Company registration number 06910283 (England and Wales)
RICHARD BAXTER TRANSPORT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
RICHARD BAXTER TRANSPORT LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
RICHARD BAXTER TRANSPORT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
52,919
59,211
Current assets
Inventories
780
765
Trade and other receivables
4
19,987
24,783
Cash and cash equivalents
3,204
2,482
23,971
28,030
Current liabilities
Taxation and social security
7,439
7,030
Other payables
88,120
78,832
95,559
85,862
Net current liabilities
(71,588)
(57,832)
Total assets less current liabilities
(18,669)
1,379
Non-current liabilities
Borrowings
290,919
290,081
(290,919)
(290,081)
Net liabilities
(309,588)
(288,702)
Equity
Called up share capital
50,000
50,000
Retained earnings
(359,588)
(338,702)
Total equity
(309,588)
(288,702)
RICHARD BAXTER TRANSPORT LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 9 June 2025
Mr R Baxter
Director
Company registration number 06910283 (England and Wales)
RICHARD BAXTER TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
Richard Baxter Transport Limited is a private company limited by shares incorporated in England and Wales. The registered office is 80 Station Road, Pershore, Worcestershire, United Kingdom, WR10 1PB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. The director considers this basis to be appropriate as the company continues to meet debts as they will due and the director has confirmed that he will continue to provide financial assistance and not seek repayment of any amount loaned to the company unless sufficient fund are available.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Fixtures and fittings
3 years straight line
Computers
25% reducing balance
Motor vehicles
20% reducing balance and 10 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Inventories
Inventories are made up of cost of sales in hand as at the year end, including vehicle fuel and spare parts.
Inventories are stated at cost price.
RICHARD BAXTER TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Leases
As lessee
RICHARD BAXTER TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Property, plant and equipment
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
8,550
2,649
3,657
165,550
180,406
Additions
25,000
25,000
Disposals
(110,269)
(110,269)
At 31 October 2024
8,550
2,649
3,657
80,281
95,137
Depreciation and impairment
At 1 November 2023
8,145
2,523
3,309
107,218
121,195
Depreciation charged in the year
101
126
87
9,003
9,317
Eliminated in respect of disposals
(88,294)
(88,294)
At 31 October 2024
8,246
2,649
3,396
27,927
42,218
Carrying amount
At 31 October 2024
304
261
52,354
52,919
At 31 October 2023
405
126
348
58,332
59,211
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
19,987
24,783
RICHARD BAXTER TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
5
Current liabilities
2024
2023
£
£
Trade payables
16,787
10,405
Taxation and social security
7,439
7,030
Other payables
67,558
64,687
Accruals and deferred income
3,775
3,740
95,559
85,862
6
Non-current liabilities
2024
2023
Notes
£
£
Bank loans and overdrafts
55,846
42,405
Other borrowings
235,073
247,676
290,919
290,081
7
Director's transactions
At the year end date the company owed the director £260,073 (2023: £272,676). Of the amounts owed, £235,073 (2023: £247,676) is due more than 12 months after the year end. The loan was interest free.