Gower Motors and M.O.T Centre Limited 31/12/2018 iXBRL
Gower Motors and M.O.T Centre Limited 31/12/2018 iXBRL
Company registration number:
08330663
Unaudited filleted financial statements
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Directors and other information
Director |
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Company number |
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Registered office |
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Business address |
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Accountants |
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104 Walter Road | ||
Swansea | ||
SA1 5QF | ||
Report to the director on the preparation of the
unaudited statutory financial statements of Gower Motors and M.O.T Centre Limited
Year ended 31 December 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gower Motors and M.O.T Centre Limited for the year ended 31 December 2018 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Gower Motors and M.O.T Centre Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gower Motors and M.O.T Centre Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gower Motors and M.O.T Centre Limited and its director as a body for our work or for this report.
It is your duty to ensure that Gower Motors and M.O.T Centre Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gower Motors and M.O.T Centre Limited. You consider that Gower Motors and M.O.T Centre Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Gower Motors and M.O.T Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chartered Certified Accountants
104 Walter Road
Swansea
SA1 5QF
3 September 2019
Statement of financial position
31 December 2018
2018 | 2017 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Intangible assets | 4 |
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Tangible assets | 5 | - |
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Current assets | |||||||||
Stocks |
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Debtors | 6 | - |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year | 7 |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Provisions for liabilities | - |
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Net assets |
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Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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Shareholder funds |
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Director's responsibilities:
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The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
03 September 2019
, and are signed on behalf of the board by:
Director
Company registration number:
08330663
Notes to the financial statements
Year ended 31 December 2018
1.
General information
The company is a private company limited by shares, registered in Wales. The address of the registered office is Unit 26 Crofty Industrial Estate, Penclawdd, Swansea, SA4 3RS.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Goodwill
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Impairment
Stocks
Provisions
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
4.
Intangible assets
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 1 January 2018 and 31 December 2018 |
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Amortisation | |||
At 1 January 2018 |
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Charge for the year |
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At 31 December 2018 |
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Carrying amount | |||
At 31 December 2018 |
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At 31 December 2017 |
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5.
Tangible assets
Plant and machinery | Motor vehicles | Total | ||
£ | £ | £ | ||
Cost | ||||
At 1 January 2018 and 31 December 2018 |
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Depreciation | ||||
At 1 January 2018 |
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Charge for the year |
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At 31 December 2018 |
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Carrying amount | ||||
At 31 December 2018 | - | - | - | |
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At 31 December 2017 |
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6.
Debtors
2018 | 2017 | |||
£ | £ | |||
Trade debtors | - |
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Other debtors | - |
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7.
Creditors: amounts falling due within one year
2018 | 2017 | |||
£ | £ | |||
Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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8.
Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company: | ||||
2018 | ||||
Balance brought forward | Advances /(credits) to the director | Balance o/standing | ||
£ | £ | £ | ||
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2017 | ||||
Balance brought forward | Advances /(credits) to the director | Balance o/standing | ||
£ | £ | £ | ||
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_______ | _______ | _______ | ||