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REGISTERED NUMBER: 07532716 (England and Wales)












ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

INDEPENDENT TRUCK SERVICE LIMITED

INDEPENDENT TRUCK SERVICE LIMITED (REGISTERED NUMBER: 07532716)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


INDEPENDENT TRUCK SERVICE LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: S M Paterson
Mrs S A Paterson
S Matthews





REGISTERED OFFICE: Holly Grange
Holly Lane
Balsall Common
Coventry
CV7 7EB





REGISTERED NUMBER: 07532716 (England and Wales)






INDEPENDENT TRUCK SERVICE LIMITED (REGISTERED NUMBER: 07532716)

ABRIDGED BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 756,852 36,774

CURRENT ASSETS
Debtors 159,945 135,195
Cash at bank 33,803 71,634
193,748 206,829
CREDITORS
Amounts falling due within one year 232,990 148,711
NET CURRENT (LIABILITIES)/ASSETS (39,242 ) 58,118
TOTAL ASSETS LESS CURRENT
LIABILITIES

717,610

94,892

CREDITORS
Amounts falling due after more than one
year

(512,520

)

(21,667

)

PROVISIONS FOR LIABILITIES (97,417 ) (6,987 )
NET ASSETS 107,673 66,238

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 107,573 66,138
107,673 66,238

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.

INDEPENDENT TRUCK SERVICE LIMITED (REGISTERED NUMBER: 07532716)

ABRIDGED 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 20 December 2024 and were signed on its behalf by:





S M Paterson - Director


INDEPENDENT TRUCK SERVICE LIMITED (REGISTERED NUMBER: 07532716)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Independent Truck Service 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.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

Turnover
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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

INDEPENDENT TRUCK SERVICE LIMITED (REGISTERED NUMBER: 07532716)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 91,316
Additions 843,595
Disposals (33,540 )
At 31 March 2024 901,371
DEPRECIATION
At 1 April 2023 54,542
Charge for year 99,405
Eliminated on disposal (9,428 )
At 31 March 2024 144,519
NET BOOK VALUE
At 31 March 2024 756,852
At 31 March 2023 36,774

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Totals
£   
COST
Additions 811,162
At 31 March 2024 811,162
DEPRECIATION
Charge for year 90,086
At 31 March 2024 90,086
NET BOOK VALUE
At 31 March 2024 721,076

INDEPENDENT TRUCK SERVICE LIMITED (REGISTERED NUMBER: 07532716)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

5. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
2024 2023 2024 2023
£    £    £    £   
Net obligations repayable:
Within one year 92,440 9,375 49,647 -
Between one and five years 308,901 - 191,952 -
401,341 9,375 241,599 -

6. OTHER FINANCIAL COMMITMENTS

The company had outstanding pension commitments at the year end of £3,036 (2023:£1,988).

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
S M Paterson
Balance outstanding at start of year 64,118 (2 )
Amounts advanced 50,828 64,120
Amounts repaid (77,731 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 37,215 64,118

8. CONTROLLING INTERESTS

The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.