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Registration number: 05501769

Lobina Transport Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Lobina Transport Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Lobina Transport Services Ltd

Company Information

Directors

Mr Simon Lobina

Mr Luigi Lobina

Company secretary

Rosa Lobina

Registered office

Nutbrook House
Shipley
Common Lane
Ilkeston
DE7 8TP

Accountants

M Ball & Co Limited
The Hemington
Millhouse Business Centre
Station Road
Castle Donington
Derby
DE74 2NJ

 

Lobina Transport Services Ltd

(Registration number: 05501769)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

706,427

792,459

Investment property

272,083

-

Investments

5

100

100

 

978,610

792,559

Current assets

 

Debtors

6

1,752,399

1,280,021

Cash at bank and in hand

 

609,758

962,051

 

2,362,157

2,242,072

Creditors: Amounts falling due within one year

7

(945,316)

(631,395)

Net current assets

 

1,416,841

1,610,677

Total assets less current liabilities

 

2,395,451

2,403,236

Creditors: Amounts falling due after more than one year

7

(389,995)

(271,402)

Provisions for liabilities

(159,202)

(179,683)

Net assets

 

1,846,254

1,952,151

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,846,154

1,952,051

Shareholders' funds

 

1,846,254

1,952,151

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Lobina Transport Services Ltd

(Registration number: 05501769)
Balance Sheet as at 31 August 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 April 2025 and signed on its behalf by:
 

.........................................
Mr Simon Lobina
Director

 

Lobina Transport Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Nutbrook House
Shipley
Common Lane
Ilkeston
DE7 8TP

These financial statements were authorised for issue by the Board on 25 April 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.

 

Lobina Transport Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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.

 

Lobina Transport Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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

Leasehold improvements

Not depreciated

Plant and machinery

10% reducing balance

Fixtures and fittings

25% reducing balance

Computer equipment

33.3% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Lobina Transport Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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.

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 directors) during the year, was 26 (2023 - 22).

 

Lobina Transport Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

5,234

4,902

141,084

483,226

740,841

1,375,287

Additions

-

13,071

10,889

18,272

13,200

55,432

At 31 August 2024

5,234

17,973

151,973

501,498

754,041

1,430,719

Depreciation

At 1 September 2023

-

79

68,930

184,669

329,150

582,828

Charge for the year

-

3,838

7,353

24,051

106,222

141,464

At 31 August 2024

-

3,917

76,283

208,720

435,372

724,292

Carrying amount

At 31 August 2024

5,234

14,056

75,690

292,778

318,669

706,427

At 31 August 2023

5,234

4,823

72,154

298,557

411,691

792,459

Included within the net book value of land and buildings above is £5,234 (2023 - £5,234) in respect of long leasehold land and buildings.
 

 

Lobina Transport Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Investments

Subsidiaries

£

Cost or valuation

At 1 September 2023

100

Provision

Carrying amount

At 31 August 2024

100

At 31 August 2023

100

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,335,791

860,350

Amounts owed by related parties

374,665

-

Prepayments

 

10,285

33,242

Other debtors

 

31,658

386,429

   

1,752,399

1,280,021

 

Lobina Transport Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

91,516

45,116

Trade creditors

 

669,950

406,741

Taxation and social security

 

160,427

131,731

Accruals and deferred income

 

8,400

33,653

Other creditors

 

15,023

14,154

 

945,316

631,395

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

389,995

271,402

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

389,995

271,402

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

91,516

45,116