UK Car Sales Limited - Period Ending 2016-05-31

UK Car Sales Limited - Period Ending 2016-05-31


UK Car Sales Limited 05820880 false true 2015-06-01 2016-05-31 2016-05-31 05820880 2015-06-01 2016-05-31 05820880 2016-05-31 05820880 uk-bus:OrdinaryShareClass1 2016-05-31 05820880 uk-bus:Director1 2015-06-01 2016-05-31 05820880 uk-bus:OrdinaryShareClass1 2015-06-01 2016-05-31 05820880 uk-bus:EntityAccountantsOrAuditors 2015-06-01 2016-05-31 05820880 uk-gaap:FixturesFittings 2015-06-01 2016-05-31 05820880 uk-gaap:OfficeEquipment 2015-06-01 2016-05-31 05820880 uk-gaap:PlantMachinery 2015-06-01 2016-05-31 05820880 2015-05-31 05820880 2015-05-31 05820880 uk-bus:OrdinaryShareClass1 2015-05-31 iso4217:GBP xbrli:shares

Registration number: 05820880

UK Car Sales Limited
 

 
Annual Report and Unaudited Abbreviated Accounts
 

 
for the Year Ended 31 May 2016
 

DRP + Co Accountants Limited
Upper Floor
6 St John's Court
Swansea Enterprise Park
Swansea
C & C Of Swansea
SA6 8QQ

 

UK Car Sales Limited
Contents

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

2 to 3

 

UK Car Sales Limited
(Registration number: 05820880)
Abbreviated Balance Sheet at 31 May 2016

   

Note

   

2016
£

   

2015
£

 

Fixed assets

 

             

Tangible fixed assets

 

   

2,711

   

1,837

 

Current assets

 

             

Stocks

 

   

391,369

   

357,655

 

Debtors

 

   

1,438

   

1,315

 

Cash at bank and in hand

 

   

71,174

   

33,382

 
   

   

463,981

   

392,352

 

Creditors: Amounts falling due within one year

 

   

(228,847)

   

(219,216)

 

Net current assets

 

   

235,134

   

173,136

 

Total assets less current liabilities

 

   

237,845

   

174,973

 

Creditors: Amounts falling due after more than one year

 

   

(31,168)

   

(30,462)

 

Provisions for liabilities

 

   

(542)

   

(369)

 

Net assets

 

   

206,135

   

144,142

 

Capital and reserves

 

             

Called up share capital

 

4

   

98

   

98

 

Profit and loss account

 

   

206,037

   

144,044

 

Shareholders' funds

 

   

206,135

   

144,142

 

For the year ending 31 May 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 10 February 2017

.........................................
Mr L T Bentley
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

 

UK Car Sales Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

1

Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% on cost straight line

Fixtures and Fittings

15% on cost straight line

Office Equipment

25% on cost straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

UK Car Sales Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

2

Fixed assets

   

Tangible assets
£

   

Total
£

 

Cost

           

At 1 June 2015

 

4,623

   

4,623

 

Additions

 

2,037

   

2,037

 

At 31 May 2016

 

6,660

   

6,660

 

Depreciation

           

At 1 June 2015

 

2,786

   

2,786

 

Charge for the year

 

1,163

   

1,163

 

At 31 May 2016

 

3,949

   

3,949

 

Net book value

           

At 31 May 2016

 

2,711

   

2,711

 

At 31 May 2015

 

1,837

   

1,837

 

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

 

2016
£

   

2015
£

 

 

   

 

Amounts falling due within one year

 

8,274

   

-

 

Amounts falling due after more than one year

 

31,168

   

20,552

 

Total secured creditors

 

39,442

   

20,552

 

4

Share capital

Allotted, called up and fully paid shares

 

2016

2015

   

No.

   

£

   

No.

   

£

 

Ordinary shares of £1 each

 

98

   

98

   

98

   

98