Valentine Haulage Ltd - Limited company - abbreviated

REGISTERED NUMBER: 05002956 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2014

for

Valentine Haulage Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

R P Speight

SECRETARY:

R B Speight

REGISTERED OFFICE:

4 Bradford Road

Idle

Bradford

West Yorkshire

BD10 9PP

REGISTERED NUMBER:

05002956 (England and Wales)

ACCOUNTANTS:

Thompsons

19 East Parade

Harrogate

North Yorkshire

HG1 5LF

FIXED ASSETS

Intangible assets

2

60,000

Tangible assets

3

416,869

407,263

476,869

467,263

CURRENT ASSETS

Debtors

304,053

263,298

Cash at bank and in hand

119,881

62,803

423,934

326,101

CREDITORS

Amounts falling due within one year

277,334

231,075

NET CURRENT ASSETS

146,600

95,026

TOTAL ASSETS LESS CURRENT
LIABILITIES

623,469

562,289

CREDITORS

Amounts falling due after more than one
year

4

255,145

301,809

NET ASSETS

368,324

260,480

CAPITAL AND RESERVES

Called up share capital

5

2

Profit and loss account

368,322

260,478

SHAREHOLDERS' FUNDS

368,324

260,480

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 18 June 2015 and were signed by:

R P Speight - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill represents the excess of the business value over the fair value of its underlying net assets and has been

capitalised as an intangible fixed asset. The directors have concluded they should evaluate the life of Goodwill

on a year by year basis, amortising goodwill in instances where a fixed life is considered appropriate. Goodwill

which is not amortised is subject to an annual impairment review.

The carrying value of this goodwill, will continue to be reviewed annually for impairment and adjusted to the

recoverable amount if required in order to give a true and fair view in the financial statements. It is impossible to

quantify the impact of this departure from the standard accounting practice.

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 cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Deferred tax

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

sheet date.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

and 31 December 2014

60,000

NET BOOK VALUE

At 31 December 2014

60,000

At 31 December 2013

60,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

692,623

Additions

129,708

Disposals

(60,000

)

At 31 December 2014

762,331

DEPRECIATION

At 1 January 2014

285,360

Charge for year

108,102

Eliminated on disposal

(48,000

)

At 31 December 2014

345,462

NET BOOK VALUE

At 31 December 2014

416,869

At 31 December 2013

407,263

4.

CREDITORS

Creditors include the following debts falling due in more than five years:

31.12.14

31.12.13

£

Repayable otherwise than by instalments

120,000

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.12.13

value:

£

2

Ordinary

£1

2

Valentine Haulage Ltd - Limited company - abbreviated - 11.6

Valentine Haulage Ltd - Limited company - abbreviated - 11.6