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REGISTERED NUMBER: 02868694 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

FAYLE TRANSPORT LTD

FAYLE TRANSPORT LTD (REGISTERED NUMBER: 02868694)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 November 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FAYLE TRANSPORT LTD

COMPANY INFORMATION
for the Year Ended 30 November 2024







DIRECTORS: K Fayle
Mrs C Fayle





SECRETARY: Mrs C Fayle





REGISTERED OFFICE: Fir Tree House Farm
Dawbers Lane
Euxton
Chorley
Lancashire
PR7 6EE





REGISTERED NUMBER: 02868694 (England and Wales)





ACCOUNTANTS: Fairhurst Accountants Ltd
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

FAYLE TRANSPORT LTD (REGISTERED NUMBER: 02868694)

STATEMENT OF FINANCIAL POSITION
30 November 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 251,525 267,669

CURRENT ASSETS
Debtors 5 707,256 718,492
Cash at bank and in hand 2,902,422 2,771,191
3,609,678 3,489,683
CREDITORS
Amounts falling due within one year 6 343,069 448,087
NET CURRENT ASSETS 3,266,609 3,041,596
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,518,134

3,309,265

PROVISIONS FOR LIABILITIES 7 62,500 66,900
NET ASSETS 3,455,634 3,242,365

CAPITAL AND RESERVES
Called up share capital 21 21
Retained earnings 3,455,613 3,242,344
SHAREHOLDERS' FUNDS 3,455,634 3,242,365

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

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.

FAYLE TRANSPORT LTD (REGISTERED NUMBER: 02868694)

STATEMENT OF FINANCIAL POSITION - continued
30 November 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2025 and were signed on its behalf by:





Mrs C Fayle - Director


FAYLE TRANSPORT LTD (REGISTERED NUMBER: 02868694)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Fayle Transport Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the net invoice value of services provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on reducing balance

Tangible fixed assets are recorded at cost less depreciation and impairment.

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Financial instruments
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term trade creditors including directors loan accounts are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


FAYLE TRANSPORT LTD (REGISTERED NUMBER: 02868694)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 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 statement of financial position 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.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Short term employee 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.

Short-term employee benefits are recognised as an expense in the period in which they are incurred.

Government income
The company has claimed monies from local Government as part of the Government furlough scheme. This is recognised immediately the benefit becomes due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2023 1,471,120
Additions 57,850
At 30 November 2024 1,528,970
DEPRECIATION
At 1 December 2023 1,203,451
Charge for year 73,994
At 30 November 2024 1,277,445
NET BOOK VALUE
At 30 November 2024 251,525
At 30 November 2023 267,669

FAYLE TRANSPORT LTD (REGISTERED NUMBER: 02868694)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 310,659 370,164
Other debtors 396,597 348,328
707,256 718,492

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 33,161 68,885
Taxation and social security 206,636 294,022
Other creditors 103,272 85,180
343,069 448,087

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 62,500 66,900

Deferred
tax
£   
Balance at 1 December 2023 66,900
Provided during year (4,400 )
Balance at 30 November 2024 62,500

8. OTHER FINANCIAL COMMITMENTS

The company has total operating lease commitments of £20,000 (2023: £20,000).

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2024 and 30 November 2023:

2024 2023
£    £   
K Fayle and Mrs C Fayle
Balance outstanding at start of year (1,619 ) (2,283 )
Amounts advanced 70,175 218,264
Amounts repaid (24,600 ) (217,600 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 43,956 (1,619 )

Interest has been charged at 2.25% and the directors will repay this balance within 9 months of the year end.

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £1,000 (2023 - £194,000) were paid to the directors .

FAYLE TRANSPORT LTD (REGISTERED NUMBER: 02868694)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024

10. RELATED PARTY DISCLOSURES - continued

Included in Other debtors is £340,000 (2023: £340,000) due to a related company.