REGISTERED NUMBER: |
QUINNS TRANSPORT LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
QUINNS TRANSPORT LIMITED (REGISTERED NUMBER: 02617954) |
ABRIDGED BALANCE SHEET - continued |
31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
(non-distributable) |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the amount invoiced for haulier services excluding value added tax. Rental income is included in other operating income. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
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. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 August 2023 |
Additions |
Disposals | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
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 |
Revaluations | (60,000 | ) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
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 |
Hire purchase contracts | 75,889 | 76,075 |
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. |