Autocraft Accident Repair Centre Limited Filleted accounts for Companies House (small and micro)

AUTOCRAFT ACCIDENT REPAIR CENTRE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06473525

AUTOCRAFT ACCIDENT REPAIR CENTRE LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

28 February 2018

AUTOCRAFT ACCIDENT REPAIR CENTRE LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2018

CONTENTS	PAGE

Statement of financial position	1

Notes to the financial statements	3

AUTOCRAFT ACCIDENT REPAIR CENTRE LIMITED

STATEMENT OF FINANCIAL POSITION

28 February 2018

	2018		2017
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		373,706		396,395

CURRENT ASSETS

Stocks		86,757	34,835
Debtors	6	525,056	525,067
Cash at bank and in hand		42	49
		----------	----------
		611,855	559,951

CREDITORS: amounts falling due within one year	7	564,474		432,447
		----------		----------
NET CURRENT ASSETS			47,381		127,504
			----------		----------
TOTAL ASSETS LESS CURRENT LIABILITIES			421,087		523,899

CREDITORS: amounts falling due after more than one year	8		204,285		318,055

PROVISIONS

Pensions and similar obligations	9	–		150,000
Taxation including deferred tax	9	7,260		11,110
		-------		----------
			7,260		161,110
			----------		----------
NET ASSETS EXCLUDING DEFINED BENEFIT PENSION PLAN LIABILITY			209,542		44,734

Defined benefit pension plan liability	11	146,000	–
		----------	---------
NET ASSETS INCLUDING DEFINED BENEFIT PENSION PLAN LIABILITY		63,542	44,734
		----------	---------

AUTOCRAFT ACCIDENT REPAIR CENTRE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

28 February 2018

	2018		2017
Note	£	£	£	£

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	63,442	44,634
	---------	---------
SHAREHOLDERS FUNDS	63,542	44,734
	---------	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 12 November 2018 , and are signed on behalf of the board by:

S Hinchcliffe

Director

Company registration number: 06473525

AUTOCRAFT ACCIDENT REPAIR CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2018

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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.

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. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Current and deferred 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	2% straight line
Motor Vehicles	-	25% reducing balance
Equipment	-	15% reducing balance

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation taking into account the risks and uncertainties surrounding the obligation.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Defined benefit plans

For a defined scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined obligation is calculated on an annual basis by independent actuaries. Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income. Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expense.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 23 (2017: 25 ).

5. TANGIBLE ASSETS

	Freehold Property	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 March 2017	341,922	60,206	83,340	485,468
Additions	–	–	3,659	3,659
Disposals	–	( 4,141)	–	( 4,141)
	----------	---------	---------	----------
At 28 February 2018	341,922	56,065	86,999	484,986
	----------	---------	---------	----------
Depreciation
At 1 March 2017	41,029	14,661	33,383	89,073
Charge for the year	6,838	11,386	7,814	26,038
Disposals	–	( 3,831)	–	( 3,831)
	----------	---------	---------	----------
At 28 February 2018	47,867	22,216	41,197	111,280
	----------	---------	---------	----------
Carrying amount
At 28 February 2018	294,055	33,849	45,802	373,706
	----------	---------	---------	----------
At 28 February 2017	300,893	45,545	49,957	396,395
	----------	---------	---------	----------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles	Equipment	Total
	£	£	£
At 28 February 2018	31,713	9,714	41,427
	---------	-------	---------
At 28 February 2017	42,283	7,500	49,783
	---------	-------	---------

6. DEBTORS

	2018	2017
	£	£
Trade debtors	517,151	517,929
Other debtors	7,905	7,138
	----------	----------
	525,056	525,067
	----------	----------

7. CREDITORS: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	91,047	37,962
Trade creditors	306,325	326,762
Corporation tax	16,464	11,991
Social security and other taxes	62,542	40,338
Other creditors	88,096	15,394
	----------	----------
	564,474	432,447
	----------	----------

The following liabilities disclosed under creditors falling due within one year are secured by the company:

	2018	2017
	£	£
Bank loans and overdrafts	91,047	37,962
Hire purchase agreements	13,387	12,195
	----------	---------
	104,434	50,157
	----------	---------

8. CREDITORS: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	181,695	188,491
Other creditors	22,590	129,564
	----------	----------
	204,285	318,055
	----------	----------

The following liabilities disclosed under creditors falling due after more than one year are secured by the company:

	2018	2017
	£	£
Bank loans	181,695	188,491
Hire purchase agreements	22,590	29,564
	----------	----------
	204,285	218,055
	----------	----------

9. PROVISIONS

	Deferred tax (note 10)	Pensions and similar obligations	Total
	£	£	£
At 1 March 2017	11,110	150,000	161,110
Charge against provision	( 3,850)	–	( 3,850)
Transfers	–	( 150,000)	( 150,000)
	---------	----------	----------
At 28 February 2018	7,260	–	7,260
	---------	----------	----------

Provision to make rewards to assist in the motivation and incentivisation of employees. The provision to reward and incentivise employees represents the directors best estimate of the present value of the cost to the Company due to the obligation to reward employees for services provided in the financial period.

10. DEFERRED TAX

The deferred tax included in the statement of financial position is as follows:

	2018	2017
	£	£
Included in provisions (note 9)	7,260	11,110
	-------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2018	2017
	£	£
Accelerated capital allowances	8,400	11,110
	-------	---------

11. EMPLOYEE BENEFITS

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 4,927 (2017: £ 579 ).

Defined benefit plans

Employer Pension Obligations The company has agreed to fund a defined benefit pension scheme in respect of key employees. The most recent actuarial valuation of the obligations of £146,000 was on 28/02/2018. During the year the expense incurred was £152,000. The principal assumptions used are: - Discount rate - 2.7% - Inflation RPI - 3.1% - Inflation CPI - 2.0% - Pre and Post Retirement morality - S2PA tables with improvements in the CMI 2016 model and a long term rate of improvements of 1.25%

	2018	2017
	£	£
Present value of defined benefit obligations	146,000	–
Fair value of scheme assets	–	–
	----------	----
Liability recognised in the balance sheet	146,000	–
	----------	----

Movements in the present value of the defined benefit obligations were as follows:

	2018	2017
	£	£
At the beginning of the year	–	–
Current service cost	150,000	–
Interest cost	2,000	–
Actuarial gains	(6,000)	–
	----------	----
	146,000	–
	----------	----

The total costs for the year in relation to defined benefit plans are as follows:

	2018	2017
	£	£

Recognised in other comprehensive income:

Remeasurement of the liability:

Actuarial gains and losses	( 6,000)	–
	-------	----

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors loan account was in credit throughout the year. The loan is repayable on demand and no interest is charged.