Roscow's Haulage Ltd - Period Ending 2014-05-31

Registration number: 08451379

Roscow's Haulage Ltd

trading as Roscow's Haulage Ltd

Unaudited Abbreviated Accounts

for the Period from 19 March 2013 to 31 May 2014

 

Roscow's Haulage Ltd
trading as Roscow's Haulage Ltd
(Registration number: 08451379)
Abbreviated Balance Sheet at 31 May 2014

		Note			31 May 2014 £
Fixed assets
Intangible fixed assets					7,667
Tangible fixed assets					88,202
					95,869
Current assets
Debtors					18,742
Cash at bank and in hand					4,641
					23,383
Creditors: Amounts falling due within one year					(82,796)
Net current liabilities					(59,413)
Total assets less current liabilities					36,456
Creditors: Amounts falling due after more than one year					(18,928)
Provisions for liabilities					(15,957)
Net assets					1,571
Capital and reserves
Called up share capital		3			100
Profit and loss account					1,471
Shareholders' funds					1,571

For the year ending 31 May 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 26 June 2014

The notes on pages 3 to 5 form an integral part of these financial statements.
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Roscow's Haulage Ltd
trading as Roscow's Haulage Ltd
(Registration number: 08451379)
Abbreviated Balance Sheet at 31 May 2014
......... continued

.........................................
Mr W F Roscow
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
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Roscow's Haulage Ltd
trading as Roscow's Haulage Ltd
Notes to the Abbreviated Accounts for the Period from 19 March 2013 to 31 May 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	Over 5 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Land and buildings	0%
Plant and machinery	25% Reducing balance
Motor vehicles	25% Reducing balance
Office equipment	25% Reducing balance

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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Roscow's Haulage Ltd
trading as Roscow's Haulage Ltd
Notes to the Abbreviated Accounts for the Period from 19 March 2013 to 31 May 2014
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
Additions		10,000			118,511			128,511
Disposals		-			(25,820)			(25,820)
At 31 May 2014		10,000			92,691			102,691
Depreciation
Charge for the period		2,333			4,489			6,822
At 31 May 2014		2,333			4,489			6,822
Net book value
At 31 May 2014		7,667			88,202			95,869

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Roscow's Haulage Ltd
trading as Roscow's Haulage Ltd
Notes to the Abbreviated Accounts for the Period from 19 March 2013 to 31 May 2014
......... continued

3	Share capital

Allotted, called up and fully paid shares

	31 May 2014
		No.			£
Ordinary Shares of £1 each		100			100

New shares allotted

During the period 100 Ordinary Shares having an aggregate nominal value of £100 were allotted for an aggregate consideration of £100. The shares were issued on incorporation.

Page 5