Registered number
05401352
Paul Smart Transport Limited
Filleted Accounts
31 March 2024
Paul Smart Transport Limited
Registered number: 05401352
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 866,753 988,503
Current assets
Debtors 4 244,065 397,681
Investments held as current assets 5 558,839 558,839
Cash at bank and in hand 485,276 401,456
1,288,180 1,357,976
Creditors: amounts falling due within one year 6 (927,474) (843,528)
Net current assets 360,706 514,448
Total assets less current liabilities 1,227,459 1,502,951
Creditors: amounts falling due after more than one year 7 - (220,810)
Provisions for liabilities (142,888) (177,054)
Net assets 1,084,571 1,105,087
Capital and reserves
Called up share capital 12 12
Profit and loss account 1,084,559 1,105,075
Shareholders' funds 1,084,571 1,105,087
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Paul Charles Smart
Director
Approved by the board on 30 January 2025
Paul Smart Transport Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% on a reducing balance basis.
Fixtures, fittings, tools and equipment 25% on a reducing balance basis.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 28
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 167,778 124,746 3,050,566 3,343,090
Additions - 12,950 371,799 384,749
Disposals - - (986,262) (986,262)
At 31 March 2024 167,778 137,696 2,436,103 2,741,577
Depreciation
At 1 April 2023 - 46,836 2,307,751 2,354,587
Charge for the year - 22,717 210,285 233,002
On disposals - - (712,765) (712,765)
At 31 March 2024 - 69,553 1,805,271 1,874,824
Net book value
At 31 March 2024 167,778 68,143 630,832 866,753
At 31 March 2023 167,778 77,910 742,815 988,503
4 Debtors 2024 2023
£ £
Trade debtors 141,435 295,051
Other debtors 102,630 102,630
244,065 397,681
5 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 558,839 558,839
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 110
Obligations under finance lease and hire purchase contracts 362,361 236,994
Trade creditors 313,268 263,738
Taxation and social security costs 210,935 308,024
Wages & salaries control 5,383 9,896
Pension Fund 1,201 1,680
Other creditors 34,326 23,086
927,474 843,528
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 220,810
8 Controlling party
Mr Paul Smart, Director, has the controlling interest byway of his 100% share of the holding company.
9 Other information
Paul Smart Transport Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4b
Winford Business Park
Winford
Bristol
BS40 8HJ
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