false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2016-12-01
Sage Accounts Production Advanced 2018 - FRS
593,816
158,183
751,999
99,220
71,095
170,315
581,684
494,596
xbrli:pure
xbrli:shares
iso4217:GBP
09147556
2016-12-01
2017-11-30
09147556
2017-11-30
09147556
2016-11-30
09147556
2015-12-01
2016-11-30
09147556
2016-11-30
09147556
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2016-12-01
2017-11-30
09147556
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2016-12-01
2017-11-30
09147556
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2016-12-01
2017-11-30
09147556
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2016-12-01
2017-11-30
09147556
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2016-12-01
2017-11-30
09147556
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2016-12-01
2017-11-30
09147556
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2016-11-30
09147556
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2017-11-30
09147556
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2017-11-30
09147556
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2016-11-30
09147556
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2017-11-30
09147556
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2016-11-30
09147556
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2017-11-30
09147556
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2016-11-30
09147556
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2017-11-30
09147556
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2016-11-30
09147556
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2017-11-30
09147556
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2016-11-30
09147556
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2016-11-30
09147556
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2017-11-30
09147556
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2016-11-30
09147556
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2017-11-30
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2017-11-30
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2016-12-01
2017-11-30
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2017-11-30
COMPANY REGISTRATION NUMBER:
09147556
Stewart Haulage (Weardale) Limited
|
|
Filleted Unaudited Financial Statements
|
|
Stewart Haulage (Weardale) Limited
|
|
Year ended 30 November 2017
Officers and professional advisers
|
1
|
|
|
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
|
2
|
|
|
Statement of financial position
|
3 to 4
|
|
|
Notes to the financial statements
|
5 to 9
|
|
|
Stewart Haulage (Weardale) Limited
|
|
Officers and Professional Advisers
|
|
The board of directors
|
Mrs D Stewart
|
|
Mr M Stewart
|
|
Mr P Stewart
|
|
|
Registered office
|
7 Springwood Close
|
|
Browney
|
|
Co. Durham
|
|
DH7 8LD
|
|
|
Accountants
|
Allen Sykes Limited
|
|
Chartered Accountants
|
|
Unit B4 The Dales Centre
|
|
Castle Gardens
|
|
Stanhope
|
|
Bishop Auckland
|
|
Co Durham
|
|
DL13 2FJ
|
|
|
Bankers
|
Lloyds Bank Plc
|
|
32 Newgate Street
|
|
Bishop Auckland
|
|
County Durham
|
|
DL14 7EG
|
|
|
Stewart Haulage (Weardale) Limited
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Stewart Haulage (Weardale) Limited
|
|
Year ended 30 November 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 Stewart Haulage (Weardale) Limited for the year ended 30 November 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 Board of Directors of Stewart Haulage (Weardale) Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Stewart Haulage (Weardale) Limited and state those matters that we have agreed to state to you, as a body, 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 Stewart Haulage (Weardale) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Stewart Haulage (Weardale) 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 Stewart Haulage (Weardale) Limited. You consider that Stewart Haulage (Weardale) 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 Stewart Haulage (Weardale) 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.
Allen Sykes Limited
Chartered Accountants
Unit B4 The Dales Centre
Castle Gardens
Stanhope
Bishop Auckland
Co Durham
DL13 2FJ
28 August 2018
Stewart Haulage (Weardale) Limited
|
|
Statement of Financial Position
|
|
30 November 2017
Fixed assets
Tangible assets
|
5
|
|
581,684
|
494,596
|
|
|
|
|
|
Current assets
Debtors
|
6
|
142,951
|
|
129,071
|
Cash at bank and in hand
|
5,045
|
|
10,088
|
|
----------
|
|
----------
|
|
147,996
|
|
139,159
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
327,772
|
|
211,058
|
|
----------
|
|
----------
|
Net current liabilities
|
|
179,776
|
71,899
|
|
|
----------
|
----------
|
Total assets less current liabilities
|
|
401,908
|
422,697
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
|
376,672
|
375,965
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
43,708
|
42,307
|
|
|
----------
|
----------
|
Net (liabilities)/assets
|
|
(
18,472)
|
4,425
|
|
|
----------
|
----------
|
|
|
|
|
Stewart Haulage (Weardale) Limited
|
|
Statement of Financial Position (continued)
|
|
30 November 2017
Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
(
18,572)
|
4,325
|
|
|
---------
|
-------
|
Shareholders (deficit)/funds
|
|
(
18,472)
|
4,425
|
|
|
---------
|
-------
|
|
|
|
|
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 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
22 August 2018
, and are signed on behalf of the board by:
Company registration number:
09147556
Stewart Haulage (Weardale) Limited
|
|
Notes to the Financial Statements
|
|
Year ended 30 November 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 7 Springwood Close, Browney, Co. Durham, DH7 8LD.
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 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.
Going concern
As shown on the Balance Sheet the company has a net deficit of assets at 30 November 2017. The company meets its day to day working capital requirements through a loan from its directors which will continue to be available for the foreseeable future should the company require it. On this basis the directors believe it appropriate to prepare the accounts on a going concern basis.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
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.
Taxation
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.
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.
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:
|
Motor vehicles and trailers
|
-
|
20% 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.
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.
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.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2016:
5
).
5.
Tangible assets
|
Motor vehicles
|
Total
|
|
£
|
£
|
Cost
|
|
|
At 1 December 2016
|
593,816
|
593,816
|
Additions
|
158,183
|
158,183
|
|
----------
|
----------
|
At 30 November 2017
|
751,999
|
751,999
|
|
----------
|
----------
|
Depreciation
|
|
|
At 1 December 2016
|
99,220
|
99,220
|
Charge for the year
|
71,095
|
71,095
|
|
----------
|
----------
|
At 30 November 2017
|
170,315
|
170,315
|
|
----------
|
----------
|
Carrying amount
|
|
|
At 30 November 2017
|
581,684
|
581,684
|
|
----------
|
----------
|
At 30 November 2016
|
494,596
|
494,596
|
|
----------
|
----------
|
|
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Motor vehicles
|
|
£
|
At 30 November 2017
|
521,310
|
|
----------
|
At 30 November 2016
|
440,589
|
|
----------
|
|
|
6.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Trade debtors
|
57,706
|
102,585
|
Other debtors
|
85,245
|
26,486
|
|
----------
|
----------
|
|
142,951
|
129,071
|
|
----------
|
----------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Bank loans and overdrafts
|
30,900
|
–
|
Trade creditors
|
32,805
|
13,083
|
Corporation tax
|
4,014
|
–
|
Social security and other taxes
|
135,700
|
96,756
|
Obligations under finance leases and hire purchase contracts
|
124,353
|
99,250
|
Other creditors
|
–
|
1,969
|
|
----------
|
----------
|
|
327,772
|
211,058
|
|
----------
|
----------
|
|
|
|
Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.
8.
Creditors:
amounts falling due after more than one year
|
2017
|
2016
|
|
£
|
£
|
Obligations under finance leases and hire purchase contracts
|
376,672
|
375,965
|
|
----------
|
----------
|
|
|
|
Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2017
|
2016
|
|
£
|
£
|
Not later than 1 year
|
21,710
|
21,710
|
Later than 1 year and not later than 5 years
|
43,420
|
43,420
|
|
---------
|
---------
|
|
65,130
|
65,130
|
|
---------
|
---------
|
|
|
|
10.
Directors' advances, credits and guarantees
During the year the company advanced a loan to the
Mrs D Stewart
, a director of the company, for £44,141 (2016: Loan made of £10,635 and repaid on 19 July 2017). The loan was repaid on 4 June 2018. Interest has been charged on the loan at the official rate of 3%. Loans of £10,000 each were also advanced to the directors Mr P Stewart
and Mr M Stewart
. The loans are being repaid over 12 months and interest has been charged at the official rate of 3%.
11.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.
No transitional adjustments were required in equity or profit or loss for the year.