M & H Logistics (Glasgow) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC300196 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2017

FOR

M & H LOGISTICS (GLASGOW) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Thomas Wotherspoon

Tracey Marley

REGISTERED OFFICE:

4d Auchingramont Road

Hamilton

ML3 6JT

BUSINESS ADDRESS:

130 Cambuslang Road

Cambuslang Investment Park

Glasgow

G32 8NB

REGISTERED NUMBER:

SC300196 (Scotland)

ACCOUNTANTS:

William Duncan (UK) Limited

Chartered Accountants

4d Auchingramont Road

Hamilton

ML3 6JT

BANKERS:

Clydesdale Bank plc

30 St Vincent Place

Glasgow

G1 2HL

SOLICITORS:

Miller Stewart Legal Limited

9 Donaldson Crescent

Kirkintilloch

G66 1XF

FIXED ASSETS

Tangible assets

4

1,914,221

1,994,483

Investments

5

30,049

30,049

Investment property

6

89,769

89,769

2,034,039

2,114,301

CURRENT ASSETS

Debtors

7

2,825,505

2,503,438

Cash at bank and in hand

76,966

131,352

2,902,471

2,634,790

CREDITORS

Amounts falling due within one year

8

2,853,473

2,819,273

NET CURRENT ASSETS/(LIABILITIES)

48,998

(184,483

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,083,037

1,929,818

CREDITORS

Amounts falling due after more than one year

9

(427,878

)

(360,785

)

PROVISIONS FOR LIABILITIES

(31,618

)

(28,383

)

NET ASSETS

1,623,541

1,540,650

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

296,391

303,801

Retained earnings

1,327,050

1,236,749

SHAREHOLDERS' FUNDS

1,623,541

1,540,650

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors on 20 June 2017 and were signed on its behalf by:

Tracey Marley - Director

1.	STATUTORY INFORMATION

M & H Logistics (Glasgow) Limited is a private company, limited by shares , registered in Scotland. 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 (£).

The company operates from premises in Cambuslang, Edinburgh and Warrington.

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.

Preparation of consolidated financial statements

The financial statements contain information about M & H Logistics (Glasgow) Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The company has taken

the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

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

value added tax and other sales taxes.

Rendering of services

Turnover from the rendering of services, namely the provision of haulage services, is recognised by reference to

the stage of completion of the service at the statement of financial position date.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

Straight line over 44 years and 5 years

Fixtures and fittings

-

15% on cost/over the lease term

Motor vehicles

-

20% on cost

Office equipment

-

33% on cost

Impairment of assets

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

have suffered an 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 the income statement.

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 impairment loss is recognised immediately in the

income statement.

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost.

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is

provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Basic financial instruments are recognised as follows:

(i) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method less any impairment.

(ii) Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in

liabilities on the statement of financial position.

(iii) Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

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.

Investments

Investments in subsidiaries and associates are recorded at cost.

Leasing

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial

position. 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 the income statement 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 income statement on a straight line basis over the period

of the lease.

Employee benefits

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

scheme are charged to the income statement in the period to which they relate.

Provisions for liabilities

The company recognises a provision for annual leave accrued by employees as a result of services rendered in

the current period, and which employees are entitled to carry forward and use within the next 12 months. The

provision is measured at the salary cost payable for the period of absence.

3.	AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was 69 (2016 - 60 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Property

and

property

improvements

fittings

£

£

£

COST

At 1 May 2016

1,885,582

101,317

210,862

Additions

-

5,784

7,952

Disposals

-

-

(39,366

)

At 30 April 2017

1,885,582

107,101

179,448

DEPRECIATION

At 1 May 2016

137,467

7,723

137,232

Charge for year

51,545

10,710

28,992

Eliminated on disposal

-

-

(39,353

)

At 30 April 2017

189,012

18,433

126,871

NET BOOK VALUE

At 30 April 2017

1,696,570

88,668

52,577

At 30 April 2016

1,748,115

93,594

73,630

Motor

Office

vehicles

equipment

Totals

£

£

£

COST

At 1 May 2016

86,604

90,326

2,374,691

Additions

27,767

4,979

46,482

Disposals

-

(64,766

)

(104,132

)

At 30 April 2017

114,371

30,539

2,317,041

DEPRECIATION

At 1 May 2016

23,097

74,689

380,208

Charge for year

25,678

9,763

126,688

Eliminated on disposal

-

(64,723

)

(104,076

)

At 30 April 2017

48,775

19,729

402,820

NET BOOK VALUE

At 30 April 2017

65,596

10,810

1,914,221

At 30 April 2016

63,507

15,637

1,994,483

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 May 2016

and 30 April 2017

86,604

DEPRECIATION

At 1 May 2016

23,097

Charge for year

21,636

At 30 April 2017

44,733

NET BOOK VALUE

At 30 April 2017

41,871

At 30 April 2016

63,507

5.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in

undertakings

associate

Totals

£

£

£

COST

At 1 May 2016

and 30 April 2017

30,000

49

30,049

NET BOOK VALUE

At 30 April 2017

30,000

49

30,049

At 30 April 2016

30,000

49

30,049

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2016

and 30 April 2017

89,769

NET BOOK VALUE

At 30 April 2017

89,769

At 30 April 2016

89,769

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Trade debtors

1,710,152

1,718,977

Amounts owed by group undertakings

99,750

49,750

Other debtors

344,026

238,133

Directors' loan

330,344

262,221

Prepaid charges

341,233

234,357

2,825,505

2,503,438

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Bank loans and overdrafts

898,255

1,011,729

Hire purchase contracts (see note 10)

15,202

33,829

Trade creditors

1,337,339

1,180,737

Corporation tax

113,838

146,458

PAYE and NIC

69,172

67,038

VAT

193,041

192,395

Other creditors

10,905

9,241

Accrued charges

215,721

177,846

2,853,473

2,819,273

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.17

30.4.16

£

£

Bank loans - 2-5 years

256,160

192,399

Bank loans > 5 years

171,718

148,075

Hire purchase contracts (see note 10)

-

20,311

427,878

360,785

Amounts falling due in more than five years:

Repayable by instalments

Bank loans > 5 years

171,718

148,075

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.4.17

30.4.16

£

£

Net obligations repayable:

Within one year

15,202

33,829

Between one and five years

-

20,311

15,202

54,140

Non-cancellable operating

leases

30.4.17

30.4.16

£

£

Within one year

198,278

585,013

Between one and five years

1,345,733

918,074

In more than five years

-

216,379

1,544,011

1,719,466

11.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.17

30.4.16

£

£

Bank overdrafts

766,644

896,184

Bank loans

559,489

456,019

Hire purchase contracts

15,202

54,140

1,341,335

1,406,343

Bank overdraft is secured by a charge over the company's debtor book.

Bank loans are secured by floating charges over the assets and undertakings of the company and a first legal

charge over the company's property in Cambuslang in favour of the Clydesdale Bank plc.

Hire purchase creditors are secured against the assets to which they relate.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2017 and

30 April 2016:

30.4.17

30.4.16

£

£

Thomas Wotherspoon

Balance outstanding at start of year

176,106

286,398

Amounts advanced

59,324

-

Amounts repaid

-

(110,292

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

235,430

176,106

Tracey Marley

Balance outstanding at start of year

86,115

98,844

Amounts advanced

8,799

-

Amounts repaid

-

(12,729

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

94,914

86,115

The above balances, which are due from the directors, are interest free, unsecured and have no fixed repayment

terms.