Inland Terminal Supply Limited 30/11/2017 iXBRL

Inland Terminal Supply Limited 30/11/2017 iXBRL

INLAND TERMINAL SUPPLY LTD - Company Information

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Company registration number: 09827049
Inland Terminal Supply Limited
Trading as Inland Terminal Supply
Unaudited filleted financial statements
30 November 2017
Inland Terminal Supply Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Inland Terminal Supply Limited
Directors and other information
Directors Mr Matthew Whitton (Resigned 29 August 2017)
Mr Michael Davis (Resigned 4 September 2017)
Mr Leon Brown
Secretary Norman M Brisk
Company number 09827049
Registered office Bank Chambers
Canterbury Road
Lyminge Nr Folkestone
Kent
CT18 8HU
Accountants Norman Brisk and Company
Bank Chambers
Canterbury Road
Lyminge Nr Folkestone
Kent
CT18 8HU
Inland Terminal Supply Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Inland Terminal Supply Limited
Year ended 30 November 2017
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 November 2017 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Norman Brisk and Company
Bank Chambers
Canterbury Road
Lyminge Nr Folkestone
Kent
CT18 8HU
9 August 2018
Inland Terminal Supply Limited
Statement of financial position
30 November 2017
Note £ £ £ £
Current assets
Debtors 4 37,132 153,084
Cash at bank and in hand 22,421 17,705
_______ _______
59,553 170,789
Creditors: amounts falling due
within one year 5 ( 44,761) ( 155,539)
_______ _______
Net current assets 14,792 15,250
_______ _______
Total assets less current liabilities 14,792 15,250
_______ _______
Net assets 14,792 15,250
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 14,692 15,150
_______ _______
Shareholders funds 14,792 15,250
_______ _______
For the year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 August 2018 , and are signed on behalf of the board by:
Mr Leon Brown
Director
Company registration number: 09827049
Inland Terminal Supply Limited
Statement of changes in equity
Year ended 30 November 2017
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2015 - - -
(Loss)/profit for the year 15,150 15,150
_______ _______ _______
Total comprehensive income for the year - 15,150 15,150
Issue of shares 100 100
_______ _______ _______
Total investments by and distributions to owners 100 - 100
_______ _______ _______
At 30 November 2016 and 1 December 2016 100 15,150 15,250
(Loss)/profit for the year ( 458) ( 458)
_______ _______ _______
Total comprehensive income for the year - ( 458) ( 458)
_______ _______ _______
At 30 November 2017 100 14,692 14,792
_______ _______ _______
Inland Terminal Supply Limited
Notes to the financial statements
Year ended 30 November 2017
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Bank Chambers, Canterbury Road, Lyminge Nr Folkestone, Kent, CT18 8HU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
£ £
Trade debtors 13,013 153,084
Other debtors 24,119 -
_______ _______
37,132 153,084
_______ _______
5. Creditors: amounts falling due within one year
£ £
Trade creditors 4,867 147,400
Amounts owed to group undertakings and undertakings in which the company has a participating interest 39,894 -
Corporation tax - 3,959
Social security and other taxes - 4,180
_______ _______
44,761 155,539
_______ _______
6. Controlling party
The company is a wholly-owned subsidiary of Pipeline Terminals Limited, a company registered in England.