REGISTERED NUMBER:
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Strategic Report, Report of the Director and |
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Financial Statements for the Year Ended 30 June 2021 |
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Access Commercials (UK) Limited |
REGISTERED NUMBER:
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Strategic Report, Report of the Director and |
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Financial Statements for the Year Ended 30 June 2021 |
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for |
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Access Commercials (UK) Limited |
Access Commercials (UK) Limited (Registered number: 06500096) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2021 |
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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 Director | 4 |
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Report of the Independent Auditors | 5 |
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Income Statement | 9 |
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Other Comprehensive Income | 10 |
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Balance Sheet | 11 |
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Statement of Changes in Equity | 12 |
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Cash Flow Statement | 13 |
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Notes to the Cash Flow Statement | 14 |
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Notes to the Financial Statements | 15 |
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Access Commercials (UK) Limited |
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Company Information |
for the Year Ended 30 June 2021 |
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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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Statutory Auditors |
Bridge House |
25-27 The Bridge |
Wealdstone |
Harrow |
Middlesex |
HA3 5AB |
Access Commercials (UK) Limited (Registered number: 06500096) |
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Strategic Report |
for the Year Ended 30 June 2021 |
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The director presents his strategic report for the year ended 30 June 2021. |
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REVIEW OF BUSINESS |
The company was able to increase its sales compared to the previous year despite the ongoing effects of the global Covid 19 pandemic. The company had a good first quarter and trading levels continued to do well until the government lock downs from the start of 2021. |
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The company took advantage of the government's furlough scheme which enabled it to continue to trade during the pandemic. In the year to 30 June 2022, the director believes that the company will continue to trade profitably, albeit with lower levels of sales. |
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Adequate financial resources are available to the company to take advantage of future business opportunities as and when they are identified. |
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Some key performance indicators are below: |
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2021 | 2020 | 2019 |
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Turnover | 15,063,489 | 12,411,918 | 10,258,831 |
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Gross profit margin | 11.7% | 10.5% | 10.5% |
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Net profit before tax | 12.5% | 14.9% | 9.8% |
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Access Commercials (UK) Limited (Registered number: 06500096) |
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Strategic Report |
for the Year Ended 30 June 2021 |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The business is reliant on the levels of activity in the market for second hand commercial vehicles which are in turn affected by the overall strength of the economy. |
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As mentioned in the business review the company has been affected by the global pandemic but has been able to trade profitably. |
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The company manages its exposure to credit risk by having minimal debtors as its goods are not transferred to customers until paid for in full. |
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Liquidity risk is managed by the company by only holding trading stock that can be sold on in a relatively short space of time. The company has also built up a property portfolio which brings in a steady regular stream of income. A healthy balance is maintained with the bank which enables the company to pay its debts as they fall due. |
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The company has minimal exposure to Brexit as it is a UK focused company with inconsequential international trade. Changes to government and local legislation regarding fuel emissions and associated levies and charges may affect the market in which the company operates. However, the type of vehicles that the company trades are relatively new, despite being used, so the risk that the company may hold vehicles on stock which cannot be sold is reduced. Further, the company does not buy vehicles that are likely to be rendered obsolete or have their value adversely affected by changes to government legislation. |
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The company remains well placed within its market to continue to operate profitably for the foreseeable future. |
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It is not considered necessary for an understanding of the development, performance or position of the company's business to comment here on environmental matters, the entity's employees or social, community and human rights issues. However, the company is very much aware and respectful of such matters and takes them in to account when planning and implementing business policy and procedures. |
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ON BEHALF OF THE BOARD: |
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Access Commercials (UK) Limited (Registered number: 06500096) |
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Report of the Director |
for the Year Ended 30 June 2021 |
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The director presents his report with the financial statements of the company for the year ended 30 June 2021. |
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DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2021. |
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DIRECTOR |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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; |
- | 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Sheridan Clarke Ltd, 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 |
Access Commercials (UK) Limited |
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Opinion |
We have audited the financial statements of Access Commercials (UK) Limited (the 'company') for the year ended 30 June 2021 which comprise the Income Statement, Other 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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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2021 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 |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
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Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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, except to the extent otherwise explicitly stated in our report, 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 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Access Commercials (UK) Limited |
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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 Director. |
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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: |
- | 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 director's 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 director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Access Commercials (UK) Limited |
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Auditors' 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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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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Identifying and responding to risks of material misstatement due to fraud |
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To identify risks of material misstatement due to fraud ('fraud risks') we assessed events and conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. |
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- Enquiring of the director and inspection of any policy documentation and procedures to prevent and detect fraud as well as whether they have knowledge of any actual or alleged fraud. |
- Reading board minutes |
- Using analytical procedures to identify any unusual or unexpected relationships |
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We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. |
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As required by auditing standards, we performed procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. |
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We did not identify any additional fraud risks. |
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We performed procedures including identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation, these included unusual journals posted to cash and borrowing accounts. |
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Identifying and responding to risks of material misstatement due to non compliance with laws and regulations. |
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We identified areas of laws and regulations that could be reasonably expected to have a material effect on the financial statements from more general commercial sector experience and through discussion with the director (as required by auditing standards) and from inspection of the company's regulatory and legal correspondence and discussed with the director for policies and procedures regarding compliance with laws and regulations. |
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We communicated identified laws and regulations throughout our audit team and remained alert to any indications of non compliance throughout the audit. |
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The potential effect of these laws and regulations on the financial statements varies considerably. |
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The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related parties legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
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Whilst the company is subject to many other laws and regulations, we did not identify any others where the consequences of non compliance alone could have a material effect on amounts or disclosures in their financial statements. |
Report of the Independent Auditors to the Members of |
Access Commercials (UK) Limited |
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Context of the ability of the audit to detect fraud or breaches of law or regulation |
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Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we may have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. |
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In addition, as with any audit, there remained a higher risk of non detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non compliance or fraud and cannot be expected to detect non compliance with all laws and regulations. |
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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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Use of our report |
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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for and on behalf of
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Statutory Auditors |
Bridge House |
25-27 The Bridge |
Wealdstone |
Harrow |
Middlesex |
HA3 5AB |
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Access Commercials (UK) Limited (Registered number: 06500096) |
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Income Statement |
for the Year Ended 30 June 2021 |
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30.6.21 | 30.6.20 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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1,190,413 | 574,035 |
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Other operating income | 4 |
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OPERATING PROFIT | 6 |
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Interest receivable and similar income |
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1,882,459 | 1,171,745 |
Gain/loss on revaluation of investment
property |
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684,486 |
1,882,459 | 1,856,231 |
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Interest payable and similar expenses | 7 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 8 |
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PROFIT FOR THE FINANCIAL YEAR |
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Access Commercials (UK) Limited (Registered number: 06500096) |
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Other Comprehensive Income |
for the Year Ended 30 June 2021 |
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30.6.21 | 30.6.20 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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Access Commercials (UK) Limited (Registered number: 06500096) |
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Balance Sheet |
30 June 2021 |
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30.6.21 | 30.6.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
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Tangible assets | 10 |
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Investments | 11 |
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Investment property | 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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CREDITORS |
Amounts falling due after more than one
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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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Fair value reserve | 20 |
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Retained earnings | 20 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the director and authorised for issue on
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Access Commercials (UK) Limited (Registered number: 06500096) |
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Statement of Changes in Equity |
for the Year Ended 30 June 2021 |
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Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 July 2019 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 30 June 2020 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 30 June 2021 |
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Access Commercials (UK) Limited (Registered number: 06500096) |
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Cash Flow Statement |
for the Year Ended 30 June 2021 |
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30.6.21 | 30.6.20 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Interest element of hire purchase payments
paid |
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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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Purchase of investment property | ( |
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Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Capital repayments in year |
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Amount withdrawn by directors | (871,079 | ) | (161,644 | ) |
Net cash from financing activities | ( |
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(Decrease)/increase in cash and cash equivalents | ( |
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Cash and cash equivalents at beginning of
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2 |
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641,775 |
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Cash and cash equivalents at end of year | 2 | 808,327 | 1,009,561 |
Access Commercials (UK) Limited (Registered number: 06500096) |
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Notes to the Cash Flow Statement |
for the Year Ended 30 June 2021 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
30.6.21 | 30.6.20 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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(Profit)/loss on disposal of fixed assets | ( |
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Gain on revaluation of fixed assets | - | (684,486 | ) |
Finance costs | 1,484 | 1,769 |
Finance income | (10 | ) | (14 | ) |
1,986,389 | 1,338,117 |
Increase in stocks | ( |
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Decrease/(increase) 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 30 June 2021 |
30.6.21 | 1.7.20 |
£ | £ |
Cash and cash equivalents | 808,327 | 1,009,561 |
Year ended 30 June 2020 |
30.6.20 | 1.7.19 |
£ | £ |
Cash and cash equivalents | 1,009,561 | 641,775 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS |
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At 1.7.20 | Cash flow | At 30.6.21 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,009,561 | (201,234 | ) | 808,327 |
1,009,561 | ( |
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Debt |
Finance leases | - | (22,443 | ) | (22,443 | ) |
- | (22,443 | ) | (22,443 | ) |
Total | 1,009,561 | (223,677 | ) | 785,884 |
Access Commercials (UK) Limited (Registered number: 06500096) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2021 |
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1. | STATUTORY INFORMATION |
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Access Commercials (UK) Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | 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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Revenue is recognised when the customer has paid a deposit for the goods sold. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, has been fully amortised. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
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Land and buildings | Not depreciated |
Improvements to property | 2% on cost |
Plant and machinery | 15% on reducing balance |
Fixtures and fittings | 15% on reducing balance |
Motor vehicles | Straight line over 3 years |
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Government grants |
Amounts receivable by the company under the Coronavirus Job Retention Scheme are accounted for on an accruals basis. Income receivable under this scheme is included within other income in the profit and loss account. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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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. |
Access Commercials (UK) Limited (Registered number: 06500096) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements when there is a legally 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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Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction cost. Financial assets classified as receivable within one year are not amortised. |
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Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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Basic financial liabilities |
Basic financial liabilities, including creditors and loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price. |
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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 balance sheet 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 balance sheet 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. |
Access Commercials (UK) Limited (Registered number: 06500096) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Commissions earned |
The company earns commissions on the provision of finance to customers. For any sales made to customers where finance agreements are arranged, the company earns a commission based on the amount of finance provided. This is recognised when the finance arrangement has been finalised. |
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3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
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Estimates and judgements are continually evaluated and are based on historical evidence and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results may differ from those estimates. |
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In preparing these financial statements, the director has had to make the following judgements: |
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- Determine whether there are indicators of impairment to the company's tangible assets. Factors taken into consideration in reaching such a decision include economic viability and expected future financial performance of the asset. |
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Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance are considered. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposals values. |
|
Investment properties are reviewed annually for signs of impairment or appreciation in value. Professional valuations are obtained each year and any change in value is reflected in the profit and loss account of the company, with the change in value included in the fair value reserve. |
|
- Determine whether there are indicators of impairment to the stocks held by the company. Factors considered in reaching such a decision include assessing the general condition of the stocks held, general market conditions, advances in technology and government legislation. |
|
A review of the stocks held at the year end by the company has been carried out and an assessment regarding the general condition of the stocks held for resale and and likely realisable values made. Any impairment to the value of stock has been written off in the period to the profit and loss account. |
|
4. | OTHER OPERATING INCOME |
30.6.21 | 30.6.20 |
£ | £ |
Rents received |
|
|
Commission received |
|
|
Government grants |
|
|
692,036 | 597,696 |
Access Commercials (UK) Limited (Registered number: 06500096) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
|
5. | EMPLOYEES AND DIRECTORS |
30.6.21 | 30.6.20 |
£ | £ |
Wages and salaries |
|
|
Social security costs |
|
|
|
|
|
The average number of employees during the year was as follows: |
30.6.21 | 30.6.20 |
|
Administration |
|
|
|
30.6.21 | 30.6.20 |
£ | £ |
Director's remuneration |
|
|
|
6. | OPERATING PROFIT |
|
The operating profit is stated after charging/(crediting): |
|
30.6.21 | 30.6.20 |
£ | £ |
Other operating leases |
|
|
Depreciation - owned assets |
|
|
Depreciation - assets on hire purchase contracts |
|
|
(Profit)/loss on disposal of fixed assets | ( |
) |
|
Auditors' remuneration |
|
|
|
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.6.21 | 30.6.20 |
£ | £ |
Interest on overdue taxation |
|
|
Hire purchase |
|
|
|
|
|
8. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.6.21 | 30.6.20 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
|
Deferred tax | ( |
) |
|
Tax on profit |
|
|
Access Commercials (UK) Limited (Registered number: 06500096) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
|
8. | TAXATION - continued |
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
|
30.6.21 | 30.6.20 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2020 - |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Income not taxable for tax purposes | ( |
) | ( |
) |
Depreciation in excess of capital allowances |
|
|
Deferred tax | (104,421 | ) | 76,507 |
Total tax charge | 260,057 | 330,873 |
|
9. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2020 |
|
Removal/write off | ( |
) |
At 30 June 2021 |
|
AMORTISATION |
At 1 July 2020 |
|
Removal/write off | ( |
) |
At 30 June 2021 |
|
NET BOOK VALUE |
At 30 June 2021 |
|
At 30 June 2020 |
|
Access Commercials (UK) Limited (Registered number: 06500096) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
|
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2020 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
|
( |
) | ( |
) |
|
( |
) |
At 30 June 2021 |
|
|
|
|
|
DEPRECIATION |
At 1 July 2020 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
|
( |
) |
At 30 June 2021 |
|
|
|
|
|
NET BOOK VALUE |
At 30 June 2021 |
|
|
|
|
|
At 30 June 2020 |
|
|
|
|
|
|
Included in cost of land and buildings is freehold land of £ 225,000 (2020 - £ 225,000 ) which is not depreciated. |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
Additions |
|
At 30 June 2021 |
|
DEPRECIATION |
Charge for year |
|
At 30 June 2021 |
|
NET BOOK VALUE |
At 30 June 2021 |
|
|
11. | FIXED ASSET INVESTMENTS |
|
Investments (neither listed nor unlisted) were as follows: |
30.6.21 | 30.6.20 |
£ | £ |
Investment in subs | 100 | 100 |
Access Commercials (UK) Limited (Registered number: 06500096) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
|
12. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2020 |
|
Additions |
|
At 30 June 2021 |
|
NET BOOK VALUE |
At 30 June 2021 |
|
At 30 June 2020 |
|
|
Fair value at 30 June 2021 is represented by: |
£ |
Valuation in 2020 | 684,486 |
Cost | 3,820,513 |
4,504,999 |
|
If Investment properties had not been revalued they would have been included at the following historical cost: |
|
30.6.21 | 30.6.20 |
£ | £ |
Cost | 3,820,513 | 3,540,513 |
|
Investment properties were valued on an open market basis on 3 September 2021 by Countrywide Commercial (UK) Limited . |
|
13. | STOCKS |
30.6.21 | 30.6.20 |
£ | £ |
Goods for resale |
|
|
|
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.21 | 30.6.20 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Directors' current accounts | 1,037,617 | 166,538 |
Prepayments |
|
|
|
|
|
See note 22 for details of related party debtors within other debtors. |
Access Commercials (UK) Limited (Registered number: 06500096) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
|
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.21 | 30.6.20 |
£ | £ |
Hire purchase contracts (see note 17) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT | 77,095 | 69,700 |
Other creditors |
|
|
Accrued expenses |
|
|
|
|
|
16. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.6.21 | 30.6.20 |
£ | £ |
Hire purchase contracts (see note 17) |
|
|
|
17. | LEASING AGREEMENTS |
|
Minimum lease payments under hire purchase fall due as follows: |
|
30.6.21 | 30.6.20 |
£ | £ |
Gross obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Finance charges repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
18. | PROVISIONS FOR LIABILITIES |
30.6.21 | 30.6.20 |
£ | £ |
Deferred tax | 32,869 | 137,291 |
Access Commercials (UK) Limited (Registered number: 06500096) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
|
18. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred |
tax |
£ |
Balance at 1 July 2020 |
|
Provided during year | ( |
) |
Balance at 30 June 2021 |
|
|
19. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.21 | 30.6.20 |
value: | £ | £ |
|
Ordinary | £1 | 1,000 | 1,000 |
|
20. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
|
At 1 July 2020 |
|
|
7,784,386 |
Profit for the year |
|
|
At 30 June 2021 |
|
|
9,405,304 |
|
Amounts included in the Fair Value Reserve represent unrecognised gains on the revaluation of investment properties and are non-distributable. |
|
21. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 30 June 2021 and 30 June 2020: |
|
30.6.21 | 30.6.20 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts advanced |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
22. | RELATED PARTY DISCLOSURES |
|
Included in other debtors is £284,113 (2020: £284,113) owed to the company by Access Property Services UK Limited, in respect of expenses paid for by the company on its behalf. No trading took place between the two companies. B Moseley is a director of Access Property Services Limited. |
|
The company paid rent to the director of £40,000 (2020: £120,000) during the year. |
Access Commercials (UK) Limited (Registered number: 06500096) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
|
23. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is B E Moseley. |