SAK Logistics (SW) Limited 30/09/2019 iXBRL

SAK Logistics (SW) Limited 30/09/2019 iXBRL

SAK LOGISTICS (SW) LIMITED - Company Information

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30/09/2019 2019-09-30 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-10-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 04831649 2018-10-01 2019-09-30 04831649 2019-09-30 04831649 2018-09-30 04831649 2017-10-01 2018-09-30 04831649 2018-09-30 04831649 core:PlantMachinery 2018-10-01 2019-09-30 04831649 core:MotorVehicles 2018-10-01 2019-09-30 04831649 bus:RegisteredOffice 2018-10-01 2019-09-30 04831649 bus:LeadAgentIfApplicable 2018-10-01 2019-09-30 04831649 bus:Director1 2018-10-01 2019-09-30 04831649 bus:CompanySecretary1 2018-10-01 2019-09-30 04831649 core:WithinOneYear 2019-09-30 04831649 core:WithinOneYear 2018-09-30 04831649 core:LandBuildings core:OwnedOrFreeholdAssets 2018-09-30 04831649 core:LandBuildings core:ShortLeaseholdAssets 2018-09-30 04831649 core:PlantMachinery 2018-09-30 04831649 core:MotorVehicles 2018-09-30 04831649 core:LandBuildings core:OwnedOrFreeholdAssets 2019-09-30 04831649 core:LandBuildings core:ShortLeaseholdAssets 2019-09-30 04831649 core:PlantMachinery 2019-09-30 04831649 core:MotorVehicles 2019-09-30 04831649 core:LandBuildings core:OwnedOrFreeholdAssets 2018-10-01 2019-09-30 04831649 core:LandBuildings core:ShortLeaseholdAssets 2018-10-01 2019-09-30 04831649 core:ShareCapital 2019-09-30 04831649 core:ShareCapital 2018-09-30 04831649 core:RetainedEarningsAccumulatedLosses 2019-09-30 04831649 core:RetainedEarningsAccumulatedLosses 2018-09-30 04831649 core:LandBuildings core:OwnedOrFreeholdAssets 2018-09-30 04831649 core:LandBuildings core:ShortLeaseholdAssets 2018-09-30 04831649 core:PlantMachinery 2018-09-30 04831649 core:MotorVehicles 2018-09-30 04831649 bus:Director1 2018-09-30 04831649 bus:Director1 2019-09-30 04831649 bus:Director1 2017-09-30 04831649 bus:Director1 2018-09-30 04831649 bus:Director1 2017-10-01 2018-09-30 04831649 bus:SmallEntities 2018-10-01 2019-09-30 04831649 bus:AuditExemptWithAccountantsReport 2018-10-01 2019-09-30 04831649 bus:FullAccounts 2018-10-01 2019-09-30 04831649 bus:SmallCompaniesRegimeForAccounts 2018-10-01 2019-09-30 04831649 bus:PrivateLimitedCompanyLtd 2018-10-01 2019-09-30
Company registration number: 04831649
SAK Logistics (SW) Limited
Unaudited financial statements
30 September 2019
SAK LOGISTICS (SW) LIMITED
Contents
Directors and other information
Directors report
Accountants report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
SAK LOGISTICS (SW) LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr K Sweetland
Secretary E Sweetland
Company number 04831649
Registered office Fernleigh
Seaton Junction
Axminster
Devon
EX13 7PW
Accountants Thomas Westcott
Timberly
South Street
Axminster
Devon
EX13 5AD
SAK LOGISTICS (SW) LIMITED
DIRECTORS REPORT
YEAR ENDED 30 SEPTEMBER 2019
The directors present their report and the unaudited financial statements of the company for the year ended 30 September 2019.
Directors
The directors who served the company during the year were as follows:
Mr K Sweetland
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 11 May 2020 and signed on behalf of the board by:
Mr K Sweetland
Director
SAK LOGISTICS (SW) LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SAK LOGISTICS (SW) LIMITED
YEAR ENDED 30 SEPTEMBER 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SAK Logistics (SW) Limited for the year ended 30 September 2019 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of SAK Logistics (SW) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of SAK Logistics (SW) Limited and state those matters that we have agreed to state to the board of directors of SAK Logistics (SW) Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SAK Logistics (SW) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that SAK Logistics (SW) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SAK Logistics (SW) Limited. You consider that SAK Logistics (SW) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of SAK Logistics (SW) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Thomas Westcott
Chartered Accountants
Timberly
South Street
Axminster
Devon
EX13 5AD
SAK LOGISTICS (SW) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 30 SEPTEMBER 2019
2019 2018
Note £ £
Turnover 281,998 231,892
Cost of sales ( 156,292) ( 157,311)
_______ _______
Gross profit 125,706 74,581
Administrative expenses ( 58,165) ( 60,132)
_______ _______
Operating profit 67,541 14,449
Other interest receivable and similar income 41 44
Interest payable and similar expenses ( 1) ( 553)
_______ _______
Profit before taxation 5 67,581 13,940
Tax on profit ( 13,703) ( 3,394)
_______ _______
Profit for the financial year and total comprehensive income 53,878 10,546
_______ _______
All the activities of the company are from continuing operations.
SAK LOGISTICS (SW) LIMITED
STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 6 149,712 154,373
_______ _______
149,712 154,373
Current assets
Debtors 7 23,816 23,661
Cash at bank and in hand 105,165 95,265
_______ _______
128,981 118,926
Creditors: amounts falling due
within one year 8 ( 77,844) ( 67,188)
_______ _______
Net current assets 51,137 51,738
_______ _______
Total assets less current liabilities 200,849 206,111
Provisions for liabilities ( 18,015) ( 18,156)
_______ _______
Net assets 182,834 187,955
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 10 182,734 187,855
_______ _______
Shareholders funds 182,834 187,955
_______ _______
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 11 May 2020 , and are signed on behalf of the board by:
Mr K Sweetland
Director
Company registration number: 04831649
SAK LOGISTICS (SW) LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 SEPTEMBER 2019
At 1 October 2017
Profit for the year
Total comprehensive income for the year
Dividends paid and payable
Total investments by and distributions to owners
At 30 September 2018 and 1 October 2018
Profit for the year
Total comprehensive income for the year
Dividends paid and payable
Total investments by and distributions to owners
At 30 September 2019
SAK LOGISTICS (SW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Fernleigh, Seaton Junction, Axminster, Devon, EX13 7PW.
The principal activity of the company is that of a delivery service.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Straight line over 25 years
Short leasehold property - Straight line over the life of the lease
Plant and machinery - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2018: 7 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2019 2018
£ £
Depreciation of tangible assets 31,211 30,828
_______ _______
6. Tangible assets
Freehold property Short leasehold property Plant and machinery Motor vehicles Total
£ £ £ £ £
Cost
At 1 October 2018 98,027 4,805 81,325 269,833 453,990
Additions - - 620 33,345 33,965
Disposals - - - ( 49,330) ( 49,330)
_______ _______ _______ _______ _______
At 30 September 2019 98,027 4,805 81,945 253,848 438,625
_______ _______ _______ _______ _______
Depreciation
At 1 October 2018 39,210 4,804 49,539 206,063 299,616
Charge for the year 3,921 - 4,863 22,427 31,211
Disposals - - - ( 41,914) ( 41,914)
_______ _______ _______ _______ _______
At 30 September 2019 43,131 4,804 54,402 186,576 288,913
_______ _______ _______ _______ _______
Carrying amount
At 30 September 2019 54,896 1 27,543 67,272 149,712
_______ _______ _______ _______ _______
At 30 September 2018 58,817 1 31,786 63,770 154,374
_______ _______ _______ _______ _______
7. Debtors
2019 2018
£ £
Trade debtors 16,253 16,040
Other debtors 7,563 7,621
_______ _______
23,816 23,661
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 9,024 9,901
Accruals and deferred income 800 770
Social security and other taxes 29,957 17,015
Other creditors 38,063 39,502
_______ _______
77,844 67,188
_______ _______
9. Obligations under finance leases
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 October 2018 Loans to / (from) the directors Amounts repaid Balance at 30 September 2019
£ £ £ £
Director ( 39,502) 60,439 ( 59,000) ( 38,063)
_______ _______ _______ _______
Loans to / (from) directors at 1 October 2017 Loans to / (from) the directors Amounts repaid Balance at 30 September 2018
£ £ £ £
Director ( 305) 14,803 ( 54,000) ( 39,502)
_______ _______ _______ _______
SAK LOGISTICS (SW) LIMITED
The following pages do not form part of the statutory accounts.