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Unaudited Financial Statements for the Year Ended 31 August 2018 |
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Independent Mercedes & BMW Specialists |
Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 August 2018 |
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for |
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Independent Mercedes & BMW Specialists |
Ltd |
Independent Mercedes & BMW Specialists |
Ltd (Registered number: SC456135) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Independent Mercedes & BMW Specialists |
Ltd |
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Company Information |
for the Year Ended 31 August 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
8 Deer Park Avenue |
Fairways Business Park |
Livingston |
West Lothian |
EH54 8GA |
Independent Mercedes & BMW Specialists |
Ltd (Registered number: SC456135) |
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Balance Sheet |
31 August 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings | 8 | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
Independent Mercedes & BMW Specialists |
Ltd (Registered number: SC456135) |
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Balance Sheet - continued |
31 August 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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Independent Mercedes & BMW Specialists |
Ltd (Registered number: SC456135) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2018 |
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1. | STATUTORY INFORMATION |
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Independent Mercedes & BMW Specialists Ltd is a
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registered in Scotland. The 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 |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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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 or deferred taxation assets and liabilities are not discounted. |
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Current tax is 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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over |
the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
Independent Mercedes & BMW Specialists |
Ltd (Registered number: SC456135) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The directors have reviewed the business and the future cashflows over the next 12 months. |
The business relies on the continuing support of the Directors and the bank. There is no |
reason to think that this support will be withdrawn. Therefore these accounts have been |
prepared on the going concern basis. |
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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 |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2017 |
and 31 August 2018 |
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DEPRECIATION |
At 1 September 2017 |
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Charge for year |
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At 31 August 2018 |
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NET BOOK VALUE |
At 31 August 2018 |
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At 31 August 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Directors' current accounts | 12,179 | - |
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Independent Mercedes & BMW Specialists |
Ltd (Registered number: SC456135) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2018 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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VAT | 5,190 | 3,517 |
Other creditors |
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Directors' current accounts | - | 26,056 |
Directors' loan accounts | 26,000 | - |
Accruals and deferred income |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary A | £51 | 51 | 51 |
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Ordinary B | £49 | 49 | 49 |
100 | 100 |
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8. | RESERVES |
Retained |
earnings |
£ |
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At 1 September 2017 | ( |
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Profit for the year |
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At 31 August 2018 | ( |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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At the balance sheet date the company owes Mr S Simmons, a director of the company, |
£8,213 (2017 - £12,469). There are no fixed repayment terms and interest is not payable on |
this balance. |
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At the balance sheet date the company owes Mrs C Simmons, a director of the company, |
£7,708 (2017 - £13,587). There are no fixed repayment terms and interest is not payable on |
this balance. |