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REGISTERED NUMBER: 01351304 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

JAMES TIMMS TRANSPORT LIMITED

JAMES TIMMS TRANSPORT LIMITED (REGISTERED NUMBER: 01351304)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


JAMES TIMMS TRANSPORT LIMITED (REGISTERED NUMBER: 01351304)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 392,941 486,624
Investment property 5 1,208,266 -
1,601,207 486,624

CURRENT ASSETS
Stocks 6 9,506 9,868
Debtors 7 482,486 644,734
Cash at bank and in hand 164,337 183,106
656,329 837,708
CREDITORS
Amounts falling due within one year 8 1,032,587 145,778
NET CURRENT (LIABILITIES)/ASSETS (376,258 ) 691,930
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,224,949

1,178,554

PROVISIONS FOR LIABILITIES 90,099 116,016
NET ASSETS 1,134,850 1,062,538

CAPITAL AND RESERVES
Called up share capital 232 232
Share premium account 132,528 132,528
Retained earnings 1,002,090 929,778
SHAREHOLDERS' FUNDS 1,134,850 1,062,538

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

JAMES TIMMS TRANSPORT LIMITED (REGISTERED NUMBER: 01351304)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2024 and were signed on its behalf by:




J J Timms - Director



D L Timms - Director


JAMES TIMMS TRANSPORT LIMITED (REGISTERED NUMBER: 01351304)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

James Timms Transport Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01351304

Registered office: Kidnams Farm
School Lane
Whitminster
Gloucester
Gloucestershire
GL2 7NT

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.

Turnover
Turnover comprises of the fair value of the consideration receivable and is shown net of value added tax, returns, rebates and discounts.Turnover from services is recognised in the accounting periods in which the services are rendered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

No depreciation is provided on freehold property as market value is considered to be greater than cost and the property is maintained to a high standard.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Financial instruments
Financial Instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.


JAMES TIMMS TRANSPORT LIMITED (REGISTERED NUMBER: 01351304)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Going concern
The directors have considered the risks and issues concerning the company and its activities, and no
material uncertainties that may cast significant doubt about the company's ability to continue as a
going concern have been identified by the directors.

Provisions
Provisions are recognised only where a present obligation exists as a result of a past transaction or event at or prior to the balance sheet date. In addition, a provision is only recognised where the amounts involved can be reliably estimated. Where material, provisions are calculated on a discounted basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 20 ) .

JAMES TIMMS TRANSPORT LIMITED (REGISTERED NUMBER: 01351304)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2023 23,561 195,899 1,075,114 1,294,574
Additions 12,470 8,626 31,500 52,596
Disposals - (87,873 ) (247,264 ) (335,137 )
At 31 March 2024 36,031 116,652 859,350 1,012,033
DEPRECIATION
At 1 April 2023 1,003 139,062 667,885 807,950
Charge for year 2,482 10,366 98,679 111,527
Eliminated on disposal - (79,578 ) (220,807 ) (300,385 )
At 31 March 2024 3,485 69,850 545,757 619,092
NET BOOK VALUE
At 31 March 2024 32,546 46,802 313,593 392,941
At 31 March 2023 22,558 56,837 407,229 486,624

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 1,208,266
At 31 March 2024 1,208,266
NET BOOK VALUE
At 31 March 2024 1,208,266

The investment property was purchased in November 2023 and the directors do not believe there has been a change in value during the period from purchase to accounting year end.

6. STOCKS
2024 2023
£    £   
Stocks 9,506 9,868

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 445,006 519,840
Other debtors 34,050 34,050
Directors' current accounts - 8,012
Prepayments and accrued income 3,430 82,832
482,486 644,734

JAMES TIMMS TRANSPORT LIMITED (REGISTERED NUMBER: 01351304)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 805,000 -
Trade creditors 96,605 74,954
Corporation Tax 55,792 1,579
Social security and other taxes 13,765 3,745
Wages Control Account 135 -
Pensions 2,142 2,021
VAT 43,765 50,804
Other creditors 5,632 2,202
Directors' current accounts 1 -
Accrued expenses 9,750 10,473
1,032,587 145,778

9. LEASING AGREEMENTS
The total minimum lease payments due for operating leases is £942,500 (2023: £1,095,833).

10. SECURED DEBTS

There are two outstanding charges over assets held by the company.

Both charges were registered by Recognise Bank Plc in November 2023. The charges contain a fixed and floating charge over all property and undertakings of the company.

All previous charges have been satisfied.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
J B S Timms deceased
Balance outstanding at start of year 8,011 (13,559 )
Amounts advanced 129,566 21,570
Amounts repaid (137,577 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 8,011

Interest was charged annually at the HMRC approved rate on the overdrawn balance and the loan has been repaid during the year.