Speed (Storage & Handling) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00825238 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

SPEED (STORAGE & HANDLING) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr F Millard

Mr J D Millard

Mr M L Millard

Mrs Y A Millard

REGISTERED OFFICE:

7 Belvoir Terrace

Scarborough

North Yorkshire

YO11 2PP

REGISTERED NUMBER:

00825238 (England and Wales)

ACCOUNTANTS:

Townsend Harrison Limited

13 Yorkersgate

Malton

North Yorkshire

YO17 7AA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

19,252

21,013

Investment property

6

2,416,667

2,254,867

2,435,919

2,275,880

CURRENT ASSETS

Debtors

7

5,697

2,340

Cash at bank

12,056

27,915

17,753

30,255

CREDITORS

Amounts falling due within one year

8

318,032

268,143

NET CURRENT LIABILITIES

(300,279

)

(237,888

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,135,640

2,037,992

CREDITORS

Amounts falling due after more than one year

9

(66,773

)

(73,189

)

PROVISIONS FOR LIABILITIES

(186,381

)

(155,503

)

NET ASSETS

1,882,486

1,809,300

CAPITAL AND RESERVES

Called up share capital

200

200

Fair value reserve

11

1,530,234

1,368,434

Retained earnings

352,052

440,666

SHAREHOLDERS' FUNDS

1,882,486

1,809,300

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 applicable to companies subject to the small companies regime.

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 13 December 2019 and were signed on its behalf by:

Mr F Millard - Director

1.	STATUTORY INFORMATION

Speed (Storage & Handling) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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. There were no material departures from this standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The principal accounting policies adopted in the year 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 financial statements have been prepared under the historical cost convention.

Goodwill

Acquired goodwill is written off in equal annual amounts over its estimated useful economic life.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Plant and machinery - 10% to 25% on cost

Fixtures and fittings - 20% on reducing balance

Motor vehicles - 25% on reducing balance

Investment property

Investment property is included at fair value. Any aggregate surplus or deficit arising from changes in market

value is transferred to the fair value reserve. Gains are recognised on the income statement.

Deferred taxation is provided on these gains at the rate expected to apply were the property to be sold.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Revenue recognition

Revenue is represented by rental income which is recognised on an accruals basis.

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

1,460

AMORTISATION

At 1 April 2018

and 31 March 2019

1,460

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

44,261

Additions

2,420

At 31 March 2019

46,681

DEPRECIATION

At 1 April 2018

23,248

Charge for year

4,181

At 31 March 2019

27,429

NET BOOK VALUE

At 31 March 2019

19,252

At 31 March 2018

21,013

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

2,254,867

Revaluations

161,800

At 31 March 2019

2,416,667

NET BOOK VALUE

At 31 March 2019

2,416,667

At 31 March 2018

2,254,867

Fair value at 31 March 2019 is represented by:

£

Valuation in 2011

772,140

Valuation in 2014

621,703

Valuation in 2015

153,720

Valuation in 2016

(179,129

)

Valuation in 2019

161,800

Cost

886,433

2,416,667

If investment properties had not been revalued they would have been included at the following historical

cost:

2019

2018

£

£

Cost

886,433

886,433

Investment properties were valued on an open market basis on 31 March 2019 by the Directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

5,697

2,340

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

6,423

6,423

Trade creditors

1,777

-

Taxation and social security

1,628

15,396

Other creditors

308,204

246,324

318,032

268,143

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

66,773

73,189

2019

2018

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans repayable in more than 5 years, by instalments

37,703

44,119

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

73,196

79,612

The bank loan is secured on investment property.

11.

RESERVES

Fair

value

reserve

£

At 1 April 2018

1,368,434

Increase

161,800

At 31 March 2019

1,530,234

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

Mr F Millard and Mrs Y A Millard

Balance outstanding at start of year

(73,897

)

(54,509

)

Amounts advanced

24,558

22,612

Amounts repaid

(54,698

)

(42,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(104,037

)

(73,897

)

Mr J D Millard

Balance outstanding at start of year

(89,168

)

(92,091

)

Amounts advanced

37,000

38,753

Amounts repaid

(68,831

)

(35,830

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(120,999

)

(89,168

)

Mr M L Millard

Balance outstanding at start of year

(78,652

)

(78,484

)

Amounts advanced

26,411

26,233

Amounts repaid

(26,411

)

(26,401

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(78,652

)

(78,652

)

The loan balances outstanding are unsecured, interest free and repayable on demand. The amounts shown

for Mr F Millard and Mrs Y A Millard are divided equally between them.