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REGISTERED NUMBER: 05076144 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

PHILIP WRIGHT (TRANSPORT) LIMITED

PHILIP WRIGHT (TRANSPORT) LIMITED (REGISTERED NUMBER: 05076144)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PHILIP WRIGHT (TRANSPORT) LIMITED

COMPANY INFORMATION
for the year ended 31 May 2024







DIRECTORS: P E Wright
K H Wright





SECRETARY: D M Wright





REGISTERED OFFICE: Unit A
158 Barkby Road
Leicester
LE4 9LX
ENGLAND





REGISTERED NUMBER: 05076144 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2 Charnwood Edge Business Park
Syston Road, Leicester
LE7 4UZ
Magma Audit LLP is part
Of the Dains Group

PHILIP WRIGHT (TRANSPORT) LIMITED (REGISTERED NUMBER: 05076144)

BALANCE SHEET
31 May 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 450,312 537,330

CURRENT ASSETS
Stocks 45,686 30,102
Debtors 5 720,641 973,139
Cash at bank 164,759 92,130
931,086 1,095,371
CREDITORS
Amounts falling due within one year 6 (604,978 ) (805,219 )
NET CURRENT ASSETS 326,108 290,152
TOTAL ASSETS LESS CURRENT
LIABILITIES

776,420

827,482

CREDITORS
Amounts falling due after more than one
year

7

(278,157

)

(344,514

)

PROVISIONS FOR LIABILITIES (88,494 ) (134,332 )
NET ASSETS 409,769 348,636

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 408,769 347,636
409,769 348,636

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

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:



P E Wright - Director


PHILIP WRIGHT (TRANSPORT) LIMITED (REGISTERED NUMBER: 05076144)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2024


1. STATUTORY INFORMATION

Philip Wright (Transport) Limited is a limited company, registered in England and Wales. Its registered office address is Unit A, 158 Barkby Road, Leicester, LE4 9LX and the registered number is 05076144.

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 as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , 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.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the cost incurred and the costs to complete the contract can be measured reliably

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Long leasehold land & buildings - Straight line over 5 years
Fixtures and fittings - 10% straight line
Motor vehicles - 12.5% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at
transaction price, unless the arrangement constitutes as 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 rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors 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 payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


PHILIP WRIGHT (TRANSPORT) LIMITED (REGISTERED NUMBER: 05076144)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments 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 20 (2023 - 17 ) .

4. TANGIBLE FIXED ASSETS
Long
leasehold Fixtures
land & and Motor
buildings fittings vehicles Totals
£    £    £    £   
COST
At 1 June 2023 147,791 100,516 681,379 929,686
Disposals - - (201,168 ) (201,168 )
At 31 May 2024 147,791 100,516 480,211 728,518
DEPRECIATION
At 1 June 2023 44,073 87,575 260,708 392,356
Charge for year 7,380 3,344 55,057 65,781
Eliminated on disposal - - (179,931 ) (179,931 )
At 31 May 2024 51,453 90,919 135,834 278,206
NET BOOK VALUE
At 31 May 2024 96,338 9,597 344,377 450,312
At 31 May 2023 103,718 12,941 420,671 537,330

PHILIP WRIGHT (TRANSPORT) LIMITED (REGISTERED NUMBER: 05076144)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 242,380 464,854
Amounts owed by group undertakings 355,394 20,850
Other debtors 22,840 388,567
Prepayments and accrued income 100,027 98,868
720,641 973,139

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8) 56,357 83,670
Trade creditors 432,512 578,491
Social security and other taxes 11,354 13,141
VAT 58,171 78,311
Other creditors 2,458 2,574
Directors' current accounts 30,576 35,732
Accruals and deferred income 3,550 3,300
604,978 805,219

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 10,833 20,833
Preference shares 140,000 140,000
Hire purchase contracts (see note 8) 127,324 183,681
278,157 344,514

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 56,357 83,670
Between one and five years 127,324 183,681
183,681 267,351

Non-cancellable operating leases
2024 2023
£    £   
Within one year 41,972 41,972
Between one and five years 110,958 126,465
In more than five years 190,000 214,000
342,930 382,437