Registered number
06366641
Singh Trucking Ltd
Filleted Accounts
31 January 2024
Mr Tax (Midlands) Ltd
Tax Accountants
Singh Trucking Ltd
Registered number: 06366641
Balance Sheet
as at 31 January 2024
Notes 2024 2023
Fixed assets
Tangible assets 3 1,204,261 911,624
Investments 4 321,492 321,492
1,525,753 1,233,116
Current assets
Debtors 5 311,953 213,883
Cash at bank and in hand 548,577 535,400
860,530 749,283
Creditors: amounts falling due within one year 6 (537,532) (467,762)
Net current assets 322,998 281,521
Total assets less current liabilities 1,848,751 1,514,637
Creditors: amounts falling due after more than one year 7 (259,699) (190,910)
Provisions for liabilities (285,810) (173,209)
Net assets 1,303,242 1,150,518
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,303,142 1,150,418
Shareholders' funds 1,303,242 1,150,518
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Jagvinder Singh
Director
Approved by the board on 24 October 2024
Singh Trucking Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. It includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Investment property is carried at original cost contrary to th requirements of FRS 102 whih requres investment property to be carried at fair value. All other tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Investment property Nil
Furniture & equipment 20% reducing balance
Motor Lorries 15% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 23 23
3 Tangible fixed assets
Furniture & equipment Motor vehicles Total
£ £ £
Cost
At 1 February 2023 11,860 2,088,738 2,100,598
Additions 1,225 618,078 619,303
Disposals - (40,000) (40,000)
At 31 January 2024 13,085 2,666,816 2,679,901
Depreciation
At 1 February 2023 8,705 1,180,269 1,188,974
Charge for the year 876 300,190 301,066
On disposals - (14,400) (14,400)
At 31 January 2024 9,581 1,466,059 1,475,640
Net book value
At 31 January 2024 3,504 1,200,757 1,204,261
At 31 January 2023 3,155 908,469 911,624
4 Investments
Freehold
property
£
Cost
At 1 February 2023 321,492
At 31 January 2024 321,492
5 Debtors 2024 2023
£ £
Trade debtors 241,905 130,635
Other debtors 70,048 83,248
311,953 213,883
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,648 10,000
Obligations under finance lease and hire purchase contracts 144,844 107,748
Trade creditors 360,665 182,463
Corporation tax 10,088 43,607
Other taxes and social security costs 62,087 88,977
Other creditors (50,800) 34,967
537,532 467,762
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 16,591 27,648
Obligations under finance lease and hire purchase contracts 243,108 163,262
259,699 190,910
8 Other information
Singh Trucking Ltd is a private company limited by shares and incorporated in England. Its registered office is:
64 Gynsill Lane
Anstey
Leicester
Leicestershire
LE7 7AL
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