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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 30 DECEMBER 2017 TO 27 DECEMBER 2018 |
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MERESIDE MOTORS LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 30 DECEMBER 2017 TO 27 DECEMBER 2018 |
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FOR |
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MERESIDE MOTORS LTD |
MERESIDE MOTORS LTD (REGISTERED NUMBER: 08216972) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 30 DECEMBER 2017 TO 27 DECEMBER 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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MERESIDE MOTORS LTD |
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COMPANY INFORMATION |
FOR THE PERIOD 30 DECEMBER 2017 TO 27 DECEMBER 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chandler House |
7 Ferry Road Office Park |
Riversway |
Preston |
Lancashire |
PR2 2YH |
MERESIDE MOTORS LTD (REGISTERED NUMBER: 08216972) |
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BALANCE SHEET |
27 DECEMBER 2018 |
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27/12/18 | 29/12/17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MERESIDE MOTORS LTD (REGISTERED NUMBER: 08216972) |
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BALANCE SHEET - continued |
27 DECEMBER 2018 |
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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 Board of Directors on
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MERESIDE MOTORS LTD (REGISTERED NUMBER: 08216972) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 30 DECEMBER 2017 TO 27 DECEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Mereside Motors Ltd is a
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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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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of goods and services excluding value added tax. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life |
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Leasehold improvements | - 20% on cost |
Plant & machinery | - 20% on cost |
Fixtures & fittings | - 33% on cost |
Computer equipment | - 33% on cost |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
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Taxation |
Taxation for the period 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 period 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. |
MERESIDE MOTORS LTD (REGISTERED NUMBER: 08216972) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 DECEMBER 2017 TO 27 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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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Going concern |
The Directors believe that the company has sufficient trade and financial resources to continue in operational |
existence for the foreseeable future. Thus the Going Concern basis of accounting in preparing the annual |
financial statements has been adopted. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 30 December 2017 |
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Additions |
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At 27 December 2018 |
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DEPRECIATION |
At 30 December 2017 |
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Charge for period |
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At 27 December 2018 |
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NET BOOK VALUE |
At 27 December 2018 |
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At 29 December 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
27/12/18 | 29/12/17 |
£ | £ |
Trade debtors |
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Other debtors |
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Tax |
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Deferred tax asset |
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Prepayments and accrued income |
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MERESIDE MOTORS LTD (REGISTERED NUMBER: 08216972) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 DECEMBER 2017 TO 27 DECEMBER 2018 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
27/12/18 | 29/12/17 |
£ | £ |
Hire purchase contracts (see note 8) |
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Trade creditors |
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Social security and other taxes |
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VAT | 8,946 | 3,187 |
Other creditors |
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Accrued expenses |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
27/12/18 | 29/12/17 |
£ | £ |
Hire purchase contracts (see note 8) |
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Directors' loan accounts | 293,479 | 298,765 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
27/12/18 | 29/12/17 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
27/12/18 | 29/12/17 |
£ | £ |
Within one year |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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As at 27 December 2018 the company owed the directors, A J Norton and H W Bilton £139,110 (2017: |
£157,210) and £154,369 (2017: £141,555) respectively in respect of interest-free loans from the directors. |
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10. | RELATED PARTY DISCLOSURES |
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During the year various monies were loaned to the company by Gardenbook Holdings Limited, a company |
owned and controlled by the Directors, A J Norton and H W Bilton. Included in Other Creditors as at 27 |
December 2018 is an amount of £606,500 (2017: £611,500) due to Gardenbook Holdings Limited. |
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In addition, the Directors are also Designated Members of AJ and HB Properties LLP. In previous years, |
various monies were loaned by the Limited Liability Partnership to Mereside Motors Limited. Included in Other |
Creditors as at 27 December 2018 is an amount of £560,000 (2017: £565,000) due to AJ and HB Properties |
LLP. |