VALENTINE_HAULAGE_LTD - Accounts

VALENTINE HAULAGE LTD - Company Information

Print Friendly Version

Company Registration No. 05002956 (England and Wales)

VALENTINE HAULAGE LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2015

VALENTINE HAULAGE LTD

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

VALENTINE HAULAGE LTD

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Intangible assets

60,000

Tangible assets

735,532

416,869

795,532

476,869

Current assets

Debtors

315,434

304,054

Cash at bank and in hand

112,871

119,881

428,305

423,935

Creditors: amounts falling due within one year

(243,551)

(290,923)

Net current assets

184,754

133,012

Total assets less current liabilities

980,286

609,881

Creditors: amounts falling due after more than one year

(407,391)

(241,556)

572,895

368,325

Capital and reserves

Called up share capital

Profit and loss account

572,893

368,323

Shareholders' funds

572,895

368,325

VALENTINE HAULAGE LTD

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2015

- 2 -

For the financial year ended 31 December 2015 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board and authorised for issue on 25 August 2016

R P Speight

Director

Company Registration No. 05002956

VALENTINE HAULAGE LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Goodwill

Goodwill represents the excess of the business value over the fair value of its underlying net assets and has been capitalised as an intangible fixed asset. The directors have concluded they should evaluate the life of Goodwill on a year by year basis, amortising Goodwill in instances where a fixed life is considered appropriate. Goodwill which is no amortised is subject to an annual impairment review.

The carrying value of this Goodwill, will continue to be reviewed annually for impairment and adjusted to the recoverable amount if required in order to give a true and fair view in the financial statements. It is impossible to quantify the impact of this departure from the standard accounting practice.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

15% Straight line

Computer equipment

25% Straight line

Fixtures, fittings & equipment

15% Straight line

Motor vehicles

15% Reducing balance

1.6

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted. Deferred tax has not been accounted for in this period.

VALENTINE HAULAGE LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 January 2015

60,000

762,331

822,331

Additions

446,566

Disposals

(91,120)

At 31 December 2015

60,000

1,117,777

1,177,777

Depreciation

At 1 January 2015

345,462

On disposals

(64,120)

Charge for the year

100,903

At 31 December 2015

382,245

Net book value

At 31 December 2015

60,000

735,532

795,532

At 31 December 2014

60,000

416,869

476,869

Share capital

2015

2014

Allotted, called up and fully paid

2 Ordinary of £1 each