North East Truck And Driver Ltd.

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—5

1. General Information

North East Truck And Driver Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 10708584 . The registered office is NETAD Carlbury Road, Aycliffe Business Park, Newton Aycliffe, Durham, DL5 6BH.

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 fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	20% reducing balance
Motor Vehicles	20% reducing balance
Fixtures & Fittings	20% reducing balance
Computer Equipment	20% 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 income statement 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 income statement as incurred.

2.5. 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.

...CONTINUED

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North East Truck And Driver Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.5. Taxation - continued

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.

2.6. Government Grant

Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.

All grants in the income statement are recognised when all conditions for receipt have been complied with.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2024: 5)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2024	7,835	440,361	41,373	10,923	500,492
Additions	1,860	166,541	-	-	168,401
Disposals	-	(72,600 )	-	-	(72,600 )

As at 31 March 2025	9,695	534,302	41,373	10,923	596,293

Depreciation
As at 1 April 2024	4,217	136,675	25,366	5,642	171,900
Provided during the period	1,096	71,926	3,202	1,056	77,280
Disposals	-	(29,041 )	-	-	(29,041 )

As at 31 March 2025	5,313	179,560	28,568	6,698	220,139

Net Book Value
As at 31 March 2025	4,382	354,742	12,805	4,225	376,154

As at 1 April 2024	3,618	303,686	16,007	5,281	328,592

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	198,340	230,892
Corporation tax recoverable assets	8,052	-
VAT	4,039	7,605
Director's loan account	-	11,066

	210,431	249,563

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North East Truck And Driver Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	29,444	58,131
Trade creditors	209,985	154,742
Bank loans and overdrafts	27,500	10,000
Corporation tax	-	38,163
Other taxes and social security	74	1,585
Net wages	-	3,085
Other creditors	5,335	764
Director's loan account	74,265	-

	346,603	266,470

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

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	2,431	31,875
Bank loans	1,667	11,667

	4,098	43,542

8. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	29,444	63,480
Later than one year and not later than five years	6,309	35,754

	35,753	99,234
Less: Finance charges allocated to future periods	3,878	9,228

	31,875	90,006

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2	2

10. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2025
	£	£	£	£	£
Mr Michael Watson	11,066	-	-	-	-

The above loan is unsecured, interest free and repayable on demand.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		376,154		328,592

			376,154		328,592
CURRENT ASSETS
Debtors	5	210,431		249,563
Cash at bank and in hand		53,558		108,393

		263,989		357,956
Creditors: Amounts Falling Due Within One Year	6	(346,603 )		(266,470 )

NET CURRENT ASSETS (LIABILITIES)			(82,614 )		91,486

TOTAL ASSETS LESS CURRENT LIABILITIES			293,540		420,078

Creditors: Amounts Falling Due After More Than One Year	7		(4,098 )		(43,542 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(71,470 )		(62,433 )

NET ASSETS			217,972		314,103

CAPITAL AND RESERVES
Called up share capital	9		2		2
Income Statement			217,970		314,101

SHAREHOLDERS' FUNDS			217,972		314,103