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COMPANY REGISTRATION NUMBER: 11092338
David Lyles Transport Limited
Filleted Unaudited Financial Statements
31 December 2023
David Lyles Transport Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
David Lyles Transport Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of David Lyles Transport Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of David Lyles Transport Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of David Lyles Transport Limited. Our work has been undertaken solely to prepare for your approval the financial statements of David Lyles Transport Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than David Lyles Transport Limited and its director for our work or for this report.
It is your duty to ensure that David Lyles Transport Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of David Lyles Transport Limited. You consider that David Lyles Transport Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of David Lyles Transport Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
19 February 2025
David Lyles Transport Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Current assets
Debtors
6
23,638
Cash at bank and in hand
12,310
9,668
--------
--------
12,310
33,306
Creditors: amounts falling due within one year
7
184,782
123,556
---------
---------
Net current liabilities
172,472
90,250
---------
--------
Total assets less current liabilities
( 172,472)
( 90,250)
Creditors: amounts falling due after more than one year
8
22,384
28,821
---------
---------
Net liabilities
( 194,856)
( 119,071)
---------
---------
David Lyles Transport Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 194,956)
( 119,171)
---------
---------
Shareholders deficit
( 194,856)
( 119,071)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 February 2025 , and are signed on behalf of the board by:
Mr D S Lyles
Director
Company registration number: 11092338
David Lyles Transport Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lakeview, Three Lakes, Bawtry Road, Selby, North Yorkshire, YO8 8NB, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Statement of Financial Position at the period end date reflects a net current and net total liability position. The director believes, however, that the ongoing financial position is such that trading can continue for the foreseeable future in particular given the funding provided to the company by the director, in addition to which further financial facilities have been put in place post the year end date to secure adequate working capital.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of services is recognised when the significant risks and rewards of the service have been transferred on proof of delivery of the goods transported by the company. Revenue from the sale of goods is recognised when ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Operating leases
Lease payments are recognised as an expense over the lease term as incurred.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
20,000
--------
Amortisation
At 1 January 2023 and 31 December 2023
20,000
--------
Carrying amount
At 31 December 2023
--------
At 31 December 2022
--------
6. Debtors
2023
2022
£
£
Trade debtors
14,467
Other debtors
9,171
----
--------
23,638
----
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
14,846
12,745
Corporation tax
6,191
Social security and other taxes
92,719
20,195
Other creditors
77,217
84,425
---------
---------
184,782
123,556
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,384
28,821
--------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
44,892
Later than 1 year and not later than 5 years
198,987
---------
--------
198,987
44,892
---------
--------
10. Director's advances, credits and guarantees
A directors loan exists as between the company and the director, Mr D Lyles. At 1 January 2023, the balance on the loan account, being that owed by the company to the director, was £81,625. As a result of transactions undertaken during the year, the balance of monies owing by the company to the director, at 31 December 2023, was a total of £75,652. There are no formal terms for repayment and interest is not being charged.