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Registration number: 10103574

Grove Car Sales Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

Grove Car Sales Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Grove Car Sales Limited

(Registration number: 10103574)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Intangible assets

4

16,000

18,000

Tangible assets

5

58

77

 

16,058

18,077

Current assets

 

Stocks

27,867

26,003

Debtors

6

63

63

Cash at bank and in hand

 

26,079

12,248

 

54,009

38,314

Creditors: Amounts falling due within one year

7

(29,161)

(25,729)

Net current assets

 

24,848

12,585

Total assets less current liabilities

 

40,906

30,662

Creditors: Amounts falling due after more than one year

7

(30,000)

(30,000)

Net assets

 

10,906

662

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

10,806

562

Total equity

 

10,906

662

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

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.

 

Grove Car Sales Limited

(Registration number: 10103574)
Balance Sheet as at 31 March 2018

Approved and authorised by the Board on 10 November 2018 and signed on its behalf by:
 

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

Mr M J Povey
Director

 

Grove Car Sales Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

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

The address of its registered office is:
Main Street
Grove
Wantage
Oxon
OX12 7HS

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.

Tax

The tax expense for the period comprises current tax payable.

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.

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

25% reducing balance

Office equipment

25% reducing balance

 

Grove Car Sales Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

 

Grove Car Sales Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2017

20,000

20,000

At 31 March 2018

20,000

20,000

Amortisation

At 1 April 2017

2,000

2,000

Amortisation charge

2,000

2,000

At 31 March 2018

4,000

4,000

Carrying amount

At 31 March 2018

16,000

16,000

At 31 March 2017

18,000

18,000

 

Grove Car Sales Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

5

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2017

48

54

102

At 31 March 2018

48

54

102

Depreciation

At 1 April 2017

12

13

25

Charge for the year

9

10

19

At 31 March 2018

21

23

44

Carrying amount

At 31 March 2018

27

31

58

At 31 March 2017

36

41

77

6

Debtors

2018
£

2017
£

Prepayments

63

63

63

63

7

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Trade creditors

358

736

Taxation and social security

8,695

5,082

Other creditors

20,108

19,911

29,161

25,729

 

Grove Car Sales Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

8

30,000

30,000

8

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Other borrowings

30,000

30,000

9

Related party transactions

Other transactions with directors

As at 31 March 2018 the company owed the directors £42,440 (2017: £42,371).