Markham Moor Transport Ltd - Period Ending 2016-10-31

Registration number: 01771866

Markham Moor Transport Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2016
 

Saul Fairholm Limited
24 Exchange Street
Retford
Nottinghamshire
DN22 6DT

Markham Moor Transport Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Markham Moor Transport Ltd
(Registration number: 01771866)
Abbreviated Balance Sheet at 31 October 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			606,474			638,950
Current assets
Stocks					1,000			7,500
Debtors					244,306			197,965
Cash at bank and in hand					596,382			615,551
					841,688			821,016
Creditors: Amounts falling due within one year					(159,113)			(129,235)
Net current assets					682,575			691,781
Total assets less current liabilities					1,289,049			1,330,731
Provisions for liabilities					(39,000)			(35,256)
Net assets					1,250,049			1,295,475
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					1,250,047			1,295,473
Shareholders' funds					1,250,049			1,295,475

For the year ending 31 October 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 23 March 2017 and signed on its behalf by:

.........................................
Mrs E M Jubb
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Markham Moor Transport Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Revenue represents the fair value of the consideration received or receivable from the operation of haulage, net of discounts and sales taxes. Revenue is recognised when it is probable that the economic benefits associated with a transaction will flow to the company and the amount of revenue and associated costs can be measured reliably

Depreciation

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

Asset class	Depreciation method and rate
Plant and machinery	15% on reducing balance basis
Motor vehicles	25% on reducing balance basis
Leasehold land and buildings	5% on straght line basis

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 2

Markham Moor Transport Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2015		1,764,166			1,764,166
Disposals		(23,868)			(23,868)
At 31 October 2016		1,740,298			1,740,298
Depreciation
At 1 November 2015		1,125,216			1,125,216
Charge for the year		24,456			24,456
Eliminated on disposals		(15,848)			(15,848)
At 31 October 2016		1,133,824			1,133,824
Net book value
At 31 October 2016		606,474			606,474
At 31 October 2015		638,950			638,950

Page 3

Markham Moor Transport Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		2			2			2			2

Page 4