REGISTERED NUMBER: |
Park View Motors (Finchampstead) Limited |
Financial Statements for the Year Ended 31st March 2018 |
REGISTERED NUMBER: |
Park View Motors (Finchampstead) Limited |
Financial Statements for the Year Ended 31st March 2018 |
Park View Motors (Finchampstead) Limited (Registered number: 01411099) |
Contents of the Financial Statements |
for the Year Ended 31st March 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Park View Motors (Finchampstead) Limited |
Company Information |
for the Year Ended 31st March 2018 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4 High Street |
Alton |
Hampshire |
GU34 1BU |
Park View Motors (Finchampstead) Limited (Registered number: 01411099) |
Balance Sheet |
31st March 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Park View Motors (Finchampstead) Limited (Registered number: 01411099) |
Balance Sheet - continued |
31st March 2018 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on on its behalf by: |
Park View Motors (Finchampstead) Limited (Registered number: 01411099) |
Notes to the Financial Statements |
for the Year Ended 31st March 2018 |
1. | STATEMENT OF COMPLIANCE |
Park View Motors (Finchampstead) Limited is a company limited by shares and is incorporated in |
England, registration number 01411099. The registered office is 4 High Street, Alton, Hampshire, |
GU34 1BU. |
The financial statements are presented in sterling which is the functional currency of the company |
and rounded to the nearest pound. |
The financial statements have been prepared in compliance with FRS 102 as it applied to the |
financial statements for the period ended 31st March 2018. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A |
"Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in |
the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been |
prepared under the historical cost convention. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Land and buildings are not depreciated. The freehold building is maintained in good repair and it is |
considered that the residual value is such that any depreciation charged would be immaterial. At |
the end of each reporting period land and buildings are reviewed for impairment in accordance with |
FRS 102 paragraph 27.7. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial |
instruments. |
Park View Motors (Finchampstead) Limited (Registered number: 01411099) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive income |
or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Forecourt | Plant and |
property | canopy | machinery |
£ | £ | £ |
COST |
At 1st April 2017 |
and 31st March 2018 |
DEPRECIATION |
At 1st April 2017 |
Charge for year |
At 31st March 2018 |
NET BOOK VALUE |
At 31st March 2018 |
At 31st March 2017 |
Park View Motors (Finchampstead) Limited (Registered number: 01411099) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2017 |
and 31st March 2018 |
DEPRECIATION |
At 1st April 2017 |
Charge for year |
At 31st March 2018 |
NET BOOK VALUE |
At 31st March 2018 |
At 31st March 2017 |
5. | STOCKS |
2018 | 2017 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
Prepayments |
Park View Motors (Finchampstead) Limited (Registered number: 01411099) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 7,043 | 4,017 |
Other creditors |
Directors' current accounts | 80,054 | 82,544 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Other loans - 1-2 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 52,982 | 78,453 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Within one year |
Between one and five years |
Park View Motors (Finchampstead) Limited (Registered number: 01411099) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2018 | 2017 |
£ | £ |
Bank loans |
The bank loan is secured by a fixed and floating charge over the assets of the company |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
Ordinary | 0.05 | 100 | 100 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1st April 2017 |
Profit for the year |
Dividends | ( |
) |
At 31st March 2018 |
13. | RELATED PARTY DISCLOSURES |
Part of the property from which the company trades is owned by the directors Mr and Mrs Barrie. |
No rent is charged. |
As at 31.03.2018, the directors had an aggregate balance owed to them from the Company of |
£80,054 (2017: £82,544). This amount is interest free and repayable on demand. |