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 Update 1 - FRS
80,000
16,000
4,000
20,000
60,000
64,000
xbrli:pure
xbrli:shares
iso4217:GBP
7801940
2016-04-01
2017-03-31
7801940
2017-03-31
7801940
2016-03-31
7801940
2015-04-01
2016-03-31
7801940
2016-03-31
7801940
core:PlantMachinery
2016-04-01
2017-03-31
7801940
core:MotorVehicles
2016-04-01
2017-03-31
7801940
bus:LeadAgentIfApplicable
2016-04-01
2017-03-31
7801940
bus:Director1
2016-04-01
2017-03-31
7801940
core:WithinOneYear
2017-03-31
7801940
core:WithinOneYear
2016-03-31
7801940
core:NetGoodwill
2016-03-31
7801940
core:NetGoodwill
2017-03-31
7801940
core:PlantMachinery
2016-03-31
7801940
core:MotorVehicles
2016-03-31
7801940
core:PlantMachinery
2017-03-31
7801940
core:MotorVehicles
2017-03-31
7801940
core:AfterOneYear
2017-03-31
7801940
core:AfterOneYear
2016-03-31
7801940
core:ShareCapital
2017-03-31
7801940
core:ShareCapital
2016-03-31
7801940
core:RetainedEarningsAccumulatedLosses
2017-03-31
7801940
core:RetainedEarningsAccumulatedLosses
2016-03-31
7801940
core:NetGoodwill
2016-04-01
2017-03-31
7801940
core:NetGoodwill
2016-03-31
7801940
core:PlantMachinery
2016-03-31
7801940
core:MotorVehicles
2016-03-31
7801940
bus:FRS102
2016-04-01
2017-03-31
7801940
bus:AuditExemptWithAccountantsReport
2016-04-01
2017-03-31
7801940
bus:FullAccounts
2016-04-01
2017-03-31
7801940
bus:SmallCompaniesRegimeForAccounts
2016-04-01
2017-03-31
7801940
bus:PrivateLimitedCompanyLtd
2016-04-01
2017-03-31
7801940
core:ComputerEquipment
2016-03-31
7801940
core:ComputerEquipment
2016-04-01
2017-03-31
7801940
core:ComputerEquipment
2017-03-31
7801940
core:AfterOneYear
2016-04-01
2017-03-31
COMPANY REGISTRATION NUMBER:
7801940
A J McGowan Transport Limited
|
|
Unaudited Financial Statements
|
|
A J McGowan Transport Limited
|
|
for the year ended 31st March 2017
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
|
1
|
|
|
Statement of financial position
|
2 to 3
|
|
|
Notes to the financial statements
|
4 to 8
|
|
|
A J McGowan Transport Limited
|
|
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
A J McGowan Transport Limited
|
|
for the year ended 31st March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A J McGowan Transport Limited for the year ended 31st March 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of A J McGowan Transport Limited in accordance with the terms of our engagement letter dated 27th July 2016. Our work has been undertaken solely to prepare for your approval the financial statements of A J McGowan Transport Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A J McGowan Transport Limited and its director for our work or for this report.
It is your duty to ensure that A J McGowan Transport Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A J McGowan Transport Limited. You consider that A J McGowan Transport Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of A J McGowan Transport Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MOORE THOMPSON
Chartered Accountants
Bank House
Broad Street
Spalding
PE11 1TB
Dated:
4 September 2017
A J McGowan Transport Limited
|
|
Statement of Financial Position
|
|
as at
31 March 2017
Fixed assets
Intangible assets
|
5
|
|
60,000
|
|
64,000
|
Tangible assets
|
6
|
|
19,297
|
|
24,132
|
|
|
-----------
|
|
-----------
|
|
|
79,297
|
|
88,132
|
|
|
|
|
|
|
Current assets
Debtors
|
7
|
17,523
|
|
22,773
|
|
Cash at bank and in hand
|
24,142
|
|
12,578
|
|
|
-----------
|
|
-----------
|
|
|
41,665
|
|
35,351
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
29,506
|
|
43,693
|
|
|
-----------
|
|
-----------
|
|
Net current assets/(liabilities)
|
|
12,159
|
|
(
8,342)
|
|
|
-----------
|
|
-----------
|
Total assets less current liabilities
|
|
91,456
|
|
79,790
|
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
9
|
|
1,310
|
|
8,810
|
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
3,812
|
|
4,771
|
|
|
-----------
|
|
-----------
|
Net assets
|
|
86,334
|
|
66,209
|
|
|
-----------
|
|
-----------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
|
100
|
Profit and loss account
|
|
86,234
|
|
66,109
|
|
|
-----------
|
|
-----------
|
Members funds
|
|
86,334
|
|
66,209
|
|
|
-----------
|
|
-----------
|
|
|
|
|
|
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 income and retained earnings has not been delivered.
For the year ending 31st 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 members have 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
.
A J McGowan Transport Limited
|
|
Statement of Financial Position (continued)
|
|
as at
31 March 2017
These financial statements were approved by the
board of directors
and authorised for issue on
4 September 2017
, and are signed on behalf of the board by:
Company registration number:
7801940
A J McGowan Transport Limited
|
|
Notes to the Financial Statements
|
|
for the year ended 31st March 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bank House, Broad Street, Spalding, Lincolnshire, PE11 1TB. The company's trading address is 4 Bramble Close, Long Sutton, Spalding, Lincolnshire, PE12 9FL.
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 and investment properties 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 1st April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Estimation of useful life The useful economic life used to amortise intangible assets and depreciate tangible fixed assets relates to the expected future performance of the assets acquired and management’s estimate of the period over which economic benefit will be derived from the asset. Estimation of residual value The residual value of an asset is the estimated fair value of that asset at the end of its useful economic life and therefore is also dependent upon the estimation of that life span. Historically, changes to the useful economic life and residual values have not had a material impact on the amortisation or depreciation amount charged to the profit and loss.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 is recognised on taxable profit for the current and past periods. Current tax 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 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 using the tax rates and laws that have been enacted or substantively enacted by the reporting date that 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 useful life of that asset as follows:
|
Goodwill
|
-
|
Amortise over useful life of 20 years
|
|
|
|
|
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 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 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 useful economic life of that asset as follows:
|
Plant and machinery
|
-
|
15% reducing balance
|
|
Motor vehicles
|
-
|
25% reducing balance
|
|
Office equipment
|
-
|
15% reducing balance/33.33% straight line
|
|
|
|
|
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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Employee numbers
The average number of persons employed by the company during the year, including the director, amounted to
1
(2016:
1
).
5.
Intangible assets
Cost
|
|
At 1 Apr 2016 and 31 Mar 2017
|
80,000
|
|
-----------
|
Amortisation
|
|
At 1st April 2016
|
16,000
|
Charge for the year
|
4,000
|
|
-----------
|
At 31st March 2017
|
20,000
|
|
-----------
|
Carrying amount
|
|
At 31st March 2017
|
60,000
|
|
-----------
|
At 31st March 2016
|
64,000
|
|
-----------
|
|
|
6.
Tangible assets
|
Plant and machinery
|
Motor vehicles
|
Office equipment
|
Total
|
|
£
|
£
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
At 1st April 2016
|
1,752
|
39,500
|
2,572
|
43,824
|
Additions
|
875
|
–
|
742
|
1,617
|
|
-----------
|
-----------
|
-----------
|
-----------
|
At 31st March 2017
|
2,627
|
39,500
|
3,314
|
45,441
|
|
-----------
|
-----------
|
-----------
|
-----------
|
Depreciation
|
|
|
|
|
At 1st April 2016
|
339
|
17,744
|
1,609
|
19,692
|
Charge for the year
|
343
|
5,439
|
670
|
6,452
|
|
-----------
|
-----------
|
-----------
|
-----------
|
At 31st March 2017
|
682
|
23,183
|
2,279
|
26,144
|
|
-----------
|
-----------
|
-----------
|
-----------
|
Carrying amount
|
|
|
|
|
At 31st March 2017
|
1,945
|
16,317
|
1,035
|
19,297
|
|
-----------
|
-----------
|
-----------
|
-----------
|
At 31st March 2016
|
1,413
|
21,756
|
963
|
24,132
|
|
-----------
|
-----------
|
-----------
|
-----------
|
|
|
|
|
|
7.
Debtors
Trade debtors
|
10,201
|
15,872
|
Prepayments and accrued income
|
1,371
|
1,200
|
Other debtors
|
5,951
|
5,701
|
|
-----------
|
-----------
|
|
17,523
|
22,773
|
|
-----------
|
-----------
|
|
|
|
8.
Creditors:
amounts falling due within one year
Trade creditors
|
3,859
|
3,260
|
Accruals and deferred income
|
2,935
|
2,935
|
Corporation tax
|
14,606
|
15,542
|
Hire purchase agreements
|
7,500
|
7,500
|
Director loan accounts
|
606
|
14,456
|
|
-----------
|
-----------
|
|
29,506
|
43,693
|
|
-----------
|
-----------
|
|
|
|
Hire purchase agreements are secured on the assets to which they relate.
9.
Creditors:
amounts falling due after more than one year
Hire purchase agreements
|
1,310
|
8,810
|
|
-----------
|
-----------
|
|
|
|
Hire purchase agreements are secured on the assets to which they relate.
10.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st April 2015.
No transitional adjustments were required in equity or profit or loss for the year.