Company Registration No. 07181480 (England and Wales)
YORKSHIRE COMMERCIAL VEHICLES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
YORKSHIRE COMMERCIAL VEHICLES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
YORKSHIRE COMMERCIAL VEHICLES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,048
35,383
Current assets
Stocks
16,000
14,594
Debtors
4
122,313
97,323
Cash at bank and in hand
170,461
102,754
308,774
214,671
Creditors: amounts falling due within one year
5
(104,044)
(91,787)
Net current assets
204,730
122,884
Total assets less current liabilities
226,778
158,267
Creditors: amounts falling due after more than one year
6
-
(5,000)
Provisions for liabilities
(4,000)
(6,800)
Net assets
222,778
146,467
Capital and reserves
Called up share capital
8
200
200
Profit and loss reserves
222,578
146,267
Total equity
222,778
146,467
YORKSHIRE COMMERCIAL VEHICLES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018
31 March 2018
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 19 October 2018 and are signed on its behalf by:
Mr RJ Johnson
Director
Company Registration No. 07181480
YORKSHIRE COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Yorkshire Commercial Vehicles Limited is a private company, limited by shares and incorporated in England and Wales. The registered office is 1 Woodview Close, Whitley, Goole, North Humberside, DN14 OFE. The trading address is Wakefield Road, Featherstone, West Yorkshire, WF7 5BP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% per annum of wdv
Fixtures, fittings & equipment
25% per annum of cost
Motor vehicles
25% per annum of cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Stocks are stated at the lower of their purchase cost and estimated selling price less costs to complete and sell.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
YORKSHIRE COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 8 (2017 - 7).
YORKSHIRE COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017
121,840
Additions
2,000
Disposals
(42,562)
At 31 March 2018
81,278
Depreciation and impairment
At 1 April 2017
86,457
Depreciation charged in the year
11,304
Eliminated in respect of disposals
(38,531)
At 31 March 2018
59,230
Carrying amount
At 31 March 2018
22,048
At 31 March 2017
35,383
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2018
2017
£
£
Plant and machinery
11,145
14,860
11,145
14,860
Depreciation charge for the year in respect of leased assets
3,715
-
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
121,863
96,573
Other debtors
450
750
122,313
97,323
YORKSHIRE COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
5
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Obligations under finance leases
7
5,000
5,000
Trade creditors
3,740
5,678
Corporation tax
45,214
32,416
Other taxation and social security
26,849
23,824
Other creditors
18,001
20,331
Accruals and deferred income
5,240
4,538
104,044
91,787
The aggregate amount of creditors for which security has been given amounted to £5,000 (2017 - £5,000)
6
Creditors: amounts falling due after more than one year
2018
2017
Notes
£
£
Obligations under finance leases
7
-
5,000
The aggregate amount of creditors for which security has been given amounted to £nil (2017 - £5,000)
7
Finance lease obligations
2018
2017
Future minimum lease payments due under finance leases:
£
£
Within one year
5,000
5,000
In two to five years
-
5,000
5,000
10,000
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
200 Ordinary shares of £1 each
200
200
200
200
9
Related party transactions
Included within other creditors is an amount of £18,001 (2017 - 20,331) due to the directors of the company.