500

6

Debtors

Current

Note

2024
£

2023
£

Trade Debtors

 

507,981

487,488

Amounts owed by related parties

9

1,341,521

1,307,950

Prepayments

 

3,677

21,686

   

1,853,179

1,817,124

 

Mason Brothers Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade Creditors

286,204

189,154

Taxation and social security

116,426

144,486

Accruals and deferred income

52,866

35,241

Other creditors

665

278,056

456,161

646,937

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £2,335 (2021 - £9,340).

Creditors: amounts falling due after more than one year

2024
£

2023
£

 

Mason Brothers Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

3,000

3,000

3,000

3,000

       

9

Related party transactions

 

Mason Brothers Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

9

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

30,000

30,000

Contributions paid to money purchase schemes

-

19,891

30,000

49,891

Summary of transactions with other related parties

During the current and previous year the company undertook related party transactions with Mason Brothers Cold Storage and Grading Services Ltd, a connected company by way of common controlling interests.
 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

1,307,950

1,307,950

Advanced

33,571

33,571

At end of period

1,341,521

1,341,521

2023

Other related parties
£

Total
£

At start of period

1,300,654

1,300,654

Advanced

7,296

7,296

At end of period

1,307,950

1,307,950