Registration number: 04579468

M & N Transport (Wilts) Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

M & N Transport (Wilts) Limited

(Registration number: 04579468)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	3,495,082	1,880,086
Current assets
Debtors	5	2,315,937	2,163,871
Cash at bank and in hand		473,367	519,998
		2,789,304	2,683,869
Creditors: Amounts falling due within one year	6	(2,758,341)	(2,406,935)
Net current assets		30,963	276,934
Total assets less current liabilities		3,526,045	2,157,020
Creditors: Amounts falling due after more than one year	6	(1,555,457)	(718,774)
Provisions for liabilities		(298,695)	(188,140)
Net assets		1,671,893	1,250,106
Capital and reserves
Called up share capital		100	100
Retained earnings		1,671,793	1,250,006
Shareholders' funds		1,671,893	1,250,106

For the financial year ending 31 December 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.

These financial statements have been prepared and 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.

M & N Transport (Wilts) Limited

(Registration number: 04579468)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 30 May 2025 and signed on its behalf by:
 

......................................... N M A Burton Director

M & N Transport (Wilts) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
139 Engineer Road
West Wilts Trading Estate
Westbury
Wiltshire
BA13 4JW

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.

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.

Tax

The tax expense for the period comprises 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.

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.

M & N Transport (Wilts) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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
Motor vehicles and trailers	15% reducing balance
Equipment	25% reducing balance
Computer equipment	25% on cost

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.

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.

M & N Transport (Wilts) Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 38 (2023 - 38).

M & N Transport (Wilts) Limited

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

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	68,606	29,673	3,079,585	3,177,864
Additions	-	-	2,044,355	2,044,355
Disposals	-	-	(455,532)	(455,532)
At 31 December 2024	68,606	29,673	4,668,408	4,766,687
Depreciation
At 1 January 2024	6,860	29,673	1,261,245	1,297,778
Charge for the year	3,430	-	291,572	295,002
Eliminated on disposal	-	-	(321,175)	(321,175)
At 31 December 2024	10,290	29,673	1,231,642	1,271,605
Net book value
At 31 December 2024	58,316	-	3,436,766	3,495,082
At 31 December 2023	61,746	-	1,818,340	1,880,086

5

Debtors

	2024 £	2023 £
Trade debtors	2,241,093	2,083,800
Other debtors	74,844	80,071
	2,315,937	2,163,871

M & N Transport (Wilts) Limited

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

6

Creditors

Amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Bank loans and overdrafts	7	786,628	448,452
Trade creditors		1,727,782	1,716,448
Taxation and social security		164,854	154,755
Other creditors		79,077	87,280
		2,758,341	2,406,935

Amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	7	1,555,457	718,774

7	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Hire purchase contracts	1,555,457	718,774

Current loans and borrowings

	2024 £	2023 £
Hire purchase contracts	786,628	448,452

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £254,227 (2023 - £676,464).

M & N Transport (Wilts) Limited

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

9	Related party transactions

Summary of transactions with all entities with joint control or significant interest

During the year the company traded on a commercial terms with another company under common control. The company made purchases amounting to £190,065 (2023: £190,429). At the Balance Sheet date the company owed £1,092,929 (2023: £982,036).

Also during the year the company recharged costs to a company under common control amounting to £101,055 (2023: £111,062). At the Balance Sheet date the company was owed £967,039 (2023: £826,799).

Also, at the Balance Sheet date, included in Other Debtors was £19,899 (2023: £19,899) due from a company under common control.