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New lane licence application refused
Page 20
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• Retfordbased Ken Lane Transport, a company that lost its licence last May because of excise licence and overloading offences (CM 26 May-1 June) has had its application for a fresh licence refused.
The company had applied to Eastern Licensing Authority Brigadier Compton Boyd for a new international licence, authorising 15 vehicles and 22 trailers. In determining the application the LA was assisted by a financial assessor appointed by the Secretary of
State (CM 16-22 March).
Boyd refused the application saying that he was satisfied that the company had regained its repute, but was not satisfied with its financial standing.
The fact that current liabilities, estimated at £170,295, exceeded the current assets of £111,837, indicated the company could not meet its liabilities as they fell due, said Boyd. The position was made worse by an overdraft of £23,346 against a limit of £25,000. The PAYE liability had increased by £4,554 to £86,976 since 30 September 1987, despite asserticins that it was being cleared.
The net assets of £6,872 at 31 January 1989 showed a decline of £13,862 from the position shown in the audited accounts at 30 September 1987. Though that deterioration was not accepted by a director of the company at the public inquiry, he had been unable to offer any explanation. The financial statement at 31 January 1989 indicated that the company was insolvent.
Boyd commented that the audited accounts for 1986 and 1987 were heavily qualified and there were no audited accounts for 1988.