REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 31 October 2020 |
|
for |
|
Blacks Transport Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 31 October 2020 |
|
for |
|
Blacks Transport Limited |
Blacks Transport Limited (Registered number: SC089157) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 October 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Statement of Financial Position | 2 |
|
Notes to the Financial Statements | 4 |
|
Blacks Transport Limited |
|
|
Company Information |
for the Year Ended 31 October 2020 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
21 Hunter Street |
East Kilbride |
Glasgow |
G74 4LZ |
Blacks Transport Limited (Registered number: SC089157) |
|
|
Statement of Financial Position |
31 October 2020 |
|
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
|
|
|
CURRENT ASSETS |
Inventories |
|
|
Debtors | 5 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
|
( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one year | 7 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their 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. |
Blacks Transport Limited (Registered number: SC089157) |
|
|
Statement of Financial Position - continued |
31 October 2020 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
Blacks Transport Limited (Registered number: SC089157) |
|
|
Notes to the Financial Statements |
for the Year Ended 31 October 2020 |
|
1. | STATUTORY INFORMATION |
|
Blacks Transport Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
|
Tangible fixed assets |
|
Plant & Machinery | - |
|
Motor vehicles | - |
|
|
It is the opinion of the Director that depreciation should not be provided on buildings because the likely residual values will be equal to or in excess of the net book value. |
|
Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
|
Taxation |
Taxation for the year comprises current but not 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.The effect of no provision for deferred taxation reduces the tax charge for the year by £46,714.The directors are relaxed at this position as the potential deferred tax liabilities are not expected to crystalyse in the foreseeable future. |
|
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 however as noted above no provision has been incorporated in the financial statements. |
|
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. |
Blacks Transport Limited (Registered number: SC089157) |
|
|
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
|
2. | ACCOUNTING POLICIES - continued |
|
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 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. 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. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | PROPERTY, PLANT AND EQUIPMENT |
Plant & | Motor |
Machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 November 2019 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 31 October 2020 |
|
|
|
DEPRECIATION |
At 1 November 2019 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 31 October 2020 |
|
|
|
NET BOOK VALUE |
At 31 October 2020 |
|
|
|
At 31 October 2019 |
|
|
|
Blacks Transport Limited (Registered number: SC089157) |
|
|
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
|
4. | PROPERTY, PLANT AND EQUIPMENT - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant & | Motor |
Machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 November 2019 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 31 October 2020 |
|
|
|
DEPRECIATION |
At 1 November 2019 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 31 October 2020 |
|
|
|
NET BOOK VALUE |
At 31 October 2020 |
|
|
|
At 31 October 2019 |
|
|
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
VAT |
|
|
Prepayments |
|
|
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
|
|
Hire purchase contracts |
|
|
Trade creditors |
|
|
Social security and other taxes |
|
|
VAT | 10,477 | - |
Accrued expenses |
|
|
|
|
Blacks Transport Limited (Registered number: SC089157) |
|
|
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
|
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
|
|
Directors loan account | 31,865 | 32,265 |
|
|
|
8. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2020 | 2019 |
£ | £ |
Bank overdraft |
|
|
|
The bank holds a Bond and Floating Charge over the assets of the company. A personal guarantee has been given to the bank by Mr C D C Black in respect of company borrowings up to a limit of £31,247. |
|
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
Included within creditors due after more than one year is an amount owed to the director, Mr C D C Black, of £31,865. No interest will be payable on this loan. There is no fixed repayment term however, the loan will not be repaid until the company is in the position to do so. |
Blacks Transport Limited (Registered number: SC089157) |
|
|
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
|
10. | RELATED PARTY DISCLOSURES |
|
Black of Dunoon (Bakers) Limited |
Mr C D C Black is a director and majority shareholder in the above company which is registered in Scotland.Mr C E S Black is also a director of the above company. |
|
(a) Blacks Transport Limited provided services to Black of Dunoon (Bakers) Limited to the value of £5,010. These transactions were in the normal course of business on an arms length basis. |
|
(b) At 31st October 2020 the amount due to the company by Black of Dunoon (Bakers) Limited & included in other debtors was £51,228 |
|
|
|
|
|
C M Black Distribution |
Messrs C D C Black & C E S Black are partners in the above partnership. |
|
(a) During the year the company purchased £170 of goods and services from the partnership. These transactions were in the normal course of business on an arms length basis. |
|
(b) At 31st October 2020 the amount due to the company by C M Black Distribution and included in other debtors was £95,420. |
|
|
|
|
R & S Distribution |
Mr C E S Black is a partner in the above partnership |
|
|
(a) At 31st October 2020 the amount due to the company by R & S Distribution and included in other debtors was £16,279. |
|
11. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is
|