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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2018 |
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DC AUTOMOBILES LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2018 |
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FOR |
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DC AUTOMOBILES LIMITED |
DC AUTOMOBILES LIMITED (REGISTERED NUMBER: 03348553) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2018 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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DC AUTOMOBILES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2018 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Certified Accountants |
& Registered Auditors |
73 Park Lane |
Croydon |
Surrey |
CR0 1JG |
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BANKERS: |
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3rd Floor Black Horse Lane |
Medway Wharf Road |
Tonbridge |
Kent |
TN9 1QS |
DC AUTOMOBILES LIMITED (REGISTERED NUMBER: 03348553) |
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STATEMENT OF FINANCIAL POSITION |
30 APRIL 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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DC AUTOMOBILES LIMITED (REGISTERED NUMBER: 03348553) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2018 |
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1. | STATUTORY INFORMATION |
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DC Automobiles Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
DC AUTOMOBILES LIMITED (REGISTERED NUMBER: 03348553) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2018 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company enters into basic financial instruments 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 and loans to |
related parties. |
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a) Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the |
effective interest method, less impairment losses for bad and doubtful debts except where the effect of |
discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad |
and doubtful debts. |
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b) Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
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c) Impairment of financial assets |
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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d) Trade and other creditors |
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of |
the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that |
are payable or receivable within one year, typically trade payables or receivables, are measured, initially and |
subsequently, at the undiscounted amount of the cash or other consideration expected to be 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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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. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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DC AUTOMOBILES LIMITED (REGISTERED NUMBER: 03348553) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2018 |
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3. | ACCOUNTING POLICIES - continued |
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. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Impairement of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to |
determine whether there is an indication that an asset may be impaired. If there is an indication of possible |
impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use |
and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount |
is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is |
recognised immediately in profit and loss. |
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Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the |
last sold date and an impairment loss recognised on a percentage basis in profit and loss. |
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If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is |
increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been |
determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A |
reversal of an impairment loss is recognised immediately in profit and loss. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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DC AUTOMOBILES LIMITED (REGISTERED NUMBER: 03348553) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 May 2017 |
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Additions |
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At 30 April 2018 |
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DEPRECIATION |
At 1 May 2017 |
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Charge for year |
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At 30 April 2018 |
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NET BOOK VALUE |
At 30 April 2018 |
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At 30 April 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
DC AUTOMOBILES LIMITED (REGISTERED NUMBER: 03348553) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2018 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | CAPITAL COMMITMENTS |
2018 | 2017 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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The company has entered into a financial commitment relating to a courtesy car, there are 19 payments of |
£134.43 outstanding as at 30 April 2018 totalling £2,554.17. |
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11. | RELATED PARTY DISCLOSURES |
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DC Automobiles Ltd is charged rent of £12,000 per annum as the business premises which DC Automobiles Ltd |
operate from are owned by a pension company of which D Cobbett the director of DC Automobiles Ld is a |
trustee of. |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is Mr D Cobbett who owns 700 shares of the company. |