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Registration number: SC237856

A A K Haulage Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2017

Roderick Gunkel & Associates Ltd
Chartered Certified Accountants
Orchardlea
Callander
FK17 8BG

 

A A K Haulage Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 7

 

A A K Haulage Limited

Company Information

Directors

Kenneth Montieth Comrie

Company secretary

Angela Comrie

Registered office

6 Queens Drive
Dunipace
Denny
FK6 6JT

Bankers

TSB
High St and Cow Wynd Corner
Falkirk
FK1 1EA

Accountants

Roderick Gunkel & Associates Ltd
Chartered Certified Accountants
Orchardlea
Callander
FK17 8BG

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
A A K Haulage Limited
for the 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 accounts of A A K Haulage Limited for the year ended 30 November 2017 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
 

As a member of the Association of Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.
 

This report is made solely to the Board of Directors of A A K Haulage Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of A A K Haulage Limited and state those matters that we have agreed to state to the Board of Directors of A A K Haulage Limited, as a body, in this report.

This is in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.doc. And, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A A K Haulage Limited and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that A A K Haulage Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of A A K Haulage Limited. You consider that A A K Haulage 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 accounts of A A K Haulage 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 accounts.

....................................................................

Roderick Gunkel & Associates Ltd
Chartered Certified Accountants
Orchardlea
Callander
FK17 8BG


 

12 February 2018

 

A A K Haulage Limited

(Registration number: SC237856)
Balance Sheet as at 30 November 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

3

153,678

147,743

Current assets

 

Debtors

4

11,597

12,615

Cash at bank and in hand

 

13,682

13,237

 

25,279

25,852

Creditors: Amounts falling due within one year

5

(87,452)

(91,015)

Net current liabilities

 

(62,173)

(65,163)

Total assets less current liabilities

 

91,505

82,580

Creditors: Amounts falling due after more than one year

5

(12,405)

(14,676)

Provisions for liabilities

(16,722)

(20,296)

Net assets

 

62,378

47,608

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

62,376

47,606

Total equity

 

62,378

47,608

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 12 February 2018
 

.........................................

Kenneth Montieth Comrie

Director

 

A A K Haulage Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
6 Queens Drive
Dunipace
Denny
FK6 6JT

These financial statements were authorised for issue by the director on 12 February 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

A A K Haulage Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, equipment

20-50% p.a reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

 

A A K Haulage Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2016

61,243

12,879

101,097

175,219

Additions

-

-

26,355

26,355

Disposals

-

-

(8,117)

(8,117)

At 30 November 2017

61,243

12,879

119,335

193,457

Depreciation

At 1 December 2016

-

11,379

16,097

27,476

Charge for the year

-

400

16,000

16,400

Eliminated on disposal

-

-

(4,097)

(4,097)

At 30 November 2017

-

11,779

28,000

39,779

Carrying amount

At 30 November 2017

61,243

1,100

91,335

153,678

At 30 November 2016

61,243

1,500

85,000

147,743

Included within the net book value of land and buildings above is £61,243 (2016 - £61,243) in respect of freehold land and buildings.
 

4

Debtors

2017
£

2016
£

Trade debtors

10,097

10,397

Other debtors

1,500

2,218

11,597

12,615

 

A A K Haulage Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

5

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Loans and overdrafts

7

74,501

76,323

Trade creditors

 

4,153

2,860

Taxation and social security

 

3,727

3,296

Other creditors

 

5,071

8,536

 

87,452

91,015

Due after one year

 

Loans and borrowings

7

12,405

14,676

Creditors: amounts falling due after more than one year

Note

2017
£

2016
£

Due after one year

 

Loans and borrowings

7

12,405

14,676

6

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

7

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Bank borrowings

12,405

14,676

2017
£

2016
£

Current loans and borrowings

Bank borrowings

9,384

19,281

Director current account

65,117

57,042

74,501

76,323