Company registration number 12903191 (England and Wales)
A AND P TRUCK AND TRAILER PARTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
A AND P TRUCK AND TRAILER PARTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
A AND P TRUCK AND TRAILER PARTS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
Notes
£
£
Fixed assets
Tangible assets
3
48,393
Current assets
Stocks
328,814
Debtors
4
326,213
Cash at bank and in hand
70,858
725,885
Creditors: amounts falling due within one year
5
(570,699)
Net current assets
155,186
Total assets less current liabilities
203,579
Creditors: amounts falling due after more than one year
6
(165,197)
Provisions for liabilities
(7,002)
Net assets
31,380
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
31,280
Total equity
31,380
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 period 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.
A AND P TRUCK AND TRAILER PARTS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 June 2022 and are signed on its behalf by:
Mr A R Brotherton
Director
Company Registration No. 12903191
A AND P TRUCK AND TRAILER PARTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
A and P Truck and Trailer Parts Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.
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.
The financial statements have been prepared under the historical cost convention
.
The principal accounting policies adopted are set out below.
1.2
Going concern
The company is reliant upon the financial support of its directors in order to meet its liabilities as they fall due. The directors have indicated that this support will continue for the foreseeable future and, as a result, have continued to adopt the going concern basis in preparing the financial statements.
Whilst the director
s
ha
ve
adopted the going concern basis set out above, the impact of the worldwide Coronavirus pandemic, Covid-
1
9, on all businesses represents, an uncertainty and the true impact of this pandemic will only become apparent over time.
1.3
Turnover
Turnover represents amounts receivable for goods and services provided net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets
are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% straight line
Motor vehicles
20% straight line
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
.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock.
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, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
A AND P TRUCK AND TRAILER PARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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
period
. 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.
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
A AND P TRUCK AND TRAILER PARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
Number
Total
12
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
Additions
23,525
37,069
60,594
At 31 December 2021
23,525
37,069
60,594
Depreciation and impairment
Depreciation charged in the period
4,971
7,230
12,201
At 31 December 2021
4,971
7,230
12,201
Carrying amount
At 31 December 2021
18,554
29,839
48,393
A AND P TRUCK AND TRAILER PARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
3
Tangible fixed assets
(Continued)
- 6 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
£
Motor vehicles
17,710
Depreciation charge in respect of leased assets
5,364
4
Debtors
2021
Amounts falling due within one year:
£
Trade debtors
304,412
Prepayments and accrued income
21,801
326,213
5
Creditors: amounts falling due within one year
2021
£
Obligations under finance leases
4,674
Trade creditors
449,701
Taxation and social security
18,194
Other creditors
88,209
Accruals and deferred income
9,921
570,699
Net obligations due under finance leases are secured by fixed charges on the assets financed
.
Other creditors includes an amount of £58,209 in respect of loan monies advanced by a director.
6
Creditors: amounts falling due after more than one year
2021
£
Obligations under finance leases
11,622
Other creditors
153,575
165,197
A AND P TRUCK AND TRAILER PARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
6
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Other creditors
of £153,575 represent
loan monies advanced by
a
director which
are
secured by a fixed and floating charge over the assets of the company.
7
Called up share capital
2021
2021
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
£
90,000