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Britton Transport (Bristol) Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11565620
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 4,600
Tangible Assets 5 352,614 523,531
352,614 528,131
CURRENT ASSETS
Debtors 6 233,046 166,851
Cash at bank and in hand 172,820 120,754
405,866 287,605
Creditors: Amounts Falling Due Within One Year 7 (266,862 ) (173,437 )
NET CURRENT ASSETS (LIABILITIES) 139,004 114,168
TOTAL ASSETS LESS CURRENT LIABILITIES 491,618 642,299
Creditors: Amounts Falling Due After More Than One Year 8 (370,000 ) (516,019 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (88,154 ) (99,471 )
NET ASSETS 33,464 26,809
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 33,364 26,709
SHAREHOLDERS' FUNDS 33,464 26,809
Page 1
Page 2
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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs L K Britton
Director
Mr S L Britton
Director
11 November 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Britton Transport (Bristol) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11565620 . The registered office is 30 Chubb Close Barrs Court, Bristol, BS30 7BP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on Cost
Motor Vehicles 20% on Cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
...CONTINUED
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2.6. Taxation - continued
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 23,000
As at 31 March 2024 23,000
Amortisation
As at 1 April 2023 18,400
Provided during the period 4,600
As at 31 March 2024 23,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 4,600
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5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 April 2023 52,065 1,015,495 1,067,560
Additions - 40,637 40,637
As at 31 March 2024 52,065 1,056,132 1,108,197
Depreciation
As at 1 April 2023 51,536 492,493 544,029
Provided during the period 327 211,227 211,554
As at 31 March 2024 51,863 703,720 755,583
Net Book Value
As at 31 March 2024 202 352,412 352,614
As at 1 April 2023 529 523,002 523,531
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 233,046 154,824
Corporation tax debtor - 7,936
VAT - 4,091
233,046 166,851
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 71,019 86,487
Trade creditors 57,519 51,178
Corporation tax 21,410 -
Other taxes and social security 5,547 4,590
VAT 57,019 -
Directors' loan accounts 54,348 31,182
266,862 173,437
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Page 6
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 170,000 241,019
Directors loan account 200,000 275,000
370,000 516,019
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 71,019 86,487
Later than one year and not later than five years 170,000 241,019
241,019 327,506
241,019 327,506
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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