false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2016-04-01
Sage Accounts Production Advanced 2017 - FRS
54,000
27,000
5,400
32,400
21,600
27,000
7,798
6,905
14,703
xbrli:pure
xbrli:shares
iso4217:GBP
SC388308
2016-04-01
2017-03-31
SC388308
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2016-03-31
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COMPANY REGISTRATION NUMBER:
SC388308
Pankhurst Haulage Limited
|
|
Unaudited Financial Statements
|
|
STRANVILLE JOHN
Chartered Certified Accountants
First Floor
80 High Street
Johnstone
Renfrewshire
PA5 8SP
Pankhurst Haulage Limited
|
|
Year ended 31 March 2017
Officers and professional advisers
|
1
|
|
|
Statement of financial position
|
2
|
|
|
Notes to the financial statements
|
4
|
|
|
Pankhurst Haulage Limited
|
|
Officers and Professional Advisers
|
|
Director
|
Mr G A Pankhurst
|
|
|
Registered office
|
8 Almond Drive
|
|
Banknock
|
|
Stirlingshire
|
|
FK4 1JZ
|
|
|
Accountants
|
STRANVILLE JOHN
|
|
Chartered Certified Accountants
|
|
First Floor
|
|
80 High Street
|
|
Johnstone
|
|
Renfrewshire
|
|
PA5 8SP
|
|
|
Bankers
|
Bank of Scotland plc
|
|
235 Sauchiehall Street
|
|
Glasgow
|
|
Lanarkshire
|
|
G2 3EY
|
|
|
Pankhurst Haulage Limited
|
|
Statement of Financial Position
|
|
31 March 2017
Fixed assets
Intangible assets
|
6
|
|
21,600
|
27,000
|
Tangible assets
|
7
|
|
73,519
|
38,988
|
|
|
--------
|
--------
|
|
|
95,119
|
65,988
|
|
|
|
|
|
Current assets
Debtors
|
8
|
68,824
|
|
37,290
|
Cash at bank and in hand
|
189,636
|
|
183,343
|
|
---------
|
|
---------
|
|
258,460
|
|
220,633
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
9
|
97,362
|
|
102,283
|
|
---------
|
|
---------
|
Net current assets
|
|
161,098
|
118,350
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
256,217
|
184,338
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
11
|
|
14,703
|
7,798
|
|
|
---------
|
---------
|
Net assets
|
|
241,514
|
176,540
|
|
|
---------
|
---------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
13
|
|
100
|
100
|
Profit and loss account
|
|
241,414
|
176,440
|
|
|
---------
|
---------
|
Member funds
|
|
241,514
|
176,540
|
|
|
---------
|
---------
|
|
|
|
|
|
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 statement of comprehensive income has not been delivered.
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Pankhurst Haulage Limited
|
|
Statement of Financial Position (continued)
|
|
31 March 2017
These financial statements were approved by the
board of directors
and authorised for issue on
13 June 2017
, and are signed on behalf of the board by:
Mr G A Pankhurst
|
|
Director
|
|
|
|
Company registration number:
SC388308
Pankhurst Haulage Limited
|
|
Notes to the Financial Statements
|
|
Year ended 31 March 2017
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 8 Almond Drive, Banknock, Stirlingshire, FK4 1JZ.
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 the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 16.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions which affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events which are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax, which is recognised on taxable profit for the current and past periods, 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 material 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, on an undiscounted basis, using the tax rates and laws that have been enacted or substantively enacted by the reporting date which are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the estimated useful economic life of that asset as follows:
|
Goodwill
|
-
|
10% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset, as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset, as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the estimated useful economic life of that asset as follows:
|
Fixtures & Equipment
|
-
|
25% reducing balance
|
|
Motor Vehicles
|
-
|
25% reducing balance
|
|
|
|
|
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the 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. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets 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. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 as a finance cost in profit or loss in the period in which it arises.
4.
Staff costs
The average number of persons employed by the company during the year, including the director, amounted to 6 (2016: 6).
5.
Profit before taxation
Profit before taxation is stated after charging:
Amortisation of intangible assets
|
5,400
|
5,400
|
Depreciation of tangible assets
|
9,807
|
12,997
|
|
-------
|
--------
|
|
|
|
6.
Intangible assets
Cost
|
|
At 1 Apr 2016 and 31 Mar 2017
|
54,000
|
|
--------
|
Amortisation
|
|
At 1 April 2016
|
27,000
|
Charge for the year
|
5,400
|
|
--------
|
At 31 March 2017
|
32,400
|
|
--------
|
Carrying amount
|
|
At 31 March 2017
|
21,600
|
|
--------
|
At 31 March 2016
|
27,000
|
|
--------
|
|
|
7.
Tangible assets
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
|
|
|
|
Cost
|
|
|
|
At 1 April 2016
|
2,112
|
74,431
|
76,543
|
Additions
|
1,441
|
60,268
|
61,709
|
Disposals
|
–
|
(
34,509)
|
(
34,509)
|
|
-------
|
---------
|
---------
|
At 31 March 2017
|
3,553
|
100,190
|
103,743
|
|
-------
|
---------
|
---------
|
Depreciation
|
|
|
|
At 1 April 2016
|
1,050
|
36,505
|
37,555
|
Charge for the year
|
297
|
9,510
|
9,807
|
Disposals
|
–
|
(
17,138)
|
(
17,138)
|
|
-------
|
---------
|
---------
|
At 31 March 2017
|
1,347
|
28,877
|
30,224
|
|
-------
|
---------
|
---------
|
Carrying amount
|
|
|
|
At 31 March 2017
|
2,206
|
71,313
|
73,519
|
|
-------
|
---------
|
---------
|
At 31 March 2016
|
1,062
|
37,926
|
38,988
|
|
-------
|
---------
|
---------
|
|
|
|
|
8.
Debtors
Trade debtors
|
67,991
|
36,432
|
Other debtors
|
833
|
858
|
|
--------
|
--------
|
|
68,824
|
37,290
|
|
--------
|
--------
|
|
|
|
9.
Creditors:
amounts falling due within one year
Trade creditors
|
9,250
|
4,015
|
Corporation tax
|
17,782
|
18,365
|
Social security and other taxes
|
27,123
|
24,570
|
Other creditors
|
43,207
|
55,333
|
|
--------
|
---------
|
|
97,362
|
102,283
|
|
--------
|
---------
|
|
|
|
10.
Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Not later than 1 year
|
–
|
2,624
|
|
----
|
-------
|
|
|
|
11.
Provisions
At 1 April 2016
|
7,798
|
Additions
|
6,905
|
|
--------
|
At 31 March 2017
|
14,703
|
|
--------
|
|
|
12.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
Included in provisions (note 11)
|
14,703
|
7,798
|
|
--------
|
-------
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
Accelerated capital allowances
|
14,702
|
7,798
|
|
--------
|
-------
|
|
|
|
13.
Called up share capital
Issued, called up and fully paid
Ordinary shares of £ 1 each
|
100
|
100
|
100
|
100
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
14.
Director's advances, credits and guarantees
As at 31 March 2017, the director,
Mr G A Pankhurst
, had advanced a total sum of £37,757 (2016 - £48,845) to the company. No interest is charged on this unsecured loan which is repayable on demand.
15.
Related party transactions
Dividends of £28,448 (2016 - £28,448) were paid to the director during the year.
16.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.