Company registration number 05340395 (England and Wales)
COLES TRANSPORT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
COLES TRANSPORT LIMITED
COMPANY INFORMATION
Directors
Mr N M Coles
Mr G N Coles
Mr D M Coles
Company number
05340395
Registered office
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
COLES TRANSPORT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
COLES TRANSPORT LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COLES TRANSPORT LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Coles Transport Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Coles Transport Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Coles Transport Limited and state those matters that we have agreed to state to the Board of Directors of Coles Transport Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Coles Transport Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Coles Transport Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Coles Transport Limited. You consider that Coles Transport Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Coles Transport Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
16 October 2024
COLES TRANSPORT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,533,630
2,001,326
Current assets
Stocks
6
44,977
25,100
Debtors
7
243,141
278,502
Cash at bank and in hand
383,382
357,039
671,500
660,641
Creditors: amounts falling due within one year
8
(760,373)
(583,446)
Net current (liabilities)/assets
(88,873)
77,195
Total assets less current liabilities
2,444,757
2,078,521
Creditors: amounts falling due after more than one year
9
(259,261)
(300,528)
Provisions for liabilities
10
(349,800)
(334,457)
Net assets
1,835,696
1,443,536
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
1,835,596
1,443,436
Total equity
1,835,696
1,443,536

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

COLES TRANSPORT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 11 October 2024 and are signed on its behalf by:
Mr G N Coles
Director
Company Registration No. 05340395
COLES TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Coles Transport Limited is a private company limited by shares incorporated in England and Wales. The registered office is Countrywide House, 23 West Bar, Banbury, Oxfordshire, England, OX16 9SA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

Despite net current liabilities having reviewed the future trading and cash requirements of the company for at least 12 months from the date of signing these accounts, the directors consider it appropriate to continue to prepare the accounts on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% on cost
Leasehold property
2% on cost
Fixtures & fittings
25% on reducing balance
Motor vehicles
10% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

 

 

COLES TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
17
17
COLES TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
135,130
21,968
Deferred tax
Origination and reversal of timing differences
15,343
70,786
Total tax charge
150,473
92,754
5
Tangible fixed assets
Land and buildings Freehold
Leasehold property
Fixtures & fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
681,464
54,733
37,700
2,062,382
2,836,279
Additions
480,429
-
0
37
300,100
780,566
Disposals
-
0
-
0
-
0
(156,035)
(156,035)
At 31 March 2024
1,161,893
54,733
37,737
2,206,447
3,460,810
Depreciation and impairment
At 1 April 2023
68,146
15,326
32,902
718,580
834,954
Depreciation charged in the year
7,746
1,095
1,215
156,185
166,241
Eliminated in respect of disposals
-
0
-
0
-
0
(74,015)
(74,015)
At 31 March 2024
75,892
16,421
34,117
800,750
927,180
Carrying amount
At 31 March 2024
1,086,001
38,312
3,620
1,405,697
2,533,630
At 31 March 2023
613,318
39,406
4,800
1,343,802
2,001,326
6
Stocks
2024
2023
£
£
Stocks
44,977
25,100
COLES TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
207,086
222,854
Other debtors
36,055
55,648
243,141
278,502
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
20,218
19,168
Trade creditors
107,823
107,917
Corporation tax
135,130
21,968
Other taxation and social security
52,317
15,234
Other creditors
444,885
419,159
760,373
583,446
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
241,761
263,028
Other creditors
17,500
37,500
259,261
300,528

The bank loan is secured by a fixed and floating charge over the freehold property of the company recorded in fixed assets.

10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
349,800
334,457
COLES TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Deferred taxation
(Continued)
- 8 -
2024
Movements in the year:
£
Liability at 1 April 2023
334,457
Charge to profit or loss
15,343
Liability at 31 March 2024
349,800

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

11
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 of Ordinary of £1 each
100
100
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