Speed (Storage & Handling) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 00825238 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

SPEED (STORAGE & HANDLING) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr F Millard

Mr J D Millard

Mr M L Millard

Mrs Y A Millard

REGISTERED OFFICE:

7 Belvoir Terrace

Scarborough

North Yorkshire

YO11 2PP

REGISTERED NUMBER:

00825238 (England and Wales)

ACCOUNTANTS:

Townsend Harrison Limited

13 Yorkersgate

Malton

North Yorkshire

YO17 7AA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

13,026

16,412

Investment property

6

2,116,667

2,116,667

2,129,693

2,133,079

CURRENT ASSETS

Debtors

7

9,869

29,714

Cash at bank

43,484

35,657

53,353

65,371

CREDITORS

Amounts falling due within one year

8

250,784

131,901

NET CURRENT LIABILITIES

(197,431

)

(66,530

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,932,262

2,066,549

CREDITORS

Amounts falling due after more than one year

9

-

(151,352

)

PROVISIONS FOR LIABILITIES

(155,503

)

(163,687

)

NET ASSETS

1,776,759

1,751,510

CAPITAL AND RESERVES

Called up share capital

200

200

Fair value reserve

11

1,368,434

1,368,434

Retained earnings

408,125

382,876

SHAREHOLDERS' FUNDS

1,776,759

1,751,510

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 13 November 2017 and were signed on its behalf by:

Mr F Millard - Director

1.	STATUTORY INFORMATION

Speed (Storage & Handling) 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.	STATEMENT OF COMPLIANCE

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. There were no material departures from this standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The principal accounting policies adopted in the year preparation of the financial statements are set out below and have

remained unchanged from the previous year and also have been consistently applied within the same accounts.

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102

Section 1A small entities. The date of transition is 1 April 2015.

The transition to FRS 102 Section 1A for small entities has not resulted in any changes in the accounting policies

The financial statements have been prepared under the historical cost convention.

Goodwill

Acquired goodwill is written off in equal annual amounts over its estimated useful economic life.

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 - 10% to 25% on cost

Fixtures and fittings - 20% on reducing balance

Motor vehicles - 25% on reducing balance

Investment property

Investment property is included at fair value. Any aggregate surplus or deficit arising from changes in market value is

transferred to the fair value reserve. Gains are recognised on the income statement.

Deferred taxation is provided on these gains at the rate expected to apply were the property to be sold

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.

Revenue recognition

Revenue is represented by rental income which is recognised on an accruals basis.

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

1,460

AMORTISATION

At 1 April 2016

and 31 March 2017

1,460

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

32,114

Additions

4,886

Disposals

(4,886

)

At 31 March 2017

32,114

DEPRECIATION

At 1 April 2016

15,702

Charge for year

3,713

Eliminated on disposal

(327

)

At 31 March 2017

19,088

NET BOOK VALUE

At 31 March 2017

13,026

At 31 March 2016

16,412

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

2,116,667

NET BOOK VALUE

At 31 March 2017

2,116,667

At 31 March 2016

2,116,667

Fair value at 31 March 2017 is represented by:

£

Valuation in 2011

772,140

Valuation in 2014

621,703

Valuation in 2015

153,720

Valuation in 2016

(179,129

)

Cost

748,233

2,116,667

If investment properties had not been revalued they would have been included at the following historical cost:

2017

2016

£

£

Cost

748,233

748,233

Investment properties were valued on an open market basis on 31 March 2017 by the Directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

7,708

23,745

Other debtors

2,161

5,969

9,869

29,714

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

4,764

Trade creditors

5,364

3,192

Taxation and social security

16,098

55,170

Other creditors

229,322

68,775

250,784

131,901

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

-

151,352

Amounts falling due in more than five years:

Repayable by instalments

Bank loans repayable in more than 5 years, by instalments

-

125,102

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

-

156,116

The bank loan is secured on investment property.

11.

RESERVES

Fair

value

reserve

£

At 1 April 2016

and 31 March 2017

1,368,434

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2017

2016

£

£

Mr F Millard and Mrs Y A Millard

Balance outstanding at start of year

(35,744

)

(244,919

)

Amounts advanced

23,235

251,175

Amounts repaid

(42,000

)

(42,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(54,509

)

(35,744

)

Mr J D Millard

Balance outstanding at start of year

(25,198

)

(3,395

)

Amounts advanced

19,853

57,430

Amounts repaid

(86,746

)

(79,233

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(92,091

)

(25,198

)

Mr M L Millard

Balance outstanding at start of year

(2,984

)

(2,073

)

Amounts advanced

4,864

19,729

Amounts repaid

(80,364

)

(20,640

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(78,484

)

(2,984

)

The loan balances outstanding are unsecured, interest free and repayable on demand.

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £15,417 were paid to the directors .