Registration number:
West House Transport (S&G) Limited
for the Year Ended 30 September 2024
Pages for filing with Registrar
West House Transport (S&G) Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
West House Transport (S&G) Limited
Company Information
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Directors |
M J Bleach T J Moseley W E Palmer K P Young |
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Registered office |
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Registered number |
02525856 |
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Accountant |
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West House Transport (S&G) Limited
(Registration number: 02525856)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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Shareholders' funds |
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West House Transport (S&G) Limited
(Registration number: 02525856)
Balance Sheet as at 30 September 2024
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
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.
Approved and authorised for issue by the
Director
West House Transport (S&G) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The directors have considered the future performance of the company and believe that the company has adequate financial resources to continue operational existence for the foreseeable future. Accordingly, the directors have prepared the accounts on the going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Government grants
The grant received relates to capital expenditure and will be released to the profit and loss account over the economic life of the asset.
West House Transport (S&G) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Tax
The tax expense for the period comprises current and 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable tax profits from which the future reversal of the underlying timing difference can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
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Short leasehold property |
Over the period of the lease |
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Plant & machinery |
50% straight line |
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Motor vehicles |
35% - 40% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
West House Transport (S&G) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Trade creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
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.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Profit and Loss account in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are actually made, they are charged to the provision carried in the Balance Sheet.
Leases
Payments made under operating leases are charged to profit and 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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
West House Transport (S&G) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Dividends
Dividend distributions to the company’s shareholders are 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.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense in the period in which the employees' services are received.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
West House Transport (S&G) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Taxation |
Deferred tax
Deferred tax assets and liabilities
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2024 |
Liability |
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Fixed asset timing differences |
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2023 |
Liability |
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Fixed asset timing differences |
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Tax losses |
( |
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Other short term timing differences |
( |
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West House Transport (S&G) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Tangible fixed assets |
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Leasehold property |
Motor vehicles |
Other tangible assets |
Total |
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Cost |
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At 1 October 2023 |
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Additions |
- |
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- |
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Disposals |
- |
( |
( |
( |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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- |
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At 30 September 2023 |
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Included within the net book value of motor vehicles above is £367,940 (2023: £282,846) held under hire purchase agreements.
West House Transport (S&G) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Debtors: amounts falling due within one year |
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2024 |
2023 |
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Trade debtors |
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Other debtors |
4,500 |
17,654 |
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Prepayments |
97,959 |
102,308 |
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Corporation tax |
- |
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Creditors |
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2024 |
2023 |
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Amounts falling due within one year |
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HP and finance lease liability |
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Trade creditors |
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Taxation and social security |
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Other creditors |
30,628 |
37,438 |
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Accruals and deferred income |
115,878 |
82,265 |
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Government grants |
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Due after one year |
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HP and finance lease liability |
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190,034 |
163,948 |
West House Transport (S&G) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Provisions for liabilities |
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Deferred tax |
Other provisions |
Total |
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At 1 October 2023 |
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Decrease in existing provisions |
( |
( |
( |
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At 30 September 2024 |
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The other provisions relate to the anticipated costs of remedial work needed to return the current premises to the condition required in the lease, in addition to provisions in relation to onerous lease contracts.
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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16,000 |
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16,000 |
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Obligations under leases and hire purchase contracts |
Operating leases
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2024 |
2023 |
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The total of future minimum lease payments is as follows: |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £