Sussex Auto Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03898305 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2018

for

Sussex Auto Services Limited

Trading as

Auto Gearbox Specialists

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

G C Allchorn

SECRETARY:

S Allchorn

REGISTERED OFFICE:

42-44 Station Road Ind.l Estate

Hailsham

Sussex

BN27 2EY

REGISTERED NUMBER:

03898305 (England and Wales)

ACCOUNTANTS:

M I Spencer Ltd

70 Victoria Road

Polegate

East Sussex

BN26 6BU

FIXED ASSETS

Intangible assets

4

7,501

11,251

Tangible assets

5

14,357

14,584

21,858

25,835

CURRENT ASSETS

Stocks

6

5,480

6,040

Debtors

7

41,131

37,169

Cash at bank and in hand

77,722

53,017

124,333

96,226

CREDITORS

Amounts falling due within one year

8

89,373

72,621

NET CURRENT ASSETS

34,960

23,605

TOTAL ASSETS LESS CURRENT LIABILITIES

56,818

49,440

PROVISIONS FOR LIABILITIES

2,238

2,214

NET ASSETS

54,580

47,226

CAPITAL AND RESERVES

Called up share capital

403

403

Share premium

7,066

7,066

Retained earnings

47,111

39,757

SHAREHOLDERS' FUNDS

54,580

47,226

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 9 May 2019 and were signed by:

G C Allchorn - Director

1.	STATUTORY INFORMATION

Sussex Auto Services Limited 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.

Intangible assets

Acquired goodwill is amortised over 20 years - Straight Line

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 9 (2017 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2017

and 31 August 2018

75,001

AMORTISATION

At 1 September 2017

63,750

Amortisation for year

3,750

At 31 August 2018

67,500

NET BOOK VALUE

At 31 August 2018

7,501

At 31 August 2017

11,251

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 September 2017

28,102

38,757

23,265

686

90,810

Additions

2,222

-

1,500

308

4,030

Disposals

-

-

(1,500

)

-

(1,500

)

At 31 August 2018

30,324

38,757

23,265

994

93,340

DEPRECIATION

At 1 September 2017

24,962

29,763

21,043

458

76,226

Charge for year

1,071

802

552

332

2,757

At 31 August 2018

26,033

30,565

21,595

790

78,983

NET BOOK VALUE

At 31 August 2018

4,291

8,192

1,670

204

14,357

At 31 August 2017

3,140

8,994

2,222

228

14,584

6.

STOCKS

31.8.18

31.8.17

£

£

Stocks

5,480

6,040

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Trade debtors

18,769

17,844

Debtor provisions

(2,664

)

(6,898

)

Other debtors

6,591

7,686

Prepayments

18,435

18,537

41,131

37,169

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Trade creditors

56,762

38,602

Corporation Tax

6,303

3,471

Social security and other taxes

-

5,230

VAT

24,109

18,974

Other creditors

-

108

Directors' current accounts

1,077

1,159

Accrued expenses

1,122

5,077

89,373

72,621

9.	RELATED PARTY DISCLOSURES

The company rented premises at full market value from a partnership in which the director is a partner. The

rental paid during the year amounted to £34,750 (2017 £32,500).

10.	ULTIMATE CONTROLLING PARTY

The company is owned by its director who has 100% of the issued voting share capital