1 June 2016 2.6.2 limited_company_frs_102_section_1a_v1_0_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activitytruexbrli:purexbrli:sharesiso4217:GBP006775522016-06-012017-05-31006775522017-05-31006775522016-05-3100677552core:WithinOneYear2017-05-3100677552core:WithinOneYear2016-05-3100677552core:AfterOneYear2017-05-3100677552core:ShareCapital2017-05-3100677552core:ShareCapital2016-05-3100677552core:RetainedEarningsAccumulatedLosses2017-05-3100677552core:RetainedEarningsAccumulatedLosses2016-05-3100677552bus:Director12016-06-012017-05-3100677552bus:RegisteredOffice2016-06-012017-05-3100677552core:LandBuildings2016-06-012017-05-3100677552core:PlantMachinery2016-06-012017-05-3100677552core:FurnitureFittings2016-06-012017-05-3100677552core:MotorVehicles2016-06-012017-05-31006775522015-06-012016-05-31006775522016-06-010067755212016-06-012017-05-3100677552countries:EnglandWales2016-06-012017-05-3100677552bus:AuditExemptWithAccountantsReport2016-06-012017-05-3100677552bus:PrivateLimitedCompanyLtd2016-06-012017-05-3100677552bus:SmallEntities2016-06-012017-05-3100677552bus:AbridgedAccounts2016-06-012017-05-31
Company registration number:
00677552
A. Buckler Haulage Limited
Unaudited Filleted Abridged Financial Statements for the year ended
31 May 2017
A. Buckler Haulage Limited
Report to the directors on the preparation of the unaudited statutory abridged financial statements of A. Buckler Haulage Limited
Year ended
31 May 2017
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
abridged financial statements
of
A. Buckler Haulage Limited
for the year ended
31 May 2017
which comprise the income statement, abridged statement of financial position, statement of changes in equity and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/​en/​member/​professional-standards/​rules-standards/​acca-rulebook.html.
This report is made solely to the Board of Directors of
A. Buckler Haulage Limited
, as a body. My work has been undertaken solely to prepare for your approval the
abridged financial statements
of
A. Buckler Haulage Limited
and state those matters that I have agreed to state to the Board of Directors of
A. Buckler Haulage Limited
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/​uk/​en/​technical-activities/​technical-resources-search/​2009/​october/​factsheet-163-audit-exempt-companies.html.
To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
A. Buckler Haulage Limited
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
A. Buckler Haulage Limited
has kept adequate accounting records and to prepare statutory
abridged financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
A. Buckler Haulage Limited
. You consider that
A. Buckler Haulage Limited
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the abridged financial statements of A. Buckler Haulage Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory abridged financial statements.
NWD Accountancy Limited
Business Central
2 Union Square, Central Park
Darlington
County Durham
DL1 1GL
United Kingdom
Date:
27 February 2018
A. Buckler Haulage Limited
Abridged Statement of Financial Position
31 May 2017
20172016
Note££
Fixed assets    
Tangible assets 5
595,957
 
370,225
 
Current assets    
Stocks
3,000
 
758,970
 
Debtors
397,397
 
384,684
 
Cash at bank and in hand
1,233,443
 
966,305
 
1,633,840
 
2,109,959
 
Creditors: amounts falling due within one year
(1,515,937
 )
(508,196
 )
Net current assets
117,903
 
1,601,763
 
Total assets less current liabilities 713,860   1,971,988  
Creditors: amounts falling due after more than one year
(42,010
 ) -  
Provision for liabilities
(49,768
 ) (16,269 )
Net assets
622,082
 
1,955,719
 
Capital and reserves    
Called up share capital
2,000
 
4,000
 
Profit and loss account
620,082
 
1,951,719
 
Shareholders funds
622,082
 
1,955,719
 
For the year ending
31 May 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 abridged 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 abridged financial statements.
These
abridged financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
abridged financial statements
were approved by the board of directors and authorised for issue on
27 February 2018
, and are signed on behalf of the board by:
M S Love
Director
Company registration number:
00677552
A. Buckler Haulage Limited
Notes to the Abridged Financial Statements
Year ended
31 May 2017

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Marsh Road Garage
,
Middlesbrough
,
Cleveland
,
TS1 5LD
, United Kingdom.

2 Statement of compliance

These
abridged financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
abridged financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
abridged financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Tangible assets

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
2% straight line and period over lease
Plant and machinery
15% straight line
Fixtures and fittings
33% straight line
Motor vehicles
25% straight line

Impairment

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases 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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provision for liabilities

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 in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

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.

4 Average number of employees

The average number of persons employed by the company during the year was
29
(2016:
29
).

5 Fixed assets

Tangible assets
£
Cost  
At
1 June 2016
1,979,170
 
Additions
319,136
 
At
31 May 2017
2,298,306
 
Depreciation  
At
1 June 2016
1,608,945
 
Charge
93,404
 
At
31 May 2017
1,702,349
 
Carrying amount  
At
31 May 2017
595,957
 
At 31 May 2016
370,225
 

6 Directors advances, credit and guarantees


The financial statements include an amount due to M S Love by the company as at the year end of £1,194. In the prior year the financial statements include amounts as owed at the year end to the company by M S and M P Love of £4,998 and £93,694 respectively.