Company Registration No. 00649662 (England and Wales)
CENTURY MOTORS (SHEFFIELD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
CENTURY MOTORS (SHEFFIELD) LIMITED
COMPANY INFORMATION
Director
G R Elliff
Secretary
P Elliff
Company number
00649662
Registered office
Catch Bar Lane
Middlewood Road
Sheffield
South Yorkshire
S6 1TA
Accountants
Hart Shaw LLP
Europa Link
Sheffield Business Park
Sheffield
S9 1XU
CENTURY MOTORS (SHEFFIELD) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CENTURY MOTORS (SHEFFIELD) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
347,481
348,473
Investments
4
3,121
3,121
350,602
351,594
Current assets
Stocks
482,851
439,340
Debtors
5
27,703
9,897
Cash at bank and in hand
494,390
471,943
1,004,944
921,180
Creditors: amounts falling due within one year
6
(122,826)
(178,454)
Net current assets
882,118
742,726
Total assets less current liabilities
1,232,720
1,094,320
Provisions for liabilities
(1,400)
(1,295)
Net assets
1,231,320
1,093,025
Capital and reserves
Called up share capital
7
500
500
Revaluation reserve
8
75,133
75,133
Profit and loss reserves
1,155,687
1,017,392
Total equity
1,231,320
1,093,025
CENTURY MOTORS (SHEFFIELD) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered 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
G R Elliff
Director
Company Registration No. 00649662
CENTURY MOTORS (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Century Motors (Sheffield) Limited is a
private
company
, limited by shares
and
incorporated in England and Wales.
The registered office is
Catch Bar Lane, Middlewood Road, Sheffield, South Yorkshire, S6 1TA.
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 at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Century Motors (Sheffield) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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:
Freehold land and buildings
4% straight line
Leasehold land and buildings
No depreciation
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Freehold land is not depreciated.
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
.
CENTURY MOTORS (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks
and
other short-term liquid investments with original maturities of three months or less.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are
initially recognised at transaction pr
ice. Financial liabilities classified as payable within one year are not amortised.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CENTURY MOTORS (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2016 - 6).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2016
365,036
43,276
408,312
Additions
-
1,879
1,879
At 31 March 2017
365,036
45,155
410,191
Depreciation and impairment
At 1 April 2016
23,200
36,639
59,839
Depreciation charged in the year
1,600
1,271
2,871
At 31 March 2017
24,800
37,910
62,710
Carrying amount
At 31 March 2017
340,236
7,245
347,481
At 31 March 2016
341,836
6,637
348,473
CENTURY MOTORS (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
4
Fixed asset investments
2017
2016
£
£
Investments
3,121
3,121
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2016 & 31 March 2017
3,121
Carrying amount
At 31 March 2017
3,121
At 31 March 2016
3,121
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
20,316
-
Other debtors
7,387
9,897
27,703
9,897
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
25,845
65,238
Corporation tax
61,434
65,554
Other taxation and social security
27,941
26,436
Other creditors
3,446
6,842
Accruals and deferred income
4,160
14,384
122,826
178,454
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued, allotted and fully paid
500 Ordinary shares of £1 each
500
500
CENTURY MOTORS (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
8
Revaluation reserve
2017
2016
£
£
At beginning and end of year
75,133
75,133