Registered number
00447955
N B Transport Limited
Filleted Accounts
31 August 2024
N B Transport Limited
Registered number: 00447955
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 501,344 319,062
Current assets
Stocks 12,000 12,000
Debtors 4 129,113 141,417
Cash at bank and in hand 307,798 279,162
448,911 432,579
Creditors: amounts falling due within one year 5 (132,524) (127,161)
Net current assets 316,387 305,418
Total assets less current liabilities 817,731 624,480
Creditors: amounts falling due after more than one year 6 (9,294) (19,167)
Provisions for liabilities (103,231) (70,764)
Net assets 705,206 534,549
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 7 27,082 27,082
Profit and loss account 677,124 506,467
Shareholders' funds 705,206 534,549
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N W Clark
Director
Approved by the board on 30 April 2025
N B Transport Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at the following rates
Plant and machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 36,007 46,374 597,905 680,286
Additions - 1,999 332,060 334,059
Disposals - - (226,670) (226,670)
At 31 August 2024 36,007 48,373 703,295 787,675
Depreciation
At 1 September 2023 - 34,743 326,481 361,224
Charge for the year - 2,412 113,316 115,728
On disposals - - (190,621) (190,621)
At 31 August 2024 - 37,155 249,176 286,331
Net book value
At 31 August 2024 36,007 11,218 454,119 501,344
At 31 August 2023 36,007 11,631 271,424 319,062
4 Debtors 2024 2023
£ £
Trade debtors 113,592 125,963
Other debtors 15,521 15,454
129,113 141,417
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 37,321 25,825
Taxation and social security costs 48,778 66,925
Other creditors 36,425 24,411
132,524 127,161
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,294 19,167
7 Revaluation reserve 2024 2023
£ £
At 1 September 2023 27,082 27,082
At 31 August 2024 27,082 27,082
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
R S Clark
Directors loan account 527 (7,134) 13,148 6,541
C S W Clark
Directors loan account 23,884 (4,000) 10,000 29,884
24,411 (11,134) 23,148 36,425
9 Controlling party
The company is controlled by its directors.
10 Other information
N B Transport Limited is a private company limited by shares and incorporated in England. Its registered office is:
61 Barley Mill Road
Bridgehill
Consett
Co Durham
DH8 8JS
N B Transport Limited 00447955 false 2023-09-01 2024-08-31 2024-08-31 VT Final Accounts July 2024 N W Clark No description of principal activity 00447955 2022-09-01 2023-08-31 00447955 core:WithinOneYear 2023-08-31 00447955 core:AfterOneYear 2023-08-31 00447955 core:ShareCapital 2023-08-31 00447955 core:OtherReservesSubtotal 2023-08-31 00447955 core:RetainedEarningsAccumulatedLosses 2023-08-31 00447955 core:RevaluationReserve 2022-08-31 00447955 2023-09-01 2024-08-31 00447955 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 00447955 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 00447955 bus:Director40 2023-09-01 2024-08-31 00447955 1 2023-09-01 2024-08-31 00447955 2 2023-09-01 2024-08-31 00447955 core:LandBuildings 2023-09-01 2024-08-31 00447955 core:PlantMachinery 2023-09-01 2024-08-31 00447955 core:Vehicles 2023-09-01 2024-08-31 00447955 bus:Director1 2023-09-01 2024-08-31 00447955 bus:Director1 1 2023-09-01 2024-08-31 00447955 bus:Director3 2023-09-01 2024-08-31 00447955 bus:Director3 1 2023-09-01 2024-08-31 00447955 countries:England 2023-09-01 2024-08-31 00447955 bus:FRS102 2023-09-01 2024-08-31 00447955 bus:FilletedAccounts 2023-09-01 2024-08-31 00447955 2024-08-31 00447955 core:WithinOneYear 2024-08-31 00447955 core:AfterOneYear 2024-08-31 00447955 core:ShareCapital 2024-08-31 00447955 core:OtherReservesSubtotal 2024-08-31 00447955 core:RetainedEarningsAccumulatedLosses 2024-08-31 00447955 core:LandBuildings 2024-08-31 00447955 core:PlantMachinery 2024-08-31 00447955 core:Vehicles 2024-08-31 00447955 core:RevaluationReserve 2024-08-31 00447955 bus:Director1 1 2024-08-31 00447955 bus:Director3 1 2024-08-31 00447955 2023-08-31 00447955 core:LandBuildings 2023-08-31 00447955 core:PlantMachinery 2023-08-31 00447955 core:Vehicles 2023-08-31 00447955 core:RevaluationReserve 2023-08-31 00447955 bus:Director1 1 2023-08-31 00447955 bus:Director3 1 2023-08-31 iso4217:GBP xbrli:pure