REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 March 2020 |
|
for |
|
A J Mcgowan Transport Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 March 2020 |
|
for |
|
A J Mcgowan Transport Limited |
A J Mcgowan Transport Limited (Registered number: 07801940) |
|
Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company information | 1 |
|
Chartered accountants' report | 2 |
|
Statement of financial position | 3 | to | 4 |
|
Notes to the financial statements | 5 | to | 9 |
|
A J Mcgowan Transport Limited |
|
Company Information |
for the Year Ended 31 March 2020 |
|
|
|
|
|
|
|
Director: |
|
|
|
|
|
|
Registered office: |
|
|
|
|
|
|
|
|
|
|
Business address: |
|
|
|
|
|
|
|
|
|
|
Registered number: |
|
|
|
|
|
|
Accountants: |
|
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
A J Mcgowan Transport Limited |
|
|
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the director are not required to be filed with the Registrar of Companies. |
|
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 31 March 2020 which comprise the Statement of income and retained earnings, 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 within the ICAEW's regulations and guidance at http://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 9 October 2018. 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 the director of A J Mcgowan Transport Limited in this report in accordance with ICAEW Technical Release 07/16AAF. 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. |
|
|
|
|
|
|
|
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
|
|
|
A J Mcgowan Transport Limited (Registered number: 07801940) |
|
Statement of Financial Position |
31 March 2020 |
|
2020 | 2019 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 5 |
|
|
Tangible assets | 6 |
|
|
|
|
|
Current assets |
Debtors | 7 |
|
|
Cash at bank and in hand |
|
|
|
|
Creditors |
Amounts falling due within one year | 8 |
|
|
Net current assets |
|
|
Total assets less current liabilities |
|
|
|
Creditors |
Amounts falling due after more than one
year |
9 |
|
( |
) |
|
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
|
|
|
Capital and reserves |
Called up share capital | 10 |
|
|
Retained earnings |
|
|
Shareholders' funds |
|
|
|
|
|
|
|
The director acknowledges his 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. |
A J Mcgowan Transport Limited (Registered number: 07801940) |
|
Statement of Financial Position - continued |
31 March 2020 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
|
The financial statements were approved by the director and authorised for issue on
|
|
|
|
|
|
|
|
A J Mcgowan Transport Limited (Registered number: 07801940) |
|
Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
|
|
1. | Statutory information |
|
A J Mcgowan Transport Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | Statement of compliance |
|
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. |
|
3. | Accounting policies |
|
Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis. |
|
Turnover |
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. |
|
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. |
A J Mcgowan Transport Limited (Registered number: 07801940) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
|
|
3. | Accounting policies - continued |
|
Depreciation |
|
Plant and machinery | - |
|
Motor vehicles | - |
|
Office equipment | - |
|
|
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. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
|
A J Mcgowan Transport Limited (Registered number: 07801940) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
|
|
3. | Accounting policies - continued |
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. |
|
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. |
|
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. |
|
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. | Employees and directors |
|
The average number of employees during the year was
|
A J Mcgowan Transport Limited (Registered number: 07801940) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
|
|
5. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 April 2019 |
and 31 March 2020 |
|
Amortisation |
At 1 April 2019 |
|
Amortisation for year |
|
At 31 March 2020 |
|
Net book value |
At 31 March 2020 |
|
At 31 March 2019 |
|
|
6. | Tangible fixed assets |
Plant and | Motor | Office |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 April 2019 |
|
|
|
|
Additions |
|
|
|
|
At 31 March 2020 |
|
|
|
|
Depreciation |
At 1 April 2019 |
|
|
|
|
Charge for year |
|
|
|
|
At 31 March 2020 |
|
|
|
|
Net book value |
At 31 March 2020 |
|
|
|
|
At 31 March 2019 |
|
|
|
|
|
7. | Debtors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Trade debtors |
|
|
VAT |
|
|
Prepayments and accrued income |
|
|
|
|
A J Mcgowan Transport Limited (Registered number: 07801940) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
|
|
8. | Creditors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
|
|
Hire purchase contracts |
|
|
Trade creditors |
|
|
Corporation tax |
|
|
Director loan accounts | 5,954 | 7,257 |
Accruals and deferred income |
|
|
|
|
|
Bank loans and overdrafts are secured upon the company's assets. Obligations under hire purchase contracts are secured on the assets to which they relate. |
|
9. | Creditors: amounts falling due after more than one year |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
|
|
|
Obligations under hire purchase contracts are secured on the assets to which they relate. |
|
10. | Called up share capital |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
|
Ordinary shares | £1 | 100 | 100 |