General Information
J & K Transport Ltd is a private company, limited by shares, registered in England & Northern Ireland, registration number 02235091, registration address 81a High Street, Rochester, Rochester, ME1 1LX.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Attention is drawn to the fact that the balance sheet deficit is more than covered by loans to the company from the directors.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
25% Reducing Balance
|
| Motor Vehicles |
25% Reducing Balance
|
| Fixtures and Fittings |
15% Reducing Balance
|
| Computer Equipment |
33% Straight Line
|
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 4 (2024 : 4).
|
| 3. |
Intangible fixed assets
| Cost |
Goodwill |
|
Total |
| |
£ |
|
£ |
| At 01 February 2024 |
87,770 |
|
87,770 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 January 2025 |
87,770 |
|
87,770 |
| Amortisation |
| At 01 February 2024 |
87,770 |
|
87,770 |
| Charge for year |
- |
|
- |
| On disposals |
- |
|
- |
| At 31 January 2025 |
87,770 |
|
87,770 |
| Net book values |
| At 31 January 2025 |
- |
|
- |
| At 31 January 2024 |
- |
|
- |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 February 2024 |
2,485 |
|
19,990 |
|
1,362 |
|
4,824 |
|
28,661 |
| Additions |
1,500 |
|
- |
|
- |
|
- |
|
1,500 |
| Disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 January 2025 |
3,985 |
|
19,990 |
|
1,362 |
|
4,824 |
|
30,161 |
| Depreciation |
| At 01 February 2024 |
2,482 |
|
19,955 |
|
1,357 |
|
4,824 |
|
28,618 |
| Charge for year |
157 |
|
2 |
|
1 |
|
- |
|
160 |
| On disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 January 2025 |
2,639 |
|
19,957 |
|
1,358 |
|
4,824 |
|
28,778 |
| Net book values |
| Closing balance as at 31 January 2025 |
1,346 |
|
33 |
|
4 |
|
- |
|
1,383 |
| Opening balance as at 01 February 2024 |
3 |
|
10 |
|
5 |
|
- |
|
18 |
|
| 5. |
Ultimate Controlling Party
The company is under the control of Mr. A Johnstone by virtue of his shareholding.
|
3
|