Company Registration No. 01455360 (England and Wales)
CLARKES ACCIDENT REPAIR CENTRES LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2017
PAGES FOR FILING WITH REGISTRAR
CLARKES ACCIDENT REPAIR CENTRES LIMITED
COMPANY INFORMATION
Director
G B Clarke
Company number
01455360
Registered office
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Accountants
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
New Road
Kibworth Beauchamp
Leicester
LE8 0LE
Bankers
National Westminster Bank plc
5 The Parade
Oadby
Leicester
LE2 5NT
CLARKES ACCIDENT REPAIR CENTRES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CLARKES ACCIDENT REPAIR CENTRES LIMITED
BALANCE SHEET
AS AT
31 JULY 2017
31 July 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
81,848
91,296
Current assets
Stocks
30,824
40,577
Debtors
4
247,232
342,438
Cash at bank and in hand
788
590
278,844
383,605
Creditors: amounts falling due within one year
5
(791,217)
(919,939)
Net current liabilities
(512,373)
(536,334)
Total assets less current liabilities
(430,525)
(445,038)
Capital and reserves
Called up share capital
6
31
31
Profit and loss reserves
(430,556)
(445,069)
Total equity
(430,525)
(445,038)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 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 23 April 2018
G B Clarke
Director
Company Registration No. 01455360
CLARKES ACCIDENT REPAIR CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
- 2 -
1
Accounting policies
Company information
Clarkes Accident Repair Centres Limited is a
private
company
limited by shares
incorporated in England and Wales.
The
address of the
registered office
and place of business
is
given in the company information page of these financial statements.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including 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. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
These financial statements for the year ended 31 July 2017
are the
first
financial statements of Clarkes Accident Repair Centres Limited prepared in accordance with FRS 102
.
The date of transition to FRS 102 was 1 August 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
The financial statements have been prepared on a going concern basis, the validity of which depends on the continuing financial support of the director of the company and the company's bankers. The company meets its day to day working capital requirements through an overdraft facility which is repayable on demand. The director considers that the company will continue to operate within agreed facilities.
1.3
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
.
Turnover represents amounts receivable for work done (net of VAT) during the year. Revenue is generally recognised as the contract activity progresses so that for incomplete contracts it reflects the partial performance of contract obligations. For such contracts the amount of revenue reflects the partial performance of the contract obligations and reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to customers is included in sales and debtors and payments on account are included in creditors
.
1.4
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:
Leasehold property
straight line over 25 years
Plant and machinery
15% per annum of net book value
Fixtures, fittings & equipment
20% per annum of net book value
Motor vehicles
25% per annum of net book value
CLARKES ACCIDENT REPAIR CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
- 3 -
1.5
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, or the asset's cash generating unit
is estimated
and compared to the carrying amount
in order to determine the extent of the impairment loss (if any).
Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct
purchase costs
. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
1.10
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
the profit and loss account
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
CLARKES ACCIDENT REPAIR CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 30 (2016 - 30
).
3
Tangible fixed assets
Leasehold property
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2016
59,569
640,181
699,750
Additions
-
13,878
13,878
Disposals
-
(33,900)
(33,900)
At 31 July 2017
59,569
620,159
679,728
Depreciation and impairment
At 1 August 2016
57,050
551,404
608,454
Depreciation charged in the year
2,383
17,684
20,067
Eliminated in respect of disposals
-
(30,641)
(30,641)
At 31 July 2017
59,433
538,447
597,880
Carrying amount
At 31 July 2017
136
81,712
81,848
At 31 July 2016
2,519
88,777
91,296
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
194,474
296,194
Amounts recoverable on unbilled contracts
30,110
27,502
Corporation tax recoverable
253
-
Other debtors
778
778
Prepayments and accrued income
21,617
17,964
247,232
342,438
CLARKES ACCIDENT REPAIR CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 5 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
235,901
210,653
Trade creditors
322,345
343,865
Corporation tax
253
-
Other taxation and social security
70,669
91,217
Other creditors
101,782
163,020
Accruals and deferred income
60,267
111,184
791,217
919,939
The bank overdraft of £235,901 (2016 - £210,653) is secured by way of a fixed and floating charge over the assets of the company.
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
31 Ordinary shares of £1 each
31
31
31
31
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases totalling £81,617 (2016 - £142,644
).
8
Related party transactions
Transactions with related parties
Other debtors falling due within one year include an account balance owed by a shareholder of £778 (2016 - £778
).