Registered number
03063002
A. J. Ostridge (Transport) Limited
Unaudited Filleted Accounts
31 May 2024
A. J. Ostridge (Transport) Limited
Registered number: 03063002
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 2,332 2,665
Tangible assets 4 708,208 826,317
710,540 828,982
Current assets
Debtors 5 295,614 419,543
Cash at bank and in hand 124,262 119,166
419,876 538,709
Creditors: amounts falling due within one year 6 (814,893) (805,889)
Net current liabilities (395,017) (267,180)
Total assets less current liabilities 315,523 561,802
Creditors: amounts falling due after more than one year 7 (235,469) (380,963)
Provisions for liabilities (48,940) (52,895)
Net assets 31,114 127,944
Capital and reserves
Called up share capital 2 2
Profit and loss account 31,112 127,942
Shareholder's funds 31,114 127,944
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.
Alan Jeffrey Ostridge
Director
Approved by the board on 15 November 2024
A. J. Ostridge (Transport) Limited
Notes to the Accounts
for the year ended 31 May 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% Reducing Balance
Fixtures, fittings, tools and equipment 25% Reducing Balance
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 19 19
3 Intangible fixed assets £
Stamp duty on lease
Cost
At 1 June 2023 4,996
At 31 May 2024 4,996
Amortisation
At 1 June 2023 2,331
Provided during the year 333
At 31 May 2024 2,664
Net book value
At 31 May 2024 2,332
At 31 May 2023 2,665
Stamp duty is being written off in equal annual instalments over the life of the lease - 15 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2023 135,030 2,057,225 2,192,255
Additions - 137,900 137,900
Disposals - (83,990) (83,990)
At 31 May 2024 135,030 2,111,135 2,246,165
Depreciation
At 1 June 2023 57,534 1,308,404 1,365,938
Charge for the year 9,001 194,964 203,965
On disposals - (31,946) (31,946)
At 31 May 2024 66,535 1,471,422 1,537,957
Net book value
At 31 May 2024 68,495 639,713 708,208
At 31 May 2023 77,496 748,821 826,317
5 Debtors 2024 2023
£ £
Trade debtors 267,232 418,661
Other debtors 28,382 882
295,614 419,543
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 168,381 115,311
Obligations under finance lease and hire purchase contracts 175,586 194,485
Trade creditors 119,758 60,904
Taxation and social security costs 55,185 45,202
Other creditors 295,983 389,987
814,893 805,889
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 39,667 73,667
Obligations under finance lease and hire purchase contracts 195,802 307,296
235,469 380,963
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 205,000 235,000
9 Related party transactions
At the year end the company owed the following to related parties :
2024 2023
£ £
Alan Ostridge (Director) 115,444 209,997
Andrew Ostridge (Director) 174,910 174,910
At the year end the following companies owed the following to A J Ostridge Transport Ltd :
Affordable Hard Woods Limited - 125,768
Alan J Ostridge Holdings Ltd - 9,000
Included in other operating income are £146,720 of transactions relating to the recharge of costs incurred by the company on behalf of Affordable Hard Woods Limited and Alan J Ostridge Holdings Ltd, companies in which Alan Ostridge is also a director.
10 Other information
A. J. Ostridge (Transport) Limited is a private company limited by shares and incorporated in England. Its registered office is:
23 Aubrey Close
Chelmsford
Essex
CM1 4EJ
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