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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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MERESIDE MOTORS LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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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 YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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MERESIDE MOTORS LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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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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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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The directors present their strategic report for the year ended 31 December 2016. |
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REVIEW OF BUSINESS |
During the year, sales performance has suffered as a result of restructuring the Sales Department, to include the |
recruitment of personnel and the improvement of internal processes. |
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Although gross margins have improved on 2015, sales volumes in the year have insufficiently covered the cost of this |
outlay. |
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Additional investment has been made to improve the company's horsebox trading activities. This has resulted in a more |
efficient supply chain which will increase margins and reduce lead times. |
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The directors are of the opinion that further investment is required to improve the company's trading performance and |
that this will be reflected in the financial results for the year ended 31 December 2017, with a return to profitability |
expected in 2018. |
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As such, the directors remain committed and able to support the company financially for the foreseeable future. |
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ON BEHALF OF THE BOARD: |
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MERESIDE MOTORS LTD (REGISTERED NUMBER: 08216972) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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31/12/16 | 31/12/15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank |
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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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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 10 |
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NET (LIABILITIES)/ASSETS | ( |
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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 |
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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 |
31 DECEMBER 2016 |
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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 YEAR ENDED 31 DECEMBER 2016 |
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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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These financial statements for the year ended 31 December 2016 are the first financial statements that comply |
with FRS 102 Section 1A "Small Entities". The date of transition is 1 January 2015. |
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The transition to FRS 102 Section 1A has not resulted in any changes to prior year comparative figures. |
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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 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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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. |
MERESIDE MOTORS LTD (REGISTERED NUMBER: 08216972) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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2. | ACCOUNTING POLICIES - continued |
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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 year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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5. | STOCKS |
31/12/16 | 31/12/15 |
£ | £ |
Stocks |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/16 | 31/12/15 |
£ | £ |
Trade debtors |
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Other debtors |
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Tax |
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VAT |
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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 YEAR ENDED 31 DECEMBER 2016 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/16 | 31/12/15 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/12/16 | 31/12/15 |
£ | £ |
Directors' loan accounts | 291,213 | 302,126 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31/12/16 | 31/12/15 |
£ | £ |
Between one and five years |
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10. | PROVISIONS FOR LIABILITIES |
31/12/15 |
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Deferred tax | 1,922 |
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Deferred |
tax |
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Balance at 1 January 2016 |
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Credit to Income Statement during year | ( |
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Balance at 31 December 2016 | ( |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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As at 31 December 2016 the company owed the directors, A J Norton and H W Bilton £142,486 (2015: |
£147,893) and £148,727 (2015: £154,233) respectively in respect of interest-free loans from the directors. |
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12. | 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 31 |
December 2016 is an amount of £611,500 (2015: £431,500) 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. During the year, |
£25,000 was repaid to AJ & HB Properties LLP. Included in Other Creditors as at 31 December 2016 is an |
amount of £565,000 (2015: £590,000) due to AJ and HB Properties LLP. |
MERESIDE MOTORS LTD (REGISTERED NUMBER: 08216972) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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13. | ULTIMATE CONTROLLING PARTY |
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The company is owned and controlled by the directors. |