Murphy's Transport Services (Holdings) Ltd 30/06/2022 iXBRL

Murphy's Transport Services (Holdings) Ltd 30/06/2022 iXBRL

MURPHY'S TRANSPORT SERVICES (HOLDINGS) LIMITED - Company Information

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Company registration number: SC335651
Murphy's Transport Services (Holdings) Ltd
Unaudited filleted financial statements
30 June 2022
Murphy's Transport Services (Holdings) Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Murphy's Transport Services (Holdings) Ltd
Directors and other information
Directors Mr John G Murphy
Mrs Mary Murphy
Mr John M Murphy
Secretary John M Murphy
Company number SC335651
Registered office 3 Weavers Lane
Whitburn
West Lothian
EH47 0SD
Business address 3 Weavers Lane
Whitburn
West Lothian
EH47 0SD
Accountants Barrie Scott & Co.
30 Mid Street
Bathgate
West Lothian
EH48 1PT
Bankers Clydesdale Bank
Cairngorm House
Almondvale Boulevard
Livingston
West Lothian
EH54 6QL
Murphy's Transport Services (Holdings) Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Murphy's Transport Services (Holdings) Ltd
Period ended 30 June 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Murphy's Transport Services (Holdings) Ltd for the period ended 30 June 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Murphy's Transport Services (Holdings) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Murphy's Transport Services (Holdings) Ltd and state those matters that we have agreed to state to the board of directors of Murphy's Transport Services (Holdings) Ltd as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Murphy's Transport Services (Holdings) Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Murphy's Transport Services (Holdings) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Murphy's Transport Services (Holdings) Ltd. You consider that Murphy's Transport Services (Holdings) Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Murphy's Transport Services (Holdings) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Barrie Scott & Co.
Accountants & Tax Advisers
30 Mid Street
Bathgate
West Lothian
EH48 1PT
7 December 2022
Murphy's Transport Services (Holdings) Ltd
Statement of financial position
30 June 2022
30/06/22 31/03/21
Note £ £ £ £
Fixed assets
Investments 5 2,199 500,000
_______ _______
2,199 500,000
Current assets
Debtors 6 - 113
Cash at bank and in hand - 171
_______ _______
- 284
Creditors: amounts falling due
within one year 7 ( 475) ( 149,896)
_______ _______
Net current liabilities ( 475) ( 149,612)
_______ _______
Total assets less current liabilities 1,724 350,388
Creditors: amounts falling due
after more than one year 8 - ( 85,000)
_______ _______
Net assets 1,724 265,388
_______ _______
Capital and reserves
Called up share capital 50,000 50,000
Profit and loss account ( 48,276) 215,388
_______ _______
Shareholders funds 1,724 265,388
_______ _______
For the period ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 November 2022 , and are signed on behalf of the board by:
Mr John M Murphy
Director
Company registration number: SC335651
Murphy's Transport Services (Holdings) Ltd
Notes to the financial statements
Period ended 30 June 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 3 Weavers Lane, Whitburn, West Lothian, EH47 0SD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2020. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 3 (2021: 3 ).
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost or valuation
At 1 April 2021 500,000 500,000
Revaluations ( 497,801) ( 497,801)
_______ _______
At 30 June 2022 2,199 2,199
_______ _______
Impairment
At 1 April 2021 and 30 June 2022 - -
_______ _______
Carrying amount
At 30 June 2022 2,199 2,199
_______ _______
At 31 March 2021 500,000 500,000
_______ _______
6. Debtors
30/06/22 31/03/21
£ £
Other debtors - 113
_______ _______
7. Creditors: amounts falling due within one year
30/06/22 31/03/21
£ £
Other creditors 475 149,896
_______ _______
8. Creditors: amounts falling due after more than one year
30/06/22 31/03/21
£ £
Other creditors - 85,000
_______ _______
9. Controlling party
The company is controlled by director John M Murphy who owns 100% of the issued share capital.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2020.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the period
No transitional adjustments were required.