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

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

 

26 February 2019

Page 2

A A K Haulage Limited

(Registration number: SC237856)
Balance Sheet as at 30 November 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	199,777	153,678
Current assets
Debtors	5	14,972	11,597
Cash at bank and in hand		12,593	13,682
		27,565	25,279
Creditors: Amounts falling due within one year	6	(96,966)	(87,452)
Net current liabilities		(69,401)	(62,173)
Total assets less current liabilities		130,376	91,505
Creditors: Amounts falling due after more than one year	6	(29,055)	(12,405)
Provisions for liabilities		(17,563)	(16,722)
Net assets		83,758	62,378
Capital and reserves
Called up share capital	7	2	2
Profit and loss account		83,756	62,376
Total equity		83,758	62,378

For the financial year ending 30 November 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.

Approved and authorised by the director on 26 February 2019
 

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

Kenneth Montieth Comrie
Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

A A K Haulage Limited

Notes to the Financial Statements for the Year Ended 30 November 2018

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 26 February 2019.

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.

Page 4

A A K Haulage Limited

Notes to the Financial Statements for the Year Ended 30 November 2018

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
Vehicles	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.

Page 5

A A K Haulage Limited

Notes to the Financial Statements for the Year Ended 30 November 2018

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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

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 1 (2017 - 1).

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A A K Haulage Limited

Notes to the Financial Statements for the Year Ended 30 November 2018

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 December 2017	61,243	12,879	119,335	193,457
Additions	-	2,529	131,950	134,479
Disposals	-	-	(92,980)	(92,980)
At 30 November 2018	61,243	15,408	158,305	234,956
Depreciation
At 1 December 2017	-	11,779	28,000	39,779
Charge for the year	-	400	19,000	19,400
Eliminated on disposal	-	-	(24,000)	(24,000)
At 30 November 2018	-	12,179	23,000	35,179
Carrying amount
At 30 November 2018	61,243	3,229	135,305	199,777
At 30 November 2017	61,243	1,100	91,335	153,678

5

Debtors

	2018 £	2017 £
Trade debtors	11,562	10,097
Other debtors	3,410	1,500
	14,972	11,597

6

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Loans and overdrafts	8	87,739	74,501
Trade creditors		3,103	4,153
Taxation and social security		4,529	3,727
Other creditors		1,595	5,071
		96,966	87,452
Due after one year
Loans and borrowings	8	29,055	12,405

Page 7

A A K Haulage Limited

Notes to the Financial Statements for the Year Ended 30 November 2018