Executive Freight Services Limited
Registered number: 05215325
Balance Sheet
as at 31 August 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 55,692 20,601
Current assets
Debtors 3 400,511 453,269
Cash at bank and in hand 165,499 102,205
566,010 555,474
Creditors: amounts falling due within one year 4 (315,834) (283,029)
Net current assets 250,176 272,445
Total assets less current liabilities 305,868 293,046
Creditors: amounts falling due after more than one year 5 (16,967) -
Net assets 288,901 293,046
Capital and reserves
Called up share capital 100 100
Profit and loss account 288,801 292,946
Shareholders' funds 288,901 293,046
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Mitchell
Approved by the board on 30 November 2017
Executive Freight Services Limited
Notes to the Accounts
for the year ended 31 August 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land 10% straight line
Plant & machinery 25% reducing balance
Motor vehicles 25% reducing balance
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
At 1 September 2016 7,700 53,171 14,000 74,871
Additions - - 54,040 54,040
At 31 August 2017 7,700 53,171 68,040 128,911
At 1 September 2016 5,776 43,471 5,023 54,270
Charge for the year 770 2,425 15,754 18,949
At 31 August 2017 6,546 45,896 20,777 73,219
Net book value
At 31 August 2017 1,154 7,275 47,263 55,692
At 31 August 2016 1,924 9,700 8,977 20,601
3 Debtors 2017 2016
£ £
Trade debtors 372,245 435,866
VAT debtor 8,364 2,543
Prepayments 12,626 8,088
Other debtors 7,276 6,772
400,511 453,269
4 Creditors: amounts falling due within one year 2017 2016
£ £
Obligations under finance lease and hire purchase contracts 9,200 2,625
Trade creditors 228,133 224,508
Corporation tax 23,767 41,806
Directors loan account 13,788 -
Other taxes and social security costs 16,508 7,262
Accruals 23,938 6,828
Other creditors 500 -
315,834 283,029
5 Creditors: amounts falling due after one year 2017 2016
£ £
Obligations under finance lease and hire purchase contracts 16,967 -
6 Related party transactions
Apart from the out of pocket expenses paid to the director and shareholder there are no other related party transactions as are required to be disclosed under the financial reporting standards for smaller entities.
The amount owed tothe directors at the year end is £13,788.
The amount of salaries paid to the directors totalled £52,307.
Dividends of £96,614 were declared during the year.
7 Controlling party
There is no ultimate controlling party.
8 Other information
Executive Freight Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 7 Arrow Industrial Estate
Eelmore Road
GU14 7QH
The financial statements are presented 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 above. These policies have been consistently applied to all years presented unless otherwise stated and the transition to FRS 102 was from 1 January 2016.
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