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Company Registration No. 03556082 (England and Wales)
Francis Transport Limited Unaudited accounts for the year ended 31 March 2024
Francis Transport Limited Unaudited accounts Contents
Page
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Francis Transport Limited Company Information for the year ended 31 March 2024
Director
Mr P M Dollery
Company Number
03556082 (England and Wales)
Registered Office
7 Stephenson Road Stephenson Industrial Estate Washington Tyne & Wear NE37 3HR
Accountants
Accountants For The Trade Limited 3 John Street Consett DH8 5LA
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Francis Transport Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
2,569,945 
1,955,592 
Current assets
Inventories
81,610 
58,986 
Debtors
1,236,213 
1,275,574 
Cash at bank and in hand
401,075 
188,916 
1,718,898 
1,523,476 
Creditors: amounts falling due within one year
(937,941)
(795,386)
Net current assets
780,957 
728,090 
Total assets less current liabilities
3,350,902 
2,683,682 
Creditors: amounts falling due after more than one year
(1,341,640)
(1,072,991)
Provisions for liabilities
Deferred tax
(488,289)
(371,562)
Net assets
1,520,973 
1,239,129 
Capital and reserves
Called up share capital
8,731 
8,731 
Profit and loss account
1,512,242 
1,230,398 
Shareholders' funds
1,520,973 
1,239,129 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 11 November 2024 and were signed on its behalf by
Mr P M Dollery Director Company Registration No. 03556082
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Francis Transport Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Francis Transport Limited is a private company, limited by shares, registered in England and Wales, registration number 03556082. The registered office is 7 Stephenson Road, Stephenson Industrial Estate, Washington, Tyne & Wear, NE37 3HR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Presentation currency
The accounts are presented in £sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
15% Reducing Balance
Fixtures & fittings
25% Reducing Balance
Computer equipment
25% Reducing Balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Francis Transport Limited Notes to the Accounts for the year ended 31 March 2024
Hire Purchase & Leasing Commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2023
2,629,879 
41,040 
7,513 
2,678,432 
Additions
934,028 
5,505 
1,305 
940,838 
Disposals
(14,606)
- 
- 
(14,606)
At 31 March 2024
3,549,301 
46,545 
8,818 
3,604,664 
Depreciation
At 1 April 2023
681,735 
40,792 
313 
722,840 
Charge for the year
321,697 
923 
1,987 
324,607 
On disposals
(12,728)
- 
- 
(12,728)
At 31 March 2024
990,704 
41,715 
2,300 
1,034,719 
Net book value
At 31 March 2024
2,558,597 
4,830 
6,518 
2,569,945 
At 31 March 2023
1,948,144 
248 
7,200 
1,955,592 
2024 
2023 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
2,452,246 
1,836,873 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
48,154 
- 
Trade debtors
511,094 
526,951 
Amounts due from group undertakings etc.
660,631 
742,759 
Accrued income and prepayments
16,334 
5,864 
1,236,213 
1,275,574 
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Francis Transport Limited Notes to the Accounts for the year ended 31 March 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
6,626 
6,626 
VAT
- 
125,617 
Obligations under finance leases and hire purchase contracts
683,314 
479,546 
Trade creditors
174,003 
128,557 
Taxes and social security
29,846 
28,740 
Other creditors
23,583 
22,443 
Loans from directors
6 
- 
Accruals
20,563 
3,857 
937,941 
795,386 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
29,649 
35,531 
Obligations under finance leases and hire purchase contracts
1,311,991 
1,037,460 
1,341,640 
1,072,991 
8
Controlling party
The ultimate controlling party is Francis Transport Property Ltd.
9
Average number of employees
During the year the average number of employees was 29 (2023: 28).
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