Company registration number 08345059 (England and Wales)
CLIVE PRICE TRANSPORT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CLIVE PRICE TRANSPORT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CLIVE PRICE TRANSPORT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,909,253
1,433,634
1,909,253
1,433,634
Current assets
Debtors
5
509,068
467,416
Cash at bank and in hand
3,072,077
2,963,151
3,581,145
3,430,567
Creditors: amounts falling due within one year
6
(374,351)
(655,982)
Net current assets
3,206,794
2,774,585
Total assets less current liabilities
5,116,047
4,208,219
Provisions for liabilities
(259,064)
(139,650)
Net assets
4,856,983
4,068,569
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
4,856,883
4,068,469
Total equity
4,856,983
4,068,569
The director of the company has 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 director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 1 September 2024
Mr R Price
Director
Company Registration No. 08345059
CLIVE PRICE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Clive Price Transport Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Yard, Llanigon, Hereford, United Kingdom, HR3 5PN.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services provided in the normal cause of business, net of trade discounts, VAT and other sales-related taxes.
Revenue from contracts for the provision of haulage services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.
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
1% on cost
Plant and machinery
20% Reducing balance
Fixtures, fittings and equipment
20% Reducing balance
Computer equipment
20% Reducing balance
Motor vehicles
20% 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.
During the current financial year ended 31st March 2024 the company changed its method of depreciating fixed assets (other than land and buildings) from the straight line method at a rate of 25% to the reducing balance method at a rate of 20%. This change in the opinion of the directors is aimed at better reflecting the consumption of economic benefits from the assets,
CLIVE PRICE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within on year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account as other administrative expenses.
1.6
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
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
23
23
CLIVE PRICE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
10,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
10,000
Carrying amount
At 31 March 2024
At 31 March 2023
4
Tangible fixed assets
Land and buildings freehold
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
967,905
341,976
3,125
6,951
1,688,401
3,008,358
Additions
315,996
347,325
663,321
Disposals
(20,700)
(135,750)
(156,450)
At 31 March 2024
967,905
637,272
3,125
6,951
1,899,976
3,515,229
Depreciation and impairment
At 1 April 2023
12,308
222,366
3,125
2,571
1,334,354
1,574,724
Depreciation charged in the year
1,877
45,433
876
112,241
160,427
Eliminated in respect of disposals
(4,425)
(124,750)
(129,175)
At 31 March 2024
14,185
263,374
3,125
3,447
1,321,845
1,605,976
Carrying amount
At 31 March 2024
953,720
373,898
3,504
578,131
1,909,253
At 31 March 2023
955,597
119,610
4,380
354,047
1,433,634
Included in land and buildings freehold is land of £748,229 (2023: £748,229) which is not depreciated.
CLIVE PRICE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
290,321
249,179
Other debtors
218,747
218,237
509,068
467,416
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
173,496
279,564
Corporation tax
157,900
289,509
Other taxation and social security
30,081
78,067
Other creditors
3,763
3,189
Accruals and deferred income
9,111
5,653
374,351
655,982
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Related party transactions
The company operates a loan account with Maple Tree Rentals Limited. As at the year end, the total amount outstanding from Maple Tree Rentals was £218,747 (2023: £218,237), and is included in debtors, amounts falling due within one year. Mr R Price is a director and shareholder in both companies.
9
Directors' transactions
Dividends totalling £42,500 (2023 - £41,500) were paid in the year in respect of shares held by the company's directors.
The directors operate a current loan account with the company, which is debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn directors' fees. The amount owed to the directors as 31 March 2024 was £1,133 (2023:£218) which is included within creditors: amounts falling due within one year.