Turbocentre Car Sales Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03050148 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

FOR

TURBOCENTRE CAR SALES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S J Grint

SECRETARY:

T J Grint

REGISTERED OFFICE:

First Floor

677 High Road

North Finchley

London

N12 0DA

REGISTERED NUMBER:

03050148 (England and Wales)

ACCOUNTANTS:

Bramil Associates LLP

First Floor

677 High Road

North Finchley

London

N12 0DA

BANKERS:

Barclays Bank Plc

2-4 Aldermans Hill

Palmers Green

London

N13 4PH

FIXED ASSETS

Tangible assets

4

18,752

22,578

CURRENT ASSETS

Stocks

5

175,953

282,086

Debtors

6

17,199

10,335

Cash at bank and in hand

70,158

67,002

263,310

359,423

CREDITORS

Amounts falling due within one year

7

123,891

249,289

NET CURRENT ASSETS

139,419

110,134

TOTAL ASSETS LESS CURRENT LIABILITIES

158,171

132,712

PROVISIONS FOR LIABILITIES

8

3,563

4,516

NET ASSETS

154,608

128,196

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Retained earnings

149,608

123,196

SHAREHOLDERS' FUNDS

154,608

128,196

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 25 June 2019 and were signed by:

S J Grint - Director

1.	STATUTORY INFORMATION

Turbocentre Car Sales Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Cost represents the original purchase price of the vehicles.

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.

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods

different from those in which they are included in the company's accounts. Deferred tax is provided in full on

timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates

that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no

commitment to sell the asset.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 October 2017

and 30 September 2018

16,363

22,101

38,464

DEPRECIATION

At 1 October 2017

7,581

8,305

15,886

Charge for year

1,756

2,070

3,826

At 30 September 2018

9,337

10,375

19,712

NET BOOK VALUE

At 30 September 2018

7,026

11,726

18,752

At 30 September 2017

8,782

13,796

22,578

5.

STOCKS

30.9.18

30.9.17

£

£

Stocks

175,953

282,086

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Trade debtors

8,762

-

Other debtors

8,437

10,335

17,199

10,335

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Trade creditors

27,832

111,565

Taxation and social security

7,757

11,906

Other creditors

88,302

125,818

123,891

249,289

8.	PROVISIONS FOR LIABILITIES

30.9.18

30.9.17

£

£

Deferred tax

3,563

4,516

Deferred

tax

£

Balance at 1 October 2017

4,516

Provided during year

(953

)

Balance at 30 September 2018

3,563