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WIMBLEDON CARRIAGE COMPANY LIMITED |
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2018 |
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REGISTERED NUMBER:
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WIMBLEDON CARRIAGE COMPANY LIMITED |
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2018 |
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Statement of Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Cash Flow Statement | 11 |
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Notes to the Cash Flow Statement | 12 |
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Notes to the Financial Statements | 13 |
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WIMBLEDON CARRIAGE COMPANY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Redwood Court |
Tawe Business Village |
Swansea |
SA7 9LA |
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BANKERS: |
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201 - 203 The Broadway |
Wimbledon |
London |
SW19 1FF |
WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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The directors present their strategic report for the year ended 31 January 2018. |
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REVIEW OF BUSINESS |
The Company is a long established independent prestige car dealership based in Wimbledon. It has a strong |
reputation for supplying high quality used cars. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
Wimbledon Carriage Company, in common with many such businesses is owned and managed by the Directors. |
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The principal risks faced by the Company are competition caused by aggressive discounting by main dealers and |
market sentiment generally. |
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These risks are addressed by constantly reviewing buying strategy and selling at profitable, though competitive, prices. |
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BUSINESS ENVIRONMENT |
All independent dealers continue to suffer as a result of new vehicle discounting by main dealers. Also, the |
Government's change in stance regarding diesel engine cars has impacted the Company in the year resulting in a drop |
in turnover. This has prompted a change in emphasis, with the Company selling more energy efficient electric and |
hybrid cars. |
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STRATEGY |
The Company will continue to promote its reputation for fair dealing with the general public. The Company maintains |
its competitive position by using internet based web-sites to keep pricing under review. |
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The experience and judgement developed over many years enables the Company to purchase vehicles for re-sale at |
appropriate prices. Customer service remains a key objective. |
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RESULTS AND PERFORMANCE |
The results of the Company for the year, as set out on page 8, show a profit on ordinary activities before tax of |
£292,162 (2017 - profit of £267,853). The shareholders' funds total £4,082,352 (2017 - £3,947,613). |
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The performance of the Company has produced a satisfactory result in a difficult trading environment. |
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KEY PERFORMANCE INDICATORS (KPI'S) |
2018 | 2017 | Variance |
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Turnover | £8,708,278 | £9,506,419 | (8.40% | ) |
Gross profit | £888,952 | £869,670 | 2.22% |
Gross profit % | 10.21% | 9.15% |
Profit before tax | £292,162 | £267,853 | 18.87% |
Profit before tax % | 3.35% | 2.82% |
Net assets | £4,082,352 | £3,947,613 | 3.41% |
Return on capital employed | 4.79% | 3.86% |
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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FUTURE DEVELOPMENTS |
The Company intends to continue its existing strategy into the future. The Directors are of the opinion that aggressive |
discounting by main dealers will reduce as the economy improves in a low inflation environment. This will benefit the |
Company going forward. |
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Our Corporation Tax charge will continue to benefit from the reduction to an eventual rate of 17%. |
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ON BEHALF OF THE BOARD: |
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 January 2018. |
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DIVIDENDS |
An interim dividend of £ be paid. |
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The total distribution of dividends for the year ended 31 January 2018 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2017 to the date of this |
report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the |
directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted |
Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors |
must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of |
affairs of the company and of the profit or loss of the company for that period. In preparing these financial |
statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible |
for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of |
fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies |
Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought |
to have taken as a director in order to make himself or herself aware of any relevant audit information and to |
establish that the company's auditors are aware of that information. |
WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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AUDITORS |
The auditors, Carr, Jenkins & Hood, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WIMBLEDON CARRIAGE COMPANY LIMITED |
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Opinion |
We have audited the financial statements of Wimbledon Carriage Company Limited (the 'company') for the year |
ended 31 January 2018 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of |
Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, |
including a summary of significant accounting policies. The financial reporting framework that has been applied in |
their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard |
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally |
Accepted Accounting Practice). |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 January 2018 and of its profit for the year
then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the |
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the |
Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the |
Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and we do not express any form of |
assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in |
doing so, consider whether the other information is materially inconsistent with the financial statements or our |
knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have |
performed, we conclude that there is a material misstatement of this other information, we are required to report |
that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WIMBLEDON CARRIAGE COMPANY LIMITED |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the |
audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to |
you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, |
and for such internal control as the directors determine necessary to enable the preparation of financial statements |
that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and |
are considered material if, individually or in the aggregate, they could reasonably be expected to influence the |
economic decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial |
Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of |
the Auditors. |
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for and on behalf of
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Redwood Court |
Tawe Business Village |
Swansea |
SA7 9LA |
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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2018 | 2017 |
Notes | £ | £ |
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TURNOVER | 5 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 8 |
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Interest receivable and similar income |
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196,063 | 152,924 |
Fair value gain on fixed asset investments |
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PROFIT BEFORE TAXATION |
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Tax on profit | 9 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR |
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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BALANCE SHEET |
31 JANUARY 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
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Investments | 12 |
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CURRENT ASSETS |
Stocks | 13 |
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Debtors | 14 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 15 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | 18 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 19 |
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Retained earnings | 20 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 February 2016 |
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Changes in equity |
Profit for the year | - |
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212,661 |
Total comprehensive income | - |
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Dividends | - | ( |
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Balance at 31 January 2017 |
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Changes in equity |
Profit for the year | - |
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234,739 |
Total comprehensive income | - |
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Dividends | - | ( |
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Balance at 31 January 2018 |
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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2018 | 2017 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Interest received |
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Net cash from investing activities |
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( |
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Cash flows from financing activities |
Amount introduced by directors |
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Amount withdrawn by directors | ( |
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Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at beginning of
year |
2 |
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699,815 |
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Cash and cash equivalents at end of year | 2 |
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2018 | 2017 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Gain on revaluation of fixed assets | (96,099 | ) | (114,929 | ) |
Finance income | ( |
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201,273 | 158,419 |
Increase in stocks | ( |
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Decrease in trade and other debtors |
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(Decrease)/increase in trade and other creditors | ( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of |
these Balance Sheet amounts: |
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Year ended 31 January 2018 |
31.1.18 | 1.2.17 |
£ | £ |
Cash and cash equivalents | 718,906 | 611,543 |
Bank overdrafts | ( |
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707,233 | 611,543 |
Year ended 31 January 2017 |
31.1.17 | 1.2.16 |
£ | £ |
Cash and cash equivalents | 611,543 | 699,815 |
WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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1. | GENERAL INFORMATION |
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Wimbledon Carriage Company Limited is a company limited by shares, incorporated in England and Wales. The |
financial statements are presented in sterling. Its registered office is 64-74 Kingston Road, Wimbledon, London, |
SW19 1LA. The principal activity of the company is the sale of used motor vehicles and the sale of finance, |
warranties, vehicle servicing and repairs and other related services. |
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2. | STATUTORY INFORMATION |
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Wimbledon Carriage Company Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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3. | STATEMENT OF COMPLIANCE |
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4. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts |
receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
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The company recognises revenue when the amount of revenue can be measured reliably, when it is probable |
that future economic benefits will flow to the entity and when specific criteria have been met for each of the |
company’s activities described below. |
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Sales of goods |
The company sells used cars in the prestige market. Sales of vehicles are recognised when the customer has |
collected the vehicle from the company or the vehicle has been delivered to the customer and no other |
significant obligation remains unfulfilled that may affect the customer’s acceptance of the vehicle. |
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Rendering of services |
The company also provides routine vehicle servicing, maintenance and repairs. The company recognises |
revenue once the service or repair has been completed and the vehicle has been delivered back to the |
customer. |
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Tangible fixed assets |
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Freehold property | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Tangible fixed assets other than freehold land are stated at cost less depreciation. |
WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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4. | ACCOUNTING POLICIES - continued |
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Stock |
Motor vehicles and part stocks are valued at the lower of cost and net realisable value, after making allowance |
for obsolete and slow moving items. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately |
from those of the company. Annual contributions payable to the company's pension scheme are charged to |
the Income Statement in the period to which they relate. |
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The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties, loans to related parties and investments in non-puttable ordinary shares. |
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Debt instruments like loans and other accounts receivable and payable are initially measured at present value |
other future payments and subsequently at amortised cost using the effective interest method; Debt |
instruments that are payable or receivable in one year, typically trade payables or receivables, are measured, |
initially and subsequently, at the undiscounted amount of the cash or other consideration expected to paid or |
received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the |
payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a |
market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is |
measured, initially and subsequently, at the present value of the future payments discounted at a market rate |
of interest for a similar debt instrument. |
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Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are |
measured: |
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- At fair value with changes recognised in profit or loss if the shares are publicly traded or their fair value can |
otherwise be measured reliably; |
- At cost less impairment for all other investments. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period |
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is |
recognised in profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an |
asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original |
effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any |
impairment loss is the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference |
between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the |
company would receive for the asset if it were to be sold at the reporting date. |
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Financial assets and liabilities are offset and the net amount reported in the statement of financial position |
when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a |
net basis or to realise the asset and settle the liability simultaneously. |
WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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4. | ACCOUNTING POLICIES - continued |
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Taxation and deferred taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
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Current tax |
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year |
and is calculated using the tax rates and laws that have been enacted or substantially enacted at the |
Statement of Financial Position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
Statement of Financial Position date where transactions or events have occurred at that date that will result in |
an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are |
temporary differences between the company's taxable profits and its results as stated in the financial |
statements. |
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Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods |
in which the timing differences are expected to reverse, based on tax rates and laws that have been |
enacted or substantively enacted by the Statement of Financial Position date. |
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5. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by class of business is given below: |
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2018 | 2017 |
£ | £ |
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The total turnover of the company for the year has been derived from its principal activity wholly undertaken |
in the United Kingdom. |
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6. | EMPLOYEES AND DIRECTORS |
2018 | 2017 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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6. | EMPLOYEES AND DIRECTORS - continued |
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The average number of employees during the year was as follows: |
2018 | 2017 |
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Administration |
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Sales |
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Support |
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7. | DIRECTORS' EMOLUMENTS |
2018 | 2017 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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8. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2018 | 2017 |
£ | £ |
Depreciation - owned assets |
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Auditors' remuneration |
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Auditors' remuneration for non audit work |
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9. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2018 | 2017 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax | ( |
) |
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Tax on profit |
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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9. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
|
2018 | 2017 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
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Effects of: |
Expenses not deductible for tax purposes |
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Depreciation in excess of capital allowances |
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Deferred tax | ( |
) |
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Total tax charge | 57,423 | 55,192 |
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10. | DIVIDENDS |
2018 | 2017 |
£ | £ |
Ordinary shares of 1 each |
Interim |
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11. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2017 |
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Additions |
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At 31 January 2018 |
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DEPRECIATION |
At 1 February 2017 |
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Charge for year |
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At 31 January 2018 |
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NET BOOK VALUE |
At 31 January 2018 |
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At 31 January 2017 |
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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11. | TANGIBLE FIXED ASSETS - continued |
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Market value of land and buildings is included in the financial statements on an historical cost basis, however |
the directors are of the opinion that the market value of the premises is in the region of £2,500,000 (2017 - |
£2,500,000). |
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12. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST OR VALUATION |
At 1 February 2017 | 975,021 |
Revaluation to fair value | 96,099 |
At 31 January 2018 |
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NET BOOK VALUE |
At 31 January 2018 |
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At 31 January 2017 |
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Cost or valuation at 31 January 2018 is represented by: |
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|
Listed
investments |
£ |
Cost at 31 January 2013 | 697,675 |
Fair value adjustment to 31 January 2014 | 122,804 |
Fair value adjustment to 31 January 2015 | 57,956 |
Fair value adjustment to 31 January 2016 | (18,343 | ) |
Fair value adjustment to 31 January 2017 | 114,929 |
Fair value adjustment to 31 January 2018 | 96,099 |
1,071,120 |
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13. | STOCKS |
2018 | 2017 |
£ | £ |
Vehicles for resale |
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Stock of service items |
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Prepayments |
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15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts (see note 16) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT |
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Other creditors |
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Pension |
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Directors' current accounts |
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Accrued expenses |
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16. | LOANS |
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An analysis of the maturity of loans is given below: |
|
2018 | 2017 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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17. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Within one year |
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18. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax |
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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18. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 February 2017 |
|
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31 January 2018 |
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19. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
|
Ordinary | 1 |
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2 |
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20. | RESERVES |
Retained |
earnings |
£ |
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At 1 February 2017 |
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Profit for the year |
|
Dividends | ( |
) |
At 31 January 2018 |
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Retained
earnings |
£ |
Distributable reserves | 3,708,905 |
Non-distributable reserves | 373,445 |
4,082,350 |
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21. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately |
from those of the company in an independently administered fund. The pension costs charge represents |
contributions payable by the company to the fund and amounted to £3,986 (2017 - £30,491). |
WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 January 2018 and |
31 January 2017: |
|
2018 | 2017 |
£ | £ |
|
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
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Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
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The loan balance is included within creditors. The loan to the Company is interest free, unsecured and |
repayable on demand. |
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23. | RELATED PARTY DISCLOSURES |
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|
2018 | 2017 |
£ | £ |
Key management personnel compensation |
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Amount due to related party |
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24. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling parties are Mr G Horder and Mrs R Horder who are the directors and 100% |
shareholders of the company. |