Coombe Valley Transport Limited 00623446 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of road haulage services. Digita Accounts Production Advanced 6.30.9574.0 true true 00623446 2023-04-01 2024-03-31 00623446 2024-03-31 00623446 core:RetainedEarningsAccumulatedLosses 2024-03-31 00623446 core:ShareCapital 2024-03-31 00623446 core:CurrentFinancialInstruments 2024-03-31 00623446 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 00623446 core:Non-currentFinancialInstruments 2024-03-31 00623446 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 00623446 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 00623446 core:MotorVehicles 2024-03-31 00623446 core:PlantMachinery 2024-03-31 00623446 bus:SmallEntities 2023-04-01 2024-03-31 00623446 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00623446 bus:FilletedAccounts 2023-04-01 2024-03-31 00623446 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 00623446 bus:RegisteredOffice 2023-04-01 2024-03-31 00623446 bus:Director1 2023-04-01 2024-03-31 00623446 bus:Director3 2023-04-01 2024-03-31 00623446 bus:Director4 2023-04-01 2024-03-31 00623446 bus:Director5 2023-04-01 2024-03-31 00623446 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00623446 core:LandBuildings 2023-04-01 2024-03-31 00623446 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00623446 core:MotorVehicles 2023-04-01 2024-03-31 00623446 core:PlantMachinery 2023-04-01 2024-03-31 00623446 countries:EnglandWales 2023-04-01 2024-03-31 00623446 2023-03-31 00623446 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00623446 core:MotorVehicles 2023-03-31 00623446 core:PlantMachinery 2023-03-31 00623446 2022-04-01 2023-03-31 00623446 2023-03-31 00623446 core:RetainedEarningsAccumulatedLosses 2023-03-31 00623446 core:ShareCapital 2023-03-31 00623446 core:CurrentFinancialInstruments 2023-03-31 00623446 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 00623446 core:Non-currentFinancialInstruments 2023-03-31 00623446 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 00623446 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00623446 core:MotorVehicles 2023-03-31 00623446 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 00623446

Coombe Valley Transport Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Coombe Valley Transport Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Coombe Valley Transport Limited

Company Information

Directors

Mr MM Husk

Mr A P Marsh

Mrs LA Glover

Mrs CM Morrey

Registered office

16A Primrose Road
Dover
Kent
CT17 0JA

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Coombe Valley Transport Limited

(Registration number: 00623446)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

161,311

163,700

Current assets

 

Stocks

2,252

5,196

Debtors

5

244,816

262,783

Cash at bank and in hand

 

27,025

7,929

 

274,093

275,908

Creditors: Amounts falling due within one year

6

(96,620)

(77,435)

Net current assets

 

177,473

198,473

Total assets less current liabilities

 

338,784

362,173

Creditors: Amounts falling due after more than one year

6

(13,631)

(22,726)

Net assets

 

325,153

339,447

Capital and reserves

 

Called up share capital

2,000

2,000

Retained earnings

323,153

337,447

Shareholders' funds

 

325,153

339,447

 

Coombe Valley Transport Limited

(Registration number: 00623446)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 November 2024 and signed on its behalf by:
 

.........................................
Mr MM Husk
Director

.........................................
Mrs CM Morrey
Director

.........................................
Mr A P Marsh
Director

.........................................
Mrs LA Glover
Director

     
 

Coombe Valley Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

Coombe Valley Transport Limited is a private company, limited by shares, registered in England and Wales. The company’s registered number is 00623446 and registered office address is as follows:


16A Primrose Road
Dover
Kent
CT17 0JA
 

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

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.

Going concern

The financial statements are prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company’s ability to continue as a going concern.

Judgements

No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.

No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.

 

Coombe Valley Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Government grants

Grants are accounted for under the accruals model permitted by FRS102. Grants relating to expenditure on tangible assets are credited to the profit and loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

Finance income and costs policy

Interest income is recognised in the profit and loss account using the effective interest method.

Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Tax

The tax expense for the period comprises current 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

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.

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.

 

Coombe Valley Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and building

2% straight line

Plant and equipment

15% reducing balance

Motor vehicles

25% 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.

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.

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.

 

Coombe Valley Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 21).

 

Coombe Valley Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

46,769

103,359

262,426

412,554

Additions

-

-

44,100

44,100

Disposals

-

-

(79,753)

(79,753)

At 31 March 2024

46,769

103,359

226,773

376,901

Depreciation

At 1 April 2023

3,902

48,397

196,555

248,854

Charge for the year

312

8,245

24,013

32,570

Eliminated on disposal

-

-

(65,834)

(65,834)

At 31 March 2024

4,214

56,642

154,734

215,590

Carrying amount

At 31 March 2024

42,555

46,717

72,039

161,311

At 31 March 2023

42,867

54,962

65,871

163,700

5

Debtors

Current

2024
£

2023
£

Trade debtors

239,562

260,313

Prepayments

5,254

2,470

 

244,816

262,783

 

Coombe Valley Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

38,523

16,733

Trade creditors

 

21,595

23,332

Social security and other taxes

 

28,370

29,471

Outstanding defined contribution pension costs

 

715

698

Other payables

 

231

-

Accruals

 

7,186

7,201

 

96,620

77,435

Due after one year

 

Loans and borrowings

7

13,631

22,726

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,631

22,726

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,740

9,740

Bank overdrafts

15,478

1,920

Directors current account

13,305

5,073

38,523

16,733

The company received an unsecured loan under the UK Government Bounce Back Loan Scheme, which has the financial backing of the Secretary of State for Business, Energy and Industrial strategy. Interest charged for the first twelve months was covered by the UK Government.

The BBLS loan has been recognised at its present value.

During the period the company recognised interest payable of £726 in connection with the BBLS loan facility.
 

 

Coombe Valley Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet for lease payments on non-cancellable operating leases is £4,040 (2023 - £4,885)

Amounts disclosed in the balance sheet

Included in the balance sheet are unpaid pensions of £715 (2023 - £681).