Monarch Logistics Limited - Period Ending 2019-03-31

Registration number: 04990254

Monarch Logistics Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2019

Bickerstaff & Co Limited
Chartered Accountants
Emerald House
20-22 Anchor Road
Aldridge
Walsall
West Midlands
WS9 8PH

Monarch Logistics Limited

Contents

Company Information	1
Abridged Balance Sheet	2 to 3
Notes to the Abridged Financial Statements	4 to 7

Monarch Logistics Limited

Company Information

Directors

Ms Carlette Emma Maher Miss Victoria Maher Carla Witheridge

Company secretary

Mrs Susan Avery

Registered office

Unit 2 Kingsway South Westgate Aldridge Walsall West Midlands WS9 8FS

Accountants

Bickerstaff & Co Limited Chartered Accountants Emerald House 20-22 Anchor Road Aldridge Walsall West Midlands WS9 8PH

Page 1

Monarch Logistics Limited

(Registration number: 04990254)
Abridged Balance Sheet as at 31 March 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	20,052	30,795
Current assets
Debtors		125,217	125,632
Cash at bank and in hand		337,581	237,637
		462,798	363,269
Creditors: Amounts falling due within one year	5	(301,990)	(186,923)
Net current assets		160,808	176,346
Total assets less current liabilities		180,860	207,141
Provisions for liabilities		(1,502)	(1,502)
Accruals and deferred income		(63,000)	(68,800)
Net assets		116,358	136,839
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		116,258	136,739
Total equity		116,358	136,839

For the financial year ending 31 March 2019 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

The notes on pages 4 to 7 form an integral part of these abridged financial statements.

Page 2

Monarch Logistics Limited

(Registration number: 04990254)
Abridged Balance Sheet as at 31 March 2019

Approved and authorised by the Board on 16 December 2019 and signed on its behalf by:
 

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

Ms Carlette Emma Maher
Director

The notes on pages 4 to 7 form an integral part of these abridged financial statements.

Page 3

Monarch Logistics Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2019

1	General information

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

The address of its registered office is:
Unit 2 Kingsway South
Westgate
Aldridge
Walsall
West Midlands
WS9 8FS

These financial statements were authorised for issue by the Board on 16 December 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 abridged 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 abridged 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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:

Page 4

Monarch Logistics Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2019

Asset class	Depreciation method and rate
	25% per annum on the written down value
	Written off as of no commercial value
	Written off as of no commercial value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

Payments of payments to a pension scheme for the benefit of the directors are charged to profit and loss account in the finanacial period in which they are paid.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2018 - 0).

Page 5

Monarch Logistics Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2018	17,353	121,003	138,356
Disposals	(17,353)	(82,938)	(100,291)
At 31 March 2019	-	38,065	38,065
Depreciation
At 1 April 2018	17,353	90,208	107,561
Charge for the year	-	7,137	7,137
Eliminated on disposal	(17,353)	(79,332)	(96,685)
At 31 March 2019	-	18,013	18,013
Carrying amount
At 31 March 2019	-	20,052	20,052
At 31 March 2018	-	30,795	30,795

5	Creditors: amounts falling due within one year

6	Creditors: amounts falling due after more than one year

7	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

8	Related party transactions

Loans to related parties

Page 6

Monarch Logistics Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2019

2019	Key management £
At start of period	111,825
Advanced	56,405
Repaid	(64,784)
At end of period	103,446

2018	Key management £
At start of period	45,655
Advanced	228,836
Repaid	(162,666)
At end of period	111,825

Page 7