Company Registration No. 09901818 (England and Wales)
K V Transfix (Holdings) Limited
Unaudited Financial Statements
For The Period Ended 28 February 2018
K V TRANSFIX (HOLDINGS) LIMITED
K V Transfix (Holdings) Limited
COMPANY INFORMATION
Directors
Mrs L J Jackson
Mr P N Gilson
Company number
09901818
Registered office
Unit 90/93
Kelleythorpe Industrial Estate
Driffield
YO25 9DJ
Accountants
Garbutt & Elliott LLP
Triune Court
Monks Cross Drive
York
YO32 9GZ
K V TRANSFIX (HOLDINGS) LIMITED
K V Transfix (Holdings) Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
K V TRANSFIX (HOLDINGS) LIMITED
K V Transfix (Holdings) Limited
BALANCE SHEET
AS AT
28 FEBRUARY 2018
28 February 2018
- 1 -
2018
2016
Notes
£
£
£
£
Fixed assets
Investments
3
447,399
447,399
Current assets
Cash at bank and in hand
168
1,929
Creditors: amounts falling due within one year
5
(272,927)
(183,898)
Net current liabilities
(272,759)
(181,969)
Total assets less current liabilities
174,640
265,430
Creditors: amounts falling due after more than one year
6
(154,555)
(223,197)
Net assets
20,085
42,233
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
19,985
42,133
Total equity
20,085
42,233
The directors of the company have elected not to include a copy of the Directors' report or the profit and loss account within the financial statements.true
For the financial period ended 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 7 November 2018 and are signed on its behalf by:
Mrs L J Jackson
Mr P N Gilson
Director
Director
Company Registration No. 09901818
K V TRANSFIX (HOLDINGS) LIMITED
K V Transfix (Holdings) Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2018
- 2 -
1
Accounting policies
Company information
K V Transfix (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 90/93, Kelleythorpe Industrial Estate, Driffield, YO25 9DJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
K V TRANSFIX (HOLDINGS) LIMITED
K V Transfix (Holdings) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
K V TRANSFIX (HOLDINGS) LIMITED
K V Transfix (Holdings) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2018
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2 (2016 - 2).
3
Fixed asset investments
2018
2016
£
£
Investments
447,399
447,399
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2017 & 28 February 2018
447,399
Carrying amount
At 28 February 2018
447,399
At 31 December 2016
447,399
4
Subsidiaries
Details of the company's subsidiaries at 28 February 2018 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
K V Transfix Limited
England & Wales
Engineering and metal fabrication
Ordinary
100.00
5
Creditors: amounts falling due within one year
2018
2016
£
£
Amounts due to group undertakings
187,456
105,430
Other creditors
85,471
78,468
272,927
183,898
K V TRANSFIX (HOLDINGS) LIMITED
K V Transfix (Holdings) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2018
- 5 -
6
Creditors: amounts falling due after more than one year
2018
2016
£
£
Other creditors
154,555
223,197
Creditors which fall due after five years are as follows:
2018
2016
£
£
Payable by instalments
-
22,615