Transco (Wolverhampton) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02569821

Transco (Wolverhampton) Limited

Filleted Unaudited Financial Statements

31 December 2024

Transco (Wolverhampton) Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5	191,384	196,612
Investments	6	15,460	15,460
		---------	---------
		206,844	212,072

Current assets

Debtors	7	104,157	121,737
Cash at bank and in hand		930	1,743
		---------	---------
		105,087	123,480

Creditors: amounts falling due within one year	8	30,793		47,112
		---------		---------
Net current assets			74,294	76,368
			---------	---------
Total assets less current liabilities			281,138	288,440

Creditors: amounts falling due after more than one year	9		120,920	120,225

Provisions

Taxation including deferred tax	11,000	12,000
	---------	---------
Net assets	149,218	156,215
	---------	---------

Capital and reserves

Called up share capital	5,000	5,000
Revaluation reserve	96,261	96,261
Profit and loss account	47,957	54,954
	---------	---------
Shareholders funds	149,218	156,215
	---------	---------

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 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Transco (Wolverhampton) Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 23 September 2025 , and are signed on behalf of the board by:

E A Chitty

Director

Company registration number: 02569821

Transco (Wolverhampton) Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Saturn Service Station, 33 Wednesfield Road, Wolverhampton, West Midlands, WV10 0DS.

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

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of freehold property measured at fair value through other comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

(c) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

(d) 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.

(e) Tangible assets

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.

(f) 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	-	20% per annum on cost
Motor vehicles	-	1.25% per month on cost

Where buildings are maintained to such a standard that their estimated residual value is not less than their cost, no depreciation is charged.

(g) Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

(h) Financial instruments

Financial liabilities are classified according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments, as defined in FRS 25, Financial Instruments: Disclosure and Presentation. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

(i) 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.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Administrative staff	2	2
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	–	6,210
Social security costs	–	36
Other pension costs	–	140
	----	-------
	–	6,386
	----	-------

5. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	180,000	13,204	68,496	261,700
Disposals	–	–	( 12,910)	( 12,910)
	---------	--------	--------	---------
At 31 December 2024	180,000	13,204	55,586	248,790
	---------	--------	--------	---------
Depreciation
At 1 January 2024	–	12,267	52,821	65,088
Charge for the year	–	189	5,039	5,228
Disposals	–	–	( 12,910)	( 12,910)
	---------	--------	--------	---------
At 31 December 2024	–	12,456	44,950	57,406
	---------	--------	--------	---------
Carrying amount
At 31 December 2024	180,000	748	10,636	191,384
	---------	--------	--------	---------
At 31 December 2023	180,000	937	15,675	196,612
	---------	--------	--------	---------

Tangible assets held at valuation

The freehold land and buildings of the company were revalued at £180,000 on the 5 September 2017 by an independent valuer.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 31 December 2024
Aggregate cost	73,739
Aggregate depreciation	–
	--------
Carrying value	73,739
	--------

At 31 December 2023
Aggregate cost	73,739
Aggregate depreciation	–
	--------
Carrying value	73,739
	--------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	15,460
	--------
Impairment
At 1 January 2024 and 31 December 2024	–
	--------

Carrying amount
At 31 December 2024	15,460
	--------
At 31 December 2023	15,460
	--------

The company owns the whole of the issued share capital of Wolverhampton Truck Rental Limited, a company registered in England and Wales.

7. Debtors

	2024	2023
	£	£
Trade debtors	2,702	84,942
Amounts owed by group undertakings and undertakings in which the company has a participating interest	101,295	36,795
Other debtors	160	–
	---------	---------
	104,157	121,737
	---------	---------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	5,000	5,000
Trade creditors	2,909	9,719
Social security and other taxes	–	9,843
Other creditors	22,884	22,550
	--------	--------
	30,793	47,112
	--------	--------

Creditors falling due within one year include £20,000 (2023 - £20,000) due to L E Chitty, a director of the company.

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	6,250	11,250
Other creditors	114,670	108,975
	---------	---------
	120,920	120,225
	---------	---------

Creditors falling due after more than year include £84,724 (2023 - £79,029) due to L E Chitty, a director of the company. In accordance with FRS 102, 29,946 preference shares of £1 each are disclosed as financial liabilities within creditors falling due after more than one year.