G & B AUTOS LTD Company Accounts

G & B AUTOS LTD Company Accounts

G & B AUTOS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08114935
G & B AUTOS LTD
Unaudited Financial Statements
30 June 2017
G & B AUTOS LTD
Financial Statements
Year ended 30 June 2017
Contents
Page
Director's report
1
Statement of comprehensive income
2
Statement of financial position
3
Notes to the financial statements
4
G & B AUTOS LTD
Director's Report
Year ended 30 June 2017
The director presents his report and the unaudited financial statements of the company for the year ended 30 June 2017 .
Director
The director who served the company during the year was as follows:
Mr G Bekteshi
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 11 September 2017 and signed on behalf of the board by:
Mr G Bekteshi
Director
Registered office:
Unit 2-4
6 Southfield Southfield
Welwyn Garden City
Hertfordshire
United Kingdom
AL7 4ST
G & B AUTOS LTD
Statement of Comprehensive Income
Year ended 30 June 2017
2017
2016
Note
£
£
Turnover
84,145
79,863
Cost of sales
27,876
35,852
--------
--------
Gross profit
56,269
44,011
Administrative expenses
42,140
39,410
--------
--------
Operating profit
14,129
4,601
Other interest receivable and similar income
5
22
–
--------
--------
Profit before taxation
14,151
4,601
Tax on profit
2,795
920
--------
-------
Profit for the financial year and total comprehensive income
11,356
3,681
--------
-------
All the activities of the company are from continuing operations.
G & B AUTOS LTD
Statement of Financial Position
30 June 2017
2017
2016
Note
£
£
Current assets
Debtors
7
333
–
Cash at bank and in hand
20,223
11,315
--------
--------
20,556
11,315
Creditors: amounts falling due within one year
8
18,305
9,420
--------
--------
Net current assets
2,251
1,895
-------
-------
Total assets less current liabilities
2,251
1,895
-------
-------
Capital and reserves
Called up share capital
1
1
Profit and loss account
2,250
1,894
-------
-------
Members funds
2,251
1,895
-------
-------
These financial statements have been prepared 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'.
For the year ending 30 June 2017 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 .
These financial statements were approved by the board of directors and authorised for issue on 11 September 2017 , and are signed on behalf of the board by:
Mr G Bekteshi
Director
Company registration number: 08114935
G & B AUTOS LTD
Notes to the Financial Statements
Year ended 30 June 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2-4, 6 Southfield Southfield, Welwyn Garden City, Hertfordshire, AL7 4ST, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to 3 (2016: 3).
5. Other interest receivable and similar income
2017
2016
£
£
Interest on bank deposits
22
–
----
----
6. Dividends
2017
2016
£
£
Dividends proposed before the year end and recognised as a liability
11,000
3,500
--------
-------
7. Debtors
2017
2016
£
£
Other debtors
333
–
----
----
8. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
1,010
–
Corporation tax
2,795
920
Other creditors
14,500
8,500
--------
-------
18,305
9,420
--------
-------
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
No transitional adjustments were required in equity or profit or loss for the year.