Mita Logistics Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06243052 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2019

for

Mita Logistics Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors:

P G Newton

S A Newton

N Kerr

V McHugh-Newton

Secretary:

S A Newton

Registered office:

Pwll Mawr

Trelogan

Holywell

Flintshire

CH8 9BZ

Registered number:

06243052 (England and Wales)

Accountants:

Ellis & Co

Chartered Accountants

114-120 Northgate Street

Chester

CH1 2HT

Fixed assets

Tangible assets

4

803,857

707,196

Current assets

Debtors

5

547,944

401,670

Cash at bank and in hand

193,163

264,614

741,107

666,284

Creditors

Amounts falling due within one year

6

527,487

478,082

Net current assets

213,620

188,202

Total assets less current liabilities

1,017,477

895,398

Creditors

Amounts falling due after more than one year

7

(354,659

)

(220,979

)

Provisions for liabilities

9

(139,648

)

(117,080

)

Net assets

523,170

557,339

Capital and reserves

Called up share capital

100

100

Retained earnings

523,070

557,239

Shareholders' funds

523,170

557,339

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2020 and were signed on its behalf by:

P G Newton - Director

1.	Statutory information

Mita Logistics Ltd 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.

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.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tangible fixed assets

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

Plant and machinery

-

Straight line over between 2 & 7 years

Fixtures, fittings and equipment

-

Straight line over 4 years

Motor vehicles

-

Straight line over between 2 & 10 years

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

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.

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

3.	Employees and directors

The average number of employees during the year was 30 (2018 - 25 ) .

4.	Tangible fixed assets

Fixtures,

fittings

Plant and

and

Motor

machinery

equipment

vehicles

Totals

£

£

£

£

Cost

At 1 January 2019

36,270

27,135

1,374,237

1,437,642

Additions

4,845

2,418

369,060

376,323

Disposals

-

(10,147

)

(112,750

)

(122,897

)

At 31 December 2019

41,115

19,406

1,630,547

1,691,068

Depreciation

At 1 January 2019

22,197

19,442

688,807

730,446

Charge for year

5,583

3,445

245,649

254,677

Eliminated on disposal

-

(6,604

)

(91,308

)

(97,912

)

At 31 December 2019

27,780

16,283

843,148

887,211

Net book value

At 31 December 2019

13,335

3,123

787,399

803,857

At 31 December 2018

14,073

7,693

685,430

707,196

5.

Debtors: amounts falling due within one year

31/12/19

31/12/18

£

£

Trade debtors

510,304

371,086

Other debtors

37,640

30,584

547,944

401,670

6.

Creditors: amounts falling due within one year

31/12/19

31/12/18

£

£

Hire purchase contracts

170,509

145,641

Trade creditors

183,428

170,745

Taxation and social security

132,889

119,384

Other creditors

40,661

42,312

527,487

478,082

7.

Creditors: amounts falling due after more than one year

31/12/19

31/12/18

£

£

Hire purchase contracts

354,659

220,979

8.	Secured debts

The following secured debts are included within creditors:

31/12/19

31/12/18

£

£

Hire purchase contracts

525,168

366,620

Debts under hire purchase contracts are secured on the underlying asset.

9.	Provisions for liabilities

31/12/19

31/12/18

£

£

Deferred tax

Accelerated capital allowances

139,648

117,080

Deferred

tax

£

Balance at 1 January 2019

117,080

Charge to Statement of Income and Retained Earnings during year

22,568

Balance at 31 December 2019

139,648

10.	Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 December 2019 and 31 December 2018:

31/12/19

31/12/18

£

£

P G Newton

Balance outstanding at start of year

12,321

8,714

Amounts advanced

73,070

12,797

Amounts repaid

(53,390

)

(9,190

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

32,001

12,321

S A Newton

Balance outstanding at start of year

12,740

-

Amounts advanced

1,815

17,530

Amounts repaid

(13,390

)

(4,790

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,165

12,740

V McHugh-Newton

Balance outstanding at start of year

3,318

4,358

Amounts repaid

(1,040

)

(1,040

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,278

3,318

The maximum balances outstanding during the year were P G Newton £32,141, S A Newton £12,740 and V McHugh-Newton £3,318. Advances to P G Newton included £5,750 on 1 August 2019 and £19,750 on 1 November 2019. Loans to directors are interest free, unsecured and repayable on demand.