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(1) General Information
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| MAAN TRANSPORT LTD is a private company limited by shares and is registered in England and Wales. The address of the registered office is The Boat, Bentley Road South, Wednesbury, West Midlands, WS10 8LW. |
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(2) Statement of compliance
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| These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. |
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Property, plant and equipment
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Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| | Asset class and depreciation rate | | Land and Buildings | | | Plant and Machinery | 15% reducing balance | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | | | Commercial Vehicles | 15% reducing balance | | Fixtures and Fittings | 25% reducing balance | | Equipment | 25% reducing balance | | Motor Cars | |
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(4) Turnover
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| Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to the customers. |
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(5) Employees
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| During the year, the average number of employees including director was 13 (2023 : 5). |
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(6) Provision for liabilities
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| | | 2024 | | 2023 | | £ | | £ | | | | | | | Deferred taxation | 34,630 | | (108,668) | | 34,630 | | (108,668) |
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(7) Share capital and reserves
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| | Alloted, called up and fully paid: | 2024 | | 2023 | | £ | | £ | | | 100 (2023 : 100) Ordinary Shares of £ 1 each | 100 | | 100 | | 100 | | 100 | | | | | Retained earnings | | | 2024 | | | | £ | | At 1 November 2023 | | | 187,210 | | Loss of the year | | | (20,838) | | | | | | At 31 October 2024 | | | 166,372 | |
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(8) Related party transactions
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| Other creditors includes £0 (2023: ££6,779) owed to Mango Haulage Ltd, Mr Balraj Singh is the common shareholder in both of the companies. |
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(9) Fixed assets
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| Tangible £ | | Cost | | | As at 01 November 2023 | 699,457 | | Additions | 52,913 | | As at 31 October 2024 | 752,370 | | Depreciation/Amortisation | | | As at 01 November 2023 | 183,474 | | For the year | 91,561 | | As at 31 October 2024 | 275,035 | | Net book value | | | As at 31 October 2024 | 477,335 | | As at 31 October 2023 | 515,983 |
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