Period from 2 June 2016 to
Registration number:
DP Autoworks Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
DP Autoworks Limited
Company Information
Director |
Mr D Pugsley |
Registered office |
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Accountants |
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Page 1 |
DP Autoworks Limited
Balance Sheet
31 July 2017
Note |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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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 |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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Page 2 |
DP Autoworks Limited
Balance Sheet
31 July 2017
For the financial period ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 10210701
Page 3 |
DP Autoworks Limited
Notes to the Financial Statements
Period from 2 June 2016 to 31 July 2017
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.
There are no material departures from FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Disclosure of long or short period
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Page 4 |
DP Autoworks Limited
Notes to the Financial Statements
Period from 2 June 2016 to 31 July 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold property improvements |
10% straight line |
Plant and machinery |
20% reducing balance |
Motor vehicles |
20% reducing balance |
Office and computer equipment |
20% reducing balance |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Page 5 |
DP Autoworks Limited
Notes to the Financial Statements
Period from 2 June 2016 to 31 July 2017
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Page 6 |
DP Autoworks Limited
Notes to the Financial Statements
Period from 2 June 2016 to 31 July 2017
Tangible assets |
Land and buildings |
Office and computer equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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Additions |
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At 31 July 2017 |
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Depreciation |
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Charge for the period |
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At 31 July 2017 |
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Carrying amount |
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At 31 July 2017 |
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Included within the net book value of land and buildings above is £512 in respect of short leasehold land and buildings.
Page 7 |
DP Autoworks Limited
Notes to the Financial Statements
Period from 2 June 2016 to 31 July 2017
Debtors |
31 July 2017 |
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Trade debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
31 July 2017 |
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Due within one year |
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Trade creditors |
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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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Share capital |
Allotted, called up and fully paid shares
2017 |
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No. |
£ |
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117 |
New shares allotted
During the period |
A further 17 ordinary shares having an aggregate nominal value of £17 were allotted for an aggregate consideration of £15,000.
Page 8 |