Company Registration No. 05419695 (England and Wales)
S P H TRANSPORT LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
S P H TRANSPORT LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2018
- 1 -
The director presents his annual report and financial statements for the year ended 30 June 2018.
Principal activities
The principal activity of the company continued to be that of Caravan Storage.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr P B Hill
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr P B Hill
Director
5 December 2018
S P H TRANSPORT LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF S P H TRANSPORT LIMITED
- 2 -
The financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act that relate to preparing the financial statements of the company for the year ended 30th June 2018.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express an opinion on the financial statements.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Jones Cooper Limited
5 December 2018
Financial Accountants
Suite One
Hedley Court
Boothferry Road
Goole
East Yorkshire
DN14 6AA
S P H TRANSPORT LIMITED
BALANCE SHEET
AS AT
30 JUNE 2018
30 June 2018
- 3 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,437
279,696
Investment properties
4
345,000
-
355,437
279,696
Current assets
Debtors
5
1,375
1,283
Cash at bank and in hand
3,783
15,349
5,158
16,632
Creditors: amounts falling due within one year
6
(91,216)
(75,503)
Net current liabilities
(86,058)
(58,871)
Total assets less current liabilities
269,379
220,825
Creditors: amounts falling due after more than one year
7
(73,692)
(70,142)
Provisions for liabilities
(38,265)
(2,264)
Net assets
157,422
148,419
Capital and reserves
Called up share capital
8
200
200
Revaluation reserve
155,740
165,005
Profit and loss reserves
1,482
(16,786)
Total equity
157,422
148,419
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
S P H TRANSPORT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2018
30 June 2018
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 5 December 2018 and are signed on its behalf by:
Mr P B Hill
Director
Company Registration No. 05419695
S P H TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 5 -
1
Accounting policies
Company information
S P H Transport Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
SPH Transport Ltd, Hazel Old Lane, Hensall, Goole, East Yorkshire, DN14 0QA.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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 sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
S P H TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 6 -
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
20% reducing balance basis
Fixtures and fittings
10% straight line basis
Computers
33% straight line basis
Motor vehicles
15% reducing balance basis
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
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Cash at bank and in hand
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.
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.
S P H TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 7 -
1.6
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).
S P H TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 8 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2017
266,777
32,443
299,220
Additions
-
380
380
Transfers
(266,777)
-
(266,777)
At 30 June 2018
-
32,823
32,823
Depreciation and impairment
At 1 July 2017
-
19,524
19,524
Depreciation charged in the year
-
2,862
2,862
At 30 June 2018
-
22,386
22,386
Carrying amount
At 30 June 2018
-
10,437
10,437
At 30 June 2017
266,777
12,919
279,696
S P H TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 9 -
4
Investment property
2018
£
Fair value
At 1 July 2017
-
Additions
50,957
Transfers
266,777
Revaluations
27,266
At 30 June 2018
345,000
The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
2018
2017
£
£
Cost
-
-
Transfers from land
266,777
-
Additions
50,957
-
Carrying amount
317,734
-
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as shown above.
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
-
59
Other debtors
1,375
1,224
1,375
1,283
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
26,297
21,303
Corporation tax
4,370
2,119
Other creditors
60,549
52,081
91,216
75,503
S P H TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 10 -
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
73,692
70,142
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
200 Ordinary of £1 each
200
200
200
200
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan account
-
(48,822)
3,100
(12,556)
(58,278)
(48,822)
3,100
(12,556)
(58,278)