Company Registration No. 05318128 (England and Wales)
UK Loco Limited
Unaudited accounts
for the year ended 31 January 2019
UK Loco Limited
Unaudited accounts
Contents
UK Loco Limited
Company Information
for the year ended 31 January 2019
Directors
S J Pagett
S M Watson
D M Singleton
Company Number
05318128 (England and Wales)
Registered Office
Apple Tree Cottage
Milcote Road
Milcote
Stratford Upon Avon
CV37 8JN
Accountants
Farquhar Partnership Limited
151 Whiteladies Road
Clifton
Bristol
BS8 2RA
UK Loco Limited
Statement of financial position
as at 31 January 2019
Tangible assets
71,714
69,889
Cash at bank and in hand
41,312
92,289
Creditors: amounts falling due within one year
(671,342)
(183,094)
Net current assets
237,143
193,711
Total assets less current liabilities
308,857
263,600
Provisions for liabilities
Deferred tax
(8,876)
(9,115)
Net assets
299,981
254,485
Called up share capital
100
100
Profit and loss account
299,881
254,385
Shareholders' funds
299,981
254,485
For the year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 20 September 2019.
S J Pagett
Director
Company Registration No. 05318128
UK Loco Limited
Notes to the Accounts
for the year ended 31 January 2019
UK Loco Limited is a private company, limited by shares, registered in England and Wales, registration number 05318128. The registered office is Apple Tree Cottage, Milcote Road, Milcote, Stratford Upon Avon, CV37 8JN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
over the lease term
Plant & machinery
over 10 years
Motor vehicles
over 4 years
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
UK Loco Limited
Notes to the Accounts
for the year ended 31 January 2019
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 February 2018
7,767
181,161
37,010
225,938
Additions
-
15,206
-
15,206
Disposals
-
(10,150)
-
(10,150)
At 31 January 2019
7,767
186,217
37,010
230,994
At 1 February 2018
7,767
134,462
13,820
156,049
Charge for the year
-
3,632
7,499
11,131
On disposals
-
(7,900)
-
(7,900)
At 31 January 2019
7,767
130,194
21,319
159,280
At 31 January 2019
-
56,023
15,691
71,714
At 31 January 2018
-
46,699
23,190
69,889
Raw materials
25,000
25,000
Work in progress
593
16,191
Trade debtors
826,066
237,114
Accrued income and prepayments
15,414
5,010
UK Loco Limited
Notes to the Accounts
for the year ended 31 January 2019
7
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
150,255
3,513
Trade creditors
464,878
148,621
Taxes and social security
52,850
28,772
The bank overdraft facility is secured by way of a fixed and floating charge over the property and undertakings of the company.
8
Deferred taxation
2019
2018
Accelerated capital allowances
8,876
9,115
Provision at start of year
9,115
5,333
(Credited)/charged to the profit and loss account
(239)
3,782
Provision at end of year
8,876
9,115
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Operating lease commitments
2019
2018
At 31 January 2019 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
36,938
69,250
More than five years
280,647
319,725
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Average number of employees
During the year the average number of employees was 23 (2018: 22).
