MSP Transport Ltd - Abbreviated accounts

MSP TRANSPORT LTD. - Company Information

Registered number

SC317187

MSP Transport Ltd

Abbreviated Accounts

31 March 2016

MSP Transport Ltd
Registered number:		SC317187
Abbreviated Balance Sheet
as at 31 March 2016

Notes			2016			2015
£				£
Fixed assets
Tangible assets	2		398,418			209,179

Current assets
Debtors		45,064			76,978
Cash at bank and in hand		91,356			102,337
		136,420			179,315

Creditors: amounts falling due within one year		(185,116)			(198,544)

Net current liabilities			(48,696)			(19,229)

Total assets less current liabilities			349,722			189,950

Creditors: amounts falling due after more than one year			(244,784)			(74,132)

Provisions for liabilities			(60,096)			(38,412)


Net assets			44,842			77,406

Capital and reserves
Called up share capital	3		1			1
Profit and loss account			44,841			77,405

Shareholder's funds			44,842			77,406

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



Mhairi Pollock
Director
Approved by the board on 6 September 2016

MSP Transport Ltd
Notes to the Abbreviated Accounts
for the year ended 31 March 2016

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Plant and machinery			20% straight line
	Motor vehicles			20% straight line

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations 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. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.


2	Tangible fixed assets					£

	Cost
	At 1 April 2015					404,948
	Additions					332,910
	Disposals					(31,500)
	At 31 March 2016					706,358

	Depreciation
	At 1 April 2015					195,769
	Charge for the year					120,856
	On disposals					(8,685)
	At 31 March 2016					307,940

	Net book value
	At 31 March 2016					398,418
	At 31 March 2015					209,179


3	Share capital	Nominal		2016		2016		2015
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		1		1		1