John Beaty Transport Limited


Directors	Mrs D E Beaty
	Mr S W Beaty


Registered Address	Station View
	Greystoke Road
	Penrith
	CA11 0BX


Registered Number	04387361 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. 

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation.

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	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
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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.
 
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	20
Plant and machinery	25	-
Vehicles	20	-
Office Equipment	-	3

	Finance leases and hire purchase contracts
	Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight-line basis over the lease term.

Finance leases and hire purchase contracts

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease.

Payments made under operating leases are charged to the Income Statement on a straight-line basis over the lease term.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	49		53

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 January 24	100,000	100,000
At 31 December 24	100,000	100,000
Amortisation and impairment
At 01 January 24	100,000	100,000
At 31 December 24	100,000	100,000
Net book value
At 31 December 24	-	-
At 31 December 23	-	-

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 January 24	765,034	106,053	8,214,937	27,731	9,113,755
Additions	12,152	276,910	2,339,522	9,356	2,637,940
Disposals	-	(96,825)	(1,673,403)	-	(1,770,228)
At 31 December 24	777,186	286,138	8,881,056	37,087	9,981,467
Depreciation and impairment
At 01 January 24	333,004	63,218	3,569,904	21,180	3,987,306
Charge for year	38,459	25,626	1,145,594	5,442	1,215,121
On disposals	-	(229)	(1,100,256)	-	(1,100,485)
At 31 December 24	371,463	88,615	3,615,242	26,622	4,101,942
Net book value
At 31 December 24	405,723	197,523	5,265,814	10,465	5,879,525
At 31 December 23	432,030	42,835	4,645,033	6,551	5,126,449

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	1,395,312	1,615,602
Other debtors	1,683,198	1,497,557
Prepayments and accrued income	362,510	659,636
Total	3,441,020	3,772,795


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	609,409	1,277,076
Taxation and social security	205,441	185,604
Finance lease and HP contracts	934,317	829,584
Other creditors	19,060	50,251
Accrued liabilities and deferred income	37,474	71,152
Total	1,805,701	2,413,667


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Finance lease and HP contracts are secured on the assets to which the relate.

7.	Creditors: amounts due after one year

	2024	2023
	£	£
Other creditors	1,176,056	1,056,447
Total	1,176,056	1,056,447


	Finance lease and HP contracts equal to £1,176,056 (2023 - £1,056,447) are included within other creditors and are secured against the assets to which they relate.

8.	Provisions for liabilities
	The provision for deferred tax is made up of £1,378,970 (2023 - £1,156,730) in respect of accelerated capital allowances less £353,970 (2023 - £168,230) in respect of losses carried forward.

	2024	2023
	£	£
Net deferred tax liability (asset)	1,025,000	988,500
Total	1,025,000	988,500

9.	Pension commitments
	The pension cost charge represents contributions payable by the company to the fund and amounted to £282,580 (2023 - £42,262).

10.	Directors advances, credits and guarantees
	The directors have a loan account with the company. As of 1 January 2024, the company owed the directors £12,737. During the year, the company advanced the directors £82,398 and the directors repaid £8,564 to the company. As of 31 December 2024, the directors owed the company £61,097. The company charged the directors £240 in accordance with HMRC's official interest rate for beneficial loan arrangements.

10.

Directors advances, credits and guarantees

The directors have a loan account with the company.  As of 1 January 2024, the company owed the directors £12,737.  During the year, the company advanced the directors £82,398 and the directors repaid £8,564 to the company.  As of 31 December 2024, the directors owed the company £61,097.  The company charged the directors £240 in accordance with HMRC's official interest rate for beneficial loan arrangements.

11.	Related party transactions
	The company was charged rent amounting to £28,620 (2023 - £36,000) by a partnership in which the partners are the directors of Beaty Transport Limited. The son of the directors had an unsecured loan account with the company. As of 1 January 2024, the directors' son owed the company £55,000. During the year the company made further advances of £238,674. As of 31 December 2024, the directors' son owed the company £293,474. Interest of £5,177 was charged by the company in accordance with HMRC's official interest rate for beneficial loan arrangements. The company loaned funds to Station View Agricultural Store Limited, a company in which the directors of John Beaty Transport Limited are beneficial owners. As of 31 December 2024, Station View Agricultural Store Limited owed John Beaty Transport Limited £1,167,676 (2023 - £1,385,710). The company loaned funds to Beaty Fleet Services Limited, a company in which the directors of John Beaty Transport Limited are beneficial owners. As of 31 December 2024, Beaty Fleet Services Limited owed John Beaty Transport Limited £142,389 (2023 - £38,285).

11.

Related party transactions

The company was charged rent amounting to £28,620 (2023 - £36,000) by a partnership in which the partners are the directors of Beaty Transport Limited.

The son of the directors had an unsecured loan account with the company.  As of 1 January 2024, the directors' son owed the company £55,000.  During the year the company made further advances of £238,674.  As of 31 December 2024, the directors' son owed the company £293,474.  Interest of £5,177 was charged by the company in accordance with HMRC's official interest rate for beneficial loan arrangements.

The company loaned funds to Station View Agricultural Store Limited, a company in which the directors of John Beaty Transport Limited are beneficial owners.  As of 31 December 2024, Station View Agricultural Store Limited owed John Beaty Transport Limited £1,167,676 (2023 - £1,385,710). 

The company loaned funds to Beaty Fleet Services Limited, a company in which the directors of John Beaty Transport Limited are beneficial owners.  As of 31 December 2024, Beaty Fleet Services Limited owed John Beaty Transport Limited £142,389 (2023 - £38,285).

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	4		5,879,525		5,126,449
			5,879,525		5,126,449
Current assets
Stocks		2,200		2,200
Debtors	5	3,441,020		3,772,795
Cash at bank and on hand		598,948		1,527,963
		4,042,168		5,302,958
Creditors amounts falling due within one year	6	(1,805,701)		(2,413,667)
Net current assets (liabilities)			2,236,467		2,889,291
Total assets less current liabilities			8,115,992		8,015,740
Creditors amounts falling due after one year	7		(1,176,056)		(1,056,447)
Provisions for liabilities	8		(1,025,000)		(988,500)
Net assets			5,914,936		5,970,793
Capital and reserves
Called up share capital			5,000		5,000
Profit and loss account			5,909,936		5,965,793
Shareholders' funds			5,914,936		5,970,793