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COMPANY REGISTRATION NUMBER: SC157497
Robert Summers Transport Limited
Filleted Financial Statements
30 September 2024
Robert Summers Transport Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
2,879,141
2,922,563
Current assets
Stocks
23,831
4,257
Debtors
6
1,685,859
1,701,919
Cash at bank and in hand
2,412,244
1,919,952
--------------
--------------
4,121,934
3,626,128
Creditors: amounts falling due within one year
7
1,246,303
950,944
--------------
--------------
Net current assets
2,875,631
2,675,184
--------------
--------------
Total assets less current liabilities
5,754,772
5,597,747
Creditors: amounts falling due after more than one year
8
739,769
828,496
Provisions
514,396
508,702
--------------
--------------
Net assets
4,500,607
4,260,549
--------------
--------------
Capital and reserves
Called up share capital
9
50,002
50,002
Profit and loss account
4,450,605
4,210,547
--------------
--------------
Shareholders funds
4,500,607
4,260,549
--------------
--------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Robert Summers Transport Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 16 April 2025 , and are signed on behalf of the board by:
Mr D Summers
Director
Company registration number: SC157497
Robert Summers Transport Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 8 Mitchell Street, Leven, Fife, KY8 4HJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors are of the opinion that the company can continue to meet its obligations as they fall due to the current level of financial reserves and expectations of future income. As a consequence, the financial statements have been prepared on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Depreciation Tangible fixed assets are depreciated over a period to reflect their estimated useful lives. The applicability of the assumed lives is reviewed annually, taking into account factors such as physical condition, maintenance and obsolescence. Fixed assets are also assessed as to whether there are indicators for impairment. The assessment involves consideration of the economic viability of the purpose for which the asset is used.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 66 (2023: 62 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
990,387
1,505,772
21,505
4,295,269
6,812,933
Additions
88,500
3,698
537,116
629,314
Disposals
( 58,950)
( 58,950)
-----------
--------------
---------
--------------
--------------
At 30 September 2024
990,387
1,594,272
25,203
4,773,435
7,383,297
-----------
--------------
---------
--------------
--------------
Depreciation
At 1 October 2023
187,148
903,052
14,638
2,785,532
3,890,370
Charge for the year
19,808
138,245
2,111
503,937
664,101
Disposals
( 50,315)
( 50,315)
-----------
--------------
---------
--------------
--------------
At 30 September 2024
206,956
1,041,297
16,749
3,239,154
4,504,156
-----------
--------------
---------
--------------
--------------
Carrying amount
At 30 September 2024
783,431
552,975
8,454
1,534,281
2,879,141
-----------
--------------
---------
--------------
--------------
At 30 September 2023
803,239
602,720
6,867
1,509,737
2,922,563
-----------
--------------
---------
--------------
--------------
6. Debtors
2024
2023
£
£
Trade debtors
1,369,768
1,273,383
Other debtors
316,091
428,536
--------------
--------------
1,685,859
1,701,919
--------------
--------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
274,598
251,098
Corporation tax
122,232
Social security and other taxes
242,467
139,571
Other creditors
607,006
560,275
--------------
-----------
1,246,303
950,944
--------------
-----------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
739,769
828,496
-----------
-----------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
50,002
50,002
50,002
50,002
---------
---------
---------
---------
10. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2024
2023
£
£
Tangible assets
168,255
-----
-----------
11. Summary audit opinion
The auditor's report dated 16 April 2025 was unqualified .
The senior statutory auditor was Neil Paterson B.A. C.A. , for and on behalf of PB Audit Limited .
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr D Summers
( 3,970)
3,876
( 94)
Mr R Summers
( 8)
2
( 6)
Mrs E McAdam
( 13,561)
( 8,626)
( 22,187)
---------
--------
---------
( 17,539)
( 4,748)
( 22,287)
---------
--------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr D Summers
( 240)
( 3,730)
( 3,970)
Mr R Summers
( 10)
2
( 8)
Mrs E McAdam
( 14,056)
495
( 13,561)
---------
--------
---------
( 14,306)
( 3,233)
( 17,539)
---------
--------
---------
13. Related party transactions
At the year-end the company had a balance of £240,000 (2023 - £365,000) due from DS Easyspace Limited, a company controlled by the director D Summers. This is included within debtors.