New Car Deals Ltd Accounts

EVERYTHING'S YUMMY LTD - Company Information






New Car Deals Ltd
	Company No. 08091897
		Information for Filing with The Registrar
		30 August 2018

at	30 August 2018
Company No.		08091897	Notes	2018	2017
				£	£
Fixed assets

	Tangible assets		2	17,234	20,400


				17,234	20,400
Current assets

	Debtors		3	241,413	83,390

	Cash at bank and in hand			26,963	59,966
				268,376	143,356
Creditors: Amount falling due within one year			4	(128,497)	(147,481)
Net current assets/(liabilities)				139,879	(4,125)
Total assets less current liabilities				157,113	16,275
Creditors: Amounts falling due after more than one year			5	(29,655)	-



Net assets				127,458	16,275

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		6	127,358	16,175

Total equity				127,458	16,275


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the period ended 30 August 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 30 July 2019
And signed on its behalf by:
N.E. Thorley
Director

for the period ended 30 August 2018

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

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

Furniture, fittings and equipment

25% Reducing balance

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).
Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2	Tangible fixed assets
			Fixtures, fittings and equipment	Total
			£	£
		Cost or revaluation
		At 1 June 2017	39,304	39,304
		Additions	2,579	2,579



		At 30 August 2018	41,883	41,883
		Depreciation
		At 1 June 2017	18,904	18,904
		Charge for the year	5,745	5,745



		At 30 August 2018	24,649	24,649
		Net book values
		At 30 August 2018	17,234	17,234
		At 31 May 2017	20,400	20,400

3	Debtors
			2018	2017
			£	£
		Trade debtors	28,706	13,426




		Loans to directors	172,143	63,761
		Other debtors	40,564	6,203

			241,413	83,390

4	Creditors:
		amounts falling due within one year
			2018	2017
			£	£


		Other loans	22,832	-

		Trade creditors	10,810	14,794

		Corporation tax	26,822	18,177
		Other taxes and social security	59,503	71,892

		Other creditors	5,590	10,000
		Accruals and deferred income	2,940	32,618
			128,497	147,481

5	Creditors:
		amounts falling due after more than one year
			2018	2017
			£	£


		Other loans	29,655	-





			29,655	-

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

7	Advances and credits to directors
		Included within Other debtors are the following loans to directors:

		Director	Description	At 1 June 2017	Advanced	Repaid	At 30 August 2018
				£	£	£	£
		N.E. Thorley	Directors Loan	63,761	108,382	-	172,143







































				63,761	108,382	-	172,143

Related party disclosures

Controlling party

Immediate controlling party

No single party controls the company.

Additional information

Its registered number is:

08091897

Its registered office is:

Rosegarth House

7a Prospect Road

Ossett

West Yorkshire

WF5 8AN