CPL Transport Services (UK) Limited Company Accounts

CPL TRANSPORT SERVICES (UK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04282426

CPL Transport Services (UK) Limited

Filleted Unaudited Financial Statements

31 December 2016

CPL Transport Services (UK) Limited

Financial Statements

Year ended 31 December 2016

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

CPL Transport Services (UK) Limited

Officers and Professional Advisers

The board of directors	C P Lumsden
	K Latter

Company secretary	K Latter

Registered office	Griffin Farm
	Appledore
	Ashford
	Kent
	TN26 2BA

Accountants	Wormald-Accountants Limited
	Accountants
	Brooks House
	1 Albion Place
	Maidstone
	Kent
	ME14 5DY

CPL Transport Services (UK) Limited

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	6		961,890	870,251

Current assets

Debtors	7	1,178,381	794,631
Cash at bank and in hand		651,737	561,870
		------------	------------
		1,830,118	1,356,501

Creditors: amounts falling due within one year	8	632,861		455,572
		------------		------------
Net current assets			1,197,257	900,929
			------------	------------
Total assets less current liabilities			2,159,147	1,771,180

Creditors: amounts falling due after more than one year	9		22,685	61,999

Provisions

Taxation including deferred tax	157,577	157,199
	------------	------------
Net assets	1,978,885	1,551,982
	------------	------------

CPL Transport Services (UK) Limited

Statement of Financial Position (continued)

31 December 2016

	2016		2015
Note	£	£	£

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	1,977,885	1,550,982
	------------	------------
Members funds	1,978,885	1,551,982
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 29 September 2017 , and are signed on behalf of the board by:

C P Lumsden	K Latter
Director	Director

Company registration number: 04282426

CPL Transport Services (UK) Limited

Notes to the Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Griffin Farm, Appledore, Ashford, Kent, TN26 2BA.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income 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.

Tangible assets

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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Property Improvements	-	10% straight line
Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	15% reducing balance
Equipment	-	25% reducing balance

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 18 (2015: 16 ).

5. Tax on profit

Major components of tax expense

	2016	2015
	£	£

Current tax:

UK current tax expense	155,988	109,121

Deferred tax:

Origination and reversal of timing differences	378	49,916
	---------	---------
Tax on profit	156,366	159,037
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2015: higher than) the standard rate of corporation tax in the UK of 20 % (2015: 20 %).

	2016	2015
	£	£
Profit on ordinary activities before taxation	776,229	787,677
	---------	---------
Profit on ordinary activities by rate of tax	155,246	157,535
Effect of capital allowances and depreciation	1,120	1,502
	---------	---------
Tax on profit	156,366	159,037
	---------	---------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2016	135,646	1,653,055	17,816	36,492	1,843,009
Additions	–	322,578	–	3,255	325,833
	---------	------------	--------	--------	------------
At 31 December 2016	135,646	1,975,633	17,816	39,747	2,168,842
	---------	------------	--------	--------	------------
Depreciation
At 1 January 2016	6,296	940,929	3,131	22,402	972,758
Charge for the year	13,565	212,983	2,203	5,443	234,194
	---------	------------	--------	--------	------------
At 31 December 2016	19,861	1,153,912	5,334	27,845	1,206,952
	---------	------------	--------	--------	------------
Carrying amount
At 31 December 2016	115,785	821,721	12,482	11,902	961,890
	---------	------------	--------	--------	------------
At 31 December 2015	129,350	712,126	14,685	14,090	870,251
	---------	------------	--------	--------	------------

Included within the net book value of £984,785 is £84,966 (2015: £144,289) relating to assets held under hire purchase agreements. The depreciation charged to the finanacial statements in the year in respect of such assets amounted to £28,322 (2015: £48,096)

7. Debtors

	2016	2015
	£	£
Trade debtors	828,515	431,080
Amounts owed by group undertakings and undertakings in which the company has a participating interest	349,866	363,551
	------------	---------
	1,178,381	794,631
	------------	---------

8. Creditors: amounts falling due within one year

	2016	2015
	£	£
Trade creditors	221,493	166,388
Corporation tax	155,988	109,121
Social security and other taxes	38,201	97,083
Other creditors	217,179	82,980
	---------	---------
	632,861	455,572
	---------	---------

9. Creditors: amounts falling due after more than one year

	2016	2015
	£	£
Other creditors	22,685	61,999
	--------	--------

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2016	2015
	£	£
Included in provisions	157,577	157,199
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2016	2015
	£	£
Deferred tax - other timing differences Excess of taxation allowances over depreciation on fixed assets	157,577	157,199
	---------	---------

11. Directors' advances, credits and guarantees

During the year under review the company had related party transactions with its directors Mr C P Lumsden and Ms K Latter . These transactions were limited to interest free loans made to the company. At the close of business on 31 December 2016, the company owed the directors £31,900 (2015 £1,055).

12. Related party transactions

The company was under the control of Mr C P Lumsden throughout the current and previous year. Mr C P Lumsden is the managing director and majority shareholder.

13. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.