UK Car Sales Limited - Period Ending 2017-05-30

UK Car Sales Limited - Period Ending 2017-05-30


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Registration number: 05820880

UK Car Sales Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 June 2016 to 30 May 2017

DRP + Co Accountants Limited
1st Floor 6 St Johns Court
Upper Fforest Way
Swansea
C & C of Swansea
SA6 8QQ

 

UK Car Sales Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

UK Car Sales Limited

Company Information

Director

Mr L T Bentley

Registered office

Unit 2 Celtic Trade Park
Bruce Road Fforestfach
Swansea
C & C of Swansea
SA5 4EP

Accountants

DRP + Co Accountants Limited
1st Floor 6 St Johns Court
Upper Fforest Way
Swansea
C & C of Swansea
SA6 8QQ

 

UK Car Sales Limited

(Registration number: 05820880)
Balance Sheet as at 30 May 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

1,549

2,712

Current assets

 

Stocks

5

474,346

391,369

Debtors

6

4,389

1,438

Cash at bank and in hand

 

192,659

71,174

 

671,394

463,981

Creditors: Amounts falling due within one year

7

(400,429)

(228,847)

Net current assets

 

270,965

235,134

Total assets less current liabilities

 

272,514

237,846

Creditors: Amounts falling due after more than one year

7

(21,873)

(31,168)

Provisions for liabilities

(310)

(542)

Net assets

 

250,331

206,136

Capital and reserves

 

Called up share capital

98

98

Profit and loss account

250,233

206,038

Total equity

 

250,331

206,136

For the financial period ending 30 May 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 accounts for the period in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

UK Car Sales Limited

(Registration number: 05820880)
Balance Sheet as at 30 May 2017

Approved and authorised by the director on 19 May 2018
 

.........................................

Mr L T Bentley

Director

 

UK Car Sales Limited

Notes to the Financial Statements for the Period from 1 June 2016 to 30 May 2017

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 2 Celtic Trade Park
Bruce Road Fforestfach
Swansea
C & C of Swansea
SA5 4EP
Wales

These financial statements were authorised for issue by the director on 19 May 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

UK Car Sales Limited

Notes to the Financial Statements for the Period from 1 June 2016 to 30 May 2017

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, 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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

UK Car Sales Limited

Notes to the Financial Statements for the Period from 1 June 2016 to 30 May 2017

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 4 (2016 - 4).

 

UK Car Sales Limited

Notes to the Financial Statements for the Period from 1 June 2016 to 30 May 2017

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 June 2016

1,451

1,972

3,237

6,660

At 30 May 2017

1,451

1,972

3,237

6,660

Depreciation

At 1 June 2016

1,352

888

1,708

3,948

Charge for the period

59

296

808

1,163

At 30 May 2017

1,411

1,184

2,516

5,111

Carrying amount

At 30 May 2017

40

788

721

1,549

At 31 May 2016

99

1,084

1,529

2,712

5

Stocks

2017
£

2016
£

Other inventories

474,346

391,369

6

Debtors

2017
£

2016
£

Prepayments

1,327

1,310

Other debtors

3,062

128

4,389

1,438

7

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

9

89,784

40,673

Taxation and social security

 

14,437

8,566

Accruals and deferred income

 

14,992

14,382

Other creditors

 

281,216

165,226

 

400,429

228,847

 

UK Car Sales Limited

Notes to the Financial Statements for the Period from 1 June 2016 to 30 May 2017

Creditors: amounts falling due after more than one year

Note

2017
£

2016
£

Due after one year

 

Loans and borrowings

9

21,873

31,168

8

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary shares of £1 each

98

98

98

98

         

9

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Bank borrowings

21,873

31,168

2017
£

2016
£

Current loans and borrowings

Bank borrowings

8,784

8,273

Other borrowings

81,000

32,400

89,784

40,673

10

Dividends

   

2017

 

2016

   

£

 

£

Interim dividend of £Nil (2016 - £20,000.00) per ordinary share

 

-

 

20,000