| Britannia Trucks Ltd |
| Notes to the Accounts |
| for the year ended 30 November 2019 |
|
|
| 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 (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
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. |
|
|
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. |
|
|
| 2 |
Employees |
2019 |
|
2018 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 December 2018 |
8,243 |
|
70,000 |
|
78,243 |
|
At 30 November 2019 |
8,243 |
|
70,000 |
|
78,243 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 December 2018 |
3,729 |
|
57,505 |
|
61,234 |
|
Charge for the year |
677 |
|
3,124 |
|
3,801 |
|
At 30 November 2019 |
4,406 |
|
60,629 |
|
65,035 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 November 2019 |
3,837 |
|
9,371 |
|
13,208 |
|
At 30 November 2018 |
4,514 |
|
12,495 |
|
17,009 |
|
|
| 4 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Obligations under finance lease and hire purchase contracts |
11,983 |
|
14,030 |
|
Other creditors |
1,860 |
|
301 |
|
|
|
|
|
|
13,843 |
|
14,331 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Other information |
|
|
Britannia Trucks Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
129b High Street |
|
Stevenage |
|
Herts |
|
SG1 3HS |
