Registration number:
Vale Auto Services Limited
for the Year Ended 31 December 2016
Chartered Accountants
Church House
Church Street
Yeovil
Somerset
BA20 1HB
Vale Auto Services Limited
Contents
Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Vale Auto Services Limited
Company Information
Directors |
Mr Frank Falbo Mr Alastair Elder |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Vale Auto Services Limited
for the Year Ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Vale Auto Services Limited for the year ended 31 December 2016 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Vale Auto Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Vale Auto Services Limited and state those matters that we have agreed to state to the Board of Directors of Vale Auto Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vale Auto Services Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Vale Auto Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Vale Auto Services Limited. You consider that Vale Auto Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Vale Auto Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Chartered Accountants
Church Street
Yeovil
Somerset
BA20 1HB
Page 2 |
Vale Auto Services Limited
Statement of Comprehensive Income for the Year Ended 31 December 2016
Note |
2016 |
2015 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 3 |
Vale Auto Services Limited
(Registration number: 06747795)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
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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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Creditors: Amounts falling due after more than one year |
( |
( |
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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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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Mr Frank Falbo
Director
Page 4 |
Vale Auto Services Limited
Statement of Changes in Equity for the Year Ended 31 December 2016
Share capital |
Profit and loss account |
Total |
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At 1 January 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 December 2016 |
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Share capital |
Profit and loss account |
Total |
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At 1 January 2015 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 December 2015 |
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Page 5 |
Vale Auto Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Bazeland Hill
Shaftesbury Road
Henstridge
Somerset
BA8 0TD
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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
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 |
25% per annum, reducing balance basis |
Motor vehicles |
25% per annum, reducing balance basis |
Plant and machinery |
15% per annum, reducing balance basis |
Equipment, fixtures and fittings |
15% per annum, reducing balance basis |
Office equipment |
3 years, straight line basis |
Page 6 |
Vale Auto Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
2 |
Accounting policies (continued) |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 7 |
Vale Auto Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2016 |
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At 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
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Charge for the year |
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At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
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At 31 December 2015 |
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Included within the net book value of land and buildings above is £889 (2015 - £1,186) in respect of short leasehold land and buildings.
Stocks |
2016 |
2015 |
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Other inventories |
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Debtors |
2016 |
2015 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Page 8 |
Vale Auto Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Creditors |
Note |
2016 |
2015 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2016 |
2015 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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Other borrowings |
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2016 |
2015 |
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Current loans and borrowings |
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Finance lease liabilities |
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Other borrowings |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £44,068 (2015 - £55,083).
Page 9 |
Vale Auto Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Related party transactions |
Transactions with directors |
2016 |
At 1 January 2016 |
Advances to directors |
Repayments by director |
At 31 December 2016 |
Mr Frank Falbo |
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Interest free loan |
18,229 |
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( |
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Mr Alastair Elder |
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Interest free loan |
3,112 |
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( |
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2015 |
At 1 January 2015 |
Advances to directors |
Repayments by director |
At 31 December 2015 |
Mr Frank Falbo |
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Interest free loan |
8,320 |
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( |
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Mr Alastair Elder |
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Interest free loan |
6,670 |
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( |
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Loans to related parties
2016 |
Other related parties |
At start of period |
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2015 |
Other related parties |
At start of period |
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Page 10 |