|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategic Report, Report of the Director and |
|
Audited Financial Statements for the Year Ended 31 December 2016 |
|
for |
|
Yourway Transport Limited |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategic Report, Report of the Director and |
|
Audited Financial Statements for the Year Ended 31 December 2016 |
|
for |
|
Yourway Transport Limited |
Yourway Transport Limited (Registered number: 05017065) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Strategic Report | 2 |
|
Report of the Director | 4 |
|
Report of the Independent Auditors | 5 |
|
Income Statement | 7 |
|
Other Comprehensive Income | 8 |
|
Balance Sheet | 9 |
|
Statement of Changes in Equity | 10 |
|
Cash Flow Statement | 11 |
|
Notes to the Cash Flow Statement | 12 |
|
Notes to the Financial Statements | 13 |
|
Yourway Transport Limited |
|
Company Information |
for the Year Ended 31 December 2016 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Chartered Accountants & Statutory Auditors |
Scottish Provident House |
76-80 College Road |
Harrow |
Middlesex |
HA1 1BQ |
Yourway Transport Limited (Registered number: 05017065) |
|
Strategic Report |
for the Year Ended 31 December 2016 |
|
The director presents his strategic report for the year ended 31 December 2016. |
|
REVIEW OF BUSINESS |
For over a decade, we have guaranteed speed of delivery with highly customised transport solutions. It is our goal to |
deal with every client and every shipment on a one to one basis to ensure the highest level of service. This philosophy |
colors every aspect of our service. We will do whatever it takes to ensure the fastest, most secure and most reliable |
delivery possible. |
|
Individualised Services Include: |
|
- Consultation with customers to review global transport requirements for their materials, as well as import and export |
requirements for customs clearance |
- Sourcing and provision of packaging supplies such as insulated shippers, UN certified shippers for all ambient |
refrigerated and frozen shipments, gel-packs, dry ice and temperature controlled shipping containers and temperature |
monitors |
- Cold chain management of supplies from pick-up through delivery including monitoring and gel-pack or dry ice |
replenishment |
- Logistical project management in accordance with upcoming clinical trial protocol |
- Pre-customs clearance in select cities |
- Temperature monitor download capabilities |
- Detailed web-based order entry, shipment tracking and Proof of Delivery (POD) |
Yourway Transport couriers are available to pick up shipments 24 hours a day, seven days a week, including weekends |
and holidays and no cut offs. There are no weight, size or value restrictions on any of the shipments we handle. |
Regardless of when orders are received, all deliveries are placed on the first available flight out to their destination using |
only premium flights. To ensure the fastest delivery time possible, orders are never held for consolidation. |
Once a shipment is in the air, we have an experienced network of agents and associates stationed around the world who |
are on the ground waiting to clear and deliver shipments to their destinations as soon as they arrive. Worldwide customs |
pre-clearance capabilities proactively expedite delivery. If any difficulties are encountered they are dealt with |
immediately and effectively. |
We have many means of transportation at our disposal including on-board couriers, private aircraft charters, and |
helicopter services. Shipments can be tracked electronically through our website. Our system allows you to receive an |
automatic confirmation once your items have been delivered. |
With our years of experience, we are aware of the critical nature of all biological samples required for a clinical trial. |
Our knowledgeable staff can consult with you to recommend and supply the appropriate packaging to meet the |
temperature requirements for these shipments, confirm import and export requirements as well as train your investigators |
in proper packing of the samples. No matter the size of the shipment or the frequency with which they occur, Yourway |
Transport has the infrastructure available to ensure the integrity of these shipments from the moment they are packaged |
and depart the site through to final delivery to the laboratory. |
|
Key performance indicators: |
- Turnover increased by 3.4% compared to last year. |
- Gross profit margin down by 3.5% compared to last year. |
- Operating profit margin increased by 12.85% compared to last year, mainly due to the foreign exchange gains. |
|
Yourway Transport Limited (Registered number: 05017065) |
|
Strategic Report |
for the Year Ended 31 December 2016 |
|
PRINCIPAL RISKS AND UNCERTAINTIES |
There are a number of risks and uncertainties that can impact the performance of Yourway Transport (YWT), some of |
which are beyond the control of YWT and the director. The YWT management closely monitors market trends and risks |
on an on-going basis. These trends and risks are the focus of monthly management meetings where performance is |
assessed versus budget, forecast and prior year; key performance indicators are also used to benchmark operational |
performance. An annual assessment of trends and risks is also an integral part of the business's annual review of its |
strategic plan and budget, which are submitted to the director for consideration and approval. A combination of all of |
this, in what is a bottom up and top down approach, enables the director to determine and assess the risk environment. |
|
Customer credit risk: |
As part of the overall service package YWT provides credit to customers and as a result there is an associated risk that |
the customer may not be able to pay outstanding balances. YWT has established procedures and credit control policies |
around managing its receivables and takes action where necessary. Trade receivables are primarily managed by a |
sanction process. All major outstanding and overdue balances together with significant potential exposures are reviewed |
regularly and concerns are discussed at monthly meetings. Control systems are in place to ensure that authorisation |
requests are supported with appropriate and sufficient documentation and are approved at appropriate levels in the |
organisation. |
|
Information technology and business continuity: |
YWT uses a range of information technology systems across its business for efficient processing of orders, control |
procedures and financial management. These systems are constantly reviewed and updated to meet the needs of the |
business. Business continuity and disaster recovery planning is regularly assessed and tested to ensure the YWT is |
adequately resourced and maintains an appropriately robust environment including preventative processes on |
cybercrime. |
|
Human Resources: |
People and teams and talent management are an integral part of YWT's business and are key to continuing progress. |
Competition for talent is significant both within the industry and beyond it. YWT attracts and retains its people through |
provision of on-going opportunity for career progress, training initiatives and continually identifying emerging managers |
and leaders within the business. |
|
Foreign exchange risk: |
Foreign exchange rates have undergone a period of volatility due to economic uncertainty and relative economic |
performance in different parts of the world. YWT operates a treasury model to mitigate foreign exchange risk. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
30 October 2017 |
Yourway Transport Limited (Registered number: 05017065) |
|
Report of the Director |
for the Year Ended 31 December 2016 |
|
The director presents his report with the financial statements of the company for the year ended 31 December 2016. |
|
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of time sensitive courier |
solutions. |
|
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2016 were £564,561. |
|
DIRECTOR |
|
|
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in |
accordance with applicable law and regulations. |
|
Company law requires the director to prepare financial statements for each financial year. Under that law the director |
has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve |
the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and |
of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
|
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
|
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
|
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a |
director in order to make himself aware of any relevant audit information and to establish that the company's auditors are |
aware of that information. |
|
AUDITORS |
In the absence of a notice proposing that the appointment be terminated, the auditors, Merali's, are deemed to be |
reappointed for the next financial year. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
Report of the Independent Auditors to the Members of |
Yourway Transport Limited |
|
We have audited the financial statements of Yourway Transport Limited for the year ended 31 December 2016 on pages |
seven to seventeen. The financial reporting framework that has been applied in their preparation is applicable law and |
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
|
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
|
Respective responsibilities of director and auditors |
|
|
Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. |
This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and |
have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by |
the director; and the overall presentation of the financial statements. In addition, we read all the financial and |
non-financial information in the Strategic Report and the Report of the Director to identify material inconsistencies with |
the audited financial statements and to identify any information that is apparently materially incorrect based on, or |
materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of |
any apparent material misstatements or inconsistencies we consider the implications for our report. |
|
|
Opinion on financial statements |
In our opinion the financial statements: |
- |
give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its profit for the year
then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
|
Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the Strategic Report |
and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the |
financial statements, and has been prepared in accordance with applicable legal requirements. In the light of the |
knowledge and understanding of the company and its environment, we have not identified any material misstatements in |
the Strategic Report or the Report of the Director. |
Report of the Independent Auditors to the Members of |
Yourway Transport Limited |
|
|
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
|
|
|
|
|
for and on behalf of
|
Chartered Accountants & Statutory Auditors |
Scottish Provident House |
76-80 College Road |
Harrow |
Middlesex |
HA1 1BQ |
|
|
Yourway Transport Limited (Registered number: 05017065) |
|
Income Statement |
for the Year Ended 31 December 2016 |
|
31/12/16 | 31/12/15 |
as restated |
Notes | £ | £ |
|
TURNOVER | 3 |
|
|
|
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
|
|
|
Administrative expenses | ( |
) | ( |
) |
5,895,196 | 6,226,866 |
|
Other operating income |
|
|
OPERATING PROFIT | 5 |
|
|
|
Interest receivable and similar income |
|
|
PROFIT BEFORE TAXATION |
|
|
|
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
|
|
Yourway Transport Limited (Registered number: 05017065) |
|
Other Comprehensive Income |
for the Year Ended 31 December 2016 |
|
31/12/16 | 31/12/15 |
as restated |
Notes | £ | £ |
|
PROFIT FOR THE YEAR |
|
|
|
|
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
|
Note |
Prior year adjustment | 9 | ( |
) |
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT |
|
Yourway Transport Limited (Registered number: 05017065) |
|
Balance Sheet |
31 December 2016 |
|
31/12/16 | 31/12/15 | 1/1/15 |
as restated |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
|
|
|
|
CURRENT ASSETS |
Debtors | 11 |
|
|
4,699,950 |
Prepayments and accrued income |
|
|
|
Cash at bank |
|
|
|
|
|
13,899,457 |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
|
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
|
PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) | ( |
) |
NET ASSETS |
|
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 14 |
|
|
|
Retained earnings | 15 | 22,525,047 | 16,455,715 |
|
SHAREHOLDERS' FUNDS |
|
|
|
|
The financial statements were approved by the director on
|
|
|
|
|
|
|
|
Yourway Transport Limited (Registered number: 05017065) |
|
Statement of Changes in Equity |
for the Year Ended 31 December 2016 |
|
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
|
Balance at 1 January 2015 |
|
|
|
|
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | 6,445,358 | 6,445,358 |
Balance at 31 December 2015 | 100 | 17,905,522 | 17,905,622 |
Prior year adjustment | - | ( |
) | ( |
) |
As restated |
|
|
|
|
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
|
|
Balance at 31 December 2016 |
|
|
|
Yourway Transport Limited (Registered number: 05017065) |
|
Cash Flow Statement |
for the Year Ended 31 December 2016 |
|
31/12/16 | 31/12/15 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
|
|
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
|
|
|
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
|
|
Net cash from investing activities | ( |
) | ( |
) |
|
Cash flows from financing activities |
Movement in bal with group undertaking | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
|
Increase in cash and cash equivalents |
|
|
Cash and cash equivalents at beginning of
year |
2 |
|
9,126,414 |
|
Cash and cash equivalents at end of year | 2 | 16,037,103 | 11,054,521 |
Yourway Transport Limited (Registered number: 05017065) |
|
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2016 |
|
1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
31/12/16 | 31/12/15 |
as restated |
£ | £ |
Profit before taxation |
|
|
Depreciation charges |
|
|
Finance income | (4,152 | ) | (2,638 | ) |
8,067,431 | 6,286,969 |
Decrease/(increase) in trade and other debtors |
|
( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
|
Cash generated from operations |
|
|
|
2. | CASH AND CASH EQUIVALENTS |
|
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
|
Year ended 31 December 2016 |
31/12/16 | 1/1/16 |
£ | £ |
Cash and cash equivalents | 16,037,103 | 11,054,521 |
Year ended 31 December 2015 |
31/12/15 | 1/1/15 |
as restated |
£ | £ |
Cash and cash equivalents | 11,054,521 | 9,126,414 |
Yourway Transport Limited (Registered number: 05017065) |
|
Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
|
1. | STATUTORY INFORMATION |
|
Yourway Transport Limited is a
|
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 |
|
|
The financial reporting framework that has been applied in preparation of the financial statements is applicable |
law and United Kingdom Standards (United Kingdom Generally Accepted Accounting Practice) |
|
Turnover |
Turnover represents net invoice value of the services, excluding value added tax. |
|
Tangible fixed assets |
|
Short leasehold | - |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
|
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 balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet 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 |
balance sheet 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. |
|
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. |
Yourway Transport Limited (Registered number: 05017065) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
|
3. | TURNOVER |
|
The turnover and profit before taxation are attributable to the one principal activity of the company. |
|
An analysis of turnover by geographical market is given below: |
|
31/12/16 | 31/12/15 |
as restated |
£ | £ |
UK | 4,465,780 | 4,305,851 |
Europe | 1,397,735 | 995,514 |
Rest of the World | 4,967,116 | 4,877,389 |
Facilitation fees | 1,406,535 | 1,658,429 |
|
|
|
4. | EMPLOYEES AND DIRECTORS |
31/12/16 | 31/12/15 |
as restated |
£ | £ |
Wages and salaries |
|
|
Other pension costs |
|
|
|
|
|
The average monthly number of employees during the year was as follows: |
31/12/16 | 31/12/15 |
as restated |
|
Administration and sales | 15 | 13 |
|
31/12/16 | 31/12/15 |
as restated |
£ | £ |
Director's remuneration |
|
|
|
5. | OPERATING PROFIT |
|
The operating profit is stated after charging/(crediting): |
|
31/12/16 | 31/12/15 |
as restated |
£ | £ |
Depreciation - owned assets |
|
|
Foreign exchange differences | ( |
) | ( |
) |
|
6. | AUDITORS' REMUNERATION |
31/12/16 | 31/12/15 |
as restated |
£ | £ |
Fees payable to the company's auditors for the audit of the company's
financial statements |
13,000 |
13,000 |
Yourway Transport Limited (Registered number: 05017065) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
|
7. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31/12/16 | 31/12/15 |
as restated |
£ | £ |
Current tax: |
UK corporation tax |
|
|
|
Deferred tax | ( |
) | ( |
) |
Tax on profit |
|
|
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
|
31/12/16 | 31/12/15 |
as restated |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2015 - |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Depreciation in excess of capital allowances |
|
|
Adjustments to tax charge in respect of previous periods | ( |
) |
|
Differences due to deferred tax | (3,760 | ) | - |
Total tax charge | 1,412,721 | 1,267,362 |
|
8. | DIVIDENDS |
31/12/16 | 31/12/15 |
as restated |
£ | £ |
Ordinary shares shares of £1.00 each |
Interim |
|
|
|
9. | PRIOR YEAR ADJUSTMENT |
|
The interim dividends of £1,449,807 declared in 2015 were omitted in 2015 financial statements. This has now |
been treated as prior year adjustment in current year. |
Yourway Transport Limited (Registered number: 05017065) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
|
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2016 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 31 December 2016 |
|
|
|
|
|
DEPRECIATION |
At 1 January 2016 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
At 31 December 2016 |
|
|
|
|
|
NET BOOK VALUE |
At 31 December 2016 |
|
|
|
|
|
At 31 December 2015 |
|
|
|
|
|
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/16 | 31/12/15 |
as restated |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
VAT refund | 10,374 | 45,650 |
Prepayments |
|
|
|
|
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/16 | 31/12/15 |
as restated |
£ | £ |
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Pension contribution | 495 | - |
Accruals |
|
|
|
|
|
13. | PROVISIONS FOR LIABILITIES |
31/12/16 | 31/12/15 |
as restated |
£ | £ |
Deferred tax | 13,720 | 17,480 |
Yourway Transport Limited (Registered number: 05017065) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
|
13. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred |
tax |
£ |
Balance at 1 January 2016 |
|
Provided during year | ( |
) |
Balance at 31 December 2016 |
|
|
14. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/16 | 31/12/15 |
value: | as restated |
£ | £ |
|
Ordinary shares | £1.00 | 100 | 100 |
|
15. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2016 | 17,905,522 |
Prior year adjustment | ( |
) |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 December 2016 |
|
|
16. | RELATED PARTY DISCLOSURES |
|
During the year, total dividends of £564,561 were paid to the director . |
|
Debtors include an amount of £5,453,762 (2015: £3,340,192) receivable from Yourway Transport Inc (USA). |
This balance has resulted from the following transactions during the year between Yourway Transport Ltd and |
Yourway Transport Inc: |
|
|
£ |
UK sales received by US | 775,710 |
US suppliers paid by UK | 235,620 |
US sales received by UK | (20,376 | ) |
UK suppliers paid by US | (283,919 | ) |
Facilitation fees - charged
by UK |
1,406,535 |
|
|
|
Yourway Transport Inc is related party due to common control of Mr.G Jaffer. |