Jaco Couriers Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC381848 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2018

FOR

JACO COURIERS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S G Milne

Mrs J Milne

REGISTERED OFFICE:

3 Taransay Crescent

Aberdeen

AB16 6UG

REGISTERED NUMBER:

SC381848 (Scotland)

FIXED ASSETS

Tangible assets

5

38,036

33,325

CURRENT ASSETS

Stocks

3,559

3,954

Debtors

6

18,882

22,196

Cash at bank

14

-

22,455

26,150

CREDITORS

Amounts falling due within one year

7

53,028

57,805

NET CURRENT LIABILITIES

(30,573

)

(31,655

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,463

1,670

CREDITORS

Amounts falling due after more than one year

8

13,681

5,434

NET LIABILITIES

(6,218

)

(3,764

)

CAPITAL AND RESERVES

Called up share capital

11

10,000

10,000

Retained earnings

(16,218

)

(13,764

)

SHAREHOLDERS' FUNDS

(6,218

)

(3,764

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 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 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 Board of Directors on 29 April 2019 and were signed on its behalf by:

Mrs J Milne - Director

1.	STATUTORY INFORMATION

Jaco Couriers Ltd is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these

financial statements are rounded to the nearest pound.

Going Concern

The financial statements have been prepared on a going concern basis which assumes that the company will

continue to trade. This assumption is based upon assurances received from officers of the company that it is their

intention to provide such assistance as is required to enable the company to meet its financial commitments.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that are

considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised where the revision affects only that period, or in the

period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of

causing a material adjustment to the carrying amount of the assets and liabilities.

Turnover

Turnover represents net invoices 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.

Plant and machinery etc

-

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 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.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid

investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown

within borrowings in current liabilities.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2017

52,900

Additions

13,934

At 31 July 2018

66,834

DEPRECIATION

At 1 August 2017

19,575

Charge for year

9,223

At 31 July 2018

28,798

NET BOOK VALUE

At 31 July 2018

38,036

At 31 July 2017

33,325

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

Plant and

machinery

etc

£

COST

At 1 August 2017

35,881

Additions

13,751

At 31 July 2018

49,632

DEPRECIATION

At 1 August 2017

18,582

Charge for year

5,981

At 31 July 2018

24,563

NET BOOK VALUE

At 31 July 2018

25,069

At 31 July 2017

17,299

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

18,882

21,696

Other debtors

-

500

18,882

22,196

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

-

2,160

Hire purchase contracts (see note 9)

10,018

6,341

Trade creditors

2,340

2,917

Taxation and social security

10,745

3,819

Other creditors

29,925

42,568

53,028

57,805

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 9)

5,348

5,434

Other creditors

8,333

-

13,681

5,434

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

10,018

6,341

Between one and five years

5,348

5,434

15,366

11,775

Non-cancellable operating

leases

2018

2017

£

£

Between one and five years

5,338

9,913

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

15,366

11,775

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

10,000

Ordinary

£1

10,000

10,000

12.	RELATED PARTY DISCLOSURES

Included within Other creditors is a loan due to the company's directors amounting to £16,190 (2017 - £12,096).

This loan is non interest bearing and has no fixed terms of repayment.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr & Mrs Milne.