RMG Logistics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04505375 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

RMG LOGISTICS LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTOR:

R M Grainger

REGISTERED OFFICE:

Unit 46

Kelvin Way Trading Estate

West Bromwich

West Midlands

B70 7TP

REGISTERED NUMBER:

04505375 (England and Wales)

ACCOUNTANTS:

E R Grove & Co Limited

Chartered Accountants

Grove House

Coombs Wood Court

Steel Park Road

Halesowen

West Midlands

B62 8BF

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of RMG Logistics Limited for the year ended 30 September 2020 which comprise the Income Statement, Balance Sheet and the 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of RMG Logistics Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of RMG Logistics Limited and state those matters that we have agreed to state to the director of RMG Logistics Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RMG Logistics Limited and its director for our work or for this report.

It is your duty to ensure that RMG Logistics 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 RMG Logistics Limited. You consider that RMG Logistics 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 RMG Logistics 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.

E R Grove & Co Limited

Chartered Accountants

Grove House

Coombs Wood Court

Steel Park Road

Halesowen

West Midlands

B62 8BF

15 December 2020

FIXED ASSETS

Tangible assets

4

58,069

46,998

CURRENT ASSETS

Debtors

5

84,402

85,182

Cash at bank and in hand

33,832

23,153

118,234

108,335

CREDITORS

Amounts falling due within one year

6

61,910

91,765

NET CURRENT ASSETS

56,324

16,570

TOTAL ASSETS LESS CURRENT LIABILITIES

114,393

63,568

CREDITORS

Amounts falling due after more than one year

7

(103,677

)

(54,830

)

PROVISIONS FOR LIABILITIES

(10,558

)

(8,654

)

NET ASSETS

158

84

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

58

(16

)

SHAREHOLDERS' FUNDS

158

84

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 15 December 2020 and were signed by:

R M Grainger - Director

1.	STATUTORY INFORMATION

RMG Logistics 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 October 2019

37,237

18,928

126,390

182,555

Additions

-

975

25,994

26,969

Disposals

-

-

(19,100

)

(19,100

)

At 30 September 2020

37,237

19,903

133,284

190,424

DEPRECIATION

At 1 October 2019

29,554

15,955

90,048

135,557

Charge for year

1,147

956

13,416

15,519

Eliminated on disposal

-

-

(18,721

)

(18,721

)

At 30 September 2020

30,701

16,911

84,743

132,355

NET BOOK VALUE

At 30 September 2020

6,536

2,992

48,541

58,069

At 30 September 2019

7,683

2,973

36,342

46,998

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 October 2019

46,940

Additions

25,994

Transfer to ownership

(28,750

)

At 30 September 2020

44,184

DEPRECIATION

At 1 October 2019

21,989

Charge for year

10,569

Transfer to ownership

(18,136

)

At 30 September 2020

14,422

NET BOOK VALUE

At 30 September 2020

29,762

At 30 September 2019

24,951

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

53,247

56,211

Other debtors

31,155

28,971

84,402

85,182

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

-

3,325

Hire purchase contracts

10,219

7,845

Trade creditors

8,011

8,409

Taxation and social security

22,974

22,632

Other creditors

20,706

49,554

61,910

91,765

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

16,941

5,314

Other creditors

86,736

49,516

103,677

54,830

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2020 and 30 September 2019:

2020

2019

£

£

R M Grainger

Balance outstanding at start of year

21,989

4,781

Amounts advanced

-

17,208

Amounts repaid

(4,098

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

17,891

21,989