back to SPENCE TRANSPORT LIMITED detail Spence Transport Ltd - Abbreviated accounts
Registered number
00985420
Spence Transport Ltd
Abbreviated Accounts
31 July 2016
Spence Transport Ltd
Registered number: 00985420
Abbreviated Balance Sheet
as at 31 July 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 180,061 84,419
Current assets
Stocks 500 500
Debtors 126,396 136,806
Cash at bank and in hand 123,709 106,427
250,605 243,733
Creditors: amounts falling due within one year (171,066) (158,230)
Net current assets 79,539 85,503
Total assets less current liabilities 259,600 169,922
Creditors: amounts falling due after more than one year (81,837) (40,630)
Provisions for liabilities (31,022) (851)
Net assets 146,741 128,441
Capital and reserves
Called up share capital 3 1,000 1,000
Profit and loss account 145,741 127,441
Shareholders' funds 146,741 128,441
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
A Spence
Director
Approved by the board on 31 October 2016
Spence Transport Ltd
Notes to the Abbreviated Accounts
for the year ended 31 July 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Freehold property 2% on cost
Plant and machinery 15% reducing balance
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Tangible fixed assets £
Cost
At 1 August 2015 266,909
Additions 141,500
At 31 July 2016 408,409
Depreciation
At 1 August 2015 182,490
Charge for the year 45,858
At 31 July 2016 228,348
Net book value
At 31 July 2016 180,061
At 31 July 2015 84,419
3 Share capital Nominal 2016 2016 2015
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each - 1,000 1,000
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