QUALITY FREIGHT SERVICES LIMITED - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03090860 (England and Wales)

QUALITY FREIGHT SERVICES LIMITED

Unaudited Financial Statements

for the Year Ended 31 August 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M J Johnson

REGISTERED OFFICE:

Unit 1 Peel House

Off Taunton Street

Shipley

West Yorkshire

BD18 3NA

REGISTERED NUMBER:

03090860 (England and Wales)

ACCOUNTANTS:

Maclean & Company

1 Park View Court

St Paul's Road

Shipley

West Yorkshire

BD18 3DZ

FIXED ASSETS

Tangible assets

4

285,021

192,617

CURRENT ASSETS

Debtors

5

1,705,911

1,171,913

Cash at bank and in hand

125,791

108,971

1,831,702

1,280,884

CREDITORS

Amounts falling due within one year

6

1,487,027

984,378

NET CURRENT ASSETS

344,675

296,506

TOTAL ASSETS LESS CURRENT LIABILITIES

629,696

489,123

CREDITORS

Amounts falling due after more than one year

7

122,090

71,453

NET ASSETS

507,606

417,670

CAPITAL AND RESERVES

Called up share capital

1,100

1,100

Retained earnings

506,506

416,570

SHAREHOLDERS' FUNDS

507,606

417,670

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

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

The director acknowledges his 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 director on 7 March 2018 and were signed by:

M J Johnson - Director

1.	STATUTORY INFORMATION

QUALITY FREIGHT SERVICES 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.

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.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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 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.

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 29 (2016 - 25 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 September 2016

39,182

448,346

72,693

560,221

Additions

22,693

161,585

-

184,278

Disposals

-

(32,960

)

-

(32,960

)

At 31 August 2017

61,875

576,971

72,693

711,539

DEPRECIATION

At 1 September 2016

23,688

271,224

72,692

367,604

Charge for year

2,324

83,050

-

85,374

Eliminated on disposal

-

(26,460

)

-

(26,460

)

At 31 August 2017

26,012

327,814

72,692

426,518

NET BOOK VALUE

At 31 August 2017

35,863

249,157

1

285,021

At 31 August 2016

15,494

177,122

1

192,617

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

Motor

vehicles

£

COST

At 1 September 2016

and 31 August 2017

437,996

DEPRECIATION

At 1 September 2016

240,867

Charge for year

73,119

At 31 August 2017

313,986

NET BOOK VALUE

At 31 August 2017

124,010

At 31 August 2016

197,129

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade debtors

1,687,987

1,145,485

Other debtors

17,924

26,428

1,705,911

1,171,913

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Bank loans and overdrafts

24,026

11,301

Hire purchase contracts

72,858

46,250

Trade creditors

1,231,837

813,775

Taxation

158,306

113,052

1,487,027

984,378

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.17

31.8.16

£

£

Hire purchase contracts

122,090

71,453

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.17

31.8.16

£

£

Hire purchase contracts

194,948

117,703

Hire purchase liabilities are secured against the specific fixed assets to which they relate.