MORTON MEADOW LOGISTICS LIMITED 31/03/2018 iXBRL

MORTON MEADOW LOGISTICS LIMITED 31/03/2018 iXBRL

MORTON MEADOW LOGISTICS LIMITED - Company Information

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Company registration number: 04133776
MORTON MEADOW LOGISTICS LIMITED
Unaudited filleted financial statements
31 March 2018
MORTON MEADOW LOGISTICS LIMITED
Contents
Balance sheet
Notes to the financial statements
MORTON MEADOW LOGISTICS LIMITED
Balance sheet
31 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 260,137 274,130
_______ _______
260,137 274,130
Current assets
Stocks 53,418 41,201
Debtors 6 170,086 292,059
Cash at bank and in hand 3,454 7,754
_______ _______
226,958 341,014
Creditors: amounts falling due
within one year 7 ( 245,843) ( 319,900)
_______ _______
Net current (liabilities)/assets ( 18,885) 21,114
_______ _______
Total assets less current liabilities 241,252 295,244
Creditors: amounts falling due
after more than one year 8 ( 88,000) ( 92,000)
Provisions for liabilities ( 1,822) ( 11,458)
_______ _______
Net assets 151,430 191,786
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 151,330 191,686
_______ _______
Shareholders funds 151,430 191,786
_______ _______
For the year ending 31 March 2018 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 Profit and Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2018 , and are signed on behalf of the board by:
C.J. Morton
Director
Company registration number: 04133776
MORTON MEADOW LOGISTICS LIMITED
Notes to the financial statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Elland Hall Farm, Elland, West Yorkshire, HX5 0SL.
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 in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis.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.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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 - 25 % reducing balance
Fittings fixtures and equipment - 33.33 % straight line
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.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.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 77 (2017: 120 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2017 219,600 71,516 34,007 4,200 329,323
Additions - 17,600 1,267 - 18,867
Disposals - - ( 1,159) - ( 1,159)
_______ _______ _______ _______ _______
At 31 March 2018 219,600 89,116 34,115 4,200 347,031
_______ _______ _______ _______ _______
Depreciation
At 1 April 2017 8,784 28,603 15,000 2,806 55,193
Charge for the year 8,784 12,561 10,659 349 32,353
Disposals - - ( 652) - ( 652)
_______ _______ _______ _______ _______
At 31 March 2018 17,568 41,164 25,007 3,155 86,894
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2018 202,032 47,952 9,108 1,045 260,137
_______ _______ _______ _______ _______
At 31 March 2017 210,816 42,913 19,007 1,394 274,130
_______ _______ _______ _______ _______
6. Debtors
2018 2017
£ £
Trade debtors 131,570 195,627
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 20,140
Other debtors 38,516 76,292
_______ _______
170,086 292,059
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 40,710 82,589
Trade creditors 56,360 52,130
Amounts owed to group undertakings and undertakings in which the company has a participating interest 42,741 34,705
Social security and other taxes 18,641 31,111
Other creditors 87,391 119,365
_______ _______
245,843 319,900
_______ _______
8. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors 88,000 92,000
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year - 633
_______ _______