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Focus International Logistics Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Caplan Associates
Chartered Accountants
3 Stirling Court
Stirling Way
Borehamwood
Herts
WD6 2FX

Focus International Logistics Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

Focus International Logistics Limited

Company Information

Director

Mr Richard Chatburn

Registered office

3 Stirling Court Stirling Way Borehamwood Hertfordshire WD6 2FX

Accountants

Caplan Associates Chartered Accountants 3 Stirling Court Stirling Way Borehamwood Herts WD6 2FX

Page 1

Focus International Logistics Limited

(Registration number: 06467873)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	2,239	251
Current assets
Debtors	5	290,033	384,916
Cash at bank and in hand		114,346	81,270
		404,379	466,186
Creditors: Amounts falling due within one year	6	(197,213)	(288,927)
Net current assets		207,166	177,259
Total assets less current liabilities		209,405	177,510
Provisions for liabilities		(378)	-
Net assets		209,027	177,510
Capital and reserves
Called up share capital	7	200	200
Profit and loss account		208,827	177,310
Total equity		209,027	177,510

For the financial year ending 31 March 2018 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 23 July 2018
 

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

Mr Richard Chatburn
Director

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Focus International Logistics Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
3 Stirling Court
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX
United Kingdom

These financial statements were authorised for issue by the director on 23 July 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. Recharges to clients of VAT and import duties where the company acts as agent are excluded from both income and expenditure.

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.

Page 3

Focus International Logistics Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

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
Plant & machinery	20% on reducing balance

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.

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.

Page 4

Focus International Logistics Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Dividends

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	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2017 - 2).

Page 5

Focus International Logistics Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2017	8,901	8,901
Additions	2,564	2,564
Disposals	(3,500)	(3,500)
At 31 March 2018	7,965	7,965
Depreciation
At 1 April 2017	8,650	8,650
Charge for the year	576	576
Eliminated on disposal	(3,500)	(3,500)
At 31 March 2018	5,726	5,726
Carrying amount
At 31 March 2018	2,239	2,239
At 31 March 2017	251	251

5

Debtors

	2018 £	2017 £
Trade debtors	279,044	373,185
Prepayments	4,339	6,701
Other debtors	6,650	5,030
	290,033	384,916
Less non-current portion	(3,492)	(3,492)
	286,541	381,424

6

Creditors

Creditors: amounts falling due within one year

Page 6

Focus International Logistics Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

	2018 £	2017 £
Due within one year
Trade creditors	178,101	270,621
Taxation and social security	797	708
Accruals and deferred income	2,536	2,500
Other creditors	15,779	15,098
	197,213	288,927