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Registration number: 04323347

T & C Transport Limited
Annual Report and
Unaudited Financial Statements

31 March 2024

 

T & C Transport Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

T & C Transport Limited

Balance Sheet
31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

798,312

987,522

Current assets

 

Debtors

5

286,423

345,757

Cash at bank and in hand

 

1,034,788

644,154

 

1,321,211

989,911

Creditors: Amounts falling due within one year

6

(432,125)

(375,051)

Net current assets

 

889,086

614,860

Total assets less current liabilities

 

1,687,398

1,602,382

Creditors: Amounts falling due after more than one year

6

(201,549)

(484,636)

Net assets

 

1,485,849

1,117,746

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,485,749

1,117,646

Shareholders' funds

 

1,485,849

1,117,746

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.

 

T & C Transport Limited

Balance Sheet
31 March 2024

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. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 March 2025 and signed on its behalf by:
 

.........................................
Mrs C L Burnett
Director

Company Registration Number: 04323347

 

T & C Transport Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

1

General information

The Company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit A Fernhill Ind Est
Every Street
Bury
BL9 5BE

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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

T & C Transport Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

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.

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

over the lease term

Plant and Equipment

20% straight-line

Motor Vehicles

25% 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

T & C Transport Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

T & C Transport Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 12 (2023 - 13).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

536,824

757,649

16,822

1,311,295

Additions

-

-

550

550

At 31 March 2024

536,824

757,649

17,372

1,311,845

Depreciation

At 1 April 2023

-

307,612

16,161

323,773

Charge for the year

-

189,412

348

189,760

At 31 March 2024

-

497,024

16,509

513,533

Carrying amount

At 31 March 2024

536,824

260,625

863

798,312

At 31 March 2023

536,824

450,037

661

987,522

Included within the net book value of land and buildings above is £536,824 (2023 - £536,824) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

286,423

345,757

 

286,423

345,757

 

T & C Transport Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

90,795

101,497

Trade creditors

 

56,758

39,074

Taxation and social security

 

239,031

178,969

Accruals and deferred income

 

8,759

2,760

Other creditors

 

36,782

52,751

 

432,125

375,051

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

201,549

281,186

Other non-current financial liabilities

 

-

203,450

 

201,549

484,636

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

124,551

147,056

Hire purchase contracts

76,998

134,130

201,549

281,186

Current loans and borrowings

2024
£

2023
£

Bank borrowings

19,630

11,775

Hire purchase contracts

71,165

89,722

90,795

101,497

 

T & C Transport Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

8

Related party transactions

Directors' remuneration

The directors are remunerated by the company. The directors consider that their remuneration meets the criteria of being under normal market conditions.