Fleet Trak Limited - Filleted accounts

Fleet Trak Limited - Filleted accounts


Registered number
05909326
Fleet Trak Limited
Filleted Accounts
31 August 2018
Fleet Trak Limited
Registered number: 05909326
Balance Sheet
as at 31 August 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 2 237,932 256,105
Current assets
Stocks 17,610 3,899
Debtors 3 118,016 133,530
Cash at bank and in hand 81,977 101,975
217,603 239,404
Creditors: amounts falling due within one year 4 (321,896) (301,056)
Net current liabilities (104,293) (61,652)
Total assets less current liabilities 133,639 194,453
Creditors: amounts falling due after more than one year 5 (32,906) (35,258)
Net assets 100,733 159,195
Capital and reserves
Called up share capital 100 100
Profit and loss account 100,633 159,095
Shareholders' funds 100,733 159,195
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sean Malone
Director
Approved by the board on 23 November 2018
Fleet Trak Limited
Notes to the Accounts
for the year ended 31 August 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Motor Vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 33.33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Land and buildings Fixtures, fittings, tools and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 September 2017 168,915 58,990 78,784 306,689
Additions - 8,442 6,696 15,138
At 31 August 2018 168,915 67,432 85,480 321,827
Depreciation
At 1 September 2017 3,931 41,304 5,349 50,584
Charge for the year 3,378 10,737 19,196 33,311
At 31 August 2018 7,309 52,041 24,545 83,895
Net book value
At 31 August 2018 161,606 15,391 60,935 237,932
At 31 August 2017 164,984 17,686 73,435 256,105
3 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Sean Malone
Directors Loan Account 4,343 147,344 (145,343) 6,344
4,343 147,344 (145,343) 6,344
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