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REGISTERED NUMBER: 06240395 (England and Wales)



















24/7 TIME CRITICAL
TRANSPORT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






24/7 TIME CRITICAL
TRANSPORT LIMITED (REGISTERED NUMBER: 06240395)

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










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


24/7 TIME CRITICAL
TRANSPORT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: Mr I Jamieson





REGISTERED OFFICE: 81 Burton Road
Derby
Derbyshire
DE1 1TJ





REGISTERED NUMBER: 06240395 (England and Wales)





ACCOUNTANTS: Johnson Tidsall Limited
Chartered Accountants
81 Burton Road
Derby
Derbyshire
DE1 1TJ

24/7 TIME CRITICAL
TRANSPORT LIMITED (REGISTERED NUMBER: 06240395)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 197,662 159,756

CURRENT ASSETS
Debtors 5 519,158 487,238
Cash at bank 297,101 349,882
816,259 837,120
CREDITORS
Amounts falling due within one year 6 251,913 262,780
NET CURRENT ASSETS 564,346 574,340
TOTAL ASSETS LESS CURRENT
LIABILITIES

762,008

734,096

CREDITORS
Amounts falling due after more than one
year

7

(23,091

)

(20,833

)

PROVISIONS FOR LIABILITIES (41,452 ) (30,678 )
NET ASSETS 697,465 682,585

CAPITAL AND RESERVES
Called up share capital 10 90 90
Capital redemption reserve 10 10
Retained earnings 697,365 682,485
SHAREHOLDERS' FUNDS 697,465 682,585

24/7 TIME CRITICAL
TRANSPORT LIMITED (REGISTERED NUMBER: 06240395)

BALANCE SHEET - continued
31 MAY 2024


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 director acknowledges his 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 Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 February 2025 and were signed by:





Mr I Jamieson - Director


24/7 TIME CRITICAL
TRANSPORT LIMITED (REGISTERED NUMBER: 06240395)

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


1. STATUTORY INFORMATION

24/7 Time Critical 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost or deemed cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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

24/7 TIME CRITICAL
TRANSPORT LIMITED (REGISTERED NUMBER: 06240395)

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


2. ACCOUNTING POLICIES - continued

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.

Assets obtained under hire purchase or finance lease contracts are capitalised as tangible fixed assets and depreciated over their useful lives.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs. They are subsequently measured at amortised cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 20,972 57,633 249,602 25,211 353,418
Additions 67,893 11,671 13,950 1,024 94,538
Disposals (280 ) (400 ) (16,500 ) (8,030 ) (25,210 )
At 31 May 2024 88,585 68,904 247,052 18,205 422,746
DEPRECIATION
At 1 June 2023 6,218 32,267 147,070 8,107 193,662
Charge for year 11,906 10,045 17,092 7,331 46,374
Eliminated on disposal (96 ) (400 ) (9,346 ) (5,110 ) (14,952 )
At 31 May 2024 18,028 41,912 154,816 10,328 225,084
NET BOOK VALUE
At 31 May 2024 70,557 26,992 92,236 7,877 197,662
At 31 May 2023 14,754 25,366 102,532 17,104 159,756

24/7 TIME CRITICAL
TRANSPORT LIMITED (REGISTERED NUMBER: 06240395)

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 377,885 349,456
Other debtors 137,924 136,204
Prepayments and accrued income 3,349 1,578
519,158 487,238

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8) 14,710 4,687
Trade creditors 136,732 112,695
Corporation tax 20,768 60,241
Social security and other taxes 2,156 -
VAT 56,462 65,924
Other creditors 466 429
Directors' current accounts 4 786
Accruals and deferred income 10,615 8,018
251,913 262,780

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 833 10,833
Hire purchase contracts (see note 8) 12,258 -
23,091 20,833

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 14,710 4,687
Between one and five years 12,258 -
26,968 4,687

Non-cancellable operating leases
2024 2023
£    £   
Within one year 27,950 7,800
Between one and five years 95,487 -
123,437 7,800

24/7 TIME CRITICAL
TRANSPORT LIMITED (REGISTERED NUMBER: 06240395)

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


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 26,968 4,687

Hire purchase and finance lease creditors are secured against the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
90 Ordinary £1 90 90

11. OTHER FINANCIAL COMMITMENTS

Total amounts payable under non-cancellable lease commitments at the balance sheet date are £123,437 (2023: £7,800).

12. RELATED PARTY DISCLOSURES

The company is owed £135,589 (2023: £135,010) by a related party which has no fixed repayment terms and is interest-free.