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Registration number: 14339024

Sandtoft Truck & Trailer Spares Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Sandtoft Truck & Trailer Spares Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Sandtoft Truck & Trailer Spares Ltd

(Registration number: 14339024)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

41,089

55,103

Current assets

 

Debtors

5

41,498

6,562

Cash at bank and in hand

 

15,230

27,169

 

56,728

33,731

Creditors: Amounts falling due within one year

6

(83,291)

(91,052)

Net current liabilities

 

(26,563)

(57,321)

Total assets less current liabilities

 

14,526

(2,218)

Creditors: Amounts falling due after more than one year

6

(5,354)

(7,417)

Provisions for liabilities

(13,776)

-

Net liabilities

 

(4,604)

(9,635)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(4,704)

(9,735)

Shareholders' deficit

 

(4,604)

(9,635)

For the financial year ending 30 September 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 March 2025
 

.........................................
Mr M Cartlidge
Director

 

Sandtoft Truck & Trailer Spares Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
9 Thorne Road
Doncaster
South Yorkshire
DN1 2HJ

These financial statements were authorised for issue by the director on 21 March 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 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.

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 and deferred 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.

 

Sandtoft Truck & Trailer Spares Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Fixtures and fittings

4 years straight line basis

Motor vehicles

4 years straight line basis

Office equipment

4 years straight line basis

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

 

Sandtoft Truck & Trailer Spares Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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.

Leases

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 4).

 

Sandtoft Truck & Trailer Spares Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

12,350

61,120

73,470

Additions

1,400

28,162

29,562

Disposals

-

(39,839)

(39,839)

At 30 September 2024

13,750

49,443

63,193

Depreciation

At 1 October 2023

3,087

15,280

18,367

Charge for the year

2,666

11,031

13,697

Eliminated on disposal

-

(9,960)

(9,960)

At 30 September 2024

5,753

16,351

22,104

Carrying amount

At 30 September 2024

7,997

33,092

41,089

At 30 September 2023

9,263

45,840

55,103

5

Debtors

2024
£

2023
£

Trade debtors

-

4,918

Other debtors

26,541

30

Prepayments

14,957

1,614

41,498

6,562

 

Sandtoft Truck & Trailer Spares Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

18,179

66,189

Trade creditors

 

2,447

1,736

Amounts owed to related parties

8

-

1,192

Taxation and social security

 

32,103

10,119

Corporation tax

 

12,631

-

Other creditors

 

11,239

6,807

Accrued expenses

 

6,692

5,009

 

83,291

91,052

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

5,354

7,417

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

5,354

7,417

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

8

Hire purchase contracts

2,063

1,720

Other borrowings

16,116

64,461

18,179

66,189

 

Sandtoft Truck & Trailer Spares Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Related party transactions

Transactions with the director

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Mr M Cartlidge

Directors loan

1,192

(40,652)

19,002

(20,458)