Registration number:
for the
Year Ended
Associated Broad Campden Cars Limited
(Registration number: 09434343)
Balance Sheet as at 5 April 2017
Note |
5 April 2017 |
5 April 2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 5 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their 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.
Approved and authorised by the
Mrs N Smith
Director
Associated Broad Campden Cars Limited
Notes to the Financial Statements for the Year Ended 5 April 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
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 for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Judgements and estimation uncertainty
These financial statements do not contain any significant judgements or estimation uncertainty. |
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 |
Motor vehicles |
25% of written down value |
Leasehold improvements |
Over three years |
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.
Associated Broad Campden Cars Limited
Notes to the Financial Statements for the Year Ended 5 April 2017
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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.
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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
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.
Hire purchase
Assets held under hire purchase are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Associated Broad Campden Cars Limited
Notes to the Financial Statements for the Year Ended 5 April 2017
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was as follows:
Year ended 5 April 2017 |
Year ended 5 April 2016 |
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Average number of employees |
2 |
2 |
Tangible assets |
Leasehold improvements |
Motor vehicles |
Total |
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Cost |
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At 6 April 2016 |
- |
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Additions |
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- |
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Disposals |
- |
( |
( |
At 5 April 2017 |
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Depreciation |
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At 6 April 2016 |
- |
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Charge for the period |
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Eliminated on disposal |
- |
( |
( |
At 5 April 2017 |
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Carrying amount |
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At 5 April 2017 |
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At 5 April 2016 |
- |
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Associated Broad Campden Cars Limited
Notes to the Financial Statements for the Year Ended 5 April 2017
Debtors |
5 April 2017 |
5 April 2016 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Creditors |
Note |
5 April 2017 |
5 April 2016 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Accrued expenses |
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Corporation tax liability |
774 |
13,292 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings (secured) |
- |
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Hire purchase |
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Directors' loan accounts |
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2017 |
2016 |
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Non-current loans and borrowings |
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Hire purchase |
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Financial commitments |
The total amount of financial commitments not included in the balance sheet is £
Associated Broad Campden Cars Limited
Notes to the Financial Statements for the Year Ended 5 April 2017
Related party transactions |
At 5 April 2017 the company owed Mrs N Smith £27,649 (2016 - £41,035) and Mr P R Rawlings (Deceased) £23,441 (2016 - £23,901) in the form of directors' loan accounts. These loans are unsecured, repayable on demand and no interest is payable.
Transactions with other related parties
Within other debtors is £6,989 (2016: £14,964) owed from Rawlings Transport Limited. The loan is unsecured and interest free. The companies are related by virtue of the director, Mrs N Smith.
Transition to FRS 102 |