Company registration number 03211859 (England and Wales)
CHAPPELL (TRANSPORT & DISTRIBUTION) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CHAPPELL (TRANSPORT & DISTRIBUTION) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CHAPPELL (TRANSPORT & DISTRIBUTION) LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
614,659
542,833
Investments
4
28,644
26,207
643,303
569,040
Current assets
Stocks
113,386
47,555
Debtors
5
471,317
490,921
Cash at bank and in hand
289,946
482,611
874,649
1,021,087
Creditors: amounts falling due within one year
6
(539,698)
(519,598)
Net current assets
334,951
501,489
Total assets less current liabilities
978,254
1,070,529
Creditors: amounts falling due after more than one year
7
(121,081)
(208,332)
Provisions for liabilities
(97,155)
(104,786)
Net assets
760,018
757,411
Capital and reserves
Called up share capital
35,000
35,000
Profit and loss reserves
725,018
722,411
Total equity
760,018
757,411
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CHAPPELL (TRANSPORT & DISTRIBUTION) LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 February 2025 and are signed on its behalf by:
B. Chappell
J. Chappell
Director
Director
Company Registration No. 03211859
CHAPPELL (TRANSPORT & DISTRIBUTION) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Chappell (Transport & Distribution) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 94 Owl Lane, Ossett, West Yorkshire, WF5 9AU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for petrochemical products provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of product is recognised when the significant risks and rewards of ownership of the product have passed to the buyer (usually on delivery of the product), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% Reducing balance
Fixtures, fittings & equipment
15% Reducing balance
Motor vehicles
25% and 10% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CHAPPELL (TRANSPORT & DISTRIBUTION) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
CHAPPELL (TRANSPORT & DISTRIBUTION) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
8
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
1,116,164
Additions
157,940
Disposals
(127,202)
At 30 June 2024
1,146,902
Depreciation and impairment
At 1 July 2023
573,331
Depreciation charged in the year
54,039
Eliminated in respect of disposals
(95,127)
At 30 June 2024
532,243
Carrying amount
At 30 June 2024
614,659
At 30 June 2023
542,833
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
28,644
26,207
Fixed asset investments revalued
The above investments are listed on a recognised stock exchange and are included at their closing market value.
The historical cost of the investments is £14,200 (2023: £14,200).
CHAPPELL (TRANSPORT & DISTRIBUTION) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2023
26,207
Valuation changes
2,437
At 30 June 2024
28,644
Carrying amount
At 30 June 2024
28,644
At 30 June 2023
26,207
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
378,202
330,468
Other debtors
93,115
160,453
471,317
490,921
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
308,399
368,283
Corporation tax
21,623
1,351
Other taxation and social security
4,515
5,152
Other creditors
205,161
144,812
539,698
519,598
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
121,081
208,332
8
Directors' transactions
The company occupies premises owned by B. Chappell on a rent free basis.