North Killingholme Transport Limited - Period Ending 2016-08-31

Registration number: 03662992

North Killingholme Transport Limited

Abbreviated Accounts

for the Year Ended 31 August 2016
 

787878787
North Killingholme Transport Limited
Registration number: 03662992
Abbreviated Balance Sheet at 31 August 2016

		Note			2016						2015
	£			£			£			£
Fixed assets
Tangible fixed assets		2						636,546						621,085
Current assets
Stocks					12,303						18,800
Debtors					585,320						393,835
Cash at bank and in hand					37,715						159,327
					635,338						571,962
Creditors: Amounts falling due within one year		3			(256,652)						(350,360)
Net current assets								378,686						221,602
Total assets less current liabilities								1,015,232						842,687
Provisions for liabilities								(120,741)						(102,156)
Net assets								894,491						740,531
Capital and reserves
Called up share capital		4			100						100
Profit and loss account					894,391						740,431
Shareholders' funds								894,491						740,531

For the year ending 31 August 2016 the company was entitled to exemption from audit 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 directors acknowledge their 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the Board on 16 May 2017 and signed on its behalf by:

Mr J R Marsh
Director

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

787878787
North Killingholme Transport Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016

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
Plant and machinery	20% straight line basis
Motor vehicles	15% straight line basis
Office equipment	33.33% straight line basis
Fixtures and fittings	15% straight line basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

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.

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

787878787
North Killingholme Transport Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016

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.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2015		1,274,304			1,274,304
Additions		325,826			325,826
Disposals		(169,700)			(169,700)
At 31 August 2016		1,430,430			1,430,430
Amortisation
At 1 September 2015		653,219			653,219
Charge for the year		199,333			199,333
Eliminated on disposals		(58,668)			(58,668)
At 31 August 2016		793,884			793,884
Net book value
At 31 August 2016		636,546			636,546
At 31 August 2015		621,085			621,085

3

Creditors

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

		2016 £			2015 £
Amounts falling due within one year		8,417			26,933

4	Share capital

Allotted, called up and fully paid shares

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

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