Company Registration No. 04492651 (England and Wales)
ABBEY LOGISTICS CAMBRIDGESHIRE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
ABBEY LOGISTICS CAMBRIDGESHIRE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
ABBEY LOGISTICS CAMBRIDGESHIRE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
5
-
-
Tangible assets
6
409
-
409
-
Current assets
Debtors
8
579,905
546,184
Cash at bank and in hand
8,544
15,716
588,449
561,900
Creditors: amounts falling due within one year
9
(545,848)
(522,640)
Net current assets
42,601
39,260
Total assets less current liabilities
43,010
39,260
Capital and reserves
Called up share capital
12
3,000
3,000
Profit and loss reserves
40,010
36,260
Total equity
43,010
39,260
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 17 September 2018 and are signed on its behalf by:
C D Sutton
Director
Company Registration No. 04492651
ABBEY LOGISTICS CAMBRIDGESHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
Company information
Abbey Logistics Cambridgeshire Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Nene Lodge, Funthams Lane, Whittlesey, Peterborough, PE7 2PB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the provision of road transport services is recognised in the period that goods are transported.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is three years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
ABBEY LOGISTICS CAMBRIDGESHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
ABBEY LOGISTICS CAMBRIDGESHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ABBEY LOGISTICS CAMBRIDGESHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
1.14
The company has opted not to present a statement of cash flows on the grounds that it is a small company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
ABBEY LOGISTICS CAMBRIDGESHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2017
2016
Number
Number
Directors
2
2
Administration
2
2
4
4
4
Directors' remuneration
2017
2016
£
£
Remuneration for qualifying services
84,000
84,000
5
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2017 and 31 December 2017
11,500
Amortisation and impairment
At 1 January 2017 and 31 December 2017
11,500
Carrying amount
At 31 December 2017
-
At 31 December 2016
-
ABBEY LOGISTICS CAMBRIDGESHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
6
Tangible fixed assets
Plant and equipment
£
Cost
At 1 January 2017
10,781
Additions
613
Disposals
(8,500)
At 31 December 2017
2,894
Depreciation and impairment
At 1 January 2017
10,781
Depreciation charged in the year
204
Eliminated in respect of disposals
(8,500)
At 31 December 2017
2,485
Carrying amount
At 31 December 2017
409
At 31 December 2016
-
7
Financial instruments
2017
2016
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
571,425
535,117
Carrying amount of financial liabilities
Measured at amortised cost
489,803
431,463
8
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
567,026
532,588
Amounts owed by group undertakings
3,399
1,529
Other debtors
1,000
1,000
Prepayments and accrued income
8,419
10,888
579,844
546,005
Deferred tax asset (note 11)
61
179
579,905
546,184
ABBEY LOGISTICS CAMBRIDGESHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 8 -
9
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
10
144,985
64,451
Trade creditors
336,331
341,767
Corporation tax
-
3,402
Other taxation and social security
9,687
19,400
Other creditors
-
2,443
Accruals and deferred income
54,845
91,177
545,848
522,640
10
Loans and overdrafts
2017
2016
£
£
Bank overdrafts
144,985
64,451
Payable within one year
144,985
64,451
Included in bank overdraft is £144,985 (2016 £64,451) owing to a factoring company which is secured on trade debtors.
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2017
2016
Balances:
£
£
Accelerated capital allowances
61
179
2017
Movements in the year:
£
Liability/(Asset) at 1 January 2017
(179)
Charge to profit or loss
118
Liability/(Asset) at 31 December 2017
(61)
ABBEY LOGISTICS CAMBRIDGESHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
11
Deferred taxation
(Continued)
- 9 -
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
12
Share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,530 Ordinary A shares of £1 each
1,530
1,530
1,470 Ordinary B shares of £1 each
1,470
1,470
3,000
3,000
Ordinary A shares and Ordinary B shares both confer one vote per share held and rank equally on a sale or winding up of the company. The Ordinary B shares confer the entitlement to a share of the distributable profits from 1 January 2017 but have no right to any distribution of profits made by the company prior to that date.
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Mohamedraza Mavani FCA.
The auditor was Moore Stephens.
ABBEY LOGISTICS CAMBRIDGESHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 10 -
14
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchase of goods
2017
2016
£
£
Entities with control, joint control or significant influence over the company
48,731
47,525
The following amounts were outstanding at the reporting end date:
2017
Balance
Amounts owed by related parties
£
Entities with control, joint control or significant influence over the company
3,399
2016
Balance
Amounts owed in previous period
£
Entities with control, joint control or significant influence over the company
1,529
15
Controlling party
The ultimate parent company and the smallest group for which group accounts are prepared is The Abbey
Group Cambridgeshire Limited. The registered office address is Nene Lodge, Funthams Lane, Whittlesey,
Peterborough, PE7 2PB.
2017-12-31
2017-01-01
false
CCH Software
CCH Accounts Production 2018.220
No description of principal activity
21 September 2018
This audit opinion is unqualified
R P Edwards
C D Sutton
D C Sutton
N R Sutton
C A Wick
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