PCL Transport Limited 30/09/2020 iXBRL

PCL Transport Limited 30/09/2020 iXBRL

PCL TRANSPORT LIMITED - Company Information

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Company registration number: 04353067
PCL Transport Limited
Unaudited filleted financial statements
30 September 2020
PCL Transport Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
PCL Transport Limited
Directors and other information
Directors Mr G Ricotta
Mrs G Ricotta
Ms C Ricotta
Ms P Vaccaro
Secretary Mr G Ricotta
Company number 04353067
Registered office 57-59 High Street
Hoddesdon
Herts
EN11 8TQ
PCL Transport Limited
Statement of financial position
30 September 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 11,389,867 11,147,775
Investments 6 1,499,978 784,558
_______ _______
12,889,845 11,932,333
Current assets
Stocks 381,496 585,760
Debtors 7 15,771,979 13,953,112
Cash at bank and in hand 123,445 589
_______ _______
16,276,920 14,539,461
Creditors: amounts falling due
within one year 8 ( 13,873,969) ( 12,277,481)
_______ _______
Net current assets 2,402,951 2,261,980
_______ _______
Total assets less current liabilities 15,292,796 14,194,313
Provisions for liabilities ( 118,325) ( 126,307)
_______ _______
Net assets 15,174,471 14,068,006
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 141,141 141,141
Profit and loss account 15,033,230 13,926,765
_______ _______
Shareholders funds 15,174,471 14,068,006
_______ _______
For the year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge 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 Section 1A of 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 17 June 2021 , and are signed on behalf of the board by:
Mr G Ricotta
Director
Company registration number: 04353067
PCL Transport Limited
Notes to the financial statements
Year ended 30 September 2020
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 57-59 High Street, Hoddesdon, Herts, EN11 8TQ.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Short leasehold property - over the term of the lease
Plant and machinery - 15 % 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 9 (2019: 8 ).
The aggregate payroll costs incurred during the year were:
2020 2019
£ £
Wages and salaries 110,099 105,773
Social security costs 6,165 7,135
Other pension costs 1,153 1,165
_______ _______
117,417 114,073
_______ _______
5. Tangible assets
Freehold property Short leasehold property Plant and machinery Motor vehicles Total
£ £ £ £ £
Cost
At 1 October 2019 10,483,000 50,128 1,430,720 183,795 12,147,643
Additions 284,100 - 42,046 31,500 357,646
_______ _______ _______ _______ _______
At 30 September 2020 10,767,100 50,128 1,472,766 215,295 12,505,289
_______ _______ _______ _______ _______
Depreciation
At 1 October 2019 - 50,128 782,459 167,281 999,868
Charge for the year - - 103,547 12,007 115,554
_______ _______ _______ _______ _______
At 30 September 2020 - 50,128 886,006 179,288 1,115,422
_______ _______ _______ _______ _______
Carrying amount
At 30 September 2020 10,767,100 - 586,760 36,007 11,389,867
_______ _______ _______ _______ _______
At 30 September 2019 10,483,000 - 648,261 16,514 11,147,775
_______ _______ _______ _______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Long leasehold property Total
£ £ £
At 30 September 2020
Aggregate cost 12,449,353 50,128 12,499,481
Aggregate depreciation - - -
_______ _______ _______
Carrying amount 12,449,353 50,128 12,499,481
_______ _______ _______
At 30 September 2019
Aggregate cost 12,165,253 50,128 12,215,381
Aggregate depreciation - (50,128) (50,128)
_______ _______ _______
Carrying amount 12,165,253 - 12,165,253
_______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 October 2019 784,558 784,558
Additions 715,420 715,420
_______ _______
At 30 September 2020 1,499,978 1,499,978
_______ _______
Impairment
At 1 October 2019 and 30 September 2020 - -
_______ _______
Carrying amount
At 30 September 2020 1,499,978 1,499,978
_______ _______
At 30 September 2019 784,558 784,558
_______ _______
7. Debtors
2020 2019
£ £
Trade debtors 33,820 45,353
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,039,011 795,510
Other debtors 14,699,148 13,112,249
_______ _______
15,771,979 13,953,112
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 9,525,968 7,005,714
Trade creditors 128,695 40,022
Amounts owed to group undertakings and undertakings in which the company has a participating interest 182,875 209,653
Corporation tax 202,660 440,793
Social security and other taxes 1,524 16,790
Other creditors 3,832,247 4,564,509
_______ _______
13,873,969 12,277,481
_______ _______