REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2017 |
for |
A.B.C. (Grimsby) Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2017 |
for |
A.B.C. (Grimsby) Limited |
A.B.C. (Grimsby) Limited (Registered number: 00374254) |
Contents of the Financial Statements |
for the Year Ended 31 May 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
A.B.C. (Grimsby) Limited |
Company Information |
for the Year Ended 31 May 2017 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Swan House |
Westpoint Road |
Teesdale Business Park |
Stockton on Tees |
TS17 6BP |
BANKERS: |
33 Park Row |
Leeds |
West Yorkshire |
LS1 1LD |
A.B.C. (Grimsby) Limited (Registered number: 00374254) |
Balance Sheet |
31 May 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Allotted, called up and fully paid share capital |
Revaluation reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 and authorised for issue by the Board of Directors on by: |
A.B.C. (Grimsby) Limited (Registered number: 00374254) |
Notes to the Financial Statements |
for the Year Ended 31 May 2017 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
A.B.C. (Grimsby) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number |
and registered office address is given in the company information on page 1 of these financial statements. |
The financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting |
Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The |
financial statements have been prepared under the historical cost convention, modified to include certain items at fair value. The |
financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been |
consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Depreciation is |
provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, |
over the lease term, whichever is the shorter. |
Plant and machinery | - | 20% on cost |
Fixtures and fittings | - | 10% - 20% on cost |
Motor vehicles | - | 25% on reducing balance and 20% on cost |
No depreciation is provided on freehold property as it is maintained to ensure that the value does not diminish over time and any |
depreciation charge would be immaterial. Freehold property was valued using an open market basis. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where |
transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more |
tax, with the following exceptions: |
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal |
of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding |
agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the |
balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only |
where the replacement assets are sold. |
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be |
suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. |
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing |
differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase |
contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated |
useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the |
future payments is treated as a liability. |
A.B.C. (Grimsby) Limited (Registered number: 00374254) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
1. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged |
to the profit and loss account in the period to which they relate. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
3. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 June 2016 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2017 |
DEPRECIATION |
At 1 June 2016 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2017 |
NET BOOK VALUE |
At 31 May 2017 |
At 31 May 2016 |
Cost or valuation at 31 May 2017 is represented by: |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2015 | 505,677 | - | - | - | 505,677 |
Cost | 344,323 | 185,285 | 32,765 | 842,884 | 1,405,257 |
850,000 | 185,285 | 32,765 | 842,884 | 1,910,934 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2017 | 2016 |
£ | £ |
Cost | 344,323 | 344,323 |
A.B.C. (Grimsby) Limited (Registered number: 00374254) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
3. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST OR VALUATION |
At 1 June 2016 |
Additions |
Disposals | ( |
) |
At 31 May 2017 |
DEPRECIATION |
At 1 June 2016 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2017 |
NET BOOK VALUE |
At 31 May 2017 |
At 31 May 2016 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Prepayments and accrued income |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
A.B.C. (Grimsby) Limited (Registered number: 00374254) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2017 | 2016 |
£ | £ |
Hire purchase contracts | 452,910 | 169,561 |
Hire purchase liabilities are secured on the assets to which they relate. |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 June 2016 |
and 31 May 2017 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | OTHER FINANCIAL COMMITMENTS |
Total financial commitments which are not included in the balance sheet amount to £307,098 (2016 - £600,665) relating to amounts |
payable under operating leases. The company has given cross-guarantees in relation to group borrowings. |
11. | POST BALANCE SHEET EVENTS |
Since 31 May 2017 the company has transferred its trade, employees, certain assets and certain liabilities (with the agreement of |
relevant creditors) to its parent company, Revis Transport Limited. |
12. | ULTIMATE PARENT COMPANY |
The company's ultimate parent company is Revis Transport Limited, whose registered office is: |
Southfield Lane |
Tockwith |
York |
YO26 7QP |
The consolidated financial statements of Revis Transport Limited, within which the company is included, can be obtained from |
Companies House in Cardiff. |
13. | FIRST YEAR ADOPTION |
The company has adopted FRS 102 for the first time in the year ended 31 May 2017. The transition from United Kingdom Generally |
Accepted Accounting Practice has had no effect on the accounting policies or the figures previously reported. |