The Knighton Truck Company Limited - Period Ending 2018-12-31

Registration number: 01877475

The Knighton Truck Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2018

The Knighton Truck Company Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 6

The Knighton Truck Company Limited

Company Information

Directors

Mr D Edwards Mrs I M Edwards Mr J R Edwards

Company secretary

Mrs I M Edwards

Registered office

Station Road Knighton Powys LD7 1DT

Accountants

Mitchell Meredith Limited Chartered Accountants The Exchange Fiveways Temple Street Llandrindod Wells Powys LD1 5HG

Page 1

The Knighton Truck Company Limited

(Registration number: 01877475)
Balance Sheet as at 31 December 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	3	1,853	2,471
Current assets
Stocks	4	5,250	5,250
Debtors	5	82,772	82,723
Cash at bank and in hand		8,066	9,153
		96,088	97,126
Creditors: Amounts falling due within one year	6	(30,872)	(30,872)
Net current assets		65,216	66,254
Net assets		67,069	68,725
Capital and reserves
Called up share capital		10,000	10,000
Profit and loss account		57,069	58,725
Total equity		67,069	68,725

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 2

The Knighton Truck Company Limited

(Registration number: 01877475)
Balance Sheet as at 31 December 2018

For the financial year ending 31 December 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 September 2019 and signed on its behalf by:
 

.........................................

Mr J R Edwards
Director

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 3

The Knighton Truck Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Station Road
Knighton
Powys
LD7 1DT

These financial statements were authorised for issue by the Board on 26 September 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price.

Page 4

The Knighton Truck Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

3	Tangible assets

	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2018	9,950	9,950
At 31 December 2018	9,950	9,950
Depreciation
At 1 January 2018	7,479	7,479
Charge for the year	618	618
At 31 December 2018	8,097	8,097
Carrying amount
At 31 December 2018	1,853	1,853
At 31 December 2017	2,471	2,471

4

Stocks

	2018 £	2017 £
Raw materials and consumables	2,250	2,250
Stock	3,000	3,000
	5,250	5,250

5

Debtors

	Note	2018 £	2017 £
Trade debtors		8,860	8,860
Owed by/(from) group undertakings		72,351	72,851
Other debtors		1,561	1,012
		82,772	82,723

Page 5

The Knighton Truck Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

6

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Trade creditors		9,263	9,263
Directors' current account		21,109	21,109
Other creditors		500	500
		30,872	30,872

Page 6