29
false
false
false
false
false
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false
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No description of principal activity
2023-05-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
NI072074
2023-05-01
2024-04-30
NI072074
2024-04-30
NI072074
2023-04-30
NI072074
2022-05-01
2023-04-30
NI072074
2023-04-30
NI072074
2022-04-30
NI072074
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-05-01
2024-04-30
NI072074
core:PlantMachinery
2023-05-01
2024-04-30
NI072074
core:FurnitureFittings
2023-05-01
2024-04-30
NI072074
bus:Director1
2023-05-01
2024-04-30
NI072074
bus:Director2
2023-05-01
2024-04-30
NI072074
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-04-30
NI072074
core:PlantMachinery
2023-04-30
NI072074
core:FurnitureFittings
2023-04-30
NI072074
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-04-30
NI072074
core:PlantMachinery
2024-04-30
NI072074
core:FurnitureFittings
2024-04-30
NI072074
core:WithinOneYear
2024-04-30
NI072074
core:WithinOneYear
2023-04-30
NI072074
core:AfterOneYear
2024-04-30
NI072074
core:AfterOneYear
2023-04-30
NI072074
core:ShareCapital
2024-04-30
NI072074
core:ShareCapital
2023-04-30
NI072074
core:RetainedEarningsAccumulatedLosses
2024-04-30
NI072074
core:RetainedEarningsAccumulatedLosses
2023-04-30
NI072074
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-04-30
NI072074
core:PlantMachinery
2023-04-30
NI072074
core:FurnitureFittings
2023-04-30
NI072074
core:LeasedAssetsHeldAsLessee
core:PlantMachinery
2024-04-30
NI072074
core:LeasedAssetsHeldAsLessee
core:PlantMachinery
2023-04-30
NI072074
bus:SmallEntities
2023-05-01
2024-04-30
NI072074
bus:AuditExempt-NoAccountantsReport
2023-05-01
2024-04-30
NI072074
bus:SmallCompaniesRegimeForAccounts
2023-05-01
2024-04-30
NI072074
bus:PrivateLimitedCompanyLtd
2023-05-01
2024-04-30
NI072074
bus:FullAccounts
2023-05-01
2024-04-30
NI072074
core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl
2023-05-01
2024-04-30
COMPANY REGISTRATION NUMBER:
NI072074
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
30 April 2024
Fixed assets
Tangible assets |
5 |
1,000,206 |
809,220 |
|
|
|
|
Current assets
Stocks |
55,979 |
45,729 |
Debtors |
6 |
795,126 |
719,901 |
Cash at bank and in hand |
120,208 |
243,315 |
|
--------- |
------------ |
|
971,313 |
1,008,945 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
698,811 |
639,469 |
|
--------- |
------------ |
Net current assets |
272,502 |
369,476 |
|
------------ |
------------ |
Total assets less current liabilities |
1,272,708 |
1,178,696 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
347,517 |
266,553 |
|
|
|
|
Provisions |
182,290 |
171,983 |
|
------------ |
------------ |
Net assets |
742,901 |
740,160 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
2 |
2 |
Profit and loss account |
742,899 |
740,158 |
|
--------- |
--------- |
Shareholders funds |
742,901 |
740,160 |
|
--------- |
--------- |
|
|
|
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 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
30 April 2024
These financial statements were approved by the
board of directors
and authorised for issue on
31 January 2025
, and are signed on behalf of the board by:
Mr. M. Taylor |
Mrs. A. Taylor |
Director |
Director |
|
|
Company registration number:
NI072074
Notes to the Financial Statements |
|
Year ended 30 April 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 6 Lisnabilla Road, Moira, Craigavon, Co. Armagh, BT67 0JW.
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
Basis of preparation
MST Transport Ltd
is a leading transportation business. These financial statements are prepared on a going concern basis, under the historical cost convention, as modified, where appropriate, by the revaluation of land and buildings and certain financial assets and liabilities measured at fair value through profit or loss. The financial statements provide comparative information in respect of the previous period. Where the directors consider that, in order to provide more accurate comparison, corresponding amounts and balances are not directly comparable with the amount shown in respect of the current financial year, those comparative amounts and balances have been adjusted. The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below.
Going concern
During the financial year, a major customer of the company was placed in administration, with debts remaining due to the company. A full impairment provision has been provided in the financial statements and the debt recognised as an expense in the profit and loss account for the year. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant Judgements To be a key judgement, the subject matter must relate to something other than assumptions about the future or making estimates and typically relate to significant issues in applying accounting standards where management applied judgement in situations where a different judgement might have led to a materially different accounting treatment. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Going concern In order to assess whether it is appropriate for the company to be reported as a going concern, the directors apply judgement, having undertaken appropriate enquiries and having considered the business activities and the company's principal risks and uncertainties. During the period under review, a major customer of the company was placed in administration, with debts remaining due to the company. The directors consider that this debt is fully impaired and has been provided for as such in the financial statements. In arriving at this judgement, there are a large number of assumptions and estimates involved. This includes management's expectations of revenue, EBITDA, timing and quantum of future capital expenditure and estimates and cost of future funding. Key accounting estimates and assumptions The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. Depreciation The company's balance sheet reflects tangible fixed assets which are subject to depreciation. Depreciation rates are based upon the expected economic lives of the related tangible fixed assets. Any variation in the useful economic lives of the asset class will have an impact on the balance sheet and financial position of the company. The useful economic lives of tangible fixed assets are uncertain and, therefore, the actual economic life of an asset may be shorter or longer than expected. There have been no significant revisions to the estimated lives during the current financial year. Stocks In calculating the net realisable value of stocks, management has made judgements in respect of the durability and general high quality of the company’s products. Bad debts The company assesses whether there is objective evidence of impairment of any financial assets that are measured at cost or amortised cost - these include trade debtors. If there is objective evidence of impairment, the company recognises a bad debt in its statement of income immediately. However, it in making that assessment, events may subsequently occur which could indicate that a trade debtor has become impaired, or a previously impaired debt has become recoverable.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity; and (e) when the specific criteria relating to the each of company’s sales channels have been met, as described below. Sale of services The company provides transportation services to its customers. Revenue is recognised in the accounting period in which the services are rendered when the outcome of contract can be estimated reliably.
Income tax
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively. Current or deferred taxation assets and liabilities are not discounted. i. Current tax Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. ii. Deferred tax Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These 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 recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Foreign currencies
i . Functional and presentation currency The company’s functional and presentation currency is the pound sterling. ii Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account except where deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings are presented in the profit and loss account within ‘finance (expense)/ income’. All other foreign exchange gains and losses are presented in the profit and loss account within ‘other operating (losses)/gains’.
Operating leases
At inception, the company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement. Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Tangible assets
Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised. Land and buildings include freehold and leasehold land and buildings. Land and buildings are stated at cost less accumulated depreciation and accumulated impairment losses. Plant and machinery, fixtures and fittings are stated at cost less accumulated depreciation and accumulated impairment losses. The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. Subsequent costs, including major inspections, are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably. The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life. Repairs, maintenance and minor inspection costs are expensed as incurred. Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss and included in ‘other operating (losses)/gains’.
Depreciation
Land is not depreciated. Depreciation on other assets is calculated to allocate the cost to their residual values over their estimated useful lives, as follows:
|
Freehold property |
- |
2% straight line |
|
Plant and machinery |
- |
20% reducing balance |
|
Fixtures and fittings |
- |
20% reducing balance |
|
|
|
|
Impairment of fixed assets
At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset’s cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset’s cash generating unit) is compared to the carrying amount of the asset (or asset’s cash generating unit). The recoverable amount of the asset (or asset’s cash generating unit) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset’s (or asset’s cash generating unit’s) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset. If the recoverable amount of the asset (or asset’s cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter, any excess is recognised in profit or loss. If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset’s cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the profit and loss account.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing stock to its present location and condition. The cost of manufactured finished goods and work in progress includes design costs, raw materials, direct labour and other direct costs and related production overheads (based on normal operating capacity). At the end of each reporting period stocks are assessed for impairment. If an item of inventory is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised, the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts 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 so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
i Provisions Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost. ii Contingencies Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote. Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.
Financial instruments
i. Financial assets Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. ii Financial liabilities Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. iii. Offsetting Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Distributions to equity holders
The directors can propose final dividends to be approved by members. Dividends become a legally binding liability when the company’s members’ pass a written resolution, regardless of the date on which the dividend is to be paid. Dividends and other distributions to company’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company’s shareholders. These amounts are recognised in the statement of of changes in equity.
A proposed unapproved final dividend is not a legal obligation to shareholders and is not recognised as a liability at the balance sheet date.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
29
(2023:
20
).
5.
Tangible assets
|
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 May 2023 |
147,855 |
1,376,188 |
97,910 |
1,621,953 |
Additions |
– |
395,620 |
16,224 |
411,844 |
|
--------- |
------------ |
--------- |
------------ |
At 30 April 2024 |
147,855 |
1,771,808 |
114,134 |
2,033,797 |
|
--------- |
------------ |
--------- |
------------ |
Depreciation |
|
|
|
|
At 1 May 2023 |
7,195 |
739,458 |
66,080 |
812,733 |
Charge for the year |
1,176 |
209,911 |
9,771 |
220,858 |
|
--------- |
------------ |
--------- |
------------ |
At 30 April 2024 |
8,371 |
949,369 |
75,851 |
1,033,591 |
|
--------- |
------------ |
--------- |
------------ |
Carrying amount |
|
|
|
|
At 30 April 2024 |
139,484 |
822,439 |
38,283 |
1,000,206 |
|
--------- |
------------ |
--------- |
------------ |
At 30 April 2023 |
140,660 |
636,730 |
31,830 |
809,220 |
|
--------- |
------------ |
--------- |
------------ |
|
|
|
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Plant and machinery |
|
£ |
At 30 April 2024 |
679,881 |
|
--------- |
At 30 April 2023 |
462,407 |
|
--------- |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
760,735 |
673,325 |
Other debtors |
34,391 |
46,576 |
|
--------- |
--------- |
|
795,126 |
719,901 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
10,040 |
9,952 |
Trade creditors |
399,145 |
354,091 |
Corporation tax |
9,601 |
40,055 |
Social security and other taxes |
72,575 |
59,917 |
Other creditors |
7,326 |
4,676 |
Other creditors |
200,124 |
170,778 |
|
--------- |
--------- |
|
698,811 |
639,469 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
12,288 |
22,290 |
Other creditors |
335,229 |
244,263 |
|
--------- |
--------- |
|
347,517 |
266,553 |
|
--------- |
--------- |
|
|
|
9.
Related party transactions
During the period, the company sold goods and services in the normal course of its business to a business owned by family members of the directors. There were no sales during the period (2023 - £3,060). At the balance sheet date, the company was owed £16,537 (2023 - £16,537). During the period the company purchased goods and services from a business owned by family member of the directors. Total purchases amounted to £8,938 (2023 - £10,309). At the balance sheet date the company owed the business £23,846 (2023 - £20,255).