Company Registration No. 9487310 (England and Wales)
EXECUTIVE CARS STEVENAGE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
EXECUTIVE CARS STEVENAGE LIMITED
COMPANY INFORMATION
Director
M Francis
Company number
9487310
Registered office
BTC Centre
Bessemer Drive
Stevenage
Herts
SG1 2DX
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 2019
- 1 -
The director presents his annual report and financial statements for the year ended 31 March 2019.
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 £12,000.
Director's interests
The director's interest in the shares of the company was as stated below:
Ordinary of £1 each
31 March 2019
31 March 2018
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
18 December 2019
EXECUTIVE CARS STEVENAGE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
2019
2018
Notes
£
£
Turnover
103,147
100,635
Cost of sales
(57,681)
(53,400)
Gross profit
45,466
47,235
Administrative expenses
(30,449)
(28,502)
Profit before taxation
15,017
18,733
Taxation
(2,883)
(3,438)
Profit for the financial year
12,134
15,295
EXECUTIVE CARS STEVENAGE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 3 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
478
637
Current assets
Debtors
3
17,864
17,346
Cash at bank and in hand
14,952
14,487
32,816
31,833
Creditors: amounts falling due within one year
4
(17,580)
(16,890)
Net current assets
15,236
14,943
Total assets less current liabilities
15,714
15,580
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
15,713
15,579
Total equity
15,714
15,580
For the financial year ended 31 March 2019 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 18 December 2019
M Francis
Director
Company Registration No. 9487310
EXECUTIVE CARS STEVENAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 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
BTC Centre, Bessemer Drive, Stevenage, Herts, SG1 2DX.
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
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
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.
EXECUTIVE CARS STEVENAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2018 and 31 March 2019
849
Depreciation and impairment
At 1 April 2018
212
Depreciation charged in the year
159
At 31 March 2019
371
Carrying amount
At 31 March 2019
478
At 31 March 2018
637
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
17,864
17,346
4
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
11,024
10,605
Trade creditors
2,933
39
Corporation tax
2,883
3,438
Other taxation and social security
-
1,968
Other creditors
740
840
17,580
16,890
5
Called up share capital
2019
2018
£
£
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 2019
- 6 -
2019
2018
£
£
£
£
Turnover
Sales
103,147
100,635
Cost of sales
Subcontracted drivers
49,495
47,878
Fuel
8,186
5,522
(57,681)
(53,400)
Gross profit
45,466
47,235
Administrative expenses
(30,449)
(28,502)
Operating profit
15,017
18,733
EXECUTIVE CARS STEVENAGE LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
2019
2018
£
£
Administrative expenses
Office wages
1,253
2,170
Directors' remuneration
8,400
8,160
Rent
1,800
1,800
Computer and internet services
1,188
707
Motor expenses
5,409
5,255
Travel expenses
1,769
1,187
Subscriptions and fees
-
315
Accountancy
720
720
Bank charges
825
646
Loan interest
428
1,444
Licences
389
454
Credit payment fees
1,045
243
Insurances
895
988
Printing and stationery
627
248
Advertising and promotion
1,822
1,799
Telephones
564
607
Mobile telephone
1,565
1,334
Sundry expenses
127
213
Uniform
425
-
Garage rent
1,039
-
Depreciation
159
212
30,449
28,502