Company Registration No. 9487310 (England and Wales)
EXECUTIVE CARS STEVENAGE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
EXECUTIVE CARS STEVENAGE LIMITED
COMPANY INFORMATION
Director
M Francis
Company number
9487310
Registered office
29 The Chilterns
Stevenage
Herts
SG1 6BA
EXECUTIVE CARS STEVENAGE LIMITED
CONTENTS
Page
Director's report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 5
The following pages do not form part of the statutory accounts:
Detailed trading and profit and loss account
6 - 7
EXECUTIVE CARS STEVENAGE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2017
- 1 -
The director presents his annual report and financial statements for the year ended 31 March 2017.
Principal activities
The principal activity of the company continued to be that of Taxi Hire
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
M Francis
Results and dividends
Ordinary dividends were paid amounting to £5,000.
Director's interests
The director's interest in the shares of the company was as stated below:
Ordinary of £1 each
31 March 2017
31 March 2016
M Francis
1
1
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
M Francis
Director
20 December 2017
EXECUTIVE CARS STEVENAGE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
PERIOD
ended
31 March
31 March
2017
2016
Notes
£
£
Turnover
71,547
30,125
Cost of sales
(26,651)
(8,940)
Gross profit
44,896
21,185
Administrative expenses
(27,118)
(13,607)
Profit before taxation
17,778
7,578
Taxation
(3,556)
(1,516)
Profit for the financial year
14,222
6,062
EXECUTIVE CARS STEVENAGE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 3 -
2017
2016
Notes
£
£
£
£
Current assets
Debtors
2
13,758
2,139
Cash at bank and in hand
8,872
7,164
22,630
9,303
Creditors: amounts falling due within one year
3
(7,345)
(3,240)
Net current assets
15,285
6,063
Capital and reserves
Called up share capital
4
1
1
Profit and loss reserves
15,284
6,062
Total equity
15,285
6,063
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Director's responsibilities:
-
• The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
• The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 20 December 2017
M Francis
Director
Company Registration No. 9487310
EXECUTIVE CARS STEVENAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
1
Accounting policies
Company information
Executive Cars Stevenage Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
29 The Chilterns, Stevenage, Herts, SG1 6BA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
13,758
2,139
3
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
3,049
984
Corporation tax
3,556
1,516
Other creditors
740
740
7,345
3,240
EXECUTIVE CARS STEVENAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Authorised
100 Ordinary of £1 each
100
100
Issued and fully paid
1 Ordinary of £1 each
1
1
EXECUTIVE CARS STEVENAGE LIMITED
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
PERIOD
ended
31 March
31 March
2017
2016
£
£
£
£
Turnover
Sales
71,547
30,125
Cost of sales
Subcontracted drivers
24,703
6,561
Fuel
1,948
2,379
(26,651)
(8,940)
Gross profit
44,896
21,185
Administrative expenses
(27,118)
(13,607)
Operating profit
17,778
7,578
EXECUTIVE CARS STEVENAGE LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
PERIOD
ended
31 March
31 March
2017
2016
£
£
Administrative expenses
Office wages
5,495
3,840
Directors' remuneration
8,040
-
Rent
1,800
1,800
Computer and internet services
728
243
Motor expenses
5,157
3,317
Travel expenses
1,337
442
Accountancy
720
720
Bank charges
171
60
Loan interest
214
-
Licences
300
-
Credit payment fees
643
1,356
Insurances
178
-
Printing and stationery
224
137
Advertising and promotion
712
829
Telephones
688
210
Mobile telephone
698
640
Sundry expenses
13
13
27,118
13,607