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REGISTERED NUMBER: 04695254 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 30 MARCH 2023 TO 27 MARCH 2024

FOR

M C SALTER & SONS LIMITED

M C SALTER & SONS LIMITED (REGISTERED NUMBER: 04695254)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 30 MARCH 2023 TO 27 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M C SALTER & SONS LIMITED

COMPANY INFORMATION
FOR THE PERIOD 30 MARCH 2023 TO 27 MARCH 2024







DIRECTORS: Mrs L M Salter
M C Salter





SECRETARY: Mrs L M Salter





REGISTERED OFFICE: 27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE





REGISTERED NUMBER: 04695254 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

M C SALTER & SONS LIMITED (REGISTERED NUMBER: 04695254)

BALANCE SHEET
27 MARCH 2024

27.3.24 29.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 205 220
Tangible assets 5 710,451 706,324
710,656 706,544

CURRENT ASSETS
Stocks 9,500 7,000
Debtors 6 447,380 392,779
Cash at bank 36 65,327
456,916 465,106
CREDITORS
Amounts falling due within one year 7 237,961 191,782
NET CURRENT ASSETS 218,955 273,324
TOTAL ASSETS LESS CURRENT
LIABILITIES

929,611

979,868

CREDITORS
Amounts falling due after more than one
year

8

(292,469

)

(309,264

)

PROVISIONS FOR LIABILITIES (176,320 ) (175,200 )
NET ASSETS 460,822 495,404

CAPITAL AND RESERVES
Called up share capital 40,002 40,002
Retained earnings 420,820 455,402
SHAREHOLDERS' FUNDS 460,822 495,404

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 27 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 27 March 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.

M C SALTER & SONS LIMITED (REGISTERED NUMBER: 04695254)

BALANCE SHEET - continued
27 MARCH 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2025 and were signed on its behalf by:




M C Salter - Director



Mrs L M Salter - Director


M C SALTER & SONS LIMITED (REGISTERED NUMBER: 04695254)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 30 MARCH 2023 TO 27 MARCH 2024

1. STATUTORY INFORMATION

M C Salter & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the 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.

The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover represents the value of haulage services provided during the year, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business in 2003, was amortised evenly over its estimated useful life of ten years.

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.

Number plates are being amortised evenly over their estimated useful life of fifteen 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.
Plant and machinery - 20% reducing balance and 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


M C SALTER & SONS LIMITED (REGISTERED NUMBER: 04695254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 MARCH 2023 TO 27 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

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 period was 12 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 30 March 2023
and 27 March 2024 150,000 222 150,222
AMORTISATION
At 30 March 2023 150,000 2 150,002
Charge for period - 15 15
At 27 March 2024 150,000 17 150,017
NET BOOK VALUE
At 27 March 2024 - 205 205
At 29 March 2023 - 220 220

M C SALTER & SONS LIMITED (REGISTERED NUMBER: 04695254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 MARCH 2023 TO 27 MARCH 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 30 March 2023 96,466 12,477 1,606,862 1,715,805
Additions 2,833 - 190,920 193,753
Disposals - - (29,800 ) (29,800 )
At 27 March 2024 99,299 12,477 1,767,982 1,879,758
DEPRECIATION
At 30 March 2023 70,957 4,272 934,252 1,009,481
Charge for period 4,601 1,231 182,817 188,649
Eliminated on disposal - - (28,823 ) (28,823 )
At 27 March 2024 75,558 5,503 1,088,246 1,169,307
NET BOOK VALUE
At 27 March 2024 23,741 6,974 679,736 710,451
At 29 March 2023 25,509 8,205 672,610 706,324

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 30 March 2023 15,500 791,906 807,406
Additions - 121,660 121,660
Transfer to ownership - (219,995 ) (219,995 )
At 27 March 2024 15,500 693,571 709,071
DEPRECIATION
At 30 March 2023 5,745 306,097 311,842
Charge for period 1,951 126,521 128,472
Transfer to ownership - (176,819 ) (176,819 )
At 27 March 2024 7,696 255,799 263,495
NET BOOK VALUE
At 27 March 2024 7,804 437,772 445,576
At 29 March 2023 9,755 485,809 495,564

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
27.3.24 29.3.23
£    £   
Trade debtors 159,604 114,608
Other debtors 287,776 278,171
447,380 392,779

M C SALTER & SONS LIMITED (REGISTERED NUMBER: 04695254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 MARCH 2023 TO 27 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
27.3.24 29.3.23
£    £   
Bank loans and overdrafts 42,740 10,000
Hire purchase contracts 142,042 118,948
Trade creditors 20,040 33,280
Taxation and social security 21,970 21,554
Other creditors 11,169 8,000
237,961 191,782

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
27.3.24 29.3.23
£    £   
Bank loans 11,674 21,674
Hire purchase contracts 280,795 287,590
292,469 309,264

9. SECURED DEBTS

The following secured debts are included within creditors:

27.3.24 29.3.23
£    £   
Hire purchase contracts 422,837 406,538

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the periods ended 27 March 2024 and 29 March 2023:

27.3.24 29.3.23
£    £   
Mrs L M Salter
Balance outstanding at start of period 51,601 30,632
Amounts advanced 58,037 60,969
Amounts repaid (40,000 ) (40,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 69,638 51,601

M C Salter
Balance outstanding at start of period 167,582 175,391
Amounts advanced 44,957 53,628
Amounts repaid (58,425 ) (61,437 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 154,114 167,582

Interest was charged on the overdrawn directors loan account balances at 2.25%.