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REGISTERED NUMBER: 05819222 (England and Wales)















EFM Traction Limited

Unaudited Financial Statements

for the Year Ended 30th June 2024






EFM Traction Limited (Registered number: 05819222)






Contents of the Financial Statements
for the year ended 30th June 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


EFM Traction Limited

Company Information
for the year ended 30th June 2024







DIRECTOR: P E Minney





SECRETARY: Mrs Y L Minney





REGISTERED OFFICE: 310 Wellingborough Road
Northampton
Northamptonshire
NN1 4EP





REGISTERED NUMBER: 05819222 (England and Wales)





ACCOUNTANTS: Cheney & Co
310 Wellingborough Road
Northampton
NN1 4EP

EFM Traction Limited (Registered number: 05819222)

Balance Sheet
30th June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 6,000 9,000
Tangible assets 6 1,364,833 1,415,222
Investments 7 37,120 37,120
1,407,953 1,461,342

CURRENT ASSETS
Debtors 8 2,210,566 1,537,897
Cash at bank 130,146 1,013,483
2,340,712 2,551,380
CREDITORS
Amounts falling due within one year 9 1,020,975 1,098,640
NET CURRENT ASSETS 1,319,737 1,452,740
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,727,690

2,914,082

CREDITORS
Amounts falling due after more than one
year

10

(338,573

)

(617,724

)

PROVISIONS FOR LIABILITIES 13 (195,000 ) (334,000 )
NET ASSETS 2,194,117 1,962,358

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 2,193,917 1,962,158
SHAREHOLDERS' FUNDS 2,194,117 1,962,358

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

EFM Traction Limited (Registered number: 05819222)

Balance Sheet - continued
30th June 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19th November 2024 and were signed by:





P E Minney - Director


EFM Traction Limited (Registered number: 05819222)

Notes to the Financial Statements
for the year ended 30th June 2024

1. STATUTORY INFORMATION

EFM Traction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company in the year under review was that of the provision of haulage services.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost
Motor vehicles - 50% on cost, 33% on cost, 25% on cost and 20% on cost
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

EFM Traction Limited (Registered number: 05819222)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 22 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st July 2023
and 30th June 2024 60,000
AMORTISATION
At 1st July 2023 51,000
Amortisation for year 3,000
At 30th June 2024 54,000
NET BOOK VALUE
At 30th June 2024 6,000
At 30th June 2023 9,000

6. TANGIBLE FIXED ASSETS
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st July 2023 - 63,564 3,061,209 46,096 3,170,869
Additions 533,364 - 132,795 1,766 667,925
Disposals - - (864,736 ) - (864,736 )
At 30th June 2024 533,364 63,564 2,329,268 47,862 2,974,058
DEPRECIATION
At 1st July 2023 - 60,888 1,652,007 42,752 1,755,647
Charge for year - 1,848 161,950 - 163,798
Eliminated on disposal - - (310,220 ) - (310,220 )
At 30th June 2024 - 62,736 1,503,737 42,752 1,609,225
NET BOOK VALUE
At 30th June 2024 533,364 828 825,531 5,110 1,364,833
At 30th June 2023 - 2,676 1,409,202 3,344 1,415,222

EFM Traction Limited (Registered number: 05819222)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

6. TANGIBLE FIXED ASSETS - continued

The net book value of tangible fixed assets includes £ 605,436 (2023 - £ 1,106,670 ) in respect of assets held under hire purchase contracts.

7. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st July 2023
and 30th June 2024 37,120
NET BOOK VALUE
At 30th June 2024 37,120
At 30th June 2023 37,120

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,185,492 1,197,741
Other debtors 1,025,074 340,156
2,210,566 1,537,897

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 11) 40,000 40,000
Hire purchase contracts 354,206 360,764
Trade creditors 466,216 425,668
Taxation and social security 91,409 205,258
Other creditors 69,144 66,950
1,020,975 1,098,640

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 11) 36,667 76,667
Hire purchase contracts 301,906 541,057
338,573 617,724

11. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 40,000 40,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 36,667 76,667

EFM Traction Limited (Registered number: 05819222)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

12. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 656,112 901,821

The invoice discounted books debts are secured by a standard bank debenture over the assets of the company.

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 195,000 334,000

Deferred
tax
£   
Balance at 1st July 2023 334,000
Credit to Income Statement during year (139,000 )
Balance at 30th June 2024 195,000

14. CONTINGENT LIABILITIES

There were no contingent liabilities as at 30th June 2024 or 30th June 2023.

15. CAPITAL COMMITMENTS

There were no capital commitments as at 30th June 2024 or 30th June 2023.