Craven Transport Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04852613 (England and Wales)

CRAVEN TRANSPORT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

A R Craven

Mrs J M Craven

SECRETARY:

Mrs J M Craven

REGISTERED OFFICE:

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

BUSINESS ADDRESS:

Poplar Farm

Main Road

Stickford

Boston

Lincolnshire

PE22 8EL

REGISTERED NUMBER:

04852613 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

BANKERS:

NatWest

10 Market Place

Boston

Lincolnshire

PE21 3LJ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

12,289

15,643

12,289

15,643

CURRENT ASSETS

Stocks

13,920

18,379

Debtors

6

539,092

435,820

Cash at bank

202,798

393,744

755,810

847,943

CREDITORS

Amounts falling due within one year

7

214,132

292,617

NET CURRENT ASSETS

541,678

555,326

TOTAL ASSETS LESS CURRENT LIABILITIES

553,967

570,969

PROVISIONS FOR LIABILITIES

948

860

NET ASSETS

553,019

570,109

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

9

553,018

570,108

SHAREHOLDERS' FUNDS

553,019

570,109

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 4 September 2017 and were signed on its behalf by:

A R Craven - Director

1.	STATUTORY INFORMATION

Craven Transport Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has adopted FRS 102 Section 1A for the first time in the period ended 31 March 2017. The

reported financial position and financial performance for the previous period are not affected by the transition

to FRS 102 Section 1A.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the aquisition of a business in 2010, has been fully

amortised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Stocks

Stocks are stated at the lower of cost and fair value less costs to complete and sell after making due allowances

for slow moving and obsolete items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2016 - 28 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

40,000

AMORTISATION

At 1 April 2016

and 31 March 2017

40,000

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

38,905

Additions

2,200

Disposals

(4,985

)

At 31 March 2017

36,120

DEPRECIATION

At 1 April 2016

23,262

Charge for year

3,567

Eliminated on disposal

(2,998

)

At 31 March 2017

23,831

NET BOOK VALUE

At 31 March 2017

12,289

At 31 March 2016

15,643

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

480,116

415,146

Other debtors

58,976

20,674

539,092

435,820

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

146,434

187,117

Taxation and social security

61,418

98,332

Other creditors

6,280

7,168

214,132

292,617

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary shares

£1

1

1

9.

RESERVES

Retained

earnings

£

At 1 April 2016

570,108

Deficit for the year

(17,090

)

At 31 March 2017

553,018

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Craven Transport Limited for the year ended 31 March 2017 which comprise the Income

Statement, Statement of Financial Position and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

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

Duncan & Toplis Limited

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

Date: .............................................