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Registration number: NI635762

Brian Coalter Transport Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

Brian Coalter Transport Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Brian Coalter Transport Ltd

Company Information

Directors

Mr Brian Coalter

Mrs Laura Coalter

Registered office

42a Forthill Street
Enniskillen
Co Fermanagh
BT74 6AJ

Accountants

CJ Maguire & Co Ltd
Chartered Accountants
42a Forthill Street
Enniskillen
Co Fermanagh
BT74 6AJ

 

Brian Coalter Transport Ltd

(Registration number: NI635762)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

341,797

335,888

Current assets

 

Debtors

5

328,525

178,572

Cash at bank and in hand

 

285,414

303,744

 

613,939

482,316

Creditors: Amounts falling due within one year

(254,138)

(248,464)

Net current assets

 

359,801

233,852

Total assets less current liabilities

 

701,598

569,740

Creditors: Amounts falling due after more than one year

(30,932)

(52,287)

Accruals and deferred income

 

(23,400)

(7,850)

Net assets

 

647,266

509,603

Capital and reserves

 

Called up share capital

6

100

1

Retained earnings

647,166

509,602

Shareholders' funds

 

647,266

509,603

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 8 January 2025 and signed on its behalf by:
 

 

Brian Coalter Transport Ltd

(Registration number: NI635762)
Abridged Balance Sheet as at 31 March 2024

.........................................
Mr Brian Coalter
Director

 

Brian Coalter Transport Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
42a Forthill Street
Enniskillen
Co Fermanagh
BT74 6AJ
Northern Ireland

These financial statements were authorised for issue by the Board on 8 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Brian Coalter Transport Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

4% Straight Line

Plant and machinery

20% Straight Line

Motor vehicles

20% Straight Line

Fixtures and fittings

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Brian Coalter Transport Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 49 (2023 - 49).

 

Brian Coalter Transport Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

130,000

199,843

181,007

510,850

Additions

-

73,055

17,700

90,755

At 31 March 2024

130,000

272,898

198,707

601,605

Depreciation

At 1 April 2023

4,400

75,525

95,037

174,962

Charge for the year

400

54,580

29,866

84,846

At 31 March 2024

4,800

130,105

124,903

259,808

Carrying amount

At 31 March 2024

125,200

142,793

73,804

341,797

At 31 March 2023

125,600

124,318

85,970

335,888

Included within the net book value of land and buildings above is £125,200 (2023 - £125,600) in respect of freehold land and buildings.
 

5

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

ordinary share of £1 each

100

100

1

1

         

7

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £740.00 (2023 - £Nil) per each ordinary share

 

74,000

 

-

         
 

Brian Coalter Transport Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

8

Related party transactions

 

Brian Coalter Transport Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr Brian Coalter

Transactions with directors

(12,978)

4,193

(2,547)

(11,333)

         
       

 

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Brian Coalter

Transactions with directors

(41,547)

28,568

-

(12,978)

         
       

 

 

Brian Coalter Transport Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,102

26,120