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COMPANY REGISTRATION NUMBER: 04573385
M J PROSSER TRANSPORT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 October 2024
M J PROSSER TRANSPORT LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31st OCTOBER 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
M J PROSSER TRANSPORT LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
89,943
37,008
Current assets
Debtors
7
60,982
75,286
Cash at bank and in hand
12,365
128,275
--------
---------
73,347
203,561
Creditors: amounts falling due within one year
8
32,118
88,823
--------
---------
Net current assets
41,229
114,738
---------
---------
Total assets less current liabilities
131,172
151,746
Creditors: amounts falling due after more than one year
9
900
4,088
Provisions
Taxation including deferred tax
17,089
8,334
---------
---------
Net assets
113,183
139,324
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
113,083
139,224
---------
---------
Shareholder funds
113,183
139,324
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
M J PROSSER TRANSPORT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 24 January 2025 , and are signed on behalf of the board by:
Mr M.J. Prosser
Director
Company registration number: 04573385
M J PROSSER TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st OCTOBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Albion Parade, Wall Heath, Kingswinford, West Midlands, DY6 0NP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(i) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(ii) Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(iii) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(iv) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
(v) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(vi) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(vii) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings & equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
(viii) Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period on a straight line basis over the term of the lease.
(ix) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(x) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1st November 2023 and 31st October 2024
15,000
--------
Amortisation
At 1st November 2023 and 31st October 2024
15,000
--------
Carrying amount
At 31st October 2024
--------
At 31st October 2023
--------
Goodwill arose on the acquisition of the business previously carried on by Mr & Mrs Prosser in partnership.
6. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1st November 2023
5,033
240,784
245,817
Additions
185
86,499
86,684
Disposals
( 66,887)
( 66,887)
-------
---------
---------
At 31st October 2024
5,218
260,396
265,614
-------
---------
---------
Depreciation
At 1st November 2023
4,470
204,339
208,809
Charge for the year
188
29,795
29,983
Disposals
( 63,121)
( 63,121)
-------
---------
---------
At 31st October 2024
4,658
171,013
175,671
-------
---------
---------
Carrying amount
At 31st October 2024
560
89,383
89,943
-------
---------
---------
At 31st October 2023
563
36,445
37,008
-------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
44,370
67,678
Other debtors
16,612
7,608
--------
--------
60,982
75,286
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,426
2,818
Trade creditors
17,572
18,000
Corporation tax
31,946
Social security and other taxes
8,686
25,125
Other creditors
4,434
10,934
--------
--------
32,118
88,823
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
900
4,088
----
-------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M.J. Prosser
( 864)
43,500
( 44,071)
( 1,435)
----
--------
--------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M.J. Prosser
( 148)
43,000
( 43,716)
( 864)
----
--------
--------
----
11. Related party transactions
The company was under the control of Mr M.J. Prosser throughout the current and previous year. Mr Prosser is the managing director and sole shareholder. The company operates its administrative affairs from the director's private residence. A payment of £520 (2023 - £520) has been made in respect of the additional costs incurred as a result of this arrangement. The director received equity dividends totalling £43,500 (2023 - £43,000) during the year.