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Registration number: NI011469

Cairn Delivery Service Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2018

J A Mc Clements & Co
Accountant
25B Ballymena Business Centre
Galgorm
Ballymena
Co Antrim
BT42 1FL

 

Cairn Delivery Service Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Cairn Delivery Service Limited

Company Information

Directors

Mr Colm Dooey

Mr Patrick Dooey

Registered office

57 Bellaghy Road
Dunloy
Ballymena
Co Antrim
BT44 9DY

Accountants

J A Mc Clements & Co
Accountant
25B Ballymena Business Centre
Galgorm
Ballymena
Co Antrim
BT42 1FL

 

Cairn Delivery Service Limited

(Registration number: NI011469)
Balance Sheet as at 30 June 2018

Note

30 June
2018
£

30 June
2017
£

Fixed assets

 

Tangible assets

4

82,312

67,030

Other financial assets

5

37,290

37,290

 

119,602

104,320

Current assets

 

Stocks

6

1,050

5,720

Debtors

7

628,756

317,608

Cash at bank and in hand

 

35,309

34,726

 

665,115

358,054

Creditors: Amounts falling due within one year

8

(537,812)

(360,187)

Net current assets/(liabilities)

 

127,303

(2,133)

Total assets less current liabilities

 

246,905

102,187

Creditors: Amounts falling due after more than one year

8

(111,197)

(60,495)

Provisions for liabilities

(6,583)

(7,161)

Net assets

 

129,125

34,531

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

129,025

34,431

Total equity

 

129,125

34,531

For the financial year ending 30 June 2018 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Cairn Delivery Service Limited

(Registration number: NI011469)
Balance Sheet as at 30 June 2018

Approved and authorised by the Board on 11 October 2018 and signed on its behalf by:
 

.........................................

Mr Colm Dooey
Director

.........................................

Mr Patrick Dooey
Director

 

Cairn Delivery Service Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
57 Bellaghy Road
Dunloy
Ballymena
Co Antrim
BT44 9DY
Northern Ireland

The principal place of business is:
Hyde Park Ind Estate
19 Sentry Lane
Mallusk
Co Antrim
BT36 4XY
Northern Ireland

These financial statements were authorised for issue by the Board on 11 October 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Cairn Delivery Service Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

20% Straight Line

Fixtures Fittings and Equipment

20% Straight Line

Motor Vehicles

20% Straight Line

Amortisation

Asset class

Amortisation method and rate

Investment

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Cairn Delivery Service Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Cairn Delivery Service Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2017 - 28).

 

Cairn Delivery Service Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2017

14,195

497,144

77,821

589,160

Additions

339

43,462

-

43,801

At 30 June 2018

14,534

540,606

77,821

632,961

Depreciation

At 1 July 2017

14,195

437,714

70,221

522,130

Charge for the year

69

24,150

4,300

28,519

At 30 June 2018

14,264

461,864

74,521

550,649

Carrying amount

At 30 June 2018

270

78,742

3,300

82,312

At 30 June 2017

-

59,430

7,600

67,030

5

Other financial assets (current and non-current)

Derivatives used for hedging
£

Total
£

Non-current financial assets

Cost or valuation

At 1 July 2017

37,290

37,290

At 30 June 2018

37,290

37,290

Impairment

Carrying amount

At 30 June 2018

37,290

37,290

6

Stocks

30 June
2018
£

30 June
2017
£

Other inventories

1,050

5,720

 

Cairn Delivery Service Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

7

Debtors

30 June
2018
£

30 June
2017
£

Trade debtors

497,756

315,408

Prepayments

42,800

-

Other debtors

88,200

2,200

628,756

317,608

8

Creditors

Creditors: amounts falling due within one year

Note

30 June
2018
£

30 June
2017
£

Due within one year

 

Bank loans and overdrafts

10

167,833

49,557

Trade creditors

 

329,141

274,027

Taxation and social security

 

19,417

24,565

Accruals and deferred income

 

2,200

2,200

Other creditors

 

19,221

9,838

 

537,812

360,187

Creditors: amounts falling due after more than one year

Note

30 June
2018
£

30 June
2017
£

Due after one year

 

Loans and borrowings

10

111,197

60,495

9

Share capital

Allotted, called up and fully paid shares

 

30 June
2018

30 June
2017

 

No.

£

No.

£

Ordinary Share of £1 each

100

100

100

100

         
 

Cairn Delivery Service Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

10

Loans and borrowings

30 June
2018
£

30 June
2017
£

Non-current loans and borrowings

Bank borrowings

40,734

46,859

Finance lease liabilities

38,463

(8,364)

Other borrowings

32,000

22,000

111,197

60,495

30 June
2018
£

30 June
2017
£

Current loans and borrowings

Finance lease liabilities

16,833

49,557

Other borrowings

151,000

-

167,833

49,557

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2018
£

2017
£

Remuneration

55,619

54,364

Contributions paid to money purchase schemes

2,196

2,196

57,815

56,560