Registered number
07703584
Express Transit Limited
Filleted Accounts
31 July 2024
Express Transit Limited
Registered number: 07703584
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 417 799
Current assets
Debtors 4 301,986 210,974
Cash at bank and in hand 20,040 27,978
322,026 238,952
Creditors: amounts falling due within one year 5 (310,499) (230,814)
Net current assets 11,527 8,138
Total assets less current liabilities 11,944 8,937
Creditors: amounts falling due after more than one year 6 (11,046) (26,914)
Net assets/(liabilities) 898 (17,977)
Capital and reserves
Called up share capital 100 100
Profit and loss account 798 (18,077)
Shareholder's funds 898 (17,977)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Siddall
Director
Approved by the board on 1 April 2025
Express Transit Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Office furniture and equipment over 10 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023 2,166
At 31 July 2024 2,166
Depreciation
At 1 August 2023 1,367
Charge for the year 382
At 31 July 2024 1,749
Net book value
At 31 July 2024 417
At 31 July 2023 799
4 Debtors 2024 2023
£ £
Trade debtors 181,293 137,154
Other debtors 120,693 73,820
301,986 210,974
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 19,200 19,200
Trade creditors 85,773 55,904
Taxation and social security costs 53,118 57,472
Other creditors 152,408 98,238
310,499 230,814
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,046 26,914
The company has benefitted from a Cornavirus Business Interruption Loan of £95,000 with a government guarantee and no loan repayments in the first 6 months. Any interest or fees due in the first 12 months are paid by the government.
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Directors loan account 71,065 118,818 (72,000) 117,883
71,065 118,818 (72,000) 117,883
The loan to directors was repaid in full on 12 March 2025.
8 Other information
Express Transit Limited is a private company limited by shares and incorporated in England. Its registered office is:
332 Houldsworth Mill Business & Arts Centre
Houldsworth Street
Stockport
Cheshire
SK5 6DA
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