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Registration number: 04590195

Three Lanes Transport Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Three Lanes Transport Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Three Lanes Transport Limited

Company Information

Director

Mrs H L Lane

Company secretary

Mrs H L Lane

Registered office

Higher Bussow Farm
Towednack
St Ives
Cornwall
TR26 3BB

Accountants

D.J. Reynolds & Co.
Chartered Accountants15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

Three Lanes Transport Limited

(Registration number: 04590195)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

37,570

23,517

Investment property

5

442,187

406,187

 

479,757

429,704

Current assets

 

Stocks

6

350

350

Debtors

7

12,994

22,361

Cash at bank and in hand

 

58

27

 

13,402

22,738

Creditors: Amounts falling due within one year

8

(543,340)

(484,285)

Net current liabilities

 

(529,938)

(461,547)

Total assets less current liabilities

 

(50,181)

(31,843)

Creditors: Amounts falling due after more than one year

8

(12,000)

(21,000)

Net liabilities

 

(62,181)

(52,843)

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

(62,182)

(52,844)

Shareholders' deficit

 

(62,181)

(52,843)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her 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.

Approved and authorised by the director on 10 July 2025
 

.........................................
Mrs H L Lane
Company secretary and director

   
     
 

Three Lanes Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Higher Bussow Farm
Towednack
St Ives
Cornwall
TR26 3BB

These financial statements were authorised for issue by the director on 10 July 2025.

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.

Going concern

In the opinion of the Director, the company will be able to continue as a going concern as the Director, Mrs H Lane, continues to provide working capital by way of a loan to the company.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of sale of goods and services to customers.

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.

 

Three Lanes Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Plant and machinery

20% straight line

Motor vehicles

12.5% straight line

Investment property

Investment property is carried at fair value. Changes in fair value are recognised in profit or loss. As the property was still under conversion during the year, it is included at cost at the year end.

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.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

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

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.

 

Three Lanes Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

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 the director) during the year, was 7 (2023 - 7).

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

81,909

2,724

84,633

Additions

23,999

-

23,999

At 29 February 2024

105,908

2,724

108,632

Depreciation

At 1 March 2023

58,672

2,444

61,116

Charge for the year

9,876

70

9,946

At 29 February 2024

68,548

2,514

71,062

Carrying amount

At 29 February 2024

37,360

210

37,570

At 28 February 2023

23,237

280

23,517

5

Investment properties

2024
£

At 1 March

406,187

Additions

36,000

At 29 February

442,187

There has been no valuation of investment property by an independent valuer.

 

Three Lanes Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Stocks

2024
£

2023
£

Consumables

350

350

7

Debtors

Current

2024
£

2023
£

Trade debtors

12,038

21,785

Prepayments

956

576

 

12,994

22,361

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

29,268

33,840

Taxation and social security

 

45,998

25,734

Accruals and deferred income

 

3,076

1,657

Other creditors

 

464,998

423,054

 

543,340

484,285

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

12,000

21,000

 

Three Lanes Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

12,000

21,000

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,000

9,000

Bank overdrafts

20,268

24,840

29,268

33,840

11

Related party transactions

Transactions with the director

2024

At 1 March 2023
£

Funds introduced by director
£

At 29 February 2024
£

Interest-free loan from the director, repayable on demand.

408,018

41,589

449,607

       
     

 

2023

At 1 March 2022
£

Funds introduced by director
£

At 28 February 2023
£

Interest-free loan from the director, repayable on demand.

284,466

123,552

408,018