ANOTHER_OPTION_LIMITED - Accounts


ANOTHER OPTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 22 FEBRUARY 2017
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 05708323 (England and Wales)
ANOTHER OPTION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ANOTHER OPTION LIMITED
BALANCE SHEET
AS AT
22 FEBRUARY 2017
22 February 2017
- 1 -
22/02/2017
24/02/2016
Notes
£
£
£
£
Current assets
Stocks
403,653
403,653
Debtors
3
729,402
129,357
Cash at bank and in hand
230,441
830,397
1,363,496
1,363,407
Creditors: amounts falling due within one year
4
(964,567)
(964,991)
Net current assets
398,929
398,416
Capital and reserves
Called up share capital
5
250,001
250,001
Profit and loss reserves
148,928
148,415
Total equity
398,929
398,416

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 22 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 17 May 2018
F L Gray
Director
Company Registration No. 05708323
ANOTHER OPTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 22 FEBRUARY 2017
- 2 -
1
Accounting policies
Company information

Another Option Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the period ended 22 February 2017 are the first financial statements of Another Option Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 26 February 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover represents amounts receivable for vehicle sales net of VAT.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.4
Financial instruments

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 instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

ANOTHER OPTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 22 FEBRUARY 2017
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the recoverable amount. The impairment loss is recognised in profit or loss.

Basic financial liabilities

Basic financial liabilities, including creditors, that are classified as debt, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.5
Equity instruments

Equity instruments issued by the company are recorded at 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was 1 (2016 - 1).

3
Debtors
22/02/2017
24/02/2016
Amounts falling due within one year:
£
£
Trade debtors
729,402
129,357
4
Creditors: amounts falling due within one year
22/02/2017
24/02/2016
£
£
Trade creditors
547,538
547,962
Other taxation and social security
86,925
86,925
Other creditors
330,104
330,104
964,567
964,991
ANOTHER OPTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 22 FEBRUARY 2017
- 4 -
5
Called up share capital
22/02/2017
24/02/2016
£
£
Ordinary share capital
Issued and fully paid
250,001Ordinary shares of £1 each
250,001
250,001
250,001
250,001
6
Related party transactions

Included within debtors is an amount of £706,557 (2016: £106,088) due from, and included within creditors is an amount of £284,579 (2016: £284,579) due to Trade Sale Limited, a company connected to F L Gray.

 

Included within creditors is an amount of £88,000 (2016: £88,000) due to Trade Sale (Slough) Limited, a company in which F L Gray is a director.

 

Included within debtors is an amount of £22,751 (2016: £23,175) due from, and included within creditors is an amount of £Nil (2016: £424) due to, T.S.L. Finance Limited, a subsidiary company of Trade Sale Limited.

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