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Registration number: 03959688

J R Transport & Sons Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

J R Transport & Sons Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

J R Transport & Sons Limited

(Registration number: 03959688)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

432,151

460,172

Investments

6

115

115

 

432,266

460,287

Current assets

 

Debtors

7

511,475

540,295

Cash at bank and in hand

 

217,366

203,674

 

728,841

743,969

Creditors: Amounts falling due within one year

8

(285,375)

(246,355)

Net current assets

 

443,466

497,614

Total assets less current liabilities

 

875,732

957,901

Creditors: Amounts falling due after more than one year

8

(96,857)

(139,936)

Provisions for liabilities

(108,038)

(115,043)

Net assets

 

670,837

702,922

Capital and reserves

 

Called up share capital

500

500

Retained earnings

670,337

702,422

Shareholders' funds

 

670,837

702,922

 

J R Transport & Sons Limited

(Registration number: 03959688)
Balance Sheet as at 31 March 2024

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 November 2024
 

Mr J R Rosewell
Director

   
     
 

J R Transport & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Chelson Farm
Salcombe Regis
Sidmouth
Devon
EX10 0PE

These financial statements were authorised for issue by the director on 15 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised using the accrual model. Where the costs have already been incurred then the grant is credited to the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

J R Transport & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

straight line over 20 years

Fixtures, fittings and equipment

20% reducing balance

Motor vehicles

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over 10 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

J R Transport & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

J R Transport & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 15 (2023 - 13).

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 April 2023

200,000

200,000

At 31 March 2024

200,000

200,000

Amortisation

At 1 April 2023

200,000

200,000

At 31 March 2024

200,000

200,000

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

-

-

 

J R Transport & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

847

74,369

1,164,522

1,239,738

Additions

-

-

79,003

79,003

Disposals

-

-

(65,332)

(65,332)

At 31 March 2024

847

74,369

1,178,193

1,253,409

Depreciation

At 1 April 2023

748

61,692

717,126

779,566

Charge for the year

42

2,535

93,487

96,064

Eliminated on disposal

-

-

(54,372)

(54,372)

At 31 March 2024

790

64,227

756,241

821,258

Carrying amount

At 31 March 2024

57

10,142

421,952

432,151

At 31 March 2023

99

12,677

447,396

460,172

Included within the net book value of land and buildings above is £57 (2023 - £99) in respect of freehold land and buildings.
 

6

Investments

2024
£

2023
£

Other investments

115

115

Other investments

£

Cost

At 1 April 2023

115

At 31 March 2024

115

Carrying amount

At 31 March 2024

115

At 31 March 2023

115

 

J R Transport & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors

2024
£

2023
£

Trade debtors

410,968

406,572

Other debtors

100,507

133,723

511,475

540,295

8

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

9

86,426

80,497

Trade creditors

 

93,148

99,836

Social security and other taxes

 

59,418

48,469

Accruals

 

5,000

4,700

Corporation tax liability

41,383

12,853

 

285,375

246,355

Due after one year

 

Loans and borrowings

9

96,857

139,936


Creditors falling due within one year includes net obligations under finance lease and hire purchase contracts which are secured of £76,264 (2023 - £70,586).

Creditors falling due after more than one year includes net obligations under finance lease and hire purchase contracts which are secured of £82,907 (2023 - £115,825).

 

J R Transport & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,950

24,111

Hire purchase contracts

82,907

115,825

96,857

139,936

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,162

9,911

Hire purchase contracts

76,264

70,586

86,426

80,497

10

Related party transactions

Key management personnel

Key management are considered to be the director and shareholders of the company.

Summary of transactions with key management

During the year key management received a loan from the company. Interest has been charged on the loan at 2% (2023 - 2%) and is repayable on demand.
 

Loans to related parties

2024

Key management
£

Total
£

At start of period

132,613

132,613

Advanced

99,351

99,351

Repaid

(132,613)

(132,613)

At end of period

99,351

99,351

2023

Key management
£

Total
£

At start of period

104,721

104,721

Advanced

138,896

138,896

Repaid

(111,004)

(111,004)

At end of period

132,613

132,613