Front Runner Logistics Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03919782 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2018

FOR

FRONT RUNNER LOGISTICS LTD

Page

Company Information

1

Report of the Directors

2

Chartered Certified Accountants' Report

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

S N McCormack

J McCormack

C R McCormack

W J McCormack

REGISTERED OFFICE:

2 Lake End Court

Taplow Road

Taplow

Maidenhead

Berkshire

SL6 0JQ

BUSINESS ADDRESS:

Unit D2

The Dolphin Estate

Windmill Road

Sunbury

Middlesex

TW16 7HE

REGISTERED NUMBER:

03919782 (England and Wales)

ACCOUNTANTS:

Stiles & Company

Chartered Certified Accountants

2 Lake End Court

Taplow

Maidenhead

Berkshire

SL6 0JQ

The directors present their report with the financial statements of the company for the year ended 28 February 2018.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 March 2017 to the date of this report.

S N McCormack

J McCormack

C R McCormack

Other changes in directors holding office are as follows:

W J McCormack - appointed 9 June 2017

DONATIONS

During the year the company made donations totalling £2,548 to various charities including; Cancer Research UK and

Red Nose Day.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

J McCormack - Director

23 October 2018

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Front Runner Logistics Ltd for the year ended 28 February 2018 which comprise the Income

Statement, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Front Runner Logistics Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Front Runner Logistics Ltd and state those matters that we have agreed to state to the Board of Directors of Front Runner Logistics Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Front Runner Logistics Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Front Runner Logistics Ltd. You consider that Front Runner Logistics Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Front Runner Logistics Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Stiles & Company

Chartered Certified Accountants

2 Lake End Court

Taplow

Maidenhead

Berkshire

SL6 0JQ

23 October 2018

FIXED ASSETS

Tangible assets

5

1,460,014

916,027

CURRENT ASSETS

Debtors

6

1,782,695

866,354

Cash at bank and in hand

432,433

42,513

2,215,128

908,867

CREDITORS

Amounts falling due within one year

7

2,411,525

1,154,282

NET CURRENT LIABILITIES

(196,397

)

(245,415

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,263,617

670,612

CREDITORS

Amounts falling due after more than one year

8

(473,879

)

(213,575

)

PROVISIONS FOR LIABILITIES

(93,033

)

(100,161

)

NET ASSETS

696,705

356,876

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

695,705

355,876

SHAREHOLDERS' FUNDS

696,705

356,876

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 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 23 October 2018 and were signed on its behalf by:

S N McCormack - Director

1.	STATUTORY INFORMATION

Front Runner Logistics Ltd 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.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The accounts are presented in GBP sterling and are rounded to the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

33% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 63 (2017 - 42 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 March 2017

67,090

70,739

1,523,912

1,661,741

Additions

13,191

28,785

954,557

996,533

Disposals

(43,691

)

(35,842

)

(290,152

)

(369,685

)

At 28 February 2018

36,590

63,682

2,188,317

2,288,589

DEPRECIATION

At 1 March 2017

53,494

53,369

638,851

745,714

Charge for year

7,757

9,377

365,743

382,877

Eliminated on disposal

(43,691

)

(35,842

)

(220,483

)

(300,016

)

At 28 February 2018

17,560

26,904

784,111

828,575

NET BOOK VALUE

At 28 February 2018

19,030

36,778

1,404,206

1,460,014

At 28 February 2017

13,596

17,370

885,061

916,027

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 March 2017

858,538

Additions

936,144

Transfer to ownership

(269,323

)

At 28 February 2018

1,525,359

DEPRECIATION

At 1 March 2017

168,850

Charge for year

262,492

Transfer to ownership

(138,538

)

At 28 February 2018

292,804

NET BOOK VALUE

At 28 February 2018

1,232,555

At 28 February 2017

689,688

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.18

28.2.17

£

£

Trade debtors

1,737,010

755,076

Other debtors

45,685

111,278

1,782,695

866,354

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.18

28.2.17

£

£

Hire purchase contracts

490,022

274,214

Trade creditors

547,556

81,754

Taxation and social security

492,965

273,344

Other creditors

880,982

524,970

2,411,525

1,154,282

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.18

28.2.17

£

£

Hire purchase contracts

473,879

213,575

9.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.18

28.2.17

£

£

Hire purchase

963,901

487,790

Invoice factoring

840,364

479,304

1,804,265

967,094

The company's bank, Barclays, have a fixed and floating charge over the company's assets in security of the

overdraft and invoice factoring facilities in place.

Individual finance company's have security in place over the assets which are financed under hire purchase.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.18

28.2.17

value:

£

£

700

Ordinary 'A'

£1.00

700

700

100

Ordinary 'B'

£1.00

100

100

200

Ordinary 'C'

£1.00

200

200

1,000

1,000