false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2018-01-01
Sage Accounts Production Advanced 2018 Update 1 - FRS
185,500
77,299
9,376
86,675
98,825
108,201
316,344
316,344
316,344
xbrli:pure
xbrli:shares
iso4217:GBP
04262056
2018-01-01
2018-12-31
04262056
2018-12-31
04262056
2017-12-31
04262056
2017-01-01
2017-12-31
04262056
2017-12-31
04262056
core:NetGoodwill
2018-01-01
2018-12-31
04262056
core:LandBuildings
core:LongLeaseholdAssets
2018-01-01
2018-12-31
04262056
core:MotorVehicles
2018-01-01
2018-12-31
04262056
bus:Director1
2018-01-01
2018-12-31
04262056
core:WithinOneYear
2018-12-31
04262056
core:WithinOneYear
2017-12-31
04262056
core:NetGoodwill
2017-12-31
04262056
core:NetGoodwill
2018-12-31
04262056
core:LandBuildings
core:LongLeaseholdAssets
2017-12-31
04262056
core:PlantMachinery
2017-12-31
04262056
core:FurnitureFittings
2017-12-31
04262056
core:MotorVehicles
2017-12-31
04262056
core:LandBuildings
core:LongLeaseholdAssets
2018-12-31
04262056
core:PlantMachinery
2018-12-31
04262056
core:FurnitureFittings
2018-12-31
04262056
core:MotorVehicles
2018-12-31
04262056
core:PlantMachinery
2018-01-01
2018-12-31
04262056
core:ShareCapital
2018-12-31
04262056
core:ShareCapital
2017-12-31
04262056
core:RetainedEarningsAccumulatedLosses
2018-12-31
04262056
core:RetainedEarningsAccumulatedLosses
2017-12-31
04262056
core:NetGoodwill
2017-12-31
04262056
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2018-12-31
04262056
core:CostValuation
core:Non-currentFinancialInstruments
2018-12-31
04262056
core:Non-currentFinancialInstruments
2018-12-31
04262056
core:LandBuildings
core:LongLeaseholdAssets
2017-12-31
04262056
core:PlantMachinery
2017-12-31
04262056
core:MotorVehicles
2017-12-31
04262056
bus:SmallEntities
2018-01-01
2018-12-31
04262056
bus:AuditExemptWithAccountantsReport
2018-01-01
2018-12-31
04262056
bus:FullAccounts
2018-01-01
2018-12-31
04262056
bus:SmallCompaniesRegimeForAccounts
2018-01-01
2018-12-31
04262056
bus:PrivateLimitedCompanyLtd
2018-01-01
2018-12-31
COMPANY REGISTRATION NUMBER:
04262056
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
Year ended 31 December 2018
Notes to the financial statements
|
3
|
|
|
31 December 2018
FIXED ASSETS
Intangible assets
|
5
|
98,825
|
108,201
|
Tangible assets
|
6
|
477,524
|
443,708
|
Investments
|
7
|
316,344
|
–
|
|
---------
|
---------
|
|
892,693
|
551,909
|
|
|
|
|
CURRENT ASSETS
Stocks
|
1,834,858
|
1,685,220
|
Debtors
|
8
|
1,176,568
|
722,036
|
Cash at bank and in hand
|
29,164
|
39,058
|
|
------------
|
------------
|
|
3,040,590
|
2,446,314
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
9
|
(
2,805,181)
|
(
2,048,437)
|
|
------------
|
------------
|
NET CURRENT ASSETS
|
235,409
|
397,877
|
|
------------
|
---------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
1,128,102
|
949,786
|
|
|
|
|
PROVISIONS
|
(
50,845)
|
(
44,765)
|
|
------------
|
---------
|
NET ASSETS
|
1,077,257
|
905,021
|
|
------------
|
---------
|
|
|
|
CAPITAL AND RESERVES
Called up share capital
|
10,000
|
10,000
|
Profit and loss account
|
1,067,257
|
895,021
|
|
------------
|
---------
|
SHAREHOLDERS FUNDS
|
1,077,257
|
905,021
|
|
------------
|
---------
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
BALANCE SHEET (continued)
|
|
31 December 2018
These financial statements were approved by the
board of directors
and authorised for issue on
30 September 2019
, and are signed on behalf of the board by:
Company registration number:
04262056
NOTES TO THE FINANCIAL STATEMENTS
|
|
Year ended 31 December 2018
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Ponthir Road Service Station, Ponthir Road, Caerleon, Newport, NP18 3XL.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
The turnover shown in the profit and loss account is derived from ordinary activities and represents amounts chargeable in respect of the sale and repair of motor vehicles and the sale of vehicle parts in the financial year, exclusive of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill
|
-
|
5% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Leasehold Property
|
-
|
10% straight line
|
|
Plant & Machinery
|
-
|
20% - 33.33% Straight Line
|
|
Fixtures & Fittings
|
-
|
|
|
Motor Vehicles
|
-
|
33% straight line
|
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based upon selling price less anticipated costs to completion and selling costs.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
50
(2017:
50
).
5.
INTANGIBLE ASSETS
|
Goodwill
|
|
£
|
Cost
|
|
At 1 January 2018 and 31 December 2018
|
185,500
|
|
---------
|
Amortisation
|
|
At 1 January 2018
|
77,299
|
Charge for the year
|
9,376
|
|
---------
|
At 31 December 2018
|
86,675
|
|
---------
|
Carrying amount
|
|
At 31 December 2018
|
98,825
|
|
---------
|
At 31 December 2017
|
108,201
|
|
---------
|
|
|
6.
TANGIBLE ASSETS
|
Long leasehold property
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
|
At 1 January 2018
|
524,496
|
210,073
|
27,883
|
38,798
|
801,250
|
Additions
|
102,958
|
13,193
|
–
|
15,058
|
131,209
|
|
---------
|
---------
|
--------
|
--------
|
---------
|
At 31 December 2018
|
627,454
|
223,266
|
27,883
|
53,856
|
932,459
|
|
---------
|
---------
|
--------
|
--------
|
---------
|
Depreciation
|
|
|
|
|
|
At 1 January 2018
|
153,731
|
150,228
|
27,883
|
25,700
|
357,542
|
Charge for the year
|
52,776
|
28,751
|
–
|
15,866
|
97,393
|
|
---------
|
---------
|
--------
|
--------
|
---------
|
At 31 December 2018
|
206,507
|
178,979
|
27,883
|
41,566
|
454,935
|
|
---------
|
---------
|
--------
|
--------
|
---------
|
Carrying amount
|
|
|
|
|
|
At 31 December 2018
|
420,947
|
44,287
|
–
|
12,290
|
477,524
|
|
---------
|
---------
|
--------
|
--------
|
---------
|
At 31 December 2017
|
370,765
|
59,845
|
–
|
13,098
|
443,708
|
|
---------
|
---------
|
--------
|
--------
|
---------
|
|
|
|
|
|
|
7.
INVESTMENTS
|
Shares in group undertakings
|
|
£
|
Cost
|
|
At 1 January 2018
|
–
|
Additions
|
316,344
|
|
---------
|
At 31 December 2018
|
316,344
|
|
---------
|
Impairment
|
|
At 1 January 2018 and 31 December 2018
|
–
|
|
---------
|
|
|
Carrying amount
|
|
At 31 December 2018
|
316,344
|
|
---------
|
At 31 December 2017
|
–
|
|
---------
|
|
|
8.
DEBTORS
|
2018
|
2017
|
|
£
|
£
|
Trade debtors
|
951,191
|
412,399
|
Other debtors
|
225,377
|
309,637
|
|
------------
|
---------
|
|
1,176,568
|
722,036
|
|
------------
|
---------
|
|
|
|
9.
CREDITORS:
amounts falling due within one year
|
2018
|
2017
|
|
£
|
£
|
Bank loans and overdrafts
|
1,037,518
|
437,614
|
Trade creditors
|
632,409
|
601,029
|
Accruals and deferred income
|
259,490
|
129,993
|
Corporation tax
|
31,063
|
85,929
|
Social security and other taxes
|
195,780
|
137,209
|
Director loan accounts
|
–
|
43,619
|
Stocking loan
|
355,736
|
348,589
|
Other creditors
|
293,185
|
264,455
|
|
------------
|
------------
|
|
2,805,181
|
2,048,437
|
|
------------
|
------------
|
|
|
|
The above includes secured creditors of £1,393,254 (2017 - £786,203). The trade loans are secured over the assets to which they relate. The bank overdraft is secured by a fixed and floating charge over all current and future assets of the company.
10.
DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
Included in debtors/(creditors) due within one year is the following balance due from/(to) a director:
|
|
2018 |
2017 |
|
|
£ |
£ |
Mr M F Jeffery
|
158,707 |
(43,619) |
|
--------- |
-------- |
|
|
|
|
The following transactions took place between the director and the company during the year:
Opening balance |
|
(43,619) |
Funds introduced |
|
(417,017) |
Repayments |
|
619,343 |
Closing balance |
|
158,707 |
|
|
|
This loan is interest free and repayable on demand.