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REGISTERED NUMBER: 07969466 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Philmar Transport Limited

Philmar Transport Limited (Registered number: 07969466)






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


Philmar Transport Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr I P Strickland
Mr J A Strickland
Mr I Cullen-Shaw





REGISTERED OFFICE: Reedham House
31 King Street West
Manchester
Manchester
M3 2PJ





REGISTERED NUMBER: 07969466 (England and Wales)





ACCOUNTANTS: Freedman Frankl & Taylor
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Philmar Transport Limited (Registered number: 07969466)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 8,500 9,500
Tangible assets 5 33,649 58,654
42,149 68,154

CURRENT ASSETS
Debtors 6 158,532 152,183
Cash at bank and in hand 270 11,830
158,802 164,013
CREDITORS
Amounts falling due within one year 7 144,060 168,001
NET CURRENT ASSETS/(LIABILITIES) 14,742 (3,988 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

56,891

64,166

PROVISIONS FOR LIABILITIES 32,012 35,507
NET ASSETS 24,879 28,659

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 24,779 28,559
SHAREHOLDERS' FUNDS 24,879 28,659

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.

Philmar Transport Limited (Registered number: 07969466)

Balance Sheet - continued
31 March 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 Board of Directors and authorised for issue on 4 December 2024 and were signed on its behalf by:





Mr I P Strickland - Director


Philmar Transport Limited (Registered number: 07969466)

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

1. STATUTORY INFORMATION

Philmar 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.

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.

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

Goodwill and intangible fixed assets
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty years.

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.
Land and buildings - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are initially recorded at cost less accumulated depreciation and accumulated impairment losses.

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.

Philmar Transport Limited (Registered number: 07969466)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. 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. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. Those held under operating leases are charged to the profit and loss account as they are incurred.

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.

Going concern
The company's financial statements for the year ended 31 March 2024 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 20,000
AMORTISATION
At 1 April 2023 10,500
Charge for year 1,000
At 31 March 2024 11,500
NET BOOK VALUE
At 31 March 2024 8,500
At 31 March 2023 9,500

Philmar Transport Limited (Registered number: 07969466)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Land and Plant and and
buildings machinery fittings
£    £    £   
COST
At 1 April 2023 15,931 25,847 382
Additions - - -
Disposals - (2,000 ) -
At 31 March 2024 15,931 23,847 382
DEPRECIATION
At 1 April 2023 982 12,862 252
Charge for year 319 3,102 33
Eliminated on disposal - (1,174 ) -
At 31 March 2024 1,301 14,790 285
NET BOOK VALUE
At 31 March 2024 14,630 9,057 97
At 31 March 2023 14,949 12,985 130

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 100,245 2,622 145,027
Additions - 300 300
Disposals (78,000 ) - (80,000 )
At 31 March 2024 22,245 2,922 65,327
DEPRECIATION
At 1 April 2023 70,710 1,567 86,373
Charge for year 3,397 275 7,126
Eliminated on disposal (60,647 ) - (61,821 )
At 31 March 2024 13,460 1,842 31,678
NET BOOK VALUE
At 31 March 2024 8,785 1,080 33,649
At 31 March 2023 29,535 1,055 58,654

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 149,109 141,869
Other debtors - 1,276
Prepayments 9,423 9,038
158,532 152,183

Philmar Transport Limited (Registered number: 07969466)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 6,728 -
Trade creditors 37,884 47,823
Taxation and social security 28,494 51,706
Other creditors 70,954 68,472
144,060 168,001

8. RELATED PARTY DISCLOSURES

Included in other creditors falling due within one year and also creditors falling due after more than one year is the directors' loan account balances amounting to £55,671 (2023: £38,785). No interest has been charged on these balances. The loan account balance is repayable by a minimum notice of one year and a day.