REGISTERED NUMBER: 02744319 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

MUSGRAVE TRANSPORT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J W Musgrave

Mr P O'Connell

Mrs C E Johnson

REGISTERED OFFICE:

Catfoss Airfield

Catfoss Lane

Brandesburton

Driffield

East Yorkshire

YO25 8EJ

REGISTERED NUMBER:

02744319 (England and Wales)

ACCOUNTANTS:

Sowerby

Chartered Accountants

Beckside Court

Annie Reed Road

Beverley

East Yorkshire

HU17 0LF

FIXED ASSETS

Intangible assets

4

7,006

8,833

Tangible assets

5

2,811,071

2,477,450

2,818,077

2,486,283

CURRENT ASSETS

Stocks

29,500

30,050

Debtors

6

804,493

1,368,640

Cash at bank and in hand

587,909

301,817

1,421,902

1,700,507

CREDITORS

Amounts falling due within one year

7

857,753

1,627,564

NET CURRENT ASSETS

564,149

72,943

TOTAL ASSETS LESS CURRENT LIABILITIES

3,382,226

2,559,226

CREDITORS

Amounts falling due after more than one year

8

(316,993

)

(228,708

)

PROVISIONS FOR LIABILITIES

(346,273

)

(304,382

)

NET ASSETS

2,718,960

2,026,136

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,718,860

2,026,036

SHAREHOLDERS' FUNDS

2,718,960

2,026,136

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2026 and were signed on its behalf by:

Mr J W Musgrave - Director

1.	STATUTORY INFORMATION

Musgrave Transport Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at Catfoss Airfield, Catfoss Lane,Brandesburton YO25 8EJ.

The principal activity of the company is freight transport by road.

The presentational currency of the financial statements is Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Turnover

Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

Sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost and not provided

Plant and machinery etc

-

20% on cost, 10% on cost and 5% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis.

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 the 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 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 the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2024 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2025

and 31 December 2025

9,138

AMORTISATION

At 1 January 2025

305

Charge for year

1,827

At 31 December 2025

2,132

NET BOOK VALUE

At 31 December 2025

7,006

At 31 December 2024

8,833

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2025

1,258,593

1,946,390

3,204,983

Additions

-

636,388

636,388

Disposals

-

(174,650

)

(174,650

)

At 31 December 2025

1,258,593

2,408,128

3,666,721

DEPRECIATION

At 1 January 2025

58,592

668,941

727,533

Charge for year

-

211,660

211,660

Eliminated on disposal

-

(83,543

)

(83,543

)

At 31 December 2025

58,592

797,058

855,650

NET BOOK VALUE

At 31 December 2025

1,200,001

1,611,070

2,811,071

At 31 December 2024

1,200,001

1,277,449

2,477,450

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2025

651,227

Additions

424,925

Transfer to ownership

(139,349

)

At 31 December 2025

936,803

DEPRECIATION

At 1 January 2025

89,273

Charge for year

79,225

Transfer to ownership

(31,329

)

At 31 December 2025

137,169

NET BOOK VALUE

At 31 December 2025

799,634

At 31 December 2024

561,954

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

773,389

1,340,319

Other debtors

31,104

28,321

804,493

1,368,640

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 9)

173,235

109,207

Trade creditors

317,948

322,044

Taxation and social security

301,174

238,210

Other creditors

65,396

958,103

857,753

1,627,564

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 9)

316,993

228,708

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Gross obligations repayable:

Within one year

202,058

131,813

Between one and five years

357,815

267,800

559,873

399,613

Finance charges repayable:

Within one year

28,823

22,606

Between one and five years

40,822

39,092

69,645

61,698

Net obligations repayable:

Within one year

173,235

109,207

Between one and five years

316,993

228,708

490,228

337,915

Non-cancellable

operating leases

2025

2024

£

£

Within one year

-

30,772

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

490,228

337,915

Other creditors

-

901,254

490,228

1,239,169

The company's bank overdraft and loans are secured by a fixed & floating charge over the company's assets together with a specific charge over land held by the company.

The hire purchase borrowings are secured on the assets to which they relate.

Other creditors are secured on the company trade debtors.

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.