Faulkner Transport Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05133683

FAULKNER TRANSPORT LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 May 2025

FAULKNER TRANSPORT LIMITED

STATEMENT OF FINANCIAL POSITION

31 May 2025

	2025		2024
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		100,894		75,317

CURRENT ASSETS

Debtors	6	96,617	118,515
Cash at bank and in hand		15	31
		--------	---------
		96,632	118,546

CREDITORS: amounts falling due within one year	7	161,144		146,144
		---------		---------
NET CURRENT LIABILITIES			64,512		27,598
			---------		--------
TOTAL ASSETS LESS CURRENT LIABILITIES			36,382		47,719

CREDITORS: amounts falling due after more than one year	8		28,917		36,398

PROVISIONS

Taxation including deferred tax	1,195	1,188
	--------	--------
NET ASSETS	6,270	10,133
	--------	--------

CAPITAL AND RESERVES

Called up share capital	9	1	1
Profit and loss account		6,269	10,132
		-------	--------
SHAREHOLDERS FUNDS		6,270	10,133
		-------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

FAULKNER TRANSPORT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 May 2025

These financial statements were approved by the board of directors and authorised for issue on 14 August 2025 , and are signed on behalf of the board by:

Mr K Faulkner
Director

Company registration number: 05133683

FAULKNER TRANSPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 May 2025

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Chetwynd Aston, Nr Newport, Shropshire, TF10 9LL.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, net of Value Added Tax, and is recognised at the time that a delivery is made.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	10% reducing balance
Motor vehicles	-	25% reducing balance
Computer equipment	-	50% straight line

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 8 (2024: 8 ).

5. TANGIBLE ASSETS

	Plant and machinery	Fixtures and fittings	Motor vehicles	Computer equipment	Total
	£	£	£	£	£
Cost
At 1 June 2024	4,963	637	172,136	3,742	181,478
Additions	–	–	63,600	–	63,600
Disposals	–	–	( 6,000)	–	( 6,000)
	-------	----	---------	-------	---------
At 31 May 2025	4,963	637	229,736	3,742	239,078
	-------	----	---------	-------	---------
Depreciation
At 1 June 2024	3,444	560	98,526	3,631	106,161
Charge for the year	228	8	33,176	111	33,523
Disposals	–	–	( 1,500)	–	( 1,500)
	-------	----	---------	-------	---------
At 31 May 2025	3,672	568	130,202	3,742	138,184
	-------	----	---------	-------	---------
Carrying amount
At 31 May 2025	1,291	69	99,534	–	100,894
	-------	----	---------	-------	---------
At 31 May 2024	1,519	77	73,610	111	75,317
	-------	----	---------	-------	---------

6. DEBTORS

	2025	2024
	£	£
Trade debtors	88,100	105,684
Other debtors	8,517	12,831
	--------	---------
	96,617	118,515
	--------	---------

7. CREDITORS: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	44,953	31,170
Trade creditors	28,319	31,971
Social security and other taxes	32,119	60,989
Other creditors	55,753	22,014
	---------	---------
	161,144	146,144
	---------	---------

Included within creditors falling due within one year are amounts for which security has been given by the company in respect of bank loans and overdrafts of £34,527 (2024:£20,961).

Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.

8. CREDITORS: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	–	10,426
Other creditors	28,917	25,972
	--------	--------
	28,917	36,398
	--------	--------

9. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

10. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	44,601	57,837
Later than 1 year and not later than 5 years	14,417	59,018
	--------	---------
	59,018	116,855
	--------	---------

11. RELATED PARTY TRANSACTIONS

The company utilises land owned by a Director for which no rent is charged.