21st Century Global Logistics Ltd - Period Ending 2017-02-28
21st Century Global Logistics Ltd - Period Ending 2017-02-28
Registration number:
21st Century Global Logistics Ltd
for the Year Ended 28 February 2017
Kajaine House
57-67 High Street
Edgware
Middlesex
HA8 7DD
21st Century Global Logistics Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
21st Century Global Logistics Ltd
Company Information
Directors |
Mr G Richards Mr P Shah |
Registered office |
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Accountants |
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Page 1 |
21st Century Global Logistics Ltd
(Registration number: 08846688)
Balance Sheet as at 28 February 2017
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2017 |
2016 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
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
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Mr P Shah
Director
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21st Century Global Logistics Ltd
Notes to the Financial Statements for the Year Ended 28 February 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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21st Century Global Logistics Ltd
Notes to the Financial Statements for the Year Ended 28 February 2017
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investments |
2017 |
2016 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 March 2016 |
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Provision |
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Carrying amount |
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At 28 February 2017 |
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At 29 February 2016 |
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Page 4 |
21st Century Global Logistics Ltd
Notes to the Financial Statements for the Year Ended 28 February 2017
Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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- |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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Other debtors |
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- |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
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- |
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Corporation tax payable |
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Directors current account |
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Related party transactions |
Summary of transactions with subsidiaries
During the period, the company provided services to Riva South Limited at arm's length in which the directors are also directors. At the balance sheet date, the amount due from Riva South Limited was £8,400 (2016: £57,600).
In addition to the above, at the balance sheet date, the company owed £665,795 (2016: £710,795) to Riva South Limited.
During the period, the company received services from JPI Warehousing (Soton) Limited at arm's length in which Mr G Richards is also director. At the balance sheet date, the amount due from JPI Warehousing (Soton) Limited was £107,071 (2016: the amount due to JPI Warehousing (Soton) Limited £429).
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21st Century Global Logistics Ltd
Notes to the Financial Statements for the Year Ended 28 February 2017
Income and receivables from related parties
2017 |
Subsidiary |
Receipt of services |
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2016 |
Subsidiary |
Receipt of services |
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Transition to FRS 102 |
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