Countrywide Freight London Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI067359 (Northern Ireland)

COUNTRYWIDE FREIGHT LONDON LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

to

5

FIXED ASSETS

Tangible assets

4

4,783

6,830

CURRENT ASSETS

Debtors

5

387,161

408,331

Cash at bank

120,840

149,127

508,001

557,458

CREDITORS

Amounts falling due within one year

6

(462,198

)

(511,120

)

NET CURRENT ASSETS

45,803

46,338

TOTAL ASSETS LESS CURRENT LIABILITIES

50,586

53,168

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

50,582

53,164

50,586

53,168

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 5 October 2020 and were signed by:

V A Scotton - Director

1.	STATUTORY INFORMATION

Countrywide Freight London Limited is a private company, limited by shares , registered in Northern

Ireland. The company's registered number and registered office address are as below:

Registered number:

NI067359

Registered office:

Mallusk Way

Mallusk Road

Netownabbey

Co. Antrim

BT36 4AA

The principal activity of the company during the year was that of road freight transport.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported. These estimates and judgements are continually

reviewed and are based on experience and other factors, including expectations of future events that

are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely

equal the related actual outcome. The key assumptions and other sources of estimation uncertainty

that have a significant risk of causing a material adjustment to the carrying amounts of assets and

liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of tangible fixed

assets has been based on estimated useful lives and residual values deemed appropriate by the

directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate.

Revisions take in to account actual asset lives and residual values as evidenced by disposals during

current and prior accounting periods.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents

amounts receivable for services rendered, stated net of Value Added Tax.

Tangible fixed assets

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

Plant and machinery

-

15% on cost

Motor vehicles

-

not provided

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated

depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where

a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of

that asset, the excess shall be recognised in profit or loss.

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, unless the arrangement

constitutes a financing transaction, where it is recognised at the present value of the future payments

discounted at a market rate of interest for a similar debt instrument.

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.

For all equity instruments regardless of significance, and other financial assets that are individually

significant, these are assessed individually for impairment. Other financial assets are either assessed

individually or grouped on the basis of similar credit risk characteristics.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the

reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items

recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other

comprehensive income or directly in equity, respectively.

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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax

losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of

exchange ruling at the date of the transaction.

Defined contribution plans

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.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting

date in which the employees render the related service, the liability is measured on a discounted

present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in

the period in which it arises

Impairment of fixed assets

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.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of

an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to

which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that

includes the asset and generates cash inflows that largely independent of the cash inflows from other

assets or groups of assets.

Employee benefits

The company provides a range of benefits to employees.

Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account

in the period in which they are incurred.

Going concern

The company's business activities are set out in the Directors' report on page 2. In addition the

accounting policies on pages 6 to 8 set out the company's objectives, policies and processes for

managing its financial risk management objectives and its exposure to credit and credit and liquidity

risk.

Countrywide Freight London has the ability from its own internal cash generation, from financial

backing and long term customer and supplier relationship, to meet ongoing requirements, within the

context of a market place where the current economic conditions create uncertainty particularly over

volume levels, market rates and the exchange rate between Euro and Sterling. The directors believe

that the company is well placed to manage its business risks successfully despite the current

uncertain economic outlook and to capitalise on opportunities within its marketplace.

The company's forecasts and projections, taking account of reasonably possible changes in trading

performance, show that the company as a whole will remain profitable, cash generative and should be

able to operate within the level of its current facility. The company has bank facilities currently in

place, which ensure that the needs of the business are fully met and delivered on acceptable terms.

After making enquiries, the directors have a reasonable expectation that the company has adequate

resources to continue in operational existence for the foreseeable future, accordingly they continue to

adopt the going concern basis in preparing the annual report and accounts. The company's principal

activities are groupage operations and freight forwarding from the UK to Ireland. The directors are not

aware, at the date of this report, of any significant changes in the company's activities that are likely to

occur in the coming year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2019

27,045

38,300

65,345

Disposals

-

(38,300

)

(38,300

)

At 31 December 2019

27,045

-

27,045

DEPRECIATION

At 1 January 2019

20,215

38,300

58,515

Charge for year

2,047

-

2,047

Eliminated on disposal

-

(38,300

)

(38,300

)

At 31 December 2019

22,262

-

22,262

NET BOOK VALUE

At 31 December 2019

4,783

-

4,783

At 31 December 2018

6,830

-

6,830

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

379,911

408,331

Prepayments and accrued income

7,250

-

387,161

408,331

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

314,871

330,684

Tax

71,244

82,610

Social security and other taxes

2,938

3,333

VAT

31,666

62,105

Other creditors

3,700

-

Directors' loan accounts

649

491

Accruals and deferred income

37,130

31,897

462,198

511,120

7.	RELATED PARTY DISCLOSURES

During the year the company entered into the following transactions with related parties;

The company directors;

£491 was due to the directors at the start of the year. During the year the directors introduced

£171,000 and were advanced £170,842. £649 was due to the directors at the end of the year.

8.	EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no material events up to the date of approval of the financial statements by the Board.