Feather Diesel Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00957030 (England and Wales)

Feather Diesel Services Limited

Financial Statements

for the Period 1 September 2018 to 31 July 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Bramley

LK Bramley

K Bramley

JE Morley

SJ Westaway

SECRETARY:

SJ Westaway

REGISTERED OFFICE:

Unit G12 Lock View

Lowfields Business Park

Elland

West Yorkshire

HX5 9HD

REGISTERED NUMBER:

00957030 (England and Wales)

AUDITORS:

McMillan & Co LLP

Chartered Accountants and

Statutory Auditor

28 Eaton Avenue

Matrix Office Park

Buckshaw Village

Chorley

Lancashire

PR7 7NA

FIXED ASSETS

Tangible assets

4

340,507

332,469

CURRENT ASSETS

Stocks

474,628

517,021

Debtors

5

638,279

562,732

Cash at bank

64,421

81,209

1,177,328

1,160,962

CREDITORS

Amounts falling due within one year

6

1,057,488

961,566

NET CURRENT ASSETS

119,840

199,396

TOTAL ASSETS LESS CURRENT LIABILITIES

460,347

531,865

CREDITORS

Amounts falling due after more than one year

7

-

(103,517

)

PROVISIONS FOR LIABILITIES

10

-

(47,713

)

NET ASSETS

460,347

380,635

CAPITAL AND RESERVES

Called up share capital

11

1,200

1,200

Other reserves

300

300

Retained earnings

458,847

379,135

SHAREHOLDERS' FUNDS

460,347

380,635

The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 19 March 2020 and were signed on its behalf by:

LK Bramley - Director

1.	STATUTORY INFORMATION

Feather Diesel Services Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The amounts in the financial statements have been rounded to the nearest £1.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At 31 July 2019, the company had an excess of assets over liabilities of £459,588. Despite the

uncertainty caused by the corona virus pandemic, the Director's are satisfied that the accounts are

prepared on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Fixed assets are recorded at cost less depreciation.

Depreciation is provided at the following rates in order to write off each asset over its estimated useful

life:

Long Leasehold

- 10-15 years straight line

Plant and machinery

- 10-12 years straight line

Fixtures and fittings

- 10 years straight line

Motor vehicles

- 5 years straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual

arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any

contract that evidences a residual interest in the assets of the company after deducting all of its

liabilities.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, except to the extent that it relates to items recognised in other

comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the period end and that

are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 30 (2018 - 33 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 September 2018

286,258

1,823,206

202,846

76,613

2,388,923

Additions

13,819

32,361

16,756

19,120

82,056

Disposals

-

(75,555

)

-

(2,100

)

(77,655

)

At 31 July 2019

300,077

1,780,012

219,602

93,633

2,393,324

DEPRECIATION

At 1 September 2018

270,134

1,530,736

188,528

67,056

2,056,454

Charge for period

2,537

51,523

6,505

6,215

66,780

Eliminated on disposal

-

(68,317

)

-

(2,100

)

(70,417

)

At 31 July 2019

272,671

1,513,942

195,033

71,171

2,052,817

NET BOOK VALUE

At 31 July 2019

27,406

266,070

24,569

22,462

340,507

At 31 August 2018

16,124

292,470

14,318

9,557

332,469

The NBV of assets held under HP agreements at the year end was £30,257 (2018 - £33,255). The

depreciation charge on these assets during the year was £2,998.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

393,360

324,574

Amounts owed by group undertakings

173,888

172,926

Other debtors

44,570

65,232

Deferred tax asset

26,461

-

638,279

562,732

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 8)

4,106

11,734

Trade creditors

648,730

638,426

Amounts owed to group undertakings

230,000

-

Taxation and social security

64,751

165,733

Other creditors

109,901

145,673

1,057,488

961,566

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 8)

-

3,517

Amounts owed to group undertakings

-

100,000

-

103,517

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2019

2018

£

£

Net obligations repayable:

Within one year

4,106

11,734

Between one and five years

-

3,517

4,106

15,251

The company is committed to paying £127,945 per annum under non-cancellable operating leases.

The total commitment due in more than five years is £773,639 (2018 - £883,749).

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

4,106

15,251

The company's bankers hold a fixed and floating charge over all property and undertakings of the

company.

There is an unlimited multilateral guarantee dated 9/8/2019 given by Merlin Diesel Holdings Limited,

Merlin Diesel Systems Limited, Feather Diesel Holdings Limited and Feather Diesel Services Limited.

Hire purchase creditors are secured against the financed asset.

10.	PROVISIONS FOR LIABILITIES

2018

£

Deferred tax

Accelerated capital allowances

47,713

Deferred

tax

£

Balance at 1 September 2018

47,713

Credit to Income Statement during period

(74,174

)

Balance at 31 July 2019

(26,461

)

The deferred tax asset has been recognised as a current asset at the end of the financial period as

forecasts show the company utilising the available tax losses over the short to medium term.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,200

Ordinary shares

1

1,200

1,200

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Neil McMillan FCA (Senior Statutory Auditor)

for and on behalf of McMillan & Co LLP

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard

102. 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,' not to disclose

related party transactions with wholly owned subsidiaries within the group.

14.	ULTIMATE CONTROLLING PARTY

The ultimate parent company from 1 September 2018 to 3 September 2018 was Feather Diesel

Holdings Limited, a company incorporated in England & Wales. On 3 September 2018, a share for

share exchange took place, which saw Merlin Diesel Holdings Limited, a company incorporated in

England & Wales, become the 100% shareholder of Feather Diesel Holdings Limited and the

company's ultimate parent company from that date.

The company is ultimately controlled by the directors of the ultimate parent company.