F A Transport Limited 30/11/2017 iXBRL

F A Transport Limited 30/11/2017 iXBRL

FA TRANSPORT LTD. - Company Information

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Company registration number: SC259267
F A Transport Limited
Trading as F A Transport Limited
Unaudited filleted financial statements
30 November 2017
F A Transport Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
F A Transport Limited
Directors and other information
Director Mr Frank Gilchrist
Secretary Amanda Gilchrist
Company number SC259267
Registered office Metropolitan House
31-33 High Street
Inverness
IV1 1HT
Business address 24 Woodlands Road
Dingwall
Rosshire
IV15 9LJ
Accountants Frame Kennedy
Metropolitan House
31-33 High Street
Inverness
IV1 1EH
F A Transport Limited
Report to the director on the preparation of the
unaudited statutory financial statements of F A Transport Limited
Year ended 30 November 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of F A Transport Limited for the year ended 30 November 2017 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the director of F A Transport Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of F A Transport Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F A Transport Limited and its director as a body for our work or for this report.
It is your duty to ensure that F A Transport Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of F A Transport Limited. You consider that F A Transport Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of F A Transport Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Frame Kennedy
Chartered Accountants
Metropolitan House
31-33 High Street
Inverness
IV1 1EH
31 August 2018
F A Transport Limited
Statement of financial position
30 November 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 6 114,531 54,042
_______ _______
114,531 54,042
Current assets
Debtors 7 49,183 97,055
Cash at bank and in hand 80,991 29,067
_______ _______
130,174 126,122
Creditors: amounts falling due
within one year 8 ( 106,134) ( 85,193)
_______ _______
Net current assets 24,040 40,929
_______ _______
Total assets less current liabilities 138,571 94,971
Creditors: amounts falling due
after more than one year 9 ( 72,934) -
Provisions for liabilities 10 ( 21,760) ( 9,880)
_______ _______
Net assets 43,877 85,091
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve - 11,702
Profit and loss account 43,777 73,289
_______ _______
Shareholders funds 43,877 85,091
_______ _______
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.
Director's 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 director acknowledges 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 31 August 2018 , and are signed on behalf of the board by:
Mr Frank Gilchrist
Director
Company registration number: SC259267
F A Transport Limited
Statement of changes in equity
Year ended 30 November 2017
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 December 2015 100 11,702 48,387 60,189
Profit for the year 55,902 55,902
_______ _______ _______ _______
Total comprehensive income for the year - - 55,902 55,902
Dividends paid and payable ( 31,000) ( 31,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 31,000) ( 31,000)
_______ _______ _______ _______
At 30 November 2016 and 1 December 2016 100 11,702 73,289 85,091
Profit for the year 1,488 1,488
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account ( 11,702) - ( 11,702)
_______ _______ _______ _______
Total comprehensive income for the year - ( 11,702) 1,488 ( 10,214)
Dividends paid and payable ( 31,000) ( 31,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 31,000) ( 31,000)
_______ _______ _______ _______
At 30 November 2017 100 - 43,777 43,877
_______ _______ _______ _______
F A Transport 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 Scotland. The address of the registered office is Frame Kennedy & Forrest, Metropolitan House, 31-33 High Street, Inverness, IV1 1HT.
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'.
There were no material departures from this standard.
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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 33 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Fair values
Fair value is the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm's length transaction.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 6 (2016: 4 ).
The aggregate payroll costs incurred during the year were:
2017 2016
£ £
Wages and salaries 55,351 79,671
Social security costs 556 537
Other pension costs 301 70
_______ _______
56,208 80,278
_______ _______
5. Tax on loss/profit
Major components of tax income/expense
2017 2016
£ £
Current tax:
UK current tax expense - 17,772
Adjustments in respect of previous periods ( 17,695) 5
_______ _______
Deferred tax:
Origination and reversal of timing differences 11,881 3,829
_______ _______
Tax on loss/profit ( 5,814) 21,606
_______ _______
2017 2016
£ £
(Loss)/profit before taxation ( 4,326) 77,508
_______ _______
Adjustments in respect of prior periods ( 17,695) 5
_______ _______
6. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 December 2016 23,707 79,000 102,707
Additions - 104,189 104,189
Disposals - ( 19,000) ( 19,000)
_______ _______ _______
At 30 November 2017 23,707 164,189 187,896
_______ _______ _______
Depreciation
At 1 December 2016 4,598 44,067 48,665
Charge for the year 2,908 32,776 35,684
Disposals - ( 10,984) ( 10,984)
_______ _______ _______
At 30 November 2017 7,506 65,859 73,365
_______ _______ _______
Carrying amount
At 30 November 2017 16,201 98,330 114,531
_______ _______ _______
At 30 November 2016 19,109 34,933 54,042
_______ _______ _______
7. Debtors
2017 2016
£ £
Trade debtors 26,762 92,602
Other debtors 22,421 4,453
_______ _______
49,183 97,055
_______ _______
8. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 5,060 8,487
Corporation tax 17,772 17,772
Social security and other taxes 7,557 17,743
Other creditors 75,745 41,191
_______ _______
106,134 85,193
_______ _______
9. Creditors: amounts falling due after more than one year
2017 2016
£ £
Other creditors 72,934 -
_______ _______
Other creditors is hire purchase which is secured on the appropriate asset (2016-nil).
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 December 2016 9,879 9,879
Additions 11,881 11,881
_______ _______
At 30 November 2017 21,760 21,760
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2017 2016
£ £
Included in provisions (note 10) 21,760 9,880
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2017 2016
£ £
Accelerated capital allowances 21,760 9,880
_______ _______
12. Related party transactions
During the year ro 30 November 2018, director's were paid dividends of £31,000 (2016- £31,000) and salaries of £12,000 (2016- 12,000).
13. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.