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COMPANY REGISTRATION NUMBER: 08390301
GRADE-A MOTORS LIMITED
Unaudited Financial Statements
28 February 2018
GRADE-A MOTORS LIMITED
Financial Statements
Year ended 28 February 2018
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
GRADE-A MOTORS LIMITED
Director's Report
Year ended 28 February 2018
The director presents his report and the unaudited financial statements of the company for the year ended 28 February 2018 .
Director
The director who served the company during the year was as follows:
MR D DARREN GRADY
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 7 August 2018 and signed on behalf of the board by:
MR D DARREN GRADY
Director
Registered office:
Park House
Park Road
Audenshawe
manchester
M34 5QW
GRADE-A MOTORS LIMITED
Statement of Income and Retained Earnings
Year ended 28 February 2018
2018
2017
Note
£
£
Turnover
1,284,246
342,801
Cost of sales
1,185,067
324,333
------------
---------
Gross profit
99,179
18,468
Distribution costs
24
7,327
Administrative expenses
59,018
25,358
Other operating income
8
--------
--------
Operating profit/(loss)
40,145
( 14,217)
--------
--------
Profit/(loss) before taxation
5
40,145
( 14,217)
Tax on profit/(loss)
7,510
--------
--------
Profit/(loss) for the financial year and total comprehensive income
32,635
( 14,217)
--------
--------
Dividends paid and payable
( 2,000)
Retained losses at the start of the year
( 14,217)
--------
--------
Retained earnings/(losses) at the end of the year
16,418
( 14,217)
--------
--------
All the activities of the company are from continuing operations.
GRADE-A MOTORS LIMITED
Statement of Financial Position
28 February 2018
2018
2017
Note
£
£
Fixed assets
Tangible assets
6
796
Current assets
Stocks
66,976
Cash at bank and in hand
1,266
21,525
--------
--------
68,242
21,525
Creditors: amounts falling due within one year
7
52,619
35,741
--------
--------
Net current assets/(liabilities)
15,623
( 14,216)
--------
--------
Total assets less current liabilities
16,419
( 14,216)
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
16,418
( 14,217)
--------
--------
Shareholders funds/(deficit)
16,419
( 14,216)
--------
--------
These financial statements have been prepared 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'.
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.
Director's 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 director acknowledges his 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 7 August 2018 , and are signed on behalf of the board by:
MR D DARREN GRADY
Director
Company registration number: 08390301
GRADE-A MOTORS 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 Park House, Park Road, Audenshawe, M34 5QW, manchester.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Profit before taxation
Profit/(loss) before taxation is stated after charging:
2018
2017
£
£
Depreciation of tangible assets
266
----
----
6. Tangible assets
Equipment
£
Cost
At 1 March 2017
Additions
1,062
-------
At 28 February 2018
1,062
-------
Depreciation
At 1 March 2017
Charge for the year
266
-------
At 28 February 2018
266
-------
Carrying amount
At 28 February 2018
796
-------
At 28 February 2017
-------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
7,509
Social security and other taxes
18,066
3,894
Other creditors
27,044
31,847
--------
--------
52,619
35,741
--------
--------
8. Director's advances, credits and guarantees
Directors loan of £27,044.00 payable after the Year End