REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 April 2024 |
for |
Stuart Law Transport Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
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 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 5 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Commercial vehicles | - |
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 |
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 |
Additions |
Disposals | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
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 |
Bank loans |
Hire purchase contracts | 139,895 | 243,094 |
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: | £ | £ |
Ordinary | £1 | 100 | 100 |