VNV AUTO LIMITED - Accounts

VNV AUTO LIMITED - Accounts

VNV AUTO LIMITED - Company Information

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Registered Number: 08944460
England and Wales

 

 

 

VNV AUTO LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2018

End date: 31 March 2019

VNV AUTO LIMITED
Contents Page
For the year ended 31 March 2019
  2019   2018
    £ £   £ £
Fixed assets   1,366      1,366 
Current assets 61,623      77,139   
Prepayments and accrued income 0      (590)  
Creditors: amount falling due within one year (2,912)     (5,913)  
Net current assets   58,711      70,636 
Total assets less current liabilities   60,077      72,002 
Accruals and deferred income   0      78 
Net assets   60,077      72,080 
 

         
Capital and reserves   60,077      72,080 
 
NOTES TO THE ACCOUNTS

General Information
VNV AUTO LIMITED is a private company, limited by shares , registered in England and Wales , registration number 08944460 , registration address 1 Grice Street, West Bromwich, West Midlands, B70 7EZ.

The presentation currency is £ sterling
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Accounting Policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 105 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Stocks
Retail Inventory method
Retail Inventory Method Overview
The retail inventory method is sometimes used by retailers that resell merchandise to estimate their ending inventory balances. This method is based on the relationship between the cost of merchandise and its retail price. The method is not entirely accurate, and so should be periodically supplemented by a physical inventory count. Its results are not adequate for the year-end financial statements, for which a high level of inventory record accuracy is needed.
Retail Inventory Method Calculation
To calculate the cost of ending inventory using the retail inventory method, follow these steps:
1. Calculate the cost-to-retail percentage, for which the formula is (Cost ÷ Retail price).
2. Calculate the cost of goods available for sale, for which the formula is (Cost of beginning inventory + Cost of purchases).
3. Calculate the cost of sales during the period, for which the formula is (Sales × cost-to-retail percentage).
4. Calculate ending inventory, for which the formula is (Cost of goods available for sale - Cost of sales during the period).

Retail Method Advantages and Disadvantages
The retail inventory method is a quick and easy way to determine an approximate ending inventory balance. However, there are also several issues associated with it:
The retail inventory method is only an estimate. Do not rely upon it too heavily to yield results that will compare with those of a physical inventory count.
The retail inventory method only works if you have a consistent mark-up across all products sold. If not, the actual ending inventory cost may vary wildly from what you derived using this method.
The method assumes that the historical basis for the mark-up percentage continues into the current period. If the mark-up was different (as may be caused by an after-holidays sale), then the results of the calculation will be incorrect.
The method does not work if an acquisition has been made, and the acquiree holds large amounts of inventory at a significantly different mark-up percentage from the rate used by the acquirer. In this case, however, it may be possible to separately apply the retail method to the acquiree and the acquirer.
Retail Method in VNV Auto Limited
The business does not apply a perpetual system records revenue each time a sale is made. Under companys  circumstances, valuation of inventory based on cost is impractical.
-The FIFO, LIFO and   average cost or weighted average cost can not be applied, because there are on stock many spare parts and we can not know for sure if and which car has gone out of stock completely.
- The best and only practical inventory method is retail inventory method. The retail inventory method uses a cost to retail price ratio. The physical inventory is valued at retail, and it is multiplied by the cost ratio (or percentage) to determine the estimated cost of the ending inventory.
- How it works. Usually an used car bought from auction store for £2000 will be split in spare parts and sold for an amount of £5000.  As a rule we do use the fraction 2/5  in order to evaluate the stock. The figure of market value (or selling price) at 31/03 of each year, for all merchantable  inventory is provided by director to accountant.
- The marketable inventory products are also shown on E-bay and http://www.vnvauto.co.uk/
- Fore example, if at some point (usually on 31/03) the company has spare parts to sell summarizing up £100000,   the cost of closing inventory, using the Retails Inventory method, would be:
    Marketable Value of Inventory x Ratio = Closing Stock Value
    which means,
    £100000 x 2/5 = £40 000 ( Closing Stock Value)


For the year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's Responsibilities:
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476

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

These accounts have been prepared in accordance with the micro-entity provisions of the companies act 2006 and FRS 105, The financial reporting standard applicable to the micro-entities regime. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts.
Signed on behalf of the board of director


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VIKTORS VAVILOVS
Director

Date approved by the board: 08 October 2019
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