Company registration number 03904146 (England and Wales)
QUAY TRANSPORT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
QUAY TRANSPORT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
QUAY TRANSPORT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,807,674
2,314,276
Current assets
Stocks
14,269
17,127
Debtors
5
1,346,870
1,280,864
Cash at bank and in hand
344,823
161,262
1,705,962
1,459,253
Creditors: amounts falling due within one year
6
(1,663,194)
(1,243,098)
Net current assets
42,768
216,155
Total assets less current liabilities
2,850,442
2,530,431
Creditors: amounts falling due after more than one year
7
(660,808)
(903,492)
Provisions for liabilities
(698,235)
(574,077)
Net assets
1,491,399
1,052,862
Capital and reserves
Called up share capital
1,101
1,101
Capital redemption reserve
160,000
160,000
Profit and loss reserves
1,330,298
891,761
Total equity
1,491,399
1,052,862
QUAY TRANSPORT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 7 August 2025 and are signed on its behalf by:
Mr G C Kirkby
Director
Company registration number 03904146 (England and Wales)
QUAY TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Quay Transport Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rowland House, Regent Road, Bootle, Merseyside, England, L20 8RB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis.true
1.3
Turnover
Turnover from haulage is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of services is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15%/25% reducing balance/straight line over 7/15 years
Office equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
QUAY TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
1.8
Leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Foreign exchange
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
QUAY TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
27
24
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
125,626
Amortisation and impairment
At 1 January 2024 and 31 December 2024
125,626
Carrying amount
At 31 December 2024
At 31 December 2023
4
Tangible fixed assets
Plant and machinery
Office equipment
Total
£
£
£
Cost
At 1 January 2024
3,572,963
7,080
3,580,043
Additions
695,914
695,914
At 31 December 2024
4,268,877
7,080
4,275,957
Depreciation and impairment
At 1 January 2024
1,265,175
592
1,265,767
Depreciation charged in the year
200,894
1,622
202,516
At 31 December 2024
1,466,069
2,214
1,468,283
Carrying amount
At 31 December 2024
2,802,808
4,866
2,807,674
At 31 December 2023
2,307,788
6,488
2,314,276
QUAY TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
973,593
633,275
Other debtors
318,930
607,690
Prepayments and accrued income
54,347
39,899
1,346,870
1,280,864
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,514
5,514
Obligations under finance leases and hire purchase
235,139
294,536
Other borrowings
384,897
424,644
Trade creditors
348,016
148,178
Corporation tax
155,029
42,467
Other taxation and social security
57,195
25,850
Other creditors
471,304
295,809
Accruals and deferred income
6,100
6,100
1,663,194
1,243,098
Creditors include factoring liabilities of £384,897 ( 2023 - £424,644 ) and hire purchase liabilities of £235,139 ( 2023 - £294,536 ) which are secured on the assets concerned.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
24,354
29,868
Obligations under finance leases and hire purchase
636,454
873,624
660,808
903,492
Creditors include hire purchase liabilities of £636,454 ( 2023 - £873,624 ) which are secured on the assets concerned.
8
Financial commitments, guarantees and contingent liabilities
The total amount of financial commitments not included in the balance sheet is £15,224 ( 2023 - £8,506 ). This relates to non-cancellable operating leases.
9
Related party transactions
Included within other debtors is £318,000 ( 2023 - £500,000 ) due from Quay Investment Holdings Ltd, a company in which G Kirkby is materially interested as a director and shareholder.