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REGISTERED NUMBER: 04424646 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

FARRELL TRANSPORT LIMITED

FARRELL TRANSPORT LIMITED (REGISTERED NUMBER: 04424646)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FARRELL TRANSPORT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







Directors: G Sandford
R D Farrell
A F J Farrell





Registered office: Alverton Road
Staunton Works
Staunton in the Vale
Nottingham
NG13 9QB





Registered number: 04424646 (England and Wales)





Accountants: Haines Watts
Chartered Accountants
10 Stadium Business Court
Millennium Way
Pride Park
Derby
DE24 8HP

FARRELL TRANSPORT LIMITED (REGISTERED NUMBER: 04424646)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £ £
Fixed assets
Tangible assets 4 3,153,855 3,196,333
Investments 5 250 250
3,154,105 3,196,583

Current assets
Debtors 6 1,641,964 1,513,620
Cash at bank 521,317 749,974
2,163,281 2,263,594
Creditors
Amounts falling due within one year 7 (716,061 ) (796,849 )
Net current assets 1,447,220 1,466,745
Total assets less current liabilities 4,601,325 4,663,328

Creditors
Amounts falling due after more than one
year

8

(227,193

)

(317,001

)

Provisions for liabilities 10 (483,466 ) (479,874 )
Net assets 3,890,666 3,866,453

Capital and reserves
Called up share capital 11 300 300
Revaluation reserve 12 1,322,507 1,322,507
Retained earnings 12 2,567,859 2,543,646
Shareholders' funds 3,890,666 3,866,453

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FARRELL TRANSPORT LIMITED (REGISTERED NUMBER: 04424646)

BALANCE SHEET - continued
31 JULY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2025 and were signed on its behalf by:




R D Farrell - Director



G Sandford - Director


FARRELL TRANSPORT LIMITED (REGISTERED NUMBER: 04424646)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Farrell Transport 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and property - 2% Straight line
Plant and machinery - 15% on cost and 5% on cost
Motor vehicles - 15% on reducing balance

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

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

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
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2023 - 50 ) .

FARRELL TRANSPORT LIMITED (REGISTERED NUMBER: 04424646)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

4. TANGIBLE FIXED ASSETS
Freehold
land and Plant and Motor
property machinery vehicles Totals
£ £ £ £
Cost
At 1 August 2023 2,500,000 556,035 2,126,078 5,182,113
Additions - 32,501 128,198 160,699
Disposals - (4,440 ) (78,121 ) (82,561 )
At 31 July 2024 2,500,000 584,096 2,176,155 5,260,251
Depreciation
At 1 August 2023 - 394,750 1,591,030 1,985,780
Charge for year 50,000 53,415 99,199 202,614
Eliminated on disposal - (4,344 ) (77,654 ) (81,998 )
At 31 July 2024 50,000 443,821 1,612,575 2,106,396
Net book value
At 31 July 2024 2,450,000 140,275 563,580 3,153,855
At 31 July 2023 2,500,000 161,285 535,048 3,196,333

The Directors obtained an independent valuation of the freehold property in 2023, which was valued at £2,500,000

If the freehold property had not been revalued it would have been included at the historical cost of £1,141,779.

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
Cost
At 1 August 2023
and 31 July 2024 250
Net book value
At 31 July 2024 250
At 31 July 2023 250

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 834,606 851,211
Prepayments 157,358 162,409
Other debtors 650,000 500,000
1,641,964 1,513,620

FARRELL TRANSPORT LIMITED (REGISTERED NUMBER: 04424646)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans 88,504 85,449
Trade creditors 368,207 270,165
Tax 35,687 111,208
Social security and other taxes 32,901 37,569
VAT 110,181 147,336
Other creditors 46,467 31,459
Accruals and deferred income 2,165 2,893
Pension Liability 6,261 85,451
Directors' loan accounts 25,688 25,319
716,061 796,849

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans 227,193 317,001

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 227,193 317,001

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 315,697 402,450

The above liabilities disclosed under creditors are secured by the company. The mortgage is secured against the property.

10. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 483,466 479,874

Deferred tax
£
Balance at 1 August 2023 479,874
Provided during year 3,592
Balance at 31 July 2024 483,466

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
300 Ordinary £1 300 300

FARRELL TRANSPORT LIMITED (REGISTERED NUMBER: 04424646)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

12. RESERVES
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 August 2023 2,543,646 1,322,507 3,866,153
Profit for the year 162,813 162,813
Dividends (138,600 ) (138,600 )
At 31 July 2024 2,567,859 1,322,507 3,890,366

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£ £
R D Farrell
Balance outstanding at start of year 12,484 9,476
Amounts advanced 71,793 71,530
Amounts repaid (71,536 ) (68,522 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,741 12,484

A F J Farrell
Balance outstanding at start of year 296 308
Amounts advanced 1,848 1,848
Amounts repaid (1,856 ) (1,860 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 288 296

G Sandford
Balance outstanding at start of year 12,538 9,476
Amounts advanced 76,711 73,607
Amounts repaid (76,590 ) (70,545 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,659 12,538

14. RELATED PARTY DISCLOSURES

During the year the company had the following transactions and balances with R & G Enterprises Limited, a company under the common control of two of the directors and shareholders.

R & G Enterprises Ltd
20242023
££

Balance brought forward500,000500,000
Loan repaid in the year--
Advances in the year150,000-
Balance due from at the year-end650,000500,000