Autosupplies (Chesterfield) Limited - Accounts to registrar (filleted) - small 18.2

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

AUTOSUPPLIES (CHESTERFIELD) LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

5

Chartered Certified Accountant's Report

10

DIRECTORS:

D Clarke

Mrs B J Clarke

SECRETARY:

D Clarke

REGISTERED OFFICE:

72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

BUSINESS ADDRESS:

2 Riverside Way

Gateway Business Park

Bolsover

Derbyshire

S44 6GA

REGISTERED NUMBER:

02479774 (England and Wales)

ACCOUNTANT:

Hewitt Card Limited

Chartered Certified Accountants

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

The directors present their report with the financial statements of the company for the year ended 31 December 2018.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of motor accessory suppliers.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2018 to the date of this report.

D Clarke

Mrs B J Clarke

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mrs B J Clarke - Director

17 September 2019

FIXED ASSETS

Tangible assets

4

932,477

971,593

CURRENT ASSETS

Stocks

1,661,102

1,444,690

Debtors

5

1,850,141

1,314,262

Cash at bank and in hand

44,223

157,910

3,555,466

2,916,862

CREDITORS

Amounts falling due within one year

6

1,683,902

1,479,544

NET CURRENT ASSETS

1,871,564

1,437,318

TOTAL ASSETS LESS CURRENT LIABILITIES

2,804,041

2,408,911

CREDITORS

Amounts falling due after more than one year

7

(207,759

)

(253,098

)

PROVISIONS FOR LIABILITIES

9

(66,582

)

(69,709

)

NET ASSETS

2,529,700

2,086,104

CAPITAL AND RESERVES

Called up share capital

99

99

Share premium

8,467

8,467

Retained earnings

2,521,134

2,077,538

SHAREHOLDERS' FUNDS

2,529,700

2,086,104

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 17 September 2019 and were signed on its behalf by:

D Clarke - Director

1.	STATUTORY INFORMATION

Autosupplies (Chesterfield) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under

hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated

over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

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 95 (2017 - 89 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2018

670,867

444,452

57,813

Additions

990

-

410

Disposals

-

-

(169

)

At 31 December 2018

671,857

444,452

58,054

DEPRECIATION

At 1 January 2018

119,027

229,164

29,142

Charge for year

12,185

32,292

4,322

Eliminated on disposal

-

-

(74

)

At 31 December 2018

131,212

261,456

33,390

NET BOOK VALUE

At 31 December 2018

540,645

182,996

24,664

At 31 December 2017

551,840

215,288

28,671

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2018

368,020

82,478

1,623,630

Additions

58,422

8,087

67,909

Disposals

(17,965

)

(1,170

)

(19,304

)

At 31 December 2018

408,477

89,395

1,672,235

DEPRECIATION

At 1 January 2018

193,053

81,651

652,037

Charge for year

51,632

2,148

102,579

Eliminated on disposal

(13,614

)

(1,170

)

(14,858

)

At 31 December 2018

231,071

82,629

739,758

NET BOOK VALUE

At 31 December 2018

177,406

6,766

932,477

At 31 December 2017

174,967

827

971,593

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2018

149,155

Additions

24,772

Transfer to ownership

(53,474

)

At 31 December 2018

120,453

DEPRECIATION

At 1 January 2018

54,726

Charge for year

27,026

Transfer to ownership

(33,964

)

At 31 December 2018

47,788

NET BOOK VALUE

At 31 December 2018

72,665

At 31 December 2017

94,429

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,278,508

965,058

Other debtors

194,615

13,550

Prepayments and accrued income

377,018

335,654

1,850,141

1,314,262

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

36,000

35,600

Hire purchase contracts

31,337

39,251

Trade creditors

1,390,302

1,163,138

Tax

110,569

79,980

Social security and other taxes

26,204

23,229

VAT

58,356

45,973

Directors' current accounts

5,963

3,593

Accruals and deferred income

25,171

88,780

1,683,902

1,479,544

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 1-2 years

36,900

36,400

Bank loans - 2-5 years

116,302

113,700

Bank loans - more than 5 years

34,338

72,874

Hire purchase contracts

20,219

30,124

207,759

253,098

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - more than 5 years

34,338

72,874

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

223,540

258,574

The company's bankers hold a mortgage debenture dated 19th November 1997, together with a charge over the

company's freehold property.

The company's bank borrowing is secured by a legal mortgage over the premises at Gateway Business Park, Bolsover,

Chesterfield.

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Accelerated capital allowances

66,582

69,709

Deferred

tax

£

Balance at 1 January 2018

69,709

Deferred tax in the profit

and loss account

(3,127

)

Balance at 31 December 2018

66,582

10.	ULTIMATE CONTROLLING PARTY

The controlling party is D Clarke.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited

financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet.

Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the

Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial

statements of Autosupplies (Chesterfield) Limited for the year ended 31 December 2018 which comprise the Income Statement,

Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information

and explanations you have given me.

As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Autosupplies (Chesterfield) Limited, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of Autosupplies (Chesterfield) Limited and state those matters that I have agreed to state to the Board of Directors of Autosupplies (Chesterfield) Limited, 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/factsheet163. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for my work or for this report.

It is your duty to ensure that Autosupplies (Chesterfield) 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 Autosupplies (Chesterfield) Limited. You consider that Autosupplies (Chesterfield) Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of Autosupplies (Chesterfield) Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.

Hewitt Card Limited

Chartered Certified Accountants

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

Date: .............................................