Armistead European Transport Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Armistead European Transport Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04626511 . The registered office is Dale Grove Farm, Tewitfield, Carnforth, Lancashire, LA6 1JJ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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 is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible assets are initially recorded at cost, and subsequently stated at cost less any

accumulated depreciation and impairment losses. Any tangible assets carried at revalued

amounts are recorded at the fair value at the date of revaluation less any subsequent

accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other

comprehensive income and accumulated in equity, except to the extent it reverses a revaluation

decrease of the same asset previously recognised in profit or loss. A decrease in the carrying

amount of an asset as a result of revaluation, is recognised in other comprehensive income to the

extent of any previously recognised revaluation increase accumulated in equity in respect of that

asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in

equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Freehold	0%
Plant & Machinery	15% reducing balance
Motor Vehicles	33% straight line
Fixtures & Fittings	15% reducing balance
Computer Equipment	15% reducing balance

2.4. Leasing and Hire Purchase Contracts

Assets obtained under 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 the 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 applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Armistead European Transport Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 18 (2023: 19)

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 January 2024	98,381	22,675	2,603,705	3,247
Additions	-	-	425,829	-
Disposals	-	-	(350,057 )	-

As at 31 December 2024	98,381	22,675	2,679,477	3,247

Depreciation
As at 1 January 2024	-	15,432	1,048,097	2,352
Provided during the period	-	1,087	270,356	134
Disposals	-	-	(170,994 )	-

As at 31 December 2024	-	16,519	1,147,459	2,486

Net Book Value
As at 31 December 2024	98,381	6,156	1,532,018	761

As at 1 January 2024	98,381	7,243	1,555,608	895

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Armistead European Transport Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024


	Computer Equipment	Total
	£	£
Cost
As at 1 January 2024	35,310	2,763,318
Additions	-	425,829
Disposals	-	(350,057 )

As at 31 December 2024	35,310	2,839,090

Depreciation
As at 1 January 2024	34,289	1,100,170
Provided during the period	510	272,087
Disposals	-	(170,994 )

As at 31 December 2024	34,799	1,201,263

Net Book Value
As at 31 December 2024	511	1,637,827

As at 1 January 2024	1,021	1,663,148

5. Stocks

	2024	2023
	£	£
Stock	1,500	1,500

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	424,988	428,838
Prepayments and accrued income	7,780	8,812
Other debtors	300	-
Other debtors - fuel VAT	2,624	643
Other debtors - S455	5,691	5,691
VAT	17,132	22,934

	458,515	466,918

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	138,226	289,533
Trade creditors	60,116	77,193
Bank loans and overdrafts	19,167	38,558
Corporation tax	(1,758 )	5,340
Other taxes and social security	6,426	-
Pension liability	(594 )	-
Accruals and deferred income	17,767	1,112
Director's loan account	356	228

	239,706	411,964

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Armistead European Transport Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

National Westminster Bank PLC hold a fixed and floating charge over the undertaking and all

property and assets present and future.

RBS Invoice Finance Limited hold a fixed and floating charge over the undertaking and all

property and assets present and future.

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	306,378	250,687

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	1	1

10. Related Party Transactions

The company was under the control of Mr A T Armistead throughout the current and previous

year. Mr Armistead is the managing director and along with his wife owns 100% of the issued

share capital.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,637,827		1,663,148

			1,637,827		1,663,148
CURRENT ASSETS
Stocks	5	1,500		1,500
Debtors	6	458,515		466,918
Cash at bank and in hand		254,327		196,178

		714,342		664,596
Creditors: Amounts Falling Due Within One Year	7	(239,706 )		(411,964 )

NET CURRENT ASSETS (LIABILITIES)			474,636		252,632

TOTAL ASSETS LESS CURRENT LIABILITIES			2,112,463		1,915,780

Creditors: Amounts Falling Due After More Than One Year	8		(306,378 )		(250,687 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(311,187 )		(384,422 )

NET ASSETS			1,494,898		1,280,671

CAPITAL AND RESERVES
Called up share capital	9		1		1
Profit and Loss Account			1,494,897		1,280,670

SHAREHOLDERS' FUNDS			1,494,898		1,280,671