Vag Repairs & Tuning Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10710183 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2019

for

Vag Repairs & Tuning Ltd

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

J V Grogan

R J Lawrence

SECRETARY:

REGISTERED OFFICE:

856 Plymouth Road

Slough

Berkshire

SL1 4LP

REGISTERED NUMBER:

10710183 (England and Wales)

ACCOUNTANTS:

Arcoiris Associates

Chartered Certified Accountants

30 Barnfield

Iver

Buckinghamshire

SL0 0AL

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 Income Statement 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 Vag Repairs & Tuning Ltd for the year ended 30 April 2019 which comprise the Statement of Income and

Retained Earnings, Balance Sheet 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 Association of Chartered Certified Accountants, we are 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 Vag Repairs & Tuning Ltd, 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 Vag Repairs & Tuning Ltd and state those matters that we have agreed to state to the Board of Directors of Vag Repairs & Tuning Ltd, 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, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Vag Repairs & Tuning Ltd 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 Vag Repairs & Tuning Ltd. You consider that Vag Repairs & Tuning Ltd 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 Vag Repairs & Tuning Ltd. 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.

Arcoiris Associates

Chartered Certified Accountants

30 Barnfield

Iver

Buckinghamshire

SL0 0AL

27 January 2020

FIXED ASSETS

Tangible assets

4

12,681

9,135

CURRENT ASSETS

Stocks

27,254

16,964

Debtors

5

15,593

20,377

Cash at bank and in hand

24,660

12,215

67,507

49,556

CREDITORS

Amounts falling due within one year

6

66,676

57,447

NET CURRENT ASSETS/(LIABILITIES)

831

(7,891

)

TOTAL ASSETS LESS CURRENT LIABILITIES

13,512

1,244

PROVISIONS FOR LIABILITIES

1,883

1,118

NET ASSETS

11,629

126

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

11,529

26

SHAREHOLDERS' FUNDS

11,629

126

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 27 January 2020 and were signed on its behalf by:

J V Grogan - Director

R J Lawrence - Director

1.	STATUTORY INFORMATION

Vag Repairs & Tuning Ltd 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.

Plant and machinery etc

-

25% on cost

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 Statement of Income and

Retained Earnings, 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 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2018

11,542

Additions

8,716

Disposals

(200

)

At 30 April 2019

20,058

DEPRECIATION

At 1 May 2018

2,407

Charge for year

5,012

Eliminated on disposal

(42

)

At 30 April 2019

7,377

NET BOOK VALUE

At 30 April 2019

12,681

At 30 April 2018

9,135

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade debtors

13,103

4,375

Other debtors

2,490

16,002

15,593

20,377

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade creditors

39,691

35,774

Taxation and social security

18,687

17,440

Other creditors

8,298

4,233

66,676

57,447

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.4.19

30.4.18

£

£

Within one year

2,487

1,090

Between one and five years

1,865

-

4,352

1,090

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 30 April 2019 and the period

ended 30 April 2018:

30.4.19

30.4.18

£

£

J V Grogan

Balance outstanding at start of year

3,291

-

Amounts advanced

-

3,291

Amounts repaid

(3,291

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

3,291

R J Lawrence

Balance outstanding at start of year

4,438

-

Amounts advanced

-

4,438

Amounts repaid

(4,438

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

4,438

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £38,000 (2018 - £34,000) were paid to the directors .

10.	ULTIMATE CONTROLLING PARTY

The company is not controlled by any one person.