REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2024 |
FOR |
FAYLE TRANSPORT LTD |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 December 2023 |
Additions |
At 30 November 2024 |
DEPRECIATION |
At 1 December 2023 |
Charge for year |
At 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
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 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 62,500 | 66,900 |
Deferred |
tax |
£ |
Balance at 1 December 2023 |
Provided during year | ( |
) |
Balance at 30 November 2024 |
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 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
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 |