QUALITY FREIGHT SERVICES LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03090860 (England and Wales)

QUALITY FREIGHT SERVICES LIMITED

Financial Statements for the Year Ended 31 August 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M J Johnson

REGISTERED OFFICE:

Unit 1 Peel House

Off Taunton Street

Shipley

West Yorkshire

BD18 3NA

REGISTERED NUMBER:

03090860 (England and Wales)

ACCOUNTANTS:

Maclean & Company

1 Park View Court

St Paul's Road

Shipley

West Yorkshire

BD18 3DZ

FIXED ASSETS

Tangible assets

4

367,916

285,021

CURRENT ASSETS

Debtors

5

1,834,975

1,705,911

Cash at bank and in hand

290,164

125,791

2,125,139

1,831,702

CREDITORS

Amounts falling due within one year

6

1,781,156

1,487,027

NET CURRENT ASSETS

343,983

344,675

TOTAL ASSETS LESS CURRENT LIABILITIES

711,899

629,696

CREDITORS

Amounts falling due after more than one year

7

93,314

122,090

NET ASSETS

618,585

507,606

CAPITAL AND RESERVES

Called up share capital

1,100

1,100

Retained earnings

617,485

506,506

SHAREHOLDERS' FUNDS

618,585

507,606

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 19 March 2019 and were signed by:

M J Johnson - Director

1.	STATUTORY INFORMATION

QUALITY FREIGHT SERVICES 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.

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.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2017 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 September 2017

61,875

576,971

72,693

711,539

Additions

54,633

79,821

97,694

232,148

Disposals

-

(238,920

)

-

(238,920

)

At 31 August 2018

116,508

417,872

170,387

704,767

DEPRECIATION

At 1 September 2017

26,012

327,814

72,692

426,518

Charge for year

5,379

63,111

4,231

72,721

Eliminated on disposal

-

(162,388

)

-

(162,388

)

At 31 August 2018

31,391

228,537

76,923

336,851

NET BOOK VALUE

At 31 August 2018

85,117

189,335

93,464

367,916

At 31 August 2017

35,863

249,157

1

285,021

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

Motor

vehicles

£

COST

At 1 September 2017

437,996

Additions

79,821

At 31 August 2018

517,817

DEPRECIATION

At 1 September 2017

313,986

Charge for year

53,697

At 31 August 2018

367,683

NET BOOK VALUE

At 31 August 2018

150,134

At 31 August 2017

124,010

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Trade debtors

1,811,801

1,687,987

Other debtors

23,174

17,924

1,834,975

1,705,911

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Bank loans and overdrafts

11,273

24,026

Hire purchase contracts

69,466

72,858

Trade creditors

1,495,681

1,231,837

Taxation

204,736

158,306

1,781,156

1,487,027

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.18

31.8.17

£

£

Hire purchase contracts

93,314

122,090

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.18

31.8.17

£

£

Hire purchase contracts

162,780

194,948

Hire purchase liabilities are secured against the specific fixed assets to which they relate.