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REGISTERED NUMBER: 04720874 (England and Wales)















Financial Statements for the Year Ended 30 April 2024

for

Stuart Law Transport Limited

Stuart Law Transport Limited (Registered number: 04720874)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Stuart Law Transport Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mr S E Law
Mrs L Law





SECRETARY: Mrs L Law





REGISTERED OFFICE: The Old Boiler House
Woods Lane
Cradley Heath
West Midlands
B64 7AN





REGISTERED NUMBER: 04720874 (England and Wales)

Stuart Law Transport Limited (Registered number: 04720874)

Abridged Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 864,095 956,635

CURRENT ASSETS
Stocks 500 500
Debtors 198,880 213,282
Cash in hand 2,022 753
201,402 214,535
CREDITORS
Amounts falling due within one year 316,532 297,891
NET CURRENT LIABILITIES (115,130 ) (83,356 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

748,965

873,279

CREDITORS
Amounts falling due after more than one year 5 (264,058 ) (357,778 )

PROVISIONS FOR LIABILITIES (38,435 ) (54,479 )
NET ASSETS 446,472 461,022

CAPITAL AND RESERVES
Called up share capital 8 100 100
Revaluation reserve 249,141 249,141
Retained earnings 197,231 211,781
SHAREHOLDERS' FUNDS 446,472 461,022

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

Stuart Law Transport Limited (Registered number: 04720874)

Abridged Balance Sheet - continued
30 April 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 1 October 2024 and were signed on its behalf by:





Mr S E Law - Director


Stuart Law Transport Limited (Registered number: 04720874)

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

1. STATUTORY INFORMATION

Stuart Law Transport Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

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

Significant judgements and estimates
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.

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

Turnover from haulage sales is recognised when the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the delivery of the goods.

Stuart Law Transport Limited (Registered number: 04720874)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

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.
Freehold property - 1% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on cost
Commercial vehicles - 25% on reducing balance

Tangible fixed assets are stated under the cost model at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating.

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised within 'operating profit' in the income statement.

Depreciation has been provided on freehold buildings. Freehold land is not depreciated.

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

Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula.

Net realisable value is based on estimated selling price less any further costs expected to be incurred for completion and sale. The impairment loss is recognised in the income statement.

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.

Stuart Law Transport Limited (Registered number: 04720874)

Notes to the Financial Statements - continued
for the Year Ended 30 April 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.

The apportionment between the finance charge and the reduction of the outstanding liability uses the effective interest method.

The related obligations, net of future finance charges, are included in creditors.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plans are held separately from the company in independently administered funds.

Employee benefits

When employees have rendered services to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Stuart Law Transport Limited (Registered number: 04720874)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

Impairment

Assets not valued at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the income statement.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 18 ) .

Stuart Law Transport Limited (Registered number: 04720874)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 May 2023 1,561,688
Additions 485
Disposals (28,000 )
At 30 April 2024 1,534,173
DEPRECIATION
At 1 May 2023 605,053
Charge for year 92,015
Eliminated on disposal (26,990 )
At 30 April 2024 670,078
NET BOOK VALUE
At 30 April 2024 864,095
At 30 April 2023 956,635

Cost or valuation at 30 April 2024 is represented by:

Totals
£   
Valuation in 2022 234,358
Cost 1,299,815
1,534,173

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

Totals
£   
COST OR VALUATION
At 1 May 2023
and 30 April 2024 426,875
DEPRECIATION
At 1 May 2023 179,166
Charge for year 61,927
At 30 April 2024 241,093
NET BOOK VALUE
At 30 April 2024 185,782
At 30 April 2023 247,709

Stuart Law Transport Limited (Registered number: 04720874)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
30.4.24 30.4.23
£    £   
Repayable by instalments
Bank loans more than 5 years 172,360 180,845

6. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.4.24 30.4.23
£    £   
Gross obligations repayable:
Within one year 91,335 111,286
Between one and five years 53,924 145,259
145,259 256,545

Finance charges repayable:
Within one year 4,127 8,087
Between one and five years 1,237 5,364
5,364 13,451

Net obligations repayable:
Within one year 87,208 103,199
Between one and five years 52,687 139,895
139,895 243,094

Stuart Law Transport Limited (Registered number: 04720874)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

7. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank overdrafts 54,065 17,935
Bank loans 219,828 225,822
Hire purchase contracts 139,895 243,094
413,788 486,851

The bank borrowings are secured by way of a legal mortgage, all legal interest in the land and buildings on the north side of Woods Lane, Cradley Heath, West Midlands.

The bank factoring account is secured on trade debtors. The bank also holds a debenture over the assets of the company.

Hire purchase contracts are secured on the asset to which the contract relates.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
100 Ordinary £1 100 100