Geoff Ricketts Freight Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03143053 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

GEOFF RICKETTS FREIGHT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G Ricketts

Mr P S Gibson

Mr Z F Bistucz

SECRETARY:

Miss L Denby

REGISTERED OFFICE:

DMF House

66 Wakefield Road

Ossett

West Yorkshire

WF5 9JS

REGISTERED NUMBER:

03143053 (England and Wales)

ACCOUNTANTS:

Sedulo Leeds Limited

St Pauls House

23 Park Square

Leeds

West Yorkshire

LS1 2ND

FIXED ASSETS

Intangible assets

4

-

2,000

Tangible assets

5

12,965

4,993

12,965

6,993

CURRENT ASSETS

Debtors

6

293,609

234,271

Cash at bank

92,651

4,175

386,260

238,446

CREDITORS

Amounts falling due within one year

7

259,878

218,034

NET CURRENT ASSETS

126,382

20,412

TOTAL ASSETS LESS CURRENT LIABILITIES

139,347

27,405

PROVISIONS FOR LIABILITIES

2,463

949

NET ASSETS

136,884

26,456

CAPITAL AND RESERVES

Called up share capital

112

108

Retained earnings

136,772

26,348

SHAREHOLDERS' FUNDS

136,884

26,456

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 and authorised for issue on 22 September 2020 and were signed on its behalf by:

Mr G Ricketts - Director

1.	STATUTORY INFORMATION

Geoff Ricketts Freight 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 principal activities of the company are freight forwarding and storage.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

The Financial Statements are prepared in sterling which is the functional currency of the company.

In common with virtually every other business in the country, the Company has been experiencing the effects of

the Coronavirus pandemic. Whilst the full impact of this exceptional situation on the Company cannot be

assessed with complete certainty at the current time, the Directors believe they have taken all possible steps to

protect the Company including accessing relevant Government assistance.

At the time of signing these accounts the Directors are of the opinion that the Company will remain viable for the

foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.

For these reasons the directors continue to adopt the going concern basis of preparation for the financial

statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

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

life:

Patents and licences - 33% on reducing balance

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

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 balance sheet date.

Deferred tax

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

sheet 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.

Foreign currencies

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 rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Accounting period

The company's accounting reference date is 5 April. These financial statements are for the year ended on 31

March 2020, that date being not more than 7 days either side of the accounting reference date as permitted by the

Companies Act 2006. The comparative amounts are for the period ended 31 March 2019.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 April 2019

3,000

Impairments

(3,000

)

At 31 March 2020

-

AMORTISATION

At 1 April 2019

1,000

Impairments

(1,000

)

At 31 March 2020

-

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

2,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2019

6,747

8,527

15,274

Additions

3,749

8,898

12,647

At 31 March 2020

10,496

17,425

27,921

DEPRECIATION

At 1 April 2019

4,127

6,154

10,281

Charge for year

955

3,720

4,675

At 31 March 2020

5,082

9,874

14,956

NET BOOK VALUE

At 31 March 2020

5,414

7,551

12,965

At 31 March 2019

2,620

2,373

4,993

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

291,446

233,483

Other debtors

2,163

788

293,609

234,271

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

189,669

160,450

Taxation and social security

68,483

53,861

Other creditors

1,726

3,723

259,878

218,034

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.20

31.3.19

£

£

Within one year

444

444

Between one and five years

1,221

1,665

1,665

2,109

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £125,619 (2019 - £90,180) were paid to the directors .