Keylink Southern Auto Services Limited - Accounts to registrar (filleted) - small 17.3
Keylink Southern Auto Services Limited - Accounts to registrar (filleted) - small 17.3
REGISTERED NUMBER: |
KEYLINK SOUTHERN AUTO SERVICES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
KEYLINK SOUTHERN AUTO SERVICES LIMITED (REGISTERED NUMBER: 05357724) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
KEYLINK SOUTHERN AUTO SERVICES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
KEYLINK SOUTHERN AUTO SERVICES LIMITED (REGISTERED NUMBER: 05357724) |
BALANCE SHEET |
31 OCTOBER 2017 |
2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors on |
KEYLINK SOUTHERN AUTO SERVICES LIMITED (REGISTERED NUMBER: 05357724) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
1. | STATUTORY INFORMATION |
Keylink Southern Auto Services Limited is a |
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 FRS 102 "The Financial Reporting Standards |
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. Monetary |
amounts in these financial statements are rounded to the nearest £1. |
The financial statements have been prepared under the historical cost convention, modified to include certain |
financial instruments at fair value. The principal accounting policies adopted are set out below. |
These financial statements are the first financial statements the company has prepared In accordance with |
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland' (FRS 102), as applied to smaller entities by the adoption of Section 1A of FRS 102. The financial |
statements for the year ended 31 October 2016 were prepared in accordance with previous UK GAAP. |
Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy |
choices differ from previous UK GAAP, however the Directors consider these accounting policies comply with |
FRS 102. |
There have been no transitional adjustments. |
Turnover |
Turnover represents the value of services provided under contracts to the extent that there is a right to |
consideration and is recorded at the value of the consideration due. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
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 recognised in the income statement. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
KEYLINK SOUTHERN AUTO SERVICES LIMITED (REGISTERED NUMBER: 05357724) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
2. | ACCOUNTING POLICIES - continued |
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. |
Financial assets |
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 assets are recognised in the company's statement of financial position when the company becomes |
party to the contractual provisions of the instrument. |
Basic financial assets, which include trade and other receivables and cash and bank balances are initially |
measured at transaction price including transaction costs and are subsequently carried at amortised cost using the |
effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is |
measured at the present value of the future receipts discounted at a market rate of interest. |
Financial liabilities |
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and |
subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the |
debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Equity instruments |
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct |
issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the |
discretion of the company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
KEYLINK SOUTHERN AUTO SERVICES LIMITED (REGISTERED NUMBER: 05357724) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 November 2016 |
Additions |
At 31 October 2017 |
DEPRECIATION |
At 1 November 2016 |
Charge for year |
At 31 October 2017 |
NET BOOK VALUE |
At 31 October 2017 |
At 31 October 2016 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | RELATED PARTY DISCLOSURES |
David Newton Sandydown Bodyworks Limited |
A company in which D S Newton and Y L Newton are both directors. |
During the year wages costs of £nil (2016: £4,000) were charged to the company from David Newton |
Sandydown Bodyworks Limited. |
Amount due at the balance sheet date £3,988 (2016: £3,988). |
No interest was charged on this loan. |