Company Registration No. 6418401 (England and Wales)
FAWCETT TRANSPORT LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
FAWCETT TRANSPORT LIMITED
COMPANY INFORMATION
Director
A Lamb
Secretary
M Fraser
Company number
6418401
Registered office
22 Pyxe Court
Walton Park
Milton Keynes
Buckinghamshire
MK7 7HR
FAWCETT TRANSPORT LIMITED
CONTENTS
Page
Director's report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 5
The following pages do not form part of the statutory accounts:
Detailed trading and profit and loss account
6 - 7
FAWCETT TRANSPORT LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 1 -
The director presents his annual report and financial statements for the year ended 30 November 2018.
Principal activities
The principal activity of the company is that of Freight Transport by Road
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
A Lamb
Results and dividends
Ordinary dividends were paid amounting to £4,000.
Director's interests
The director's interest in the shares of the company was as stated below:
Ordinary shares of £1 each
30 November 2018
30 November 2017
A Lamb
2
2
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
A Lamb
Director
22 August 2019
FAWCETT TRANSPORT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 2 -
2018
2017
Notes
£
£
Turnover
73,605
49,912
Cost of sales
(37,145)
(25,190)
Gross profit
36,460
24,722
Administrative expenses
(33,074)
(24,075)
Profit before taxation
3,386
647
Taxation
(2,138)
(125)
Profit for the financial year
1,248
522
FAWCETT TRANSPORT LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2018
30 November 2018
- 3 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
23,603
31,471
Current assets
Work in progress
3,680
3,010
Cash at bank and in hand
205
2,260
3,885
5,270
Creditors: amounts falling due within one year
3
(21,183)
(27,684)
Net current liabilities
(17,298)
(22,414)
Total assets less current liabilities
6,305
9,057
Capital and reserves
Called up share capital
4
2
2
Profit and loss reserves
6,303
9,055
Total equity
6,305
9,057
For the financial year ended 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 22 August 2019
A Lamb
Director
Company Registration No. 6418401
FAWCETT TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 4 -
1
Accounting policies
Company information
Fawcett Transport Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
22 Pyxe Court, Walton Park, Milton Keynes, Buckinghamshire, MK7 7HR.
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.
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.
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 machinery
25% reducinig balance
Fixtures and fittings
25% reducing balance
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
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Cash and cash equivalents
Cash and cash equivalents
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.
FAWCETT TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 5 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2017 and 30 November 2018
109,659
Depreciation and impairment
At 1 December 2017
78,188
Depreciation charged in the year
7,868
At 30 November 2018
86,056
Carrying amount
At 30 November 2018
23,603
At 30 November 2017
31,471
3
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
4,626
9,386
Corporation tax
2,138
125
Other taxation and social security
2,469
2,773
Other creditors
11,950
15,400
21,183
27,684
4
Called up share capital
2018
2017
£
£
Ordinary share capital
Authorised
100 Ordinary shares of £1 each
100
100
Issued and fully paid
2 Ordinary shares of £1 each
2
2
FAWCETT TRANSPORT LIMITED
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 6 -
2018
2017
£
£
£
£
Turnover
Sales
73,605
49,912
Cost of sales
Opening work in progress
3,010
4,410
Motor expenses
32,335
23,790
Closing work in progress
(3,680)
(3,010)
Subcontracted services
5,480
-
(37,145)
(25,190)
Gross profit
36,460
24,722
Administrative expenses
(33,074)
(24,075)
Operating profit
3,386
647
FAWCETT TRANSPORT LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 7 -
2018
2017
£
£
Administrative expenses
Directors' remuneration
8,320
8,120
Office rent and service charges
1,500
1,500
Repairs and renewals
1,340
961
Computer and internet services
132
107
Vehicle hire
5,389
1,223
Travel and accomodation expenses
2,146
1,771
Accountancy
1,025
1,000
Bank charges
257
193
Hire purchase interest
-
197
Insurances
3,531
7,187
Printing and stationery
210
183
Telephone
255
281
Mobile telephone
1,088
1,339
Sundry expenses
13
13
Depreciation
7,868
-
33,074
24,075