Registered number
07265335
Supreme Logistics Transport Limited
Filleted Accounts
31 May 2024
Supreme Logistics Transport Limited
Registered number: 07265335
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 241,094 268,631
Current assets
Debtors 4 143,264 92,806
Cash at bank and in hand (5,278) (17,122)
137,986 75,684
Creditors: amounts falling due within one year 5 (229,804) (142,228)
Net current liabilities (91,818) (66,544)
Total assets less current liabilities 149,276 202,087
Creditors: amounts falling due after more than one year 6 (147,578) (201,422)
Net assets 1,698 665
Capital and reserves
Called up share capital 300 300
Profit and loss account 1,398 365
Shareholders' funds 1,698 665
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R MacDonald
Director
Approved by the board on 24 February 2025
Supreme Logistics Transport Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings & improvements not provided
Plant and machinary 25% on reducing balance
Motor vehicles 25% on reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 211,882 20,645 198,876 431,403
Additions - - 15,845 15,845
Disposals - - (163,126) (163,126)
At 31 May 2024 211,882 20,645 51,595 284,122
Depreciation
At 1 June 2023 - 18,770 144,002 162,772
Charge for the year - 468 9,268 9,736
On disposals - - (129,480) (129,480)
At 31 May 2024 - 19,238 23,790 43,028
Net book value
At 31 May 2024 211,882 1,407 27,805 241,094
At 31 May 2023 211,882 1,875 54,874 268,631
4 Debtors 2024 2023
£ £
Trade debtors 130,443 74,468
Other debtors 12,821 18,338
143,264 92,806
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,041 11,232
Obligations under finance lease and hire purchase contracts 15,485 16,273
Trade creditors 12,494 8,509
Credit cards 421 3,521
Taxation and social security costs 173,545 92,695
Other creditors 17,818 9,998
229,804 142,228
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 75,601 78,865
Obligations under finance lease and hire purchase contracts 18,521 29,513
Other creditors 53,456 93,044
147,578 201,422
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 73,284 73,284
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 20,785 30,361
9 Controlling party
Throughout the period, the company was controlled by the its directors, who are also the shareholders.
10 Other information
Supreme Logistics Transport Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 10 Partnership Park
Fratton Way
Portsmouth
Hampshire
PO4 8DF
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