F A Transport Ltd 30/11/2020 iXBRL

F A Transport Ltd 30/11/2020 iXBRL

FA TRANSPORT LTD. - Company Information

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Company registration number: SC259267
F A Transport Ltd
Unaudited filleted financial statements
30 November 2020
F A Transport Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
F A Transport Ltd
Directors and other information
Director Mr Frank Gilchrist
Secretary Amanda Gilchrist
Company number SC259267
Registered office Metropolitan House
31-33 High Street
Inverness
IV1 1HT
Business address 24 Woodlands Road
Dingwall
Rosshire
IV15 9LJ
Accountants Frame Kennedy
Metropolitan House
31-33 High Street
Inverness
IV1 1EH
F A Transport Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of F A Transport Ltd
Year ended 30 November 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of F A Transport Ltd for the year ended 30 November 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the director of F A Transport Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of F A Transport Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F A Transport Ltd and its director as a body for our work or for this report.
It is your duty to ensure that F A Transport Ltd 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 F A Transport Ltd. You consider that F A Transport Ltd 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 F A Transport Ltd. 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.
Frame Kennedy
Chartered Accountants
Metropolitan House
31-33 High Street
Inverness
IV1 1EH
25 November 2021
F A Transport Ltd
Statement of financial position
30 November 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 51,165 69,494
_______ _______
51,165 69,494
Current assets
Debtors 6 56,863 59,458
Cash at bank and in hand 96,394 39,690
_______ _______
153,257 99,148
Creditors: amounts falling due
within one year 7 ( 112,361) ( 90,247)
_______ _______
Net current assets 40,896 8,901
_______ _______
Total assets less current liabilities 92,061 78,395
Creditors: amounts falling due
after more than one year 8 ( 49,954) ( 41,676)
Provisions for liabilities ( 9,721) ( 13,203)
_______ _______
Net assets 32,386 23,516
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 32,286 23,416
_______ _______
Shareholders funds 32,386 23,516
_______ _______
For the year ending 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 November 2021 , and are signed on behalf of the board by:
Mr Frank Gilchrist
Director
Company registration number: SC259267
F A Transport Ltd
Notes to the financial statements
Year ended 30 November 2020
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Frame Kennedy & Forrest, Metropolitan House, 31-33 High Street, Inverness, IV1 1HT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
There were no material departures from this standard.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has considered the financial position of the company and assessed the risks facing its business. In making this assessment they have considered the company's ability to meet its future liabilities as they fall due and to comply with the financial covenants that the company has entered into. The company has receiived financial support in the form of job retention scheme grants relating to furlough and a bounce back scheme loan. The directors have concluded that it is appropriate to use the going concern concept in preparing these financial statements. However, the nature of the COVID-19 pandemic and its effect on the UK economy means that there are material uncertainties inherent in certain assumptions the directors have made in reaching this conclusion.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 33 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Fair values
Fair value is the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm's length transaction.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 4 (2019: 4 ).
The aggregate payroll costs incurred during the year were:
2020 2019
£ £
Wages and salaries 89,848 82,608
Other pension costs 1,457 1,440
_______ _______
91,305 84,048
_______ _______
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 December 2019 and 30 November 2020 24,310 168,189 192,499
_______ _______ _______
Depreciation
At 1 December 2019 12,377 110,628 123,005
Charge for the year 3,938 14,391 18,329
_______ _______ _______
At 30 November 2020 16,315 125,019 141,334
_______ _______ _______
Carrying amount
At 30 November 2020 7,995 43,170 51,165
_______ _______ _______
At 30 November 2019 11,933 57,561 69,494
_______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 53,992 53,989
Other debtors 2,871 5,469
_______ _______
56,863 59,458
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 33,569 25,789
Corporation tax 11,743 3,960
Social security and other taxes 26,256 15,010
Other creditors 40,793 45,488
_______ _______
112,361 90,247
_______ _______
8. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 20,000 -
Other creditors 29,954 41,676
_______ _______
49,954 41,676
_______ _______
Other creditors is hire purchase which is secured on the appropriate asset.
9. Events after the end of the reporting period
The COVID-19 outbreak has developed rapidly in 2020 and 2021 with a significant number of infections. Measures taken by various governments to contain the virus have affected economic activity.Depending on the duration of the COVID-19 crisis and continued negative impact on economic activity, the company may experience further negative results. The exact impact on our activities for the remainder of the pandemic and thereafter cannot be predicted. We also refer to note 1 (going concern).
10. Related party transactions
During the year to 30 November 2020, the director was paid dividends of £8,000 (2019- £8,000) and salary of £10,509 (2019- £12,225).