Registered number
03043549
Rex Stevens Transport Limited
Filleted Accounts
30 April 2024
Rex Stevens Transport Limited
Registered number: 03043549
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 481,692 512,068
Current assets
Stocks 2,973 2,973
Debtors 4 70,688 137,807
Cash at bank and in hand 6 48
73,667 140,828
Creditors: amounts falling due within one year 5 (258,554) (321,769)
Net current liabilities (184,887) (180,941)
Total assets less current liabilities 296,805 331,127
Creditors: amounts falling due after more than one year 6 (122,415) (183,953)
Provisions for liabilities (89,000) (89,000)
Net assets 85,390 58,174
Capital and reserves
Called up share capital 200 200
Profit and loss account 85,190 57,974
Shareholder's funds 85,390 58,174
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
James Stevens
Director
Approved by the board on 20 November 2024
Rex Stevens Transport Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 19,612 2,949 1,257,671 1,280,232
Additions - 657 - 657
At 30 April 2024 19,612 3,606 1,257,671 1,280,889
Depreciation
At 1 May 2023 16,719 2,949 748,496 768,164
Charge for the year 434 164 30,435 31,033
At 30 April 2024 17,153 3,113 778,931 799,197
Net book value
At 30 April 2024 2,459 493 478,740 481,692
At 30 April 2023 2,893 - 509,175 512,068
4 Debtors 2024 2023
£ £
Trade debtors 70,688 122,811
Other debtors - 14,996
70,688 137,807
5 Creditors: amounts falling due within one year 2024 2023
£ £
Directors Loans 62,861 95,942
Bank loans and overdrafts 57,330 115,791
Obligations under finance lease and hire purchase contracts 84,074 60,490
Trade creditors 23,780 22,461
Taxation and social security costs 30,509 25,524
Other creditors - 1,561
258,554 321,769
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,662 22,621
Obligations under finance lease and hire purchase contracts 110,753 161,332
122,415 183,953
7 Other information
Rex Stevens Transport Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit B1
Halesfield 5
Telford
TF7 4QJ
Rex Stevens Transport Limited 03043549 false 2023-05-01 2024-04-30 2024-04-30 VT Final Accounts April 2024 James Stevens No description of principal activity 03043549 2022-05-01 2023-04-30 03043549 core:WithinOneYear 2023-04-30 03043549 core:AfterOneYear 2023-04-30 03043549 core:ShareCapital 2023-04-30 03043549 core:RetainedEarningsAccumulatedLosses 2023-04-30 03043549 2023-05-01 2024-04-30 03043549 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03043549 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 03043549 bus:Director40 2023-05-01 2024-04-30 03043549 1 2023-05-01 2024-04-30 03043549 2 2023-05-01 2024-04-30 03043549 core:LandBuildings 2023-05-01 2024-04-30 03043549 core:PlantMachinery 2023-05-01 2024-04-30 03043549 core:Vehicles 2023-05-01 2024-04-30 03043549 countries:England 2023-05-01 2024-04-30 03043549 bus:FRS102 2023-05-01 2024-04-30 03043549 bus:FilletedAccounts 2023-05-01 2024-04-30 03043549 2024-04-30 03043549 core:WithinOneYear 2024-04-30 03043549 core:AfterOneYear 2024-04-30 03043549 core:ShareCapital 2024-04-30 03043549 core:RetainedEarningsAccumulatedLosses 2024-04-30 03043549 core:LandBuildings 2024-04-30 03043549 core:PlantMachinery 2024-04-30 03043549 core:Vehicles 2024-04-30 03043549 2023-04-30 03043549 core:LandBuildings 2023-04-30 03043549 core:PlantMachinery 2023-04-30 03043549 core:Vehicles 2023-04-30 iso4217:GBP xbrli:pure