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Registration number: 4135546

M K Transport Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

M K Transport Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

M K Transport Services Limited

(Registration number: 4135546)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,360,369

1,087,657

Current assets

 

Stocks

5

15,477

22,072

Debtors

6

426,928

329,647

Cash at bank and in hand

 

934,005

802,190

 

1,376,410

1,153,909

Creditors: Amounts falling due within one year

7

(256,196)

(207,047)

Net current assets

 

1,120,214

946,862

Total assets less current liabilities

 

2,480,583

2,034,519

Provisions for liabilities

(340,092)

(205,918)

Net assets

 

2,140,491

1,828,601

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

2,139,491

1,827,601

Shareholders' funds

 

2,140,491

1,828,601

 

M K Transport Services Limited

(Registration number: 4135546)
Balance Sheet as at 31 January 2024

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and directors’ report have not been delivered in accordance with the special provisions applicable to companies subject to the small companies regime.


 

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 

.........................................
Mrs JA King
Company secretary and director

.........................................
Mr MJ King
Director

 

M K Transport Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
4 Greenbank Road
Blackburn
Lancashire
BB1 3EA
England

These financial statements were authorised for issue by the Board on 29 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling which is the functional currency of the company and are rounded to the nearest pound.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

M K Transport Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property alterations

20% per annum straight line

Motor vehicles

25% per annum reducing balance

Plant and machinery

15% per annum reducing balance

Fixtures and fittings

20% per annum reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

M K Transport Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 17).

 

M K Transport Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Property alterations
£

Fixtures and fittings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2023

50,041

109,640

1,768,740

1,217,345

3,145,766

Additions

-

-

224,893

341,100

565,993

Disposals

-

-

(196,324)

(1,000)

(197,324)

At 31 January 2024

50,041

109,640

1,797,309

1,557,445

3,514,435

Depreciation

At 1 February 2023

46,161

88,869

1,205,345

717,734

2,058,109

Charge for the year

3,880

4,221

162,644

96,987

267,732

Eliminated on disposal

-

-

(171,047)

(728)

(171,775)

At 31 January 2024

50,041

93,090

1,196,942

813,993

2,154,066

Carrying amount

At 31 January 2024

-

16,550

600,367

743,452

1,360,369

At 31 January 2023

3,880

20,771

563,395

499,611

1,087,657

5

Stocks

2024
£

2023
£

Other inventories

15,477

22,072

6

Debtors

Current

2024
£

2023
£

Trade debtors

409,712

316,678

Prepayments

17,216

12,969

 

426,928

329,647

 

M K Transport Services Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

104,627

64,921

Taxation and social security

112,217

74,195

Accruals and deferred income

24,872

22,100

Other creditors

14,480

45,831

256,196

207,047

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £1 each

1,000

1,000

1,000

1,000