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COMPANY REGISTRATION NUMBER: SC572841
AllAbout Transport LTD
Unaudited Financial Statements
31 August 2021
AllAbout Transport LTD
Financial Statements
Year ended 31 August 2021
Contents
Page
Strategic report
1
Directors' report
2
Statement of income and retained earnings
3
Statement of financial position
4
Statement of cash flows
5
Notes to the financial statements
6
AllAbout Transport LTD
Strategic Report
Year ended 31 August 2021
This report was approved by the board of directors on 28 August 2022 and signed on behalf of the board by:
Mr Ionut Botosaneanu
Miss Ioana Maria Hromei
Director
Director
Company Secretary
Registered office:
16B Aurs Drive
Barrhead
Glasgow
United Kingdom
G78 2LR
AllAbout Transport LTD
Directors' Report
Year ended 31 August 2021
The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2021 .
Directors
The directors who served the company during the year were as follows:
Mr Ionut Botosaneanu
Miss Ioana Maria Hromei
(Appointed 1 August 2021)
Dividends
The directors do not recommend the payment of a dividend.
This report was approved by the board of directors on 28 August 2022 and signed on behalf of the board by:
Mr Ionut Botosaneanu
Miss Ioana Maria Hromei
Director
Director
Company Secretary
Registered office:
16B Aurs Drive
Barrhead
Glasgow
United Kingdom
G78 2LR
AllAbout Transport LTD
Statement of Income and Retained Earnings
Year ended 31 August 2021
2021
2020
Note
£
£
Turnover
4
96,235
42,828
Cost of sales
1,948
50
--------
--------
Gross profit
94,287
42,778
Distribution costs
5,442
1,071
Administrative expenses
64,961
25,251
Other operating income
1,250
--------
--------
Operating profit
5
25,134
16,456
Interest payable and similar expenses
4,029
--------
--------
Profit before taxation
21,105
16,456
Tax on profit
8
19,079
3
--------
--------
Profit for the financial year and total comprehensive income
2,026
16,453
--------
--------
Retained losses at the start of the year
( 14,580)
( 12,867)
--------
--------
Retained (losses)/earnings at the end of the year
( 12,554)
3,586
--------
--------
All the activities of the company are from continuing operations.
AllAbout Transport LTD
Statement of Financial Position
31 August 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
9
24,225
16,589
Current assets
Debtors
10
24,373
57,582
Cash at bank and in hand
5,989
1,000
--------
--------
30,362
58,582
Creditors: Amounts falling due within one year
11
46,929
7,691
--------
--------
Net current (liabilities)/assets
( 16,567)
50,891
--------
--------
Total assets less current liabilities
7,658
67,480
Creditors: Amounts falling due after more than one year
12
20,112
63,794
--------
--------
Net (liabilities)/assets
( 12,454)
3,686
--------
--------
Capital and reserves
Called up share capital
14
100
100
Profit and loss account
( 12,554)
3,586
--------
-------
Shareholders (deficit)/funds
( 12,454)
3,686
--------
-------
For the year ending 31 August 2021 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 have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 28 August 2022 , and are signed on behalf of the board by:
Mr Ionut Botosaneanu
Miss Ioana Maria Hromei
Director
Director
Company registration number: SC572841
AllAbout Transport LTD
Statement of Cash Flows
Year ended 31 August 2021
2021
2020
£
£
Cash flows from operating activities
Profit for the financial year
2,026
16,453
Adjustments for:
Interest payable and similar expenses
4,029
Tax on profit
19,079
3
Accrued expenses
18,763
1,186
Changes in:
Trade and other debtors
33,209
( 53,789)
Trade and other creditors
20,475
3,145
--------
--------
Cash generated from operations
97,581
( 33,002)
Interest paid
( 4,029)
Tax paid
( 19,079)
( 3)
--------
--------
Net cash from/(used in) operating activities
74,473
( 33,005)
--------
--------
Cash flows from financing activities
Proceeds from borrowings
( 50,627)
50,000
Payments of finance lease liabilities
6,945
13,794
Dividends paid
17,831
--------
--------
Net cash (used in)/from financing activities
( 43,682)
81,625
--------
--------
Net increase in cash and cash equivalents
30,791
48,620
Cash and cash equivalents at beginning of year
1,000
--------
--------
Cash and cash equivalents at end of year
31,791
48,620
--------
--------
AllAbout Transport LTD
Notes to the Financial Statements
Year ended 31 August 2021
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 16B Aurs Drive, Barrhead, Glasgow, G78 2LR, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, '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.
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:
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:
2021
2020
£
£
Depreciation of tangible assets
4,358
355
-------
----
6. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2021
2020
No.
No.
Production staff
1
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2021
2020
£
£
Wages and salaries
22,614
10,840
Social security costs
84
--------
--------
22,698
10,840
--------
--------
7. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2021
2020
£
£
8. Tax on profit
Major components of tax expense
2021
2020
£
£
Current tax:
UK current tax expense
19,079
3
--------
----
Tax on profit
19,079
3
--------
----
9. Tangible assets
Plant and machinery
£
Cost
At 1 September 2020 and 31 August 2021
29,088
--------
Depreciation
At 1 September 2020 and 31 August 2021
4,863
--------
Carrying amount
At 31 August 2021
24,225
--------
At 31 August 2020
24,225
--------
10. Debtors
2021
2020
£
£
Trade debtors
24,373
3,574
Other debtors
54,008
--------
--------
24,373
57,582
--------
--------
11. Creditors: Amounts falling due within one year
2021
2020
£
£
Trade creditors
7,506
Accruals and deferred income
22,504
3,741
Social security and other taxes
15,919
3,950
Other creditors
1,000
--------
-------
46,929
7,691
--------
-------
12. Creditors: Amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
( 627)
50,000
Obligations under finance leases and hire purchase contracts
20,739
13,794
--------
--------
20,112
63,794
--------
--------
13. Finance leases and hire purchase contracts
14. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
15. Analysis of changes in net debt
At 1 Sep 2020
Cash flows
At 31 Aug 2021
£
£
£
Cash at bank and in hand
1,000
4,989
5,989
Debt due after one year
(63,794)
43,682
(20,112)
--------
--------
--------
( 62,794)
48,671
( 14,123)
--------
--------
--------