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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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THE SURREY CAR COMPANY LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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FOR |
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THE SURREY CAR COMPANY LIMITED |
THE SURREY CAR COMPANY LIMITED (REGISTERED NUMBER: 09503475) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 March 2020 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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THE SURREY CAR COMPANY LIMITED |
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COMPANY INFORMATION |
For The Year Ended 31 March 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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THE SURREY CAR COMPANY LIMITED (REGISTERED NUMBER: 09503475) |
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ABRIDGED BALANCE SHEET |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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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. |
THE SURREY CAR COMPANY LIMITED (REGISTERED NUMBER: 09503475) |
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ABRIDGED BALANCE SHEET - continued |
31 March 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
its behalf by: |
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THE SURREY CAR COMPANY LIMITED (REGISTERED NUMBER: 09503475) |
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NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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The Surrey Car Company Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared in accordance with the provisions of Section 1A ''Smaller Entities'' of |
Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' |
and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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The financial statements have been prepared on a going concern basis, which the directors considers to be |
appropriate as they have confirmed they will not withdraw their loan accounts and have sourced additional financing |
through the utilisation of government financial support. Furthermore, revenues are expected to return to normal |
levels within the next year. |
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The directors have considered the impact of coronavirus on this assessment, but do not anticipate it having a material |
impact on the entity's ability to continue as a going concern. |
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Turnover |
Turnover represents sales of used cars and light motor vehicles, excluding value added tax, sold during the year. |
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Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred |
income. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly |
attributable to making the asset capable of operating as intended by management. |
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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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Fixtures and fittings | - | 20% reducing balance |
Motor vehicles | - | 20% reducing balance |
Computer equipment | - | 25% on cost |
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Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs of purchase, including costs to |
bring stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock |
where appropriate. |
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Consideration has been given by the directors as to the level of provision against vehicle stocks. In determining such |
provisions required the directors have used guidance from independent valuation tools and their knowledge of the |
industry. |
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Financial instruments |
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. |
Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are |
assessed for evidence of impairment, and changes are recognised in profit or loss. |
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THE SURREY CAR COMPANY LIMITED (REGISTERED NUMBER: 09503475) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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 tax represents the amount of tax payable or receivable in respect of the taxable profit for the current or past |
reporting periods. |
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Deferred tax represents the future tax consequences of material transactions and events recognised in the financial |
statements of current and previous periods. |
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Current and deferred tax assets and liabilities are not discounted and are 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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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 |
Totals |
£ |
COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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THE SURREY CAR COMPANY LIMITED (REGISTERED NUMBER: 09503475) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2020 |
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6. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Vehicle stocking loans | 108,460 | 95,245 |
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Personal security over the balance due above has been given by the directors. Vehicle stocking loans are also secured |
against the relevant assets concerned. |
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7. | POST BALANCE SHEET EVENTS |
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Towards the end of the financial year, the World Health Organisation declared Covid-19 a pandemic and |
subsequently the UK went into lockdown on 24 March 2020. Although this did not impact the results for the year to |
31 March 2020, since the balance sheet date the company's sales have been impacted as a result of the pandemic. |
Whilst April and May's sales were low, sales in June have increased significantly and were above the average for the |
last 12 month period. Although it is not possible to estimate the full financial implications at this time, it is the |
expectation of the directors that sales will stabilise once the UK recovers from this unusual situation. |