OZ Transport & Logistics Ltd - Period Ending 2021-05-31
OZ Transport & Logistics Ltd - Period Ending 2021-05-31
Registration number:
OZ Transport & Logistics Ltd
for the Year Ended 31 May 2021
Chartered Tax Advisers
Unit 13A, Mill Lane
Wimborne
Dorset
BH21 1LN
OZ Transport & Logistics Ltd
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
OZ Transport & Logistics Ltd
Company Information
Directors |
Mr Oliver Jon Grant Mrs Sally Grant Mr Jonathan Michael Grant Mr David James Alexander Grant |
Registered office |
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Accountants |
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Page 1 |
OZ Transport & Logistics Ltd
Directors' Report and responsibilities for the Year Ended 31 May 2021
The directors present their report and the financial statements for the year ended 31 May 2021.
Directors responsibilities
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is Freight transport by road
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Director
Page 2 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
OZ Transport & Logistics Ltd
for the Year Ended 31 May 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of OZ Transport & Logistics Ltd for the year ended 31 May 2021 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Taxation (CIOT), we are subject to its ethical and other professional requirements which are detailed at https://www.tax.org.uk/professional-
standards/professional-rules/professional-rules-and-practice-guidelines.
This report is made solely to the Board of Directors of OZ Transport & Logistics 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 accounts of OZ Transport & Logistics Ltd and state those matters that we have agreed to state to the Board of Directors of OZ Transport & Logistics Ltd, as a body, in this report in accordance with CIOT. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OZ Transport & Logistics Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that OZ Transport & Logistics Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of OZ Transport & Logistics Ltd. You consider that OZ Transport & Logistics 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 accounts of OZ Transport & Logistics 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 accounts.
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Chartered Tax Advisers
Wimborne
Dorset
BH21 1LN
Page 3 |
OZ Transport & Logistics Ltd
(Registration number: 12600898)
Balance Sheet as at 31 May 2021
Note |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
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Share premium reserve |
24,975 |
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Profit and loss account |
(6,099) |
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Shareholders' funds |
18,976 |
For the financial year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 4 |
OZ Transport & Logistics Ltd
(Registration number: 12600898)
Balance Sheet as at 31 May 2021
Approved and authorised by the
.........................................
Director
Page 5 |
OZ Transport & Logistics Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Page 6 |
OZ Transport & Logistics Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor Vehicles |
60 Month straight line basis |
Computer Equipment |
36 Month straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 7 |
OZ Transport & Logistics Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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Additions |
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At 31 May 2021 |
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Depreciation |
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Charge for the year |
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At 31 May 2021 |
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Carrying amount |
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At 31 May 2021 |
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Debtors |
2021 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Page 8 |
OZ Transport & Logistics Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Loans and borrowings |
2021 |
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Current loans and borrowings |
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Other borrowings |
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Page 9 |