Beverley Light Haulage Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 08605121 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

BEVERLEY LIGHT HAULAGE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J B Hornby

M Coggins

SECRETARY:

S Bennett

REGISTERED OFFICE:

The Counting House

Nelson Street

Hull

HU1 1XE

REGISTERED NUMBER:

08605121 (England and Wales)

ACCOUNTANTS:

Graybrowne Limited

Chartered Accountants

The Counting House

Nelson Street

Hull

East Yorkshire

HU1 1XE

FIXED ASSETS

Tangible assets

3

125,527

74,587

CURRENT ASSETS

Stocks

12,862

7,962

Debtors

4

105,602

62,553

Cash at bank

6,440

-

124,904

70,515

CREDITORS

Amounts falling due within one year

5

234,837

123,600

NET CURRENT LIABILITIES

(109,933

)

(53,085

)

TOTAL ASSETS LESS CURRENT LIABILITIES

15,594

21,502

CREDITORS

Amounts falling due after more than one year

6

51,838

32,496

NET LIABILITIES

(36,244

)

(10,994

)

CAPITAL AND RESERVES

Called up share capital

15,000

15,000

Retained earnings

(51,244

)

(25,994

)

SHAREHOLDERS' FUNDS

(36,244

)

(10,994

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 26 September 2017 and were signed on its behalf by:

J B Hornby - Director

M Coggins - Director

1.	STATUTORY INFORMATION

Beverley Light Haulage 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

Going concern

The financial statements have been prepared on the going concern basis as the director has indicated his

willingness to continue to support the company.

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 Companies Act 2006. There were no material departures from that standard. The financial

statements have been prepared under the historical cost convention.

This is the first year in which the financial statements have been prepared under FRS 102 Section 1A small

entities.

Turnover

Turnover represents amounts receivable, excluding VAT, by the company for services provided during the year.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is

provided at the following annual rates calculated to write off the cost, less estimated residual value, of each asset

over its expected useful life.

Plant and machinery etc - 20% on reducing balance and straight line over 6 years

Residual value represents the estimated amount which would currently be obtained from disposal of an asset,

after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at

the end of its useful life.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered a impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate

of its recoverable amount, but not in excess of the amount that would have been determined had no impairment

loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in

profit or loss.

Stocks and work-in-progress

Stocks and work in progress are stated at the lower of cost and net realisable value, less provisions for obsolete

stock and slow moving items. Cost is calculated using the first in, first out (FIFO) method of valuation.

Financial instruments

Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss. Derivative

financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or

loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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 balance sheet date.

Deferred tax

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

sheet 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the

period of the lease.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

103,639

Additions

92,100

Disposals

(16,833

)

At 31 December 2016

178,906

DEPRECIATION

At 1 January 2016

29,052

Charge for year

29,485

Eliminated on disposal

(5,158

)

At 31 December 2016

53,379

NET BOOK VALUE

At 31 December 2016

125,527

At 31 December 2015

74,587

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

89,605

50,587

Other debtors

15,997

11,966

105,602

62,553

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts

-

19,160

Hire purchase contracts

36,120

20,596

Trade creditors

56,492

9,923

Taxation and social security

12,245

8,732

Other creditors

129,980

65,189

234,837

123,600

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Hire purchase contracts

51,838

32,496

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.16

31.12.15

£

£

Hire purchase contracts

87,958

53,092

Factoring creditor

67,518

38,658

155,476

91,750

Hire purchase liabilities are secured on the related assets financed.

The factoring creditor is secured by a fixed charge over assigned debts and floating charges over all other assets.

8.	OTHER FINANCIAL COMMITMENTS

As at 31 December 2016, the company had total commitments under non-cancellable operating leases over the

remaining life of those lease of £45,375 (2015 : £11,052)

9.	RELATED PARTY DISCLOSURES

At the year end, the company owed the directors £48,425 (2015 : £22,817) in respect of a current account

balance. Loans made to the company by the directors are unsecured, interest free and repayable on demand.

10.	FIRST YEAR ADOPTION

This is the first financial year that the company has presented its financial statements in accordance with FRS

102 'The Financial Reporting Framework Applicable in the UK and Republic of Ireland' ('FRS 102'). For

financial years up to and including the year ending 31 December 2015, the company prepared its financial

statements in accordance with old UK GAAP.

The company's date of transition to FRS 102 is therefore 1 January 2015. This note sets out the changes to

accounting policies and the transitional adjustments that are required to be made for first-time transition to FRS

102. The company's opening equity position at 1 January 2015 and its previously published financial statements

for the year ended 31 December 2015 have been restated from old UK GAAP.

In carrying out the transition to FRS 102, the company has not applied any of the optional exemptions as

permitted by section 35 Transition to this FRS.

Transitional adjustments

There have been no transitional adjustments that would require consequential equity or profit and loss movement

therefore the reconciliation of equity and reconciliation of profit have not been disclosed in the accounts.