RSL Transport Limited - Period Ending 2016-06-30

Registration number: 04091120

RSL Transport Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2016
 

SK Accountants
Accountants
240 Bromyard House
Bromyard Avenue
Acton
London
W3 7BN

RSL Transport Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
RSL Transport Limited
for the Year Ended 30 June 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of RSL Transport Limited for the year ended 30 June 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of RSL Transport Limited, as a body, in accordance with the terms of our engagement letter dated 1 May 2010. Our work has been undertaken solely to prepare for your approval the accounts of RSL Transport Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RSL Transport Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that RSL Transport Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of RSL Transport Limited. You consider that RSL Transport Limited 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 RSL Transport Limited. 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.

......................................

SK Accountants
Accountants
240 Bromyard House
Bromyard Avenue
Acton
London
W3 7BN

22 March 2017

Page 1

RSL Transport Limited
(Registration number: 04091120)
Abbreviated Balance Sheet at 30 June 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					25,204			26,282
Current assets
Debtors					53,970			24,604
Cash at bank and in hand					119			1,653
					54,089			26,257
Creditors: Amounts falling due within one year					(61,367)			(52,148)
Net current liabilities					(7,278)			(25,891)
Total assets less current liabilities					17,926			391
Creditors: Amounts falling due after more than one year					(23,406)			(17,824)
Net liabilities					(5,480)			(17,433)
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					(5,580)			(17,533)
Shareholders' deficit					(5,480)			(17,433)

For the year ending 30 June 2016 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 her 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 21 March 2017

.........................................
Mrs Lynn Allday
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

RSL Transport Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... 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 January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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
Commercial motor vehicles	15% reducing balance
Office equipment	25% reducing balance
Fixtures and fittings	25% reducing balance
Motor cars	25% reducing balance

Hire purchase and leasing

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.

Page 3

RSL Transport Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2015		112,351			112,351
Additions		4,071			4,071
At 30 June 2016		116,422			116,422
Depreciation
At 1 July 2015		86,069			86,069
Charge for the year		5,149			5,149
At 30 June 2016		91,218			91,218
Net book value
At 30 June 2016		25,204			25,204
At 30 June 2015		26,282			26,282

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

2016 £

2015 £

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

5	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mrs Lynn Allday

Page 4

RSL Transport Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

Non-interest loan due to / (from) director	(2,849)	-	(5,870)	-

6

Control

The company is controlled by the director and members of her family.

Page 5