Registered number
NI618744
Ballinliss Freight Ltd
Unaudited Filleted Accounts
30 June 2023
Ballinliss Freight Ltd
Registered number: NI618744
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 45,843 7,138
Current assets
Stocks 2,000 900
Debtors 4 20,239 8,853
Cash at bank and in hand - 1,489
22,239 11,242
Creditors: amounts falling due within one year 5 (25,579) (55,280)
Net current liabilities (3,340) (44,038)
Total assets less current liabilities 42,503 (36,900)
Creditors: amounts falling due after more than one year 6 (71,646) -
Net liabilities (29,143) (36,900)
Capital and reserves
Called up share capital 1 1
Profit and loss account (29,144) (36,901)
Shareholder's funds (29,143) (36,900)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Gerard Downey
Director
Approved by the board on 31 March 2024
Ballinliss Freight Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% Reducing Balance
Fixtures, fittings, tools and equipment 20% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 2,516 17,000 19,516
Additions - 43,000 43,000
At 30 June 2023 2,516 60,000 62,516
Depreciation
At 1 July 2022 949 11,429 12,378
Charge for the year 314 3,981 4,295
At 30 June 2023 1,263 15,410 16,673
Net book value
At 30 June 2023 1,253 44,590 45,843
At 30 June 2022 1,567 5,571 7,138
4 Debtors 2023 2022
£ £
Trade debtors 9,565 6,853
Directors Account - 1,533
Other debtors 10,674 467
20,239 8,853
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 14,625 44,873
Obligations under finance lease and hire purchase contracts 9,948 -
Trade creditors - 7,886
Taxation and social security costs (2,807) 1,271
Director's account 2,483 -
Other creditors 1,330 1,250
25,579 55,280
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 33,511 -
Obligations under finance lease and hire purchase contracts 38,135 -
71,646 -
7 Other information
Ballinliss Freight Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
92 Forkhill Road
Newry
Co Down
BT35 8QY
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