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REGISTERED NUMBER: 02744319 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MUSGRAVE TRANSPORT LIMITED

MUSGRAVE TRANSPORT LIMITED (REGISTERED NUMBER: 02744319)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MUSGRAVE TRANSPORT LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2024







DIRECTORS: J W Musgrave
P O'Connell
Mrs C E Johnson





REGISTERED OFFICE: Catfoss Airfield
Catfoss Lane
Brandesburton
Driffield
East Yorkshire
YO25 8EJ





REGISTERED NUMBER: 02744319 (England and Wales)





ACCOUNTANTS: Sowerby
Chartered Accountants
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

MUSGRAVE TRANSPORT LIMITED (REGISTERED NUMBER: 02744319)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 8,833 -
Tangible assets 5 2,477,450 2,461,664
2,486,283 2,461,664

CURRENT ASSETS
Stocks 30,050 30,500
Debtors 6 1,368,640 1,240,906
Cash at bank and in hand 301,817 241,667
1,700,507 1,513,073
CREDITORS
Amounts falling due within one year 7 1,627,564 1,490,184
NET CURRENT ASSETS 72,943 22,889
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,559,226

2,484,553

CREDITORS
Amounts falling due after more than one year 8 (228,708 ) (418,208 )

PROVISIONS FOR LIABILITIES (304,382 ) (299,164 )
NET ASSETS 2,026,136 1,767,181

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,026,036 1,767,081
SHAREHOLDERS' FUNDS 2,026,136 1,767,181

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MUSGRAVE TRANSPORT LIMITED (REGISTERED NUMBER: 02744319)

BALANCE SHEET - continued
31 December 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2025 and were signed on its behalf by:





J W Musgrave - Director


MUSGRAVE TRANSPORT LIMITED (REGISTERED NUMBER: 02744319)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024


1. STATUTORY INFORMATION

Musgrave Transport Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at Catfoss Airfield, Catfoss Lane,Brandesburton YO25 8EJ.

The principal activity of the company is freight transport by road.

The presentational currency of the financial statements is Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

Sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost and not provided
Plant and machinery etc - 20% on cost, 10% on cost and 5% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

MUSGRAVE TRANSPORT LIMITED (REGISTERED NUMBER: 02744319)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis.

Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for the current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2023 - 36 ) .

MUSGRAVE TRANSPORT LIMITED (REGISTERED NUMBER: 02744319)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 9,138
At 31 December 2024 9,138
AMORTISATION
Charge for year 305
At 31 December 2024 305
NET BOOK VALUE
At 31 December 2024 8,833

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2024 1,258,593 1,852,383 3,110,976
Additions - 220,773 220,773
Disposals - (126,766 ) (126,766 )
At 31 December 2024 1,258,593 1,946,390 3,204,983
DEPRECIATION
At 1 January 2024 47,261 602,051 649,312
Charge for year 15,471 179,611 195,082
Eliminated on disposal - (112,721 ) (112,721 )
Charge written back (4,140 ) - (4,140 )
At 31 December 2024 58,592 668,941 727,533
NET BOOK VALUE
At 31 December 2024 1,200,001 1,277,449 2,477,450
At 31 December 2023 1,211,332 1,250,332 2,461,664

MUSGRAVE TRANSPORT LIMITED (REGISTERED NUMBER: 02744319)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2024 731,289
Additions 190,798
Transfer to ownership (270,860 )
At 31 December 2024 651,227
DEPRECIATION
At 1 January 2024 105,153
Charge for year 86,315
Transfer to ownership (102,195 )
At 31 December 2024 89,273
NET BOOK VALUE
At 31 December 2024 561,954
At 31 December 2023 626,136

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,340,319 1,212,010
Other debtors 28,321 28,896
1,368,640 1,240,906

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 113,946
Hire purchase contracts (see note 9) 109,207 123,044
Trade creditors 322,044 327,154
Taxation and social security 238,210 231,139
Other creditors 958,103 694,901
1,627,564 1,490,184

MUSGRAVE TRANSPORT LIMITED (REGISTERED NUMBER: 02744319)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 173,674
Hire purchase contracts (see note 9) 228,708 244,534
228,708 418,208

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 131,813 143,443
Between one and five years 267,800 296,589
399,613 440,032

Finance charges repayable:
Within one year 22,606 20,399
Between one and five years 39,092 52,055
61,698 72,454

Net obligations repayable:
Within one year 109,207 123,044
Between one and five years 228,708 244,534
337,915 367,578

Non-cancellable operating leases
2024 2023
£    £   
Within one year 30,772 97,067
Between one and five years - 30,772
30,772 127,839

MUSGRAVE TRANSPORT LIMITED (REGISTERED NUMBER: 02744319)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024


10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 1,604
Bank loans - 286,016
Hire purchase contracts 337,915 367,578
Other creditors 901,254 681,491
1,239,169 1,336,689

The company's bank overdraft and loans are secured by a fixed & floating charge over the company's assets together with a specific charge over land held by the company.

The hire purchase borrowings are secured on the assets to which they relate.

Other creditors are secured on the company trade debtors.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.