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
Francis Transport Limited
Company Information
for the year ended 31 March 2024
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
Francis Transport Limited
Statement of financial position
as at 31 March 2024
Tangible assets
2,569,945
1,955,592
Debtors
1,236,213
1,275,574
Cash at bank and in hand
401,075
188,916
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
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
Francis Transport Limited
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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.
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 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 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.
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.
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.
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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
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
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
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
2,452,246
1,836,873
Amounts falling due within one year
Trade debtors
511,094
526,951
Amounts due from group undertakings etc.
660,631
742,759
Accrued income and prepayments
16,334
5,864
Francis Transport Limited
Notes to the Accounts
for the year ended 31 March 2024
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
6,626
6,626
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
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Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
1,311,991
1,037,460
The ultimate controlling party is Francis Transport Property Ltd.
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Average number of employees
During the year the average number of employees was 29 (2023: 28).