KNIGHTS TRANSPORT LTD

KNIGHTS TRANSPORT LTD

KNIGHTS TRANSPORT LTD - Company Information

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KNIGHTS TRANSPORT LTD

Company Registration Number:
12627627 (England and Wales)

Unaudited abridged accounts for the year ended 31 May 2022

Period of accounts

Start date: 01 June 2021

End date: 31 May 2022

KNIGHTS TRANSPORT LTD

Contents of the Financial Statements

for the Period Ended 31 May 2022

Balance sheet
Notes

KNIGHTS TRANSPORT LTD

Balance sheet

As at 31 May 2022


Notes
2022
2021


£
£
Called up share capital not paid: 0 0
Fixed assets
Tangible assets: 3 134,096 36,658
Total fixed assets: 134,096 36,658
Current assets
Debtors:   126,664 23,976
Cash at bank and in hand: 172,051 203,693
Total current assets: 298,715 227,669
Creditors: amounts falling due within one year: 4 (248,072) (100,921)
Net current assets (liabilities): 50,643 126,748
Total assets less current liabilities: 184,739 163,406
Creditors: amounts falling due after more than one year: 5 (47,346)
Provision for liabilities: (25,478) (6,467)
Total net assets (liabilities): 111,915 156,939
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 111,815 156,839
Shareholders funds: 111,915 156,939

The notes form part of these financial statements

KNIGHTS TRANSPORT LTD

Balance sheet statements

For the year ending 31 May 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 24 October 2022
and signed on behalf of the board by:

Name: Melinder Kaur Basra
Status: Director

The notes form part of these financial statements

KNIGHTS TRANSPORT LTD

Notes to the Financial Statements

for the Period Ended 31 May 2022

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discountsand value added taxes. Turnover includes revenue earned from the sale of goods and from therendering of services. Turnover from the sale of goods is recognised when the significant risksand rewards of ownership of the goods have transferred to the buyer. Turnover from the renderingof services is recognised by reference to the stage of completion of the contract. The stage ofcompletion of a contract is measured by comparing the costs incurred for work performed to dateto the total estimated contract costs.

Tangible fixed assets and depreciation policy

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulativeimpairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land,at rates calculated to write off the cost, less estimated residual value, of each asset evenly over itsexpected useful life, as follows:Freehold buildings over 50 yearsLeasehold land and buildings over the lease termPlant and machinery over 5 yearsFixtures, fittings, tools and equipment over 5 years

Intangible fixed assets and amortisation policy

Intangible fixed assets are measured at cost less accumulative amortisation and any accumulativeimpairment losses.

Valuation and information policy

Stocks are measured at the lower of cost and estimated selling price less costs to complete andsell. Cost is determined using the first in first out method. The carrying amount of stock sold isrecognised as an expense in the period in which the related revenue is recognised.

KNIGHTS TRANSPORT LTD

Notes to the Financial Statements

for the Period Ended 31 May 2022

2. Employees

2022 2021
Average number of employees during the period 2 2

KNIGHTS TRANSPORT LTD

Notes to the Financial Statements

for the Period Ended 31 May 2022

3. Tangible Assets

Total
Cost £
At 01 June 2021 45,823
Additions 133,253
At 31 May 2022 179,076
Depreciation
At 01 June 2021 9,165
Charge for year 35,815
At 31 May 2022 44,980
Net book value
At 31 May 2022 134,096
At 31 May 2021 36,658

KNIGHTS TRANSPORT LTD

Notes to the Financial Statements

for the Period Ended 31 May 2022

4. Creditors: amounts falling due within one year note

Trade Creditors £174,633Taxation and VAT due £72,873Other Creditors £566

KNIGHTS TRANSPORT LTD

Notes to the Financial Statements

for the Period Ended 31 May 2022

5. Creditors: amounts falling due after more than one year note

Obligations under finance lease and hire purchase contracts £47,346