Company Registration No. 05318128 (England and Wales)
UK LOCO LIMITED
Unaudited accounts
for the year ended 31 January 2020
UK LOCO LIMITED
Unaudited accounts
Contents
UK LOCO LIMITED
Company Information
for the year ended 31 January 2020
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 2020
Tangible assets
82,731
71,714
Cash at bank and in hand
45,373
41,312
Creditors: amounts falling due within one year
(349,522)
(671,342)
Net current assets
358,391
237,143
Total assets less current liabilities
441,122
308,857
Provisions for liabilities
Deferred tax
(11,207)
(8,876)
Net assets
429,915
299,981
Called up share capital
100
100
Profit and loss account
429,815
299,881
Shareholders' funds
429,915
299,981
For the year ending 31 January 2020 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.
The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2020 and were signed on its behalf by
S J Pagett
Director
Company Registration No. 05318128
UK LOCO LIMITED
Notes to the Accounts
for the year ended 31 January 2020
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.
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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 and value added tax. 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 2020
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.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 February 2019
7,767
186,217
37,010
230,994
Additions
-
12,466
13,044
25,510
Disposals
-
(1,127)
(7,015)
(8,142)
At 31 January 2020
7,767
197,556
43,039
248,362
At 1 February 2019
7,767
130,194
21,319
159,280
Charge for the year
-
4,038
10,455
14,493
On disposals
-
(1,127)
(7,015)
(8,142)
At 31 January 2020
7,767
133,105
24,759
165,631
At 31 January 2020
-
64,451
18,280
82,731
At 31 January 2019
-
56,023
15,691
71,714
Raw materials
25,000
25,000
Work in progress
36,054
593
Trade debtors
494,319
826,066
Accrued income and prepayments
37,952
15,414
UK LOCO LIMITED
Notes to the Accounts
for the year ended 31 January 2020
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Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
20,727
150,255
Trade creditors
277,813
464,878
Taxes and social security
46,009
52,850
Other creditors
3,023
1,809
The bank overdraft facility is secured by way of a fixed and floating charge over the property and undertakings of the company.
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Deferred taxation
2020
2019
Accelerated capital allowances
11,453
8,876
Other deferred taxation
(246)
-
Provision at start of year
8,876
9,115
Charged/(credited) to the profit and loss account
2,331
(239)
Provision at end of year
11,207
8,876
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Operating lease commitments
2020
2019
At 31 January 2020 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
4,225
68,938
More than five years
147,429
190,059
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Average number of employees
During the year the average number of employees was 24 (2019: 23).
