14 false false false false false false false false false false true false false false false false false No description of principal activity 2023-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 128,000 120,320 6,400 126,720 1,280 7,680 xbrli:pure xbrli:shares iso4217:GBP 04827991 2023-09-01 2024-08-31 04827991 2024-08-31 04827991 2023-08-31 04827991 2022-09-01 2023-08-31 04827991 2023-08-31 04827991 2022-08-31 04827991 core:MotorVehicles 2023-09-01 2024-08-31 04827991 bus:LeadAgentIfApplicable 2023-09-01 2024-08-31 04827991 bus:Director2 2023-09-01 2024-08-31 04827991 core:NetGoodwill 2023-08-31 04827991 core:NetGoodwill 2024-08-31 04827991 core:PlantMachinery 2023-08-31 04827991 core:MotorVehicles 2023-08-31 04827991 core:PlantMachinery 2024-08-31 04827991 core:MotorVehicles 2024-08-31 04827991 core:PlantMachinery 2023-09-01 2024-08-31 04827991 core:WithinOneYear 2024-08-31 04827991 core:WithinOneYear 2023-08-31 04827991 core:AfterOneYear 2024-08-31 04827991 core:AfterOneYear 2023-08-31 04827991 core:ShareCapital 2024-08-31 04827991 core:ShareCapital 2023-08-31 04827991 core:RetainedEarningsAccumulatedLosses 2024-08-31 04827991 core:RetainedEarningsAccumulatedLosses 2023-08-31 04827991 core:BetweenOneFiveYears 2024-08-31 04827991 core:BetweenOneFiveYears 2023-08-31 04827991 core:MoreThanFiveYears 2024-08-31 04827991 core:MoreThanFiveYears 2023-08-31 04827991 core:NetGoodwill 2023-09-01 2024-08-31 04827991 core:NetGoodwill 2023-08-31 04827991 core:PlantMachinery 2023-08-31 04827991 core:MotorVehicles 2023-08-31 04827991 bus:SmallEntities 2023-09-01 2024-08-31 04827991 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 04827991 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 04827991 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 04827991 bus:FullAccounts 2023-09-01 2024-08-31
COMPANY REGISTRATION NUMBER: 04827991
N R Parsons Transport Limited
Filleted Unaudited Financial Statements
For the year ended
31 August 2024
N R Parsons Transport Limited
Financial Statements
Year ended 31 August 2024
Contents
Page
Accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
N R Parsons Transport Limited
Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
Year ended 31 August 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 August 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
CLAY SHAW THOMAS LTD
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
29 May 2025
N R Parsons Transport Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
1,280
7,680
Tangible assets
6
749,649
1,026,137
---------
-----------
750,929
1,033,817
Current assets
Stocks
37,159
41,895
Debtors
7
608,568
561,265
Cash at bank and in hand
29,050
4,454
---------
---------
674,777
607,614
Creditors: amounts falling due within one year
8
1,049,894
952,464
-----------
---------
Net current liabilities
375,117
344,850
---------
-----------
Total assets less current liabilities
375,812
688,967
Creditors: amounts falling due after more than one year
9
159,066
363,813
Provisions
Taxation including deferred tax
156,707
216,436
---------
---------
Net assets
60,039
108,718
---------
---------
N R Parsons Transport Limited
Statement of Financial Position (continued)
31 August 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
59,939
108,618
-------
---------
Shareholders funds
60,039
108,718
-------
---------
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.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 May 2025 , and are signed on behalf of the board by:
Mrs A L Parsons
Director
Company registration number: 04827991
N R Parsons Transport Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Oldfield Road, Bocam Park, Bridgend, CF35 5LJ.
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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year for freight transport, garage repairs and tyre fitting, exclusive of 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line on date of transition
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Plant and machinery
-
25% straight line less residual value
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 22 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
128,000
---------
Amortisation
At 1 September 2023
120,320
Charge for the year
6,400
---------
At 31 August 2024
126,720
---------
Carrying amount
At 31 August 2024
1,280
---------
At 31 August 2023
7,680
---------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 September 2023
1,995,968
91,722
116,230
2,203,920
Additions
32,390
178
32,568
Disposals
( 313,950)
( 313,950)
-----------
---------
---------
-----------
At 31 August 2024
1,682,018
124,112
116,408
1,922,538
-----------
---------
---------
-----------
Depreciation
At 1 September 2023
1,020,313
55,616
101,854
1,177,783
Charge for the year
199,599
10,376
4,897
214,872
Disposals
( 219,766)
( 219,766)
-----------
---------
---------
-----------
At 31 August 2024
1,000,146
65,992
106,751
1,172,889
-----------
---------
---------
-----------
Carrying amount
At 31 August 2024
681,872
58,120
9,657
749,649
-----------
---------
---------
-----------
At 31 August 2023
975,655
36,106
14,376
1,026,137
-----------
---------
---------
-----------
7. Debtors
2024
2023
£
£
Trade debtors
590,130
541,668
Other debtors
18,438
19,597
---------
---------
608,568
561,265
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
85,178
96,096
Trade creditors
431,447
497,320
Corporation tax
76,775
78
Social security and other taxes
64,318
30,641
Other creditors
392,176
328,329
-----------
---------
1,049,894
952,464
-----------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,923
16,380
Other creditors
152,143
347,433
---------
---------
159,066
363,813
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
20,000
20,000
Later than 1 year and not later than 5 years
80,000
80,000
Later than 5 years
55,000
75,000
---------
---------
155,000
175,000
---------
---------