McCann Transport Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05313207 (England and Wales)

Financial Statements

for the Year Ended 31 December 2017

for

McCann Transport Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTOR:

R C McCann

REGISTERED OFFICE:

Lion Buildings

8 Market Place

Uttoxeter

Staffordshire

ST14 8HP

BUSINESS ADDRESS:

Grove Lane

Doveridge

Derbyshire

DE6 5PB

REGISTERED NUMBER:

05313207 (England and Wales)

ACCOUNTANTS:

HSKS Greenhalgh

Chartered Accountants

The Lion Buildings

8 Market Place

Uttoxeter

Staffordshire

ST14 8HP

FIXED ASSETS

Tangible assets

3

233,246

236,789

CURRENT ASSETS

Debtors

89,878

99,511

Cash at bank and in hand

39,339

23,916

129,217

123,427

CREDITORS

Amounts falling due within one year

162,328

142,092

NET CURRENT LIABILITIES

(33,111

)

(18,665

)

TOTAL ASSETS LESS CURRENT LIABILITIES

200,135

218,124

CREDITORS

Amounts falling due after more than one year

(46,636

)

(50,000

)

PROVISIONS FOR LIABILITIES

(44,317

)

(41,202

)

NET ASSETS

109,182

126,922

CAPITAL AND RESERVES

Called up share capital

4

100

100

Retained earnings

109,082

126,822

SHAREHOLDERS' FUNDS

109,182

126,922

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 10 September 2018 and were signed by:

R C McCann - Director

1.	STATUTORY INFORMATION

McCann Transport 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.

Lorries and trailers

-

10% on reducing balance

Fixtures and fittings

-

15% on cost

Motor vehicles

-

15% 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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the statement of financial position date. Transactions in foreign currencies are translated into sterling

at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account

in arriving at the operating result.

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 recognised at the fair value at the inception of the lease and 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 and 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.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

385,391

Additions

102,480

Disposals

(94,125

)

At 31 December 2017

393,746

DEPRECIATION

At 1 January 2017

148,602

Charge for year

40,133

Eliminated on disposal

(28,235

)

At 31 December 2017

160,500

NET BOOK VALUE

At 31 December 2017

233,246

At 31 December 2016

236,789

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

Totals

£

COST

At 1 January 2017

140,000

Additions

80,000

At 31 December 2017

220,000

DEPRECIATION

At 1 January 2017

14,000

Charge for year

32,600

At 31 December 2017

46,600

NET BOOK VALUE

At 31 December 2017

173,400

At 31 December 2016

126,000

The company's future minimum finance lease payments are as follow:

2017

£

Within one year

9,830

Between on and five years

23,303

33,133

The finance lease has a fixed monthly payment for the term of the primary period of the lease and the

option of a secondary rental period at a reduced rate, once the primary period has ceased.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Statement of Financial Position. Readers are cautioned that the Income

Statement and certain other primary statements and the Report of the Director are not required to be

filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of McCann Transport Limited for the year ended 31 December 2017 which comprise

the Income Statement, Abridged Statement of Financial Position and the related notes from the company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of McCann Transport Limited in accordance with the terms of our engagement letter dated 31 December 2016. Our work has been undertaken solely to prepare for your approval the financial statements of McCann Transport Limited and state those matters that we have agreed to state to the director of McCann Transport Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than McCann Transport Limited and its director for our work or for this report.

It is your duty to ensure that McCann 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 loss of McCann Transport Limited. You consider that McCann 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 McCann 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.

HSKS Greenhalgh

Chartered Accountants

The Lion Buildings

8 Market Place

Uttoxeter

Staffordshire

ST14 8HP

11 September 2018