Glenfield Motors Leicester Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10112085 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

FOR

GLENFIELD MOTORS LEICESTER LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

6

DIRECTORS:

Mrs J A Miles -deceased

Mrs T M Miles

REGISTERED OFFICE:

Lonsdale House

High Street

Lutterworth

Leicestershire

LE17 4AD

REGISTERED NUMBER:

10112085 (England and Wales)

ACCOUNTANTS:

Crowfoot & Co Accountants Ltd

Lonsdale House

High Street

Lutterworth

Leicestershire

LE17 4AD

FIXED ASSETS

Tangible assets

4

9,918

11,900

CURRENT ASSETS

Stocks

90,000

90,000

Debtors

5

1,044

932

Cash at bank

25,351

2,444

116,395

93,376

CREDITORS

Amounts falling due within one year

6

168,030

143,262

NET CURRENT LIABILITIES

(51,635

)

(49,886

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(41,717

)

(37,986

)

CREDITORS

Amounts falling due after more than one year

7

(19,123

)

-

PROVISIONS FOR LIABILITIES

(1,885

)

(2,261

)

NET LIABILITIES

(62,725

)

(40,247

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(62,727

)

(40,249

)

SHAREHOLDERS' FUNDS

(62,725

)

(40,247

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2020 and were signed on its behalf by:

Mrs J A Miles -deceased - Director

1.	STATUTORY INFORMATION

Glenfield Motors Leicester Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 May 2019

6,500

8,500

15,000

Additions

519

-

519

At 30 April 2020

7,019

8,500

15,519

DEPRECIATION

At 1 May 2019

975

2,125

3,100

Charge for year

907

1,594

2,501

At 30 April 2020

1,882

3,719

5,601

NET BOOK VALUE

At 30 April 2020

5,137

4,781

9,918

At 30 April 2019

5,525

6,375

11,900

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

1,044

932

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

50

585

Taxation and social security

(66

)

-

Other creditors

168,046

142,677

168,030

143,262

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Trade creditors

19,123

-

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 30 April 2020 an amount of £166,621 (2019 £141,302 was due to the directors, which amount is included within creditors on the balance sheet.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D L Miles and W J Miles.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Glenfield Motors Leicester Ltd for the year ended 30 April 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Glenfield Motors Leicester Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Glenfield Motors Leicester Ltd and state those matters that we have agreed to state to the Board of Directors of Glenfield Motors Leicester Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Glenfield Motors Leicester Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Glenfield Motors Leicester Ltd. You consider that Glenfield Motors Leicester Ltd 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 financial statements of Glenfield Motors Leicester Ltd. 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 financial statements.

Crowfoot & Co Accountants Ltd

Lonsdale House

High Street

Lutterworth

Leicestershire

LE17 4AD

10 December 2020