Loughshore Autos Limited 31/12/2018 iXBRL

LOUGHSHORE AUTOS T/A QUINN'S COACH HIRE LTD - Company Information

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Statement of consent to prepare abridged financial statements

All of the members of Loughshore Autos Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 31 December 2018 in accordance with Section 444(2A) of the Companies Act 2006.

Company registration number: NI037334

Loughshore Autos Limited

Unaudited filleted abridged financial statements

31 December 2018

Loughshore Autos Limited

Contents

Directors and other information

Accountants report

Abridged statement of financial position

Notes to the financial statements

Loughshore Autos Limited

Directors and other information


	Directors	Mr Kevin Quinn
		Mrs Siobhan Quinn


	Secretary	Mr. Kevin Quinn


	Company number	NI037334


	Registered office	26 Killycanavan Road
		Ardboe
		Dungannon
		BT71 5BP


	Business address	26 Killycanavan Road
		Ardboe
		Dungannon
		Co Tyrone
		BT71 5BP


	Accountants	Corr & Corr
		2nd Floor, The Cornmill
		Coalisland
		Co Tyrone
		BT71 4LP




	Bankers	Danske Bank Limited
		Belfast Finance Centre
		PO Box 183
		Donegall Square West
		Belfast, BT1 6JS

Loughshore Autos Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Loughshore Autos 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 Loughshore Autos Limited for the year ended 31 December 2018 which comprise the abridged 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 Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.

This report is made solely to the board of directors of Loughshore Autos Limited, as a body, in accordance with the terms of our engagement letter dated 1 January 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Loughshore Autos Limited and state those matters that we have agreed to state to the board of directors of Loughshore Autos Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Loughshore Autos Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Loughshore Autos 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 Loughshore Autos Limited. You consider that Loughshore Autos 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 Loughshore Autos 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.

Corr & Corr

Chartered Accountants

2nd Floor, The Cornmill

Coalisland

Co Tyrone

BT71 4LP

25 September 2019

Loughshore Autos Limited

Abridged statement of financial position

31 December 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	6	1,590,179		1,564,051
		_______		_______
			1,590,179		1,564,051

Current assets
Stocks	7	502,375		507,155
Debtors		676,990		588,943
Cash at bank and in hand		1,222		1,227
		_______		_______
		1,180,587		1,097,325
Creditors: amounts falling due
within one year		( 957,657)		( 970,084)
		_______		_______
Net current assets			222,930		127,241
			_______		_______
Total assets less current liabilities			1,813,109		1,691,292

Creditors: amounts falling due
after more than one year			( 480,698)		( 458,951)
			_______		_______
Net assets			1,332,411		1,232,341
			_______		_______

Capital and reserves
Called up share capital			375,001		375,001
Profit and loss account	8		957,410		857,340
			_______		_______
Shareholder funds			1,332,411		1,232,341
			_______		_______

For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- 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;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 25 September 2019 , and are signed on behalf of the board by:

Mr Kevin Quinn

Director

Loughshore Autos Limited

Notes to the financial statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Loughshore Autos Ltd, 26 Killycanavan Road, Ardboe, Dungannon, BT71 5BP.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:


Long leasehold property	-	10 %	straight line
Plant and machinery	-	25 %	reducing balance
Fittings fixtures and equipment	-	25 %	reducing balance
Commercial vehicles	-	12.5 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured 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 the stocks to their present location and condition.

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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 26 (2017: 28 ).

5. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2018	2017
	£	£
Remuneration	10,400	10,400
	_______	_______

6. Tangible assets


		£
	Cost
	At 1 January 2018	2,238,489
	Additions	273,527
	Disposals	( 105,080)
		_______
	At 31 December 2018	2,406,936
		_______
	Depreciation
	At 1 January 2018	674,438
	Charge for the year	167,868
	Disposals	( 25,549)
		_______
	At 31 December 2018	816,757
		_______
	Carrying amount
	At 31 December 2018	1,590,179
		_______
	At 31 December 2017	1,564,051
		_______

Obligations under finance leases

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:


	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles
	£	£	£
At 31 December 2018	16,417	8,099	596,099
	_______	_______	_______
At 31 December 2017	26,097	11,115	544,264
	_______	_______	_______

7. Stocks

	2018	2017
	£	£
Finished goods	502,375	507,155
	_______	_______

8. Reserves

Called up share capital represents the nominal value of shares that have been issued. Profit and loss account includes all current and prior retained profits and losses.

9. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2018
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Kevin Quinn	( 28,500)	( 89,457)	94,098	( 23,859)
		_______	_______	_______	_______

2017
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Kevin Quinn	-	( 28,500)	-	( 28,500)
		_______	_______	_______	_______

10. Controlling party

During the year, the company was under the control of Mr Kevin Quinn , director and majority shareholder.

11. Going concern

Going concern is not considered to be an issue.