COMPANY REGISTRATION NO. 08345059 (England and Wales)
CLIVE PRICE TRANSPORT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
CLIVE PRICE TRANSPORT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CLIVE PRICE TRANSPORT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,000
3,000
Tangible assets
4
800,680
1,033,660
802,680
1,036,660
Current assets
Debtors
5
505,481
393,424
Cash at bank and in hand
1,375,891
854,431
1,881,372
1,247,855
Creditors: amounts falling due within one year
6
(383,077)
(439,389)
Net current assets
1,498,295
808,466
Total assets less current liabilities
2,300,975
1,845,126
Provisions for liabilities
(152,129)
(50,517)
Net assets
2,148,846
1,794,609
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
2,148,746
1,794,509
Total equity
2,148,846
1,794,609
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 October 2021 and are signed on its behalf by:
Mr R Price
Director
Company Registration No. 08345059
CLIVE PRICE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information
Clive Price Transport Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Yard, Llanigon, Hereford, United Kingdom, HR3 5PN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services provided in the normal cause of business, net of trade discounts, VAT and other sales-related taxes.
Revenue from contracts for the provision of
haulage
services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold
1% on cost
Plant and machinery
25% on cost
Fixtures, fittings and equipment
25% on cost
Computer equipment
25% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within on year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account i other administrative expenses.
CLIVE PRICE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
19
18
CLIVE PRICE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2020 and 31 March 2021
10,000
Amortisation and impairment
At 1 April 2020
7,000
Amortisation charged for the year
1,000
At 31 March 2021
8,000
Carrying amount
At 31 March 2021
2,000
At 31 March 2020
3,000
CLIVE PRICE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
4
Tangible fixed assets
Land and buildings freehold
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2020
392,192
199,885
3,349
3,395
1,304,869
1,903,690
Additions
3,317
947
4,264
Disposals
(36,500)
(36,500)
At 31 March 2021
392,192
203,202
3,349
4,342
1,268,369
1,871,454
Depreciation and impairment
At 1 April 2020
7,040
113,636
1,331
2,161
745,864
870,032
Depreciation charged in the year
1,808
27,063
782
838
197,293
227,784
Eliminated in respect of disposals
(27,042)
(27,042)
At 31 March 2021
8,848
140,699
2,113
2,999
916,115
1,070,774
Carrying amount
At 31 March 2021
383,344
62,503
1,236
1,343
352,254
800,680
At 31 March 2020
385,151
86,249
2,021
1,234
559,005
1,033,660
CLIVE PRICE TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
4
Tangible fixed assets
(Continued)
- 6 -
Included in land and buildings freehold is land of £211,380 (2020: £211,380) which is not depreciated.
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
277,651
175,594
Other debtors
227,830
217,830
505,481
393,424
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
100,335
80,991
Corporation tax
181,515
80,257
Other taxation and social security
48,558
59,485
Other creditors
50,394
22,591
Accruals and deferred income
2,275
196,065
383,077
439,389
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Related party transactions
The company operates a loan account with Maple Tree Rentals Limited. As at the year end, the total amount outstanding was £217,477 (2020: £217,477), and is included in debtors, amounts falling due within one year. These transactions, are related, as Mr R Price is a director and shareholder in both companies.
9
Directors' transactions
Dividends totalling £85,000 (2020 - £70,000) were paid in the year in respect of shares held by the company's directors.
The directors operate a current loan account with the company, which is debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn directors' fees. The amount owed to the directors as 31 March 2021 was £46,100 (2020: £20,385) which is included within creditors: amounts falling due within one year.