Turvey Motors Limited - Accounts to registrar (filleted) - small 18.2

TURVEY MOTORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

8

DIRECTORS:

A D Sims

R J Rowland

SECRETARY:

Fableforce Nominees (Bedford) Limited

REGISTERED OFFICE:

First Floor, Woburn Court

2 Railton Road

Woburn Road Industrial Estate, Kempston

Bedford

Bedfordshire

MK42 7PN

REGISTERED NUMBER:

05361307 (England and Wales)

ACCOUNTANTS:

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

FIXED ASSETS

Intangible assets

4

21,525

24,600

Tangible assets

5

5,461

5,751

Investments

6

5,425

5,425

32,411

35,776

CURRENT ASSETS

Stocks

7

700

700

Debtors

8

18,837

17,082

Cash at bank and in hand

1,540

3,444

21,077

21,226

CREDITORS

Amounts falling due within one year

9

51,686

56,399

NET CURRENT LIABILITIES

(30,609

)

(35,173

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,802

603

PROVISIONS FOR LIABILITIES

780

778

NET ASSETS/(LIABILITIES)

1,022

(175

)

CAPITAL AND RESERVES

Called up share capital

6

6

Retained earnings

1,016

(181

)

SHAREHOLDERS' FUNDS

1,022

(175

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 27th September 2019 and were signed on its behalf by:

R J Rowland - Director

1.	STATUTORY INFORMATION

Turvey Motors 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to

the nearest £.

The significant accounting policies applied in the presentation of these financial statements are set out below.

These policies have been consistently applied to al periods presented unless otherwise stated.

The accounts have been prepared on the basis of continued financial support from the directors and their

associated companies.

Indications are that this support will continue for the foreseeable future.

Turnover

Turnover represents the value of work carried out, stated net of value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

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 each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all

costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and

condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and

slow-moving stock where appropriate.

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

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 2 (2017 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2018

and 31st December 2018

61,500

AMORTISATION

At 1st January 2018

36,900

Amortisation for year

3,075

At 31st December 2018

39,975

NET BOOK VALUE

At 31st December 2018

21,525

At 31st December 2017

24,600

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1st January 2018

37,093

910

3,869

41,872

Additions

-

-

1,144

1,144

At 31st December 2018

37,093

910

5,013

43,016

DEPRECIATION

At 1st January 2018

32,730

842

2,549

36,121

Charge for year

909

17

508

1,434

At 31st December 2018

33,639

859

3,057

37,555

NET BOOK VALUE

At 31st December 2018

3,454

51

1,956

5,461

At 31st December 2017

4,363

68

1,320

5,751

6.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1st January 2018

and 31st December 2018

5,425

NET BOOK VALUE

At 31st December 2018

5,425

At 31st December 2017

5,425

7.

STOCKS

31/12/18

31/12/17

£

£

Raw materials

700

700

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/18

31/12/17

£

£

Amounts owed by related companies

4,828

-

Other debtors

13,923

14,401

Directors' current accounts

-

1,007

Prepayments

86

1,674

18,837

17,082

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/18

31/12/17

£

£

Other loans

9,198

4,761

Trade creditors

19,510

29,054

Amounts owed to related companies

-

100

Corporation tax

10,170

6,861

VAT

7,807

7,184

Other creditors

1,337

1,759

Directors' current accounts

2,064

5,080

Accrued expenses

1,600

1,600

51,686

56,399

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2018 and

31st December 2017:

31/12/18

31/12/17

£

£

A D Sims

Balance outstanding at start of year

1,007

5,483

Amounts repaid

(1,007

)

(4,476

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,007

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R J Rowland.

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, we have prepared for your approval the

financial statements of Turvey Motors Limited for the year ended 31st December 2018 which comprise the Statement of

Comprehensive Income, 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 us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Turvey Motors Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Turvey Motors Limited and state those matters that we have agreed to state to the Board of Directors of Turvey Motors Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Turvey Motors Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Turvey Motors 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 Turvey Motors Limited. You consider that Turvey Motors 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 Turvey Motors 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.

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

27th September 2019