Registered number: 8635261 | ||||||||
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FOR THE YEAR ENDED 31/08/2020 | ||||||||
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Prepared By: | ||||||||
DBR Accounts Limited | ||||||||
Association of Chartered Certified Accountants | ||||||||
1 Station Court | ||||||||
Station Approach | ||||||||
Wickford | ||||||||
Essex | ||||||||
SS11 7AT |
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Superbia Automotive Ltd | ||||||||
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ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31/08/2020 | ||||||||
DIRECTORS | ||||||||
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REGISTERED OFFICE | ||||||||
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Essex | ||||||||
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COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 8635261 | ||||||||
ACCOUNTANTS | ||||||||
DBR Accounts Limited | ||||||||
Association of Chartered Certified Accountants | ||||||||
1 Station Court | ||||||||
Station Approach | ||||||||
Wickford | ||||||||
Essex | ||||||||
SS11 7AT |
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Superbia Automotive Ltd | ||||||||
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ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31/08/2020 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Accountants' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
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Superbia Automotive Ltd | ||||||||
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BALANCE SHEET AT
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2020 | 2019 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 2 |
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CURRENT ASSETS | ||||||||||
Stock |
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Debtors | 4 |
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Cash at bank and in hand |
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620,942 | 767,810 | |||||||||
CREDITORS: Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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236,785 | ||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS: Amounts falling due after more than one year | 6 | 204,195 | 144,375 | |||||||
PROVISIONS FOR LIABILITIES AND CHARGES | 8 |
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NET (LIABILITIES) / ASSETS |
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CAPITAL AND RESERVES | ||||||||||
Called up share capital | 9 |
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Share premium account | 10 |
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Profit and loss account | (115,091) | 5,192 | ||||||||
SHAREHOLDERS' FUNDS |
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Approved by the board on
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............................. | ||||||||||
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Director | ||||||||||
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Superbia Automotive Ltd | ||||||||
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NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 31/08/2020 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
The accounts have been prepared under the historical cost convention. | ||||||||
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 . |
1b. Going Concern | ||||||||
These financial statements have been prepared on the going concern basis despite the losses that have been built. The directors have agreed to support the company financially for the forseeable future. |
1c. Depreciation | ||||||||
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Commercial Vehicles | reducing balance 25% | |||||||
Equipment | straight line 33% |
1d. Stocks | ||||||||
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. | ||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
1e. Taxation | ||||||||
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
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Superbia Automotive Ltd | ||||||||
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2. TANGIBLE FIXED ASSETS | ||||||
Commercial | ||||||
Vehicles | Equipment | Total | ||||
£ | £ | £ | ||||
Cost | ||||||
At 01/09/2019 | 17,450 | 33,657 | 51,107 | |||
Additions | - | 3,307 | 3,307 | |||
At 31/08/2020 | 17,450 | 36,964 | 54,414 | |||
Depreciation | ||||||
At 01/09/2019 | 4,363 | 30,956 | 35,319 | |||
For the year | 3,272 | 3,792 | 7,064 | |||
At 31/08/2020 | 7,635 | 34,748 | 42,383 | |||
Net Book Amounts | ||||||
At 31/08/2020 |
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12,031 | |||
At 31/08/2019 |
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15,788 | |||
3. STOCK | 2020 | 2019 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Stock |
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4. DEBTORS | 2020 | 2019 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | 3,310 | 4,611 | ||||||
Other debtors | 394 | 394 | ||||||
Prepayments | 629 | 1,544 | ||||||
4,333 | 6,549 | |||||||
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Superbia Automotive Ltd | ||||||||
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5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2020 | 2019 | |||||||
£ | £ | |||||||
UK corporation tax | 1 | - | ||||||
VAT | 9,672 | 5,893 | ||||||
PAYE control | - | 725 | ||||||
Directors current account | 50,780 | 64,283 | ||||||
Stocking Loans | 237,255 | 297,708 | ||||||
John Hill Loan | 34,000 | 31,600 | ||||||
Lewis Loan | 94,381 | 94,381 | ||||||
Credit card | 150 | 859 | ||||||
Payments received on account | 500 | 1,717 | ||||||
Trade creditors | 13,555 | 26,734 | ||||||
Accruals | 1,283 | 7,125 | ||||||
441,577 | 531,025 | |||||||
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2020 | 2019 | |||||||
£ | £ | |||||||
Bank loans (unsecured) >1yr | 204,195 | 144,375 | ||||||
204,195 | 144,375 | |||||||
7. EMPLOYEES | ||||||
2020 | 2019 | |||||
No. | No. | |||||
Average number of employees |
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5 | ||||
8. PROVISIONS FOR LIABILITIES | 2020 | 2019 | ||||||
£ | £ | |||||||
Deferred taxation | 2,286 | 3,000 | ||||||
2,286 | 3,000 | |||||||
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Superbia Automotive Ltd | ||||||||
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9. SHARE CAPITAL | 2020 | 2019 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
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10 | 10 | ||||||
10 | 10 | |||||||
10. SHARE PREMIUM ACCOUNT | 2020 | 2019 | ||||
£ | £ | |||||
Share premium account | 99,996 | 99,996 |
11. CONTROLLING PARTY | ||||||||
Mr A Herbert is the ultimate controlling party by virtue of his sole directorship and ownership of the company's issued share capital. | ||||||||