Flintshire Transport Services Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03504155 (England and Wales)

Financial Statements for the Year Ended 30 June 2023

for

Flintshire Transport Services Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Broster

J R Dolan

REGISTERED OFFICE:

Unit 12B Zone 1

Deeside Industrial Estate

Queensferry

Flintshire

CH5 2LR

REGISTERED NUMBER:

03504155 (England and Wales)

ACCOUNTANTS:

Fountain Accountancy Limited

65 Marlston Avenue

Lache Park

Chester

CH4 8HE

FIXED ASSETS

Tangible assets

4

648,421

954,042

CURRENT ASSETS

Stocks

-

30,741

Debtors

5

570,719

785,478

Cash at bank and in hand

125,563

160,272

696,282

976,491

CREDITORS

Amounts falling due within one year

6

986,252

1,106,974

NET CURRENT LIABILITIES

(289,970

)

(130,483

)

TOTAL ASSETS LESS CURRENT LIABILITIES

358,451

823,559

CREDITORS

Amounts falling due after more than one year

7

(225,037

)

(500,083

)

PROVISIONS FOR LIABILITIES

(42,310

)

(76,955

)

NET ASSETS

91,104

246,521

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

91,102

246,519

SHAREHOLDERS' FUNDS

91,104

246,521

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2024 and were signed on its behalf by:

J R Dolan - Director

1.	STATUTORY INFORMATION

Flintshire Transport Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from road distribution and storage is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the date the service was provided.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

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

-

10% on cost

Plant and machinery etc

-

25% on cost, 20% on cost and 20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

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 contributes to employees pension schemes under auto enrolment. Contributions are charged to the profit and loss account in the period they are payable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 July 2022

12,230

1,385,555

1,397,785

Additions

-

8,548

8,548

Disposals

-

(385,932

)

(385,932

)

At 30 June 2023

12,230

1,008,171

1,020,401

DEPRECIATION

At 1 July 2022

1,142

442,601

443,743

Charge for year

1,320

185,408

186,728

Eliminated on disposal

-

(258,491

)

(258,491

)

At 30 June 2023

2,462

369,518

371,980

NET BOOK VALUE

At 30 June 2023

9,768

638,653

648,421

At 30 June 2022

11,088

942,954

954,042

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

Plant and

machinery

etc

£

COST

At 1 July 2022

783,870

Transfer to ownership

(32,395

)

At 30 June 2023

751,475

DEPRECIATION

At 1 July 2022

111,904

Charge for year

129,204

Transfer to ownership

(7,425

)

At 30 June 2023

233,683

NET BOOK VALUE

At 30 June 2023

517,792

At 30 June 2022

671,966

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Trade debtors

512,827

726,380

Other debtors

57,892

59,098

570,719

785,478

Included within trade debtors are balances totalling £413,165 (2022: £635,760) that are subject to invoice discounting arrangements. The trade debtor balances have been transferred to the counterparty, though the transaction does not qualify for derecognition on the basis that the risk is retained by the company. The associated liability recognised in creditors amounts to £300,090 (2022: £351,973).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Hire purchase contracts

212,546

245,701

Payments on account

300,090

351,973

Trade creditors

166,091

275,047

Taxation and social security

195,820

132,744

Other creditors

111,705

101,509

986,252

1,106,974

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.23

30.6.22

£

£

Hire purchase contracts

129,204

341,750

Other creditors

95,833

158,333

225,037

500,083

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.23

30.6.22

£

£

Hire purchase contracts

341,750

587,451

Payments received on account

300,090

351,973

641,840

939,424

Payments received on account relate to invoice discounting and are secured on trade debts.

9.	OTHER FINANCIAL COMMITMENTS

At 30 June 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £626,500 (2022: £710,500).

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

30.6.23

30.6.22

£

£

G Broster

Balance outstanding at start of year

4,855

-

Amounts advanced

-

4,855

Amounts repaid

(4,855

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

4,855

11.	POST BALANCE SHEET EVENTS

The Company has been acquired by Deeside Freight Limited. Additional financial support will be available from other Group companies.