Towse Motors Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09077073 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2017

for

Towse Motors Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Towse

Miss B C Towse

SECRETARY:

REGISTERED OFFICE:

650 Anlaby Road

Kingston upon Hull

EAST YORKSHIRE

HU3 6UU

REGISTERED NUMBER:

09077073 (England and Wales)

ACCOUNTANTS:

Andrew Cooper & Company

Chartered Accountants

650 Anlaby Road

Kingston upon Hull

East Yorkshire

HU3 6UU

FIXED ASSETS

Intangible assets

4

18,270

20,880

Tangible assets

5

22,644

22,527

40,914

43,407

CURRENT ASSETS

Stocks

22,881

27,932

Debtors

6

3,728

8,337

Cash at bank and in hand

25,788

23,873

52,397

60,142

CREDITORS

Amounts falling due within one year

7

51,510

82,920

NET CURRENT ASSETS/(LIABILITIES)

887

(22,778

)

TOTAL ASSETS LESS CURRENT LIABILITIES

41,801

20,629

CREDITORS

Amounts falling due after more than one year

8

25,380

7,584

NET ASSETS

16,421

13,045

CAPITAL AND RESERVES

Called up share capital

102

102

Retained earnings

16,319

12,943

SHAREHOLDERS' FUNDS

16,421

13,045

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 5 March 2018 and were signed on its behalf by:

P Towse - Director

1.	STATUTORY INFORMATION

Towse Motors Limited 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

10% on cost

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2016

and 30 June 2017

26,100

AMORTISATION

At 1 July 2016

5,220

Charge for year

2,610

At 30 June 2017

7,830

NET BOOK VALUE

At 30 June 2017

18,270

At 30 June 2016

20,880

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2016

27,267

Additions

3,075

At 30 June 2017

30,342

DEPRECIATION

At 1 July 2016

4,740

Charge for year

2,958

At 30 June 2017

7,698

NET BOOK VALUE

At 30 June 2017

22,644

At 30 June 2016

22,527

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 July 2016

and 30 June 2017

13,000

DEPRECIATION

At 1 July 2016

2,167

Charge for year

1,300

At 30 June 2017

3,467

NET BOOK VALUE

At 30 June 2017

9,533

At 30 June 2016

10,833

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade debtors

3,728

8,337

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Hire purchase contracts

2,205

2,205

Trade creditors

12,146

17,914

Taxation and social security

13,504

8,349

Other creditors

23,655

54,452

51,510

82,920

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.17

30.6.16

£

£

Hire purchase contracts

5,380

7,584

Other creditors

20,000

-

25,380

7,584

9.	LONG TERM LOANS

Included within loans due after one year is £20,000 owed to a director.