Company Registration No. 3190930 (England and Wales)
Kully's Transport Limited
Unaudited accounts
for the year ended 30 April 2024
Kully's Transport Limited
Unaudited accounts
Contents
Kully's Transport Limited
Statement of financial position
as at 30 April 2024
Tangible assets
90,313
107,589
Cash at bank and in hand
55,451
94,234
Creditors: amounts falling due within one year
(219,594)
(304,389)
Net current assets
183,452
174,288
Net assets
273,765
281,877
Called up share capital
100
100
Profit and loss account
273,665
281,777
Shareholders' funds
273,765
281,877
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 7 April 2025 and were signed on its behalf by
K S Bath
Director
Company Registration No. 3190930
Kully's Transport Limited
Notes to the Accounts
for the year ended 30 April 2024
Kully's Transport Limited is a private company, limited by shares, registered in England and Wales, registration number 3190930. The registered office is UNIT 3, New Inn Bridge Estate, 998 Foleshill Road, Coventry, CV6 6EN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% on the reducing balance
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Kully's Transport Limited
Notes to the Accounts
for the year ended 30 April 2024
4
Tangible fixed assets
Motor vehicles
Charge for the year
30,102
Amounts falling due within one year
Trade debtors
232,495
384,443
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
18,750
27,750
Obligations under finance leases and hire purchase contracts
33,776
80,181
Trade creditors
117,199
88,809
Taxes and social security
14,053
41,927
Loans from directors
258
3,608
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors Loan Account
3,608
-
-
3,608
Kully's Transport Limited
Notes to the Accounts
for the year ended 30 April 2024
9
Average number of employees
During the year the average number of employees was 15 (2023: 19).