Sunspeed Transport Services Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03629435

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2017

FOR

SUNSPEED TRANSPORT SERVICES LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Director:

A Jermy

Registered office:

Sunspeed House

18 Hercules Way

Farnborough

Hampshire

GU14 6UU

Registered number:

03629435

Accountants:

Your Right Hand Finance Team Limited

The Hub

Fowler Avenue

Farnborough Business Park

Farnborough

Hampshire

GU14 7JF

Fixed assets

Intangible assets

4

75,010

83,345

Tangible assets

5

172,965

192,842

247,975

276,187

Current assets

Debtors

6

345,443

328,568

Cash at bank and in hand

22,067

33,146

367,510

361,714

Creditors

Amounts falling due within one year

7

(367,034

)

(570,574

)

Net current assets/(liabilities)

476

(208,860

)

Total assets less current liabilities

248,451

67,327

Creditors

Amounts falling due after more than one year

8

(123,525

)

(154,391

)

Net assets/(liabilities)

124,926

(87,064

)

Capital and reserves

Called up share capital

100

100

Retained earnings

124,826

(87,164

)

124,926

(87,064

)

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

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

The financial statements were approved by the director on 13 April 2018 and were signed by:

A Jermy - Director

1.	Statutory information

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

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly

over its estimated useful life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & 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.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any

contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	Employees and directors

The average number of employees during the year was 1 (2016 - 1 ) .

4.	Intangible fixed assets

Goodwill

£

COST

At 1 October 2016

and 30 September 2017

200,000

AMORTISATION

At 1 October 2016

116,655

Charge for year

8,335

At 30 September 2017

124,990

NET BOOK VALUE

At 30 September 2017

75,010

At 30 September 2016

83,345

5.	Tangible fixed assets

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 October 2016

106,891

329,936

436,827

Additions

310

11,073

11,383

At 30 September 2017

107,201

341,009

448,210

DEPRECIATION

At 1 October 2016

9,924

234,061

243,985

Charge for year

1,061

30,199

31,260

At 30 September 2017

10,985

264,260

275,245

NET BOOK VALUE

At 30 September 2017

96,216

76,749

172,965

At 30 September 2016

96,967

95,875

192,842

6.

Debtors: amounts falling due within one year

30.9.17

30.9.16

£

£

Trade debtors

301,928

304,673

Other debtors

-

1,256

Prepayment & accrued income

15,397

-

Prepayments

28,118

22,639

345,443

328,568

7.

Creditors: amounts falling due within one year

30.9.17

30.9.16

£

£

Bank loans and overdrafts

5,723

110,895

Hire purchase contracts

19,468

23,874

Trade creditors

101,532

130,616

Tax

21,363

(12,924

)

Social security and other taxes

25,503

81,153

Pensions

1,745

-

VAT

54,555

65,667

Other creditors

102,260

36,780

Directors' current accounts

-

80,156

Accrued expenses

34,885

54,357

367,034

570,574

8.

Creditors: amounts falling due after more than one year

30.9.17

30.9.16

£

£

Bank loans - 2-5 years

17,168

16,899

Bank loans more 5 yr by instal

3,999

15,666

Hire purchase contracts

102,358

121,826

123,525

154,391

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

3,999

15,666

9.	Secured debts

The following secured debts are included within creditors:

30.9.17

30.9.16

£

£

Bank loans

26,890

143,460

Hire purchase contracts

121,826

145,700

148,716

289,160

The repayment and discharge of all monies owing at any time in respect of the loans and debt facility to HSBC

Bank Plc are secured by a fixed equitable charge over all present and future freehold land and leasehold

property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital; first floating charge

over all assets and undertakings of the company both present and future.

A personal guarantee of £50,000 has been given by Mr A Jermy, a director.

10.	Related party disclosures

The company was under the control of the director Mr A Jermy through his interest in the share capital of the

company.

The freehold property held in the accounts represents 24% of the original cost of the building. The remaining

76% is held in the pension scheme in which Mr A Jermy is one of the beneficiaries. Rent paid to the pension

scheme during the year was £21,530 (2016: £21,566).

Included within other creditors is an amount owed to Mr. A Jermy of £nil (2016: £80,156).