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REGISTERED NUMBER: 02617954 (England and Wales)











QUINNS TRANSPORT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024






QUINNS TRANSPORT LIMITED (REGISTERED NUMBER: 02617954)

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










Page

Company Information 1

Abridged Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


QUINNS TRANSPORT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: L Quinn
S A Quinn
J Quinn





SECRETARY: S A Quinn





REGISTERED OFFICE: Station Approach
Station Lane
Shipton by Beningbrough
York
North Yorkshire
YO30 1BS





REGISTERED NUMBER: 02617954 (England and Wales)





ACCOUNTANTS: UHY Calvert Smith
Chartered Accountants
Heritage House
Murton Way
Osbaldwick
York
YO19 5UW

QUINNS TRANSPORT LIMITED (REGISTERED NUMBER: 02617954)

ABRIDGED BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 368,345 321,433
Investment property 5 240,000 300,000
608,345 621,433

CURRENT ASSETS
Stocks 8,074 10,530
Debtors 91,195 93,249
Cash at bank 36,229 38,185
135,498 141,964
CREDITORS
Amounts falling due within one year 378,749 258,196
NET CURRENT LIABILITIES (243,251 ) (116,232 )
TOTAL ASSETS LESS CURRENT LIABILITIES 365,094 505,201

CREDITORS
Amounts falling due after more than one year (48,915 ) (58,287 )

PROVISIONS FOR LIABILITIES (100,496 ) (128,774 )
NET ASSETS 215,683 318,140

QUINNS TRANSPORT LIMITED (REGISTERED NUMBER: 02617954)

ABRIDGED BALANCE SHEET - continued
31 JULY 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve
(non-distributable) 164,375 209,375
Retained earnings 50,308 107,765
SHAREHOLDERS' FUNDS 215,683 318,140

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

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 February 2025 and were signed on its behalf by:




L Quinn - Director



S A Quinn - Director


QUINNS TRANSPORT LIMITED (REGISTERED NUMBER: 02617954)

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


1. STATUTORY INFORMATION

Quinns 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents the amount invoiced for haulier services excluding value added tax. Rental income is included in other operating income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - Straight line over 3 years, Straight line over 10 years and Straight line over 7 years

Freehold land is not depreciated.

Investment properties
Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs.

Subsequently, investment properties are measured at fair value. Investment property valuations are based on an open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair value of investment properties are included in the Profit and Loss Account and retained earnings in the period in which they arise.

Aggregate retained earnings on the revaluation of investment properties are non-distributable.

Stocks
Stock of fuel and vehicle spares is stated at the lower of cost and net realisable value.

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 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.


QUINNS TRANSPORT LIMITED (REGISTERED NUMBER: 02617954)

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


2. ACCOUNTING POLICIES - continued
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.

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 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2023 484,618
Additions 129,306
Disposals (33,530 )
At 31 July 2024 580,394
DEPRECIATION
At 1 August 2023 163,185
Charge for year 62,493
Eliminated on disposal (13,629 )
At 31 July 2024 212,049
NET BOOK VALUE
At 31 July 2024 368,345
At 31 July 2023 321,433

Included in cost of land and buildings is freehold land of £ 23,435 (2023 - £ 23,435 ) which is not depreciated.

QUINNS TRANSPORT LIMITED (REGISTERED NUMBER: 02617954)

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


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 300,000
Revaluations (60,000 )
At 31 July 2024 240,000
NET BOOK VALUE
At 31 July 2024 240,000
At 31 July 2023 300,000

The carrying value of investment property has been valued at the end of the accounting period by the directors based on a valuation carried out by a qualified third party professional valuer in October 2023. The professional valuation was undertaken in accordance with RICS Valuation - Global Standards 2017. The directors do not believe the value of the property has changed materially since the date of the professional valuation. Deferred taxation has been provided as necessary as a separate provision.

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2006 22,433
Valuation in 2016 95,048
Valuation in 2022 150,000
Valuation in 2023 (60,000 )
Cost 32,519
240,000

6. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 11,948 17,954
Hire purchase contracts 75,889 76,075
87,837 94,029

Amounts due under hire purchase agreements are secured against the assets financed.

The bank loan is provided through the Bounce Back Loan Scheme. Under the terms of the Scheme, the Secretary of State for Business, Energy and Industrial Strategy has agreed to provide the company's lenders with a Partial Guarantee. The lender's ability to provide this loan is dependent upon the lenders receiving the Partial Guarantee.