Inline Logistics Limited - Period Ending 2017-03-31

Registration number: 02670632

Inline Logistics Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 9

Company Information

Directors	Mr Graham Harold Smith Mrs Kim Tracey Vickery Miss Kellie Smith

Company secretary

Mrs Kim Tracey Vickery

Registered office

Winghams House 9 Freeport Office Village Century Drive Braintree Essex CM77 8YG

Accountants

Anthony Russel Limited Winghams House 9 Freeport Office Village Century Drive Braintree Essex CM77 8YG

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Inline Logistics Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Inline Logistics Limited for the year ended 31 March 2017 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Inline Logistics Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Inline Logistics Limited and state those matters that we have agreed to state to the Board of Directors of Inline Logistics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Inline Logistics Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Inline Logistics 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 Inline Logistics Limited. You consider that Inline Logistics 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 Inline Logistics 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.

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

Anthony Russel Limited
Winghams House
9 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG

23 June 2017

Page 2

(Registration number: 02670632)
Balance Sheet as at 31 March 2017

	Note	2017  £	2016  £
Fixed assets
Tangible assets	4	904,439	890,767
Investment property	5	597,812	182,812
		1,502,251	1,073,579
Current assets
Debtors	7	326,161	132,745
Cash at bank and in hand		294,848	155,045
		621,009	287,790
Creditors: Amounts falling due within one year	8	(602,843)	(236,671)
Net current assets		18,166	51,119
Total assets less current liabilities		1,520,417	1,124,698
Creditors: Amounts falling due after more than one year	8	(485,515)	(199,893)
Provisions for liabilities		(1,681)	(1,239)
Net assets		1,033,221	923,566
Capital and reserves
Called up share capital		1,000	1,000
Revaluation reserve		181,083	181,083
Profit and loss account		851,138	741,483
Total equity		1,033,221	923,566

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

(Registration number: 02670632)
Balance Sheet as at 31 March 2017

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 June 2017 and signed on its behalf by:
 

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

Mr Graham Harold Smith

Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in London.

The address of its registered office is:
Winghams House
9 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG
England

The principal place of business is:
The Gables
West Haddon Road
Guilsborough
Northamptonshire
NN6 8QE

These financial statements were authorised for issue by the Board on 23 June 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Page 5

Notes to the Financial Statements for the Year Ended 31 March 2017

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance
Fixtures and fittings	15% on cost
Office equipment	25% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Changes in fair value are recognised in profit or loss.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2016 - 7).

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2016	884,573	36,043	137	920,753
Additions	11,463	6,167	-	17,630
At 31 March 2017	896,036	42,210	137	938,383
Depreciation
At 1 April 2016	-	29,885	101	29,986
Charge for the year	-	3,950	8	3,958
At 31 March 2017	-	33,835	109	33,944
Carrying amount
At 31 March 2017	896,036	8,375	28	904,439
At 31 March 2016	884,573	6,158	36	890,767

Included within the net book value of land and buildings above is £896,036 (2016 - £884,573) in respect of freehold land and buildings.
 

Page 6

Notes to the Financial Statements for the Year Ended 31 March 2017

5	Investment properties

	2017 £
At 1 April	182,812
Additions	451,721
Fair value adjustments	(36,721)
At 31 March	597,812

There has been no valuation of investment property by an independent valuer.

6	Investments

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2017	2016
Subsidiary undertakings
Consult Inline Limited		Ordinary	100%	100%

The principal activity of Consult Inline Limited is dormant

The profit for the financial period of Consult Inline Limited was £- and the aggregate amount of capital and reserves at the end of the period was £(2).

7

Debtors

	2017  £	2016  £
Trade debtors	49,747	45,292
Other debtors	268,000	15,974
Prepayments	8,414	4,787
Amounts recoverable on contracts	-	66,692
Total current trade and other debtors	326,161	132,745

Page 7

Notes to the Financial Statements for the Year Ended 31 March 2017

8

Creditors

	Note	2017  £	2016  £
Due within one year
Bank loans and overdrafts		38,140	25,358
Trade creditors		3,957	115,384
Director current account	9	12,158	14,082
PAYE and NIC		84,112	6,090
VAT		24,349	5,537
Other creditors		400,002	2
Corporation tax		37,625	22,371
Accrued expenses		2,500	47,847
		602,843	236,671
Due after one year
Loans and borrowings		485,515	199,893

9	Related party transactions

Transactions with directors The following advances and credits to a director subsisted during the years ended 31 March 2017 and 31 March 2016:

2017	At 1 April 2016 £	Advances to directors £	Repayments by director £	At 31 March 2017 £
Mr Graham Harold Smith
No interest is charged on the loan	-	63,863	(76,021)	(12,158)
Mrs Kim Tracey Vickery
No interest is charged on the loan	(7,041)	10,120	(3,079)	-
Miss Kellie Smith
No interest is charged on the loan	(7,041)	23,841	(16,800)	-

Page 8

Notes to the Financial Statements for the Year Ended 31 March 2017

2016	At 1 April 2015 £	Advances to directors £	Repayments by director £	At 31 March 2016 £
Mr Graham Harold Smith
No interest is charged on the loan	(13,210)	65,287	(52,077)	-
Mrs Kim Tracey Vickery
No interest is charged on the loan	(38,852)	38,852	(7,041)	(7,041)
Miss Kellie Smith
No interest is charged on the loan	(26,334)	26,334	(7,041)	(7,041)

Directors' remuneration

The directors' remuneration for the year was as follows:

	2017 £	2016 £
Remuneration	277,601	125,060

Page 9