REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
M J GRIFFITHS TRANSPORT LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
M J GRIFFITHS TRANSPORT LIMITED |
M J GRIFFITHS TRANSPORT LIMITED (REGISTERED NUMBER: 03471779) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
M J GRIFFITHS TRANSPORT LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
BANKERS: |
130 Lord Street |
Southport |
Merseyside |
PR9 OAB |
M J GRIFFITHS TRANSPORT LIMITED (REGISTERED NUMBER: 03471779) |
STATEMENT OF FINANCIAL POSITION |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
M J GRIFFITHS TRANSPORT LIMITED (REGISTERED NUMBER: 03471779) |
STATEMENT OF FINANCIAL POSITION - continued |
30 April 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
M J GRIFFITHS TRANSPORT LIMITED (REGISTERED NUMBER: 03471779) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
M J Griffiths Transport Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 represents the net invoice value of services provided. |
Goodwill |
Tangible fixed assets |
Tangible fixed assets are included at cost or valuation less depreciation and impairment. |
Depreciation is provided at the following rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Plant and machinery | - | 25% on reducing balance |
Fixtures & fittings | - | 20% on reducing balance |
Motor vehicles | - | 25% on reducing balance |
Computer equipment | - | 33% on reducing balance |
Impairment of assets |
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss. |
Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
M J GRIFFITHS TRANSPORT LIMITED (REGISTERED NUMBER: 03471779) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due. |
Amounts due to and from related undertakings, included directors, are repayable on demand and are measured at the undiscounted amount due. Other liabilities shall be measured at amortised cost using the effective interest rate. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Short term employee 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. |
Short term employee benefits are recognised as an expense in the period in which they are incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
M J GRIFFITHS TRANSPORT LIMITED (REGISTERED NUMBER: 03471779) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
6. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
M J GRIFFITHS TRANSPORT LIMITED (REGISTERED NUMBER: 03471779) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
6. | DEBTORS - continued |
2024 | 2023 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
The company operates an invoice financing facility under which certain trade debtors are assigned. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Other loans unsecured | 58,205 | - |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
Other creditors |
Invoice financing | 745,367 | 775,976 |
Directors' current accounts | 94,982 | 104,198 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other loans |
Other loans unsecured | 141,345 | - |
Hire purchase contracts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Other loans |
Hire purchase | 1,323,471 | 1,473,006 |
Invoice financing | 762,906 | 775,976 |
Bank overdraft is secured by way of a cross company guarantee. |
The other loan is secured by a personal guarantee provided by the director. |
Hire purchase contracts are secured on the assets concerned. |
Invoice financing liabilities are secured by way of a fixed and floating charge over all fixed assets. |
M J GRIFFITHS TRANSPORT LIMITED (REGISTERED NUMBER: 03471779) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 183,700 | 153,950 |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Charge to Statement of Income and Retained Earnings during year |
Balance at 30 April 2024 |
11. | OTHER FINANCIAL COMMITMENTS |
The company has total operating lease commitments amounting to £200,915 (2023: £289,611). |
A company in which the director holds shares has provided a guarantee limited to £50,000. |
12. | RELATED PARTY DISCLOSURES |
During the year the following transactions were undertaken with M J Griffiths (Properties) Limited, a company |
in which M J Griffiths is a director and shareholder: |
Paid funds of £81,112 (2023: £78,867), received funds of £8,333 (2023: £11,832) and charged rents of £41,667 (2023: £41,667). A balance of £728,891 (2023: £697,779) is outstanding at the year end. |
Re-charged management costs of £24,000 (2023: £24,000). |