Feather Diesel Services Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 00957030 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

FEATHER DIESEL SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S C Smith

J E Morley

Mrs T M Smith

Mrs E C Morley

S J Westaway

SECRETARY:

S J Westaway

REGISTERED OFFICE:

Unit G12

Lock View

Lowfields Business Park

Elland

West Yorkshire

HX5 9HD

REGISTERED NUMBER:

00957030 (England and Wales)

ACCOUNTANTS:

Sedulo Leeds Limited

St Paul's House

23 Park Square

Leeds

LS1 2ND

FIXED ASSETS

Tangible assets

4

337,518

335,135

CURRENT ASSETS

Stocks

373,360

372,615

Debtors

5

759,763

670,111

Cash at bank and in hand

109,186

225,902

1,242,309

1,268,628

CREDITORS

Amounts falling due within one year

6

768,512

577,426

NET CURRENT ASSETS

473,797

691,202

TOTAL ASSETS LESS CURRENT LIABILITIES

811,315

1,026,337

CREDITORS

Amounts falling due after more than one year

7

(14,274

)

-

PROVISIONS FOR LIABILITIES

(46,039

)

(46,416

)

NET ASSETS

751,002

979,921

CAPITAL AND RESERVES

Called up share capital

1,200

1,200

Other reserves

300

300

Retained earnings

749,502

978,421

SHAREHOLDERS' FUNDS

751,002

979,921

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 11 June 2018 and were signed on its behalf by:

J E Morley - 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 principal activity of the company in the period under review was that of diesel fuel injection engineers.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to

customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated

residual value, over their expected useful economic life as follows:

Short leasehold property

Straight line over the remaining life of the lease

Plant and machinery

10% straight line basis

Fixtures and fittings

10% straight line basis

Motor vehicles

20% straight line basis

Stock and work in progress

Stock and work in progress are 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and finance lease contracts

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of

the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are

depreciated over their useful lives. The capital elements of future obligations under the leases are included as

liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss

account over the period of the lease and represents a constant proportion of the balance of capital repayments

outstanding.

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their

useful lives. The capital element of future finance payments is included within creditors. Finance charges are

allocated to accounting periods over the length of the contract.

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

lease term.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions are charged in the profit and loss

account as they become payable in accordance with the rules of the scheme.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2016 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 October 2016

276,187

2,149,292

2,425,479

Additions

9,088

80,399

89,487

At 30 September 2017

285,275

2,229,691

2,514,966

DEPRECIATION

At 1 October 2016

265,938

1,824,406

2,090,344

Charge for year

2,062

85,042

87,104

At 30 September 2017

268,000

1,909,448

2,177,448

NET BOOK VALUE

At 30 September 2017

17,275

320,243

337,518

At 30 September 2016

10,249

324,886

335,135

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

496,591

428,705

Amounts owed by group undertakings

165,373

165,360

Other debtors

97,799

76,046

759,763

670,111

Debtors includes £165,373 (2015 - £165,360) receivable after more than one year.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

19,651

Hire purchase contracts (see note 8)

11,633

-

Trade creditors

392,152

275,696

Taxation and social security

71,540

86,852

Other creditors

293,187

195,227

768,512

577,426

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 8)

14,274

-

8.	LEASING AGREEMENTS

The company is committed to paying £128,215 per annum under non-cancellable operating leases. The total

commitment due in more than five years is £1,003,640 (2016 - £1,129,095)

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

-

19,651

Hire purchase contracts

25,907

-

25,907

19,651

Hire purchase creditors are secured against the financed asset.

10.	CONTINGENT LIABILITIES

H. M. Revenue & Customs have opened enquiries into the company's use of contractors to undertake the

executive duties formerly (and subsequently) undertaken by the directors in the period from May 2012 to

February 2017. The directors have formed the view, after taking advice, that legal precedent is in the company's

favour and that it will be concluded that no additional taxation liabilities will be due by the company in respect

of the use of contractors and accordingly no provision has been made in the financial statements for any future

economic outflows in relation to these matters. It may be a number of years before the position is finally

established and there is a possibility, which the directors have assessed as more than remote, that further taxation

liabilities will arise. While H. M. Revenue & Customs have currently issued PAYE & NIC determinations

claiming a total of £73,250, it is not possible at this stage to predict with any reasonable degree of certainty the

likelihood of such sums being payable in the future, the amount of such sums or the date(s) on which they could

become payable.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2017 and

30 September 2016:

2017

2016

£

£

Mrs T M Smith

Balance outstanding at start of year

60

55

Amounts advanced

-

51,267

Amounts repaid

(60

)

(51,262

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

60

12.	RELATED PARTY DISCLOSURES

Feather Diesel Services Limited is a subsidiary of the parent company Feather Diesel Holdings Limited a

company registered in England and Wales.

13.	FIRST YEAR ADOPTION

For all periods up to and including the year ended 30 September 2016, the Company prepared its financial

statements in accordance with previously extant United Kingdom generally accepted accounting practice (UK

GAAP). These financial statements, for the period ended 30 September 2017, are the first the company has

prepared in accordance with FRS102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland".

Accordingly, the Company has prepared individual financial statements which comply with FRS102 "The

Financial Reporting Standard applicable in the UK and Republic of Ireland" applicable for periods beginning on

or after 1 January 2015 and the significant accounting policies meeting those requirements are described in the

relevant notes.

The amendments have no material effect on the financial statements.