Direct Transportation Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04366221 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

FOR

DIRECT TRANSPORTATION LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M P Blackwell

I Booth

SECRETARY:

R P Messinger

REGISTERED OFFICE:

Dickens House

Guithavon Street

Witham

Essex

CM8 1BJ

REGISTERED NUMBER:

04366221 (England and Wales)

SENIOR STATUTORY AUDITOR:

Philip Lawrence

AUDITORS:

Baverstocks

Statutory Auditor

Chartered Accountants

Dickens House

Guithavon Street

Witham

Essex

CM8 1BJ

BANKERS:

HSBC Bank PLC

Midland House

26 North Station Road

COLCHESTER

Essex

CO1 1SY

FIXED ASSETS

Tangible assets

4

536,292

530,937

Investments

5

10,000

10,000

546,292

540,937

CURRENT ASSETS

Stocks

26,476

45,216

Debtors

1,209,530

821,148

Cash at bank and in hand

49,115

21,587

1,285,121

887,951

CREDITORS

Amounts falling due within one year

1,495,726

1,120,870

NET CURRENT LIABILITIES

(210,605

)

(232,919

)

TOTAL ASSETS LESS CURRENT LIABILITIES

335,687

308,018

CREDITORS

Amounts falling due after more than one year

(252,478

)

(230,364

)

PROVISIONS FOR LIABILITIES

(24,705

)

(25,650

)

NET ASSETS

58,504

52,004

CAPITAL AND RESERVES

Called up share capital

220,101

20,101

Share premium

19,900

19,900

Retained earnings

(181,497

)

12,003

SHAREHOLDERS' FUNDS

58,504

52,004

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 27 February 2019 and were signed on its behalf by:

M P Blackwell - Director

1.	STATUTORY INFORMATION

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

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors,

including expectations of future events that are believed to be reasonable under the circumstances.

There are no estimates and assumptions that have a significant risk of causing material adjustment in the financial

statements.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

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.

Short Leasehold

-

Over the term of the Lease

Improvements to Property

-

4% on cost

Plant and Machinery

-

25% on monthly reducing balance

Fixtures and Fittings

-

4% on cost

Motor Vehicles

-

50% cost less estimated residual value, 25% on monthly reducing balance, 25% cost less estimated residual value, 20% on cost, 20% Cost less estimated residual value and 15% on monthly reducing balance

Office Equipment

-

25% on monthly 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.

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.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction

costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or

their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance

sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is

estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an

impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2017 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2017

944,096

Additions

98,944

Disposals

(3,042

)

At 31 May 2018

1,039,998

DEPRECIATION

At 1 June 2017

413,159

Charge for year

91,368

Eliminated on disposal

(821

)

At 31 May 2018

503,706

NET BOOK VALUE

At 31 May 2018

536,292

At 31 May 2017

530,937

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

Totals

£

COST

At 1 June 2017

478,018

Additions

78,085

At 31 May 2018

556,103

DEPRECIATION

At 1 June 2017

119,965

Charge for year

66,628

At 31 May 2018

186,593

NET BOOK VALUE

At 31 May 2018

369,510

At 31 May 2017

358,053

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 June 2017

and 31 May 2018

10,000

NET BOOK VALUE

At 31 May 2018

10,000

At 31 May 2017

10,000

The cost value shown in the accounts at 31 May 2018 and 2017 is not materially different to the value of the

shares held.

6.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

299,247

259,653

Invoice discounting account

626,392

387,940

925,639

647,593

The amounts due in respect of sales invoice discounting and other loans are secured by way of fixed and floating

charges over the assets of the Company.

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Philip Lawrence (Senior Statutory Auditor)

for and on behalf of Baverstocks

8.	CONTINGENT LIABILITIES

There is a cross guarantee in place between Direct Meats (Knights Farm) Limited, Direct Holdings Limited and

Direct Transportation Limited.

9.	OTHER FINANCIAL COMMITMENTS

The company has financial commitments of £1,827,819 in relation to non cancellable lease agreements for the

company premises and machinery.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2018 and

31 May 2017:

2018

2017

£

£

I Booth

Balance outstanding at start of year

9,346

-

Amounts advanced

11,341

9,346

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

20,687

9,346

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Included within other creditors is a balance of £15,000, representing a loan the company secretary made to the

company during a prior year.

12.	APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns

to the tax authorities and assist with the preparation of the financial statements.

13.	PARENT UNDERTAKING

The ultimate parent company who prepare group accounts is Direct Consolidated Limited. The consolidated

accounts are available from the company's registered office.