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REGISTERED NUMBER: 03762920 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 April 2024

for

Sovereign Transport Services Limited

Sovereign Transport Services Limited (Registered number: 03762920)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Sovereign Transport Services Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: I Radcliffe
S Radcliffe
M Fannon
O Radcliffe
A S Radcliffe





REGISTERED OFFICE: 1st Floor Morgan Brighthouse Building
Bradman Road
Knowsley Industrial Park
Liverpool
Merseyside
L33 7UR





REGISTERED NUMBER: 03762920 (England and Wales)





AUDITORS: Haines Watts
Statutory Auditor
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ

Sovereign Transport Services Limited (Registered number: 03762920)

Strategic Report
for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
A summary of the results of the business is shown below.

The key financial highlights are as below

2024 2023 2022
£ £ £
Turnover 30,572,160 30,741,535 27,744,856
Gross profit margin 14.7% 14.5% 11.3%
Profit before tax 617,888 1,466,599 1,120,624


PERFORMANCE MANAGEMENT
Long term financial plans are developed by the Directors to target improved performance in all areas of the business. On a monthly basis, the Directors review the performance of the group by comparing actual results against prior year achievements and analysing the results where necessary.

PRINCIPAL RISKS AND UNCERTAINTIES
There are a number of potential risks and uncertainties, which could have a material impact on the Company's long-term performance and cause actual results to materially differ from expected and historic results.

The risk management process seeks to enable the early identification, evaluation and effective management of the key risks facing the Company at an operational level and to operate internal controls that adequately mitigate these risks. The Directors have identified the following to be the principal risks and uncertainties that could have the most significant impact upon the group's value generation.

Operational risk:

State of the economy
The global economic recovery continues at a slow pace. A relapse could adversely impact sales and ultimately lower profitability and cash flow. Although the Company cannot directly influence the general economic conditions, the Company has the ability to adapt very quickly to changes in customer trends.

Financial risk:

Credit risk
A large proportion of the sales are made on credit terms. Granting of credit to inappropriate parties or the failure to collect debts on a timely basis could leave the Company exposed to losses. The Company maintains strong relationships with its customers and has established credit control procedures. Credit evaluations are performed on all customers requiring credit and outstanding debts are continuously monitored.

DEVELOPMENTS AND PERFORMANCE
The Directors have implemented the use of computerised managerial information systems which will reduce time and improve internal procedures.

ON BEHALF OF THE BOARD:





S Radcliffe - Director


30 January 2025

Sovereign Transport Services Limited (Registered number: 03762920)

Report of the Directors
for the Year Ended 30 April 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of freight transport by road.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 will be £nil.

FUTURE DEVELOPMENTS
Future developments include the growth of the more profitable contracts of the business.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

I Radcliffe
S Radcliffe
M Fannon
O Radcliffe
A S Radcliffe

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Sovereign Transport Services Limited (Registered number: 03762920)

Report of the Directors
for the Year Ended 30 April 2024


AUDITORS
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S Radcliffe - Director


30 January 2025

Report of the Independent Auditors to the Members of
Sovereign Transport Services Limited

Opinion
We have audited the financial statements of Sovereign Transport Services Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Sovereign Transport Services Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Identifying and assessing the design effectiveness of controls management has in place to prevent
and detect fraud;
- Understanding how those charged with governance considered and addressed the potential for
override of controls or other inappropriate influence over the financial reporting process;
- Reviewing financial statements disclosures and testing to supporting documentation to assess
compliance with applicable law and regulations;
- Challenging assumptions and judgements made by management in its significant
accounting estimates;
- Identifying and testing journal entries, in particular any journal entries posted with unusual
account combinations.

Our audit did not identify any significant matters relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Sovereign Transport Services Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Michael Forshaw (Senior Statutory Auditor)
for and on behalf of Haines Watts
Statutory Auditor
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ

30 January 2025

Sovereign Transport Services Limited (Registered number: 03762920)

Statement of Comprehensive Income
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £ £

TURNOVER 30,572,160 30,741,535

Cost of sales 26,093,399 26,286,552
GROSS PROFIT 4,478,761 4,454,983

Administrative expenses 4,100,632 3,017,295
378,129 1,437,688

Other operating income 339,900 89,607
OPERATING PROFIT 4 718,029 1,527,295

Interest receivable and similar income 284 637
718,313 1,527,932

Interest payable and similar expenses 5 115,800 61,333
PROFIT BEFORE TAXATION 602,513 1,466,599

Tax on profit 6 149,932 356,979
PROFIT FOR THE FINANCIAL YEAR 452,581 1,109,620

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

452,581

1,109,620

Sovereign Transport Services Limited (Registered number: 03762920)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £ £ £ £
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 3,445,200 2,681,268
3,445,200 2,681,268

CURRENT ASSETS
Debtors 10 3,883,398 4,094,912
Cash at bank 4,067,754 4,186,789
7,951,152 8,281,701
CREDITORS
Amounts falling due within one year 11 4,812,679 5,158,675
NET CURRENT ASSETS 3,138,473 3,123,026
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,583,673

5,804,294

CREDITORS
Amounts falling due after more than one
year

12

(1,205,228

)

(1,028,361

)

PROVISIONS FOR LIABILITIES 16 (762,275 ) (612,344 )
NET ASSETS 4,616,170 4,163,589

CAPITAL AND RESERVES
Called up share capital 17 14 14
Retained earnings 18 4,616,156 4,163,575
SHAREHOLDERS' FUNDS 4,616,170 4,163,589

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





S Radcliffe - Director


Sovereign Transport Services Limited (Registered number: 03762920)

Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 May 2022 14 3,118,691 3,118,705

Changes in equity
Dividends - (64,736 ) (64,736 )
Total comprehensive income - 1,109,620 1,109,620
Balance at 30 April 2023 14 4,163,575 4,163,589

Changes in equity
Total comprehensive income - 452,581 452,581
Balance at 30 April 2024 14 4,616,156 4,616,170

Sovereign Transport Services Limited (Registered number: 03762920)

Cash Flow Statement
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 1,219,142 2,043,147
Interest paid (17,664 ) (21,129 )
Interest element of hire purchase payments
paid

(98,136

)

(40,204

)
Tax paid - (362,862 )
Net cash from operating activities 1,103,342 1,618,952

Cash flows from investing activities
Purchase of tangible fixed assets (1,668,960 ) (2,112,010 )
Sale of tangible fixed assets 16,791 98,500
Interest received 284 637
Net cash from investing activities (1,651,885 ) (2,012,873 )

Cash flows from financing activities
Loan repayments in year (58,568 ) (48,750 )
New finance leases within the year 1,269,217 1,322,929
Capital repayments in year (781,141 ) (366,733 )
Amount introduced by directors - 180,852
Amount withdrawn by directors - (181,750 )
Equity dividends paid - (64,736 )
Net cash from financing activities 429,508 841,812

(Decrease)/increase in cash and cash equivalents (119,035 ) 447,891
Cash and cash equivalents at beginning of
year

2

4,186,789

3,738,898

Cash and cash equivalents at end of year 2 4,067,754 4,186,789

Sovereign Transport Services Limited (Registered number: 03762920)

Notes to the Cash Flow Statement
for the Year Ended 30 April 2024

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS

30.4.24 30.4.23
£ £
Profit for the financial year 452,581 1,109,620
Depreciation charges 865,089 490,282
Loss/(profit) on disposal of fixed assets 23,148 (35,141 )
Finance costs 115,800 61,333
Finance income (284 ) (637 )
Taxation 149,932 356,979
1,606,266 1,982,436
Decrease/(increase) in trade and other debtors 211,513 (125,762 )
(Decrease)/increase in trade and other creditors (598,637 ) 186,473
Cash generated from operations 1,219,142 2,043,147

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£ £
Cash and cash equivalents 4,067,754 4,186,789
Year ended 30 April 2023
30.4.23 1.5.22
£ £
Cash and cash equivalents 4,186,789 3,738,898


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£ £ £
Net cash
Cash at bank 4,186,789 (119,035 ) 4,067,754
4,186,789 (119,035 ) 4,067,754
Debt
Finance leases (1,367,921 ) (488,076 ) (1,855,997 )
Debts falling due within 1 year (58,568 ) (6,197 ) (64,765 )
Debts falling due after 1 year (142,682 ) 64,765 (77,917 )
(1,569,171 ) (429,508 ) (1,998,679 )
Total 2,617,618 (548,543 ) 2,069,075

Sovereign Transport Services Limited (Registered number: 03762920)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Sovereign Transport Services 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Significant judgements and estimates
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 a 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.

Intangible assets
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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

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.

Improvement to property- 2% on cost
Short leasehold- 10% on cost
Plant and machinery- 20/25% on cost
Motor Vehicle- 20/25% on cost
Fixtures & Fittings- 20/25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


Sovereign Transport Services Limited (Registered number: 03762920)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
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.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, loans from banks and loans to related parties. Trade and other debtors are measured at transaction price less any impairment. Trade and other creditors are measured at transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS
30.4.24 30.4.23
£ £
Wages and salaries 5,681,038 5,129,106
Social security costs 600,056 542,763
Other pension costs 103,839 100,974
6,384,933 5,772,843

Sovereign Transport Services Limited (Registered number: 03762920)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.4.24 30.4.23

Employees 123 130

30.4.24 30.4.23
£ £
Directors' remuneration 848,295 425,243

Information regarding the highest paid director is as follows:
30.4.24 30.4.23
£ £
Emoluments etc 206,985 133,262

Key management personnel
The directors are considered to be key management personnel for the current and previous year. Their benefits are noted above.

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.4.24 30.4.23
£ £
Other operating leases 45,840 47,843
Depreciation - owned assets 346,711 248,046
Depreciation - assets on hire purchase contracts 518,378 242,236
Loss/(profit) on disposal of fixed assets 23,148 (35,141 )
Auditors' remuneration 12,000 13,487

The amortisation of intangible assets is included within administration expenses.

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.24 30.4.23
£ £
Bank loan interest 17,664 21,129
Hire purchase 98,136 40,204
115,800 61,333

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.4.24 30.4.23
£ £
Deferred tax 149,932 356,979
Tax on profit 149,932 356,979

Sovereign Transport Services Limited (Registered number: 03762920)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.4.24 30.4.23
£ £
Profit before tax 602,513 1,466,599
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

150,628

278,654

Effects of:
Expenses not deductible for tax purposes 8,613 21,198
Income not taxable for tax purposes (1,315 ) (8,336 )
Capital allowances in excess of depreciation (205,543 ) (294,795 )
Deferred tax movement 149,932 356,979
respect of previous periods
Carried forwards tax losses 47,617 3,279
Total tax charge 149,932 356,979

7. DIVIDENDS
30.4.24 30.4.23
£ £
Ordinary shares of 1 each
Interim - 64,736

8. INTANGIBLE FIXED ASSETS
Patents and
licences
£
COST
At 1 May 2023
and 30 April 2024 1,000
AMORTISATION
At 1 May 2023
and 30 April 2024 1,000
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

Sovereign Transport Services Limited (Registered number: 03762920)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

9. TANGIBLE FIXED ASSETS
Short Improvements Plant and
leasehold to property machinery
£ £ £
COST
At 1 May 2023 54,292 149,865 3,861,787
Additions - - 1,610,254
Disposals - - (360,315 )
At 30 April 2024 54,292 149,865 5,111,726
DEPRECIATION
At 1 May 2023 17,212 109,716 1,694,962
Charge for year 5,429 2,997 746,428
Eliminated on disposal - - (320,667 )
At 30 April 2024 22,641 112,713 2,120,723
NET BOOK VALUE
At 30 April 2024 31,651 37,152 2,991,003
At 30 April 2023 37,080 40,149 2,166,825

Fixtures
and Motor
fittings vehicles Totals
£ £ £
COST
At 1 May 2023 305,024 210,160 4,581,128
Additions 58,706 - 1,668,960
Disposals (291 ) - (360,606 )
At 30 April 2024 363,439 210,160 5,889,482
DEPRECIATION
At 1 May 2023 30,628 47,342 1,899,860
Charge for year 64,812 45,423 865,089
Eliminated on disposal - - (320,667 )
At 30 April 2024 95,440 92,765 2,444,282
NET BOOK VALUE
At 30 April 2024 267,999 117,395 3,445,200
At 30 April 2023 274,396 162,818 2,681,268

Sovereign Transport Services Limited (Registered number: 03762920)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£ £ £
COST
At 1 May 2023 1,633,236 210,160 1,843,396
Additions 1,269,217 - 1,269,217
At 30 April 2024 2,902,453 210,160 3,112,613
DEPRECIATION
At 1 May 2023 313,718 47,342 361,060
Charge for year 472,955 45,423 518,378
At 30 April 2024 786,673 92,765 879,438
NET BOOK VALUE
At 30 April 2024 2,115,780 117,395 2,233,175
At 30 April 2023 1,319,518 162,818 1,482,336

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£ £
Trade debtors 3,436,043 3,632,974
Amounts owed by participating interests 228,420 221,613
Other debtors 16,209 -
Prepayments 202,726 240,325
3,883,398 4,094,912

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£ £
Bank loans and overdrafts (see note 13) 64,765 58,568
Hire purchase contracts (see note 14) 728,686 482,242
Trade creditors 3,314,331 4,007,317
Social security and other taxes 98,769 136,064
VAT 295,291 233,029
Other creditors 76,742 68,422
Accrued expenses 234,095 173,033
4,812,679 5,158,675

Sovereign Transport Services Limited (Registered number: 03762920)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£ £
Bank loans (see note 13) 77,917 142,682
Hire purchase contracts (see note 14) 1,127,311 885,679
1,205,228 1,028,361

13. LOANS

An analysis of the maturity of loans is given below:

30.4.24 30.4.23
£ £
Amounts falling due within one year or on demand:
Bank loans 64,765 58,568

Amounts falling due between two and five years:
Bank loans - 2-5 years 77,917 142,682

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.4.24 30.4.23
£ £
Net obligations repayable:
Within one year 728,686 482,242
Between one and five years 1,127,311 885,679
1,855,997 1,367,921

Non-cancellable
operating leases
30.4.24 30.4.23
£ £
Within one year 274,860 194,019
Between one and five years 1,940,195 1,843,185
In more than five years 1,438,243 1,806,295
3,653,298 3,843,499

15. SECURED DEBTS

The hire purchase liabilities are secured against the assets to which they relate.

Sovereign Transport Services Limited (Registered number: 03762920)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

16. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£ £
Deferred tax 762,275 612,344

Deferred tax
£
Balance at 1 May 2023 612,344
Movement in the year 149,931
Balance at 30 April 2024 762,275

The deferred tax liability set out above is expected to reverse within the foreseeable future and relates to accelerated capital allowances and other short term timing differences.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £ £
14 Ordinary 1 14 14

Called up share capital
The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.

18. RESERVES
Retained
earnings
£

At 1 May 2023 4,163,575
Profit for the year 452,581
At 30 April 2024 4,616,156

Retained earnings
Includes all current and prior period retained profits and losses.

19. PENSION COMMITMENTS

A defined contribution pension scheme is operated by the company. The assets of the scheme are held separately from those of the company in an independently administered fund. At 30 April 2024 pension contributions of £75,758 (2023: £58,478) were payable and included within other creditors.

20. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by way of their shareholdings, by way of direct and indirect holdings.

Sovereign Transport Services Limited (Registered number: 03762920)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

21. RELATED PARTY TRANSACTIONS

During the year £158,500 (2023: £158,500 ) of rent was paid to the SSAS Pension Scheme 'The Trustees of Sovereign Transport'.

Sovereign Transport Services Limited were owed by Radcliffe Investments Ltd £228,420 (2023: £221,613) this being a company also owned and controlled in part by S Radcliffe and I Radcliffe.

Dividends of £nil (2023: £64,736) were paid to S Radcliffe, I Radcliffe and Radcliffe Investments Ltd as shareholders in the company.