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REGISTERED NUMBER: 07962554 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

COLIN VAINES TRANSPORT LIMITED

COLIN VAINES TRANSPORT LIMITED (REGISTERED NUMBER: 07962554)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COLIN VAINES TRANSPORT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr G H Vaines
Mrs C Vaines



REGISTERED OFFICE: Obelisk House
The Walk
Birdwell
Barnsley
South Yorkshire
S70 5UA



REGISTERED NUMBER: 07962554 (England and Wales)



ACCOUNTANTS: Gibson Booth Limited
12 Victoria Road
Barnsley
South Yorkshire
S70 2BB



BANKERS: HSBC
Station Road
Chapeltown
Sheffield
S35 2XE

COLIN VAINES TRANSPORT LIMITED (REGISTERED NUMBER: 07962554)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 414,158 435,538

CURRENT ASSETS
Debtors 5 168,970 126,351
Cash at bank 43,757 83,517
212,727 209,868
CREDITORS
Amounts falling due within one year 6 281,831 254,153
NET CURRENT LIABILITIES (69,104 ) (44,285 )
TOTAL ASSETS LESS CURRENT LIABILITIES 345,054 391,253

CREDITORS
Amounts falling due after more than
one year

7

(151,442

)

(193,128

)

PROVISIONS FOR LIABILITIES (74,174 ) (78,086 )
NET ASSETS 119,438 120,039

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 119,436 120,037
SHAREHOLDERS' FUNDS 119,438 120,039

COLIN VAINES TRANSPORT LIMITED (REGISTERED NUMBER: 07962554)

BALANCE SHEET - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 and authorised for issue by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





Mr G H Vaines - Director


COLIN VAINES TRANSPORT LIMITED (REGISTERED NUMBER: 07962554)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Colin Vaines Transport 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2. ACCOUNTING POLICIES

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

Significant judgements and estimates
No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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

Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow reliably to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Motor vehicles - 20% on reducing balance
Fixtures and fittings - 10% on cost
Computer equipment - 25% on cost

COLIN VAINES TRANSPORT LIMITED (REGISTERED NUMBER: 07962554)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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.

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 lives or the lease term,whichever is 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 and loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

COLIN VAINES TRANSPORT LIMITED (REGISTERED NUMBER: 07962554)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 29,583 561,733 - 591,316
Additions - 144,500 807 145,307
Disposals - (130,500 ) - (130,500 )
At 31 March 2024 29,583 575,733 807 606,123
DEPRECIATION
At 1 April 2023 6,640 149,138 - 155,778
Charge for year 2,931 89,493 67 92,491
Eliminated on disposal - (56,304 ) - (56,304 )
At 31 March 2024 9,571 182,327 67 191,965
NET BOOK VALUE
At 31 March 2024 20,012 393,406 740 414,158
At 31 March 2023 22,943 412,595 - 435,538

Included within the above net book value of £414,158 is £170,844 (2023: £79,400) relating to assets held on hire purchase . The depreciation charged during the year relating to assets held on hire purchase was £39,002 (2023: £20,233).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 149,757 112,870
Prepayments and accrued income 19,213 13,481
168,970 126,351

COLIN VAINES TRANSPORT LIMITED (REGISTERED NUMBER: 07962554)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8) 60,162 61,870
Trade creditors 79,574 42,927
Social security and other taxes 13,864 7,821
VAT 35,417 48,865
Other creditors 78,189 78,653
Directors' loan accounts 375 667
Accrued expenses 4,250 3,350
281,831 254,153

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 2-5 years 12,500 22,500
Hire purchase contracts (see note 8) 138,942 170,628
151,442 193,128

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 60,162 61,870
Between one and five years 138,942 170,628
199,104 232,498

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 199,104 232,498

COLIN VAINES TRANSPORT LIMITED (REGISTERED NUMBER: 07962554)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1 A Ordinary £1 1 1
1 B Ordinary £1 1 1
2 2