PC Transport Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI619716 (Northern Ireland)

Unaudited Financial Statements for the Year Ended 31 August 2021

for

PC Transport Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

P Cardwell

REGISTERED OFFICE:

Unit 9 Howard Buildings,

Twin Spires Complex

155 Northumberland Street

Belfast

Co. Antrim

BT13 2JF

REGISTERED NUMBER:

NI619716 (Northern Ireland)

ACCOUNTANTS:

Toman Accountancy Services Ltd

Unit HF 9, Twin Spires Complex

Howard Buildings

155 Northumberland Street

Belfast

Antrim

BT13 2JF

FIXED ASSETS

Tangible assets

4

5,399

17,705

CURRENT ASSETS

Debtors

5

54,020

77,350

Cash at bank

23,630

-

77,650

77,350

CREDITORS

Amounts falling due within one year

6

31,163

41,430

NET CURRENT ASSETS

46,487

35,920

TOTAL ASSETS LESS CURRENT LIABILITIES

51,886

53,625

CREDITORS

Amounts falling due after more than one year

7

(50,034

)

(50,000

)

PROVISIONS FOR LIABILITIES

(1,026

)

(3,364

)

NET ASSETS

826

261

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

825

260

SHAREHOLDERS' FUNDS

826

261

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 and authorised for issue by the director and authorised for issue on 31 August 2022 and were signed by:

P Cardwell - Director

1.	STATUTORY INFORMATION

PC Transport Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

In preparing these financial statements the director has made the following judgements:

The director determines whether there are indicators of impairment of the company's tangible fixed assets. Factors taken considered include economic viability and expected future performance of the assets and the business in general.

Consider the recoverability of trade debtors and the need for impairment provisions. These considerations are undertaken regularly by the director, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

Consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

Turnover

Turnover represents net invoiced sale of services, excluding value added tax.

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 etc

-

25% on reducing balance

Financial instruments

All financial statements of the company are considered to meet the definition of basic financial instruments.

-Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

-Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

-Loans and borrowings

All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issues costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowing are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

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 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.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and is available to carry forward to future periods. This is measured at the un-discounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2020

42,273

Disposals

(27,649

)

At 31 August 2021

14,624

DEPRECIATION

At 1 September 2020

24,568

Charge for year

2,907

Eliminated on disposal

(18,250

)

At 31 August 2021

9,225

NET BOOK VALUE

At 31 August 2021

5,399

At 31 August 2020

17,705

5.

DEBTORS

31.8.21

31.8.20

£

£

Amounts falling due within one year:

Trade debtors

7,920

-

Other debtors

9,600

37,350

17,520

37,350

Amounts falling due after more than one year:

Other debtors

36,500

40,000

Aggregate amounts

54,020

77,350

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Bank loans and overdrafts

-

4,161

Trade creditors

5,917

6,155

Taxation and social security

21,439

26,735

Other creditors

3,807

4,379

31,163

41,430

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.21

31.8.20

£

£

Bank loans

50,034

50,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

50,034

50,000

8.	ULTIMATE CONTROLLING PARTY

The controlling party is P Cardwell.

9.	SUBSEQUENT EVENTS

Subsequent to the year end, COVID-19 has caused significant disruption to the economic activity of many business's and their activities, this disruption has been worldwide.

The company has set robust cost containment measures to enable the business to continue to operate.