Mercury Cars (Ashford) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02922678 (England and Wales)

Unaudited Financial Statements For The Year Ended 28 April 2019

for

Mercury Cars (Ashford) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W L Temple

S L Temple

Mrs L Temple

SECRETARY:

S L Temple

REGISTERED OFFICE:

Osborne House

143 - 145 Stanwell Road

Ashford

Middlesex

TW15 3QN

REGISTERED NUMBER:

02922678 (England and Wales)

ACCOUNTANTS:

Hunt Ford & Co

Osborne House

143-145 Stanwell Road

Ashford

Middlesex

TW15 3QN

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

525,141

499,927

525,142

499,928

CURRENT ASSETS

Stocks

1,000

1,000

Debtors

6

11,154

17,557

Cash at bank and in hand

41,113

46,720

53,267

65,277

CREDITORS

Amounts falling due within one year

7

193,279

187,730

NET CURRENT LIABILITIES

(140,012

)

(122,453

)

TOTAL ASSETS LESS CURRENT LIABILITIES

385,130

377,475

CREDITORS

Amounts falling due after more than one year

8

104,336

128,254

NET ASSETS

280,794

249,221

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

280,694

249,121

280,794

249,221

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 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 Income Statement 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:

W L Temple - Director

S L Temple - Director

1.	STATUTORY INFORMATION

Mercury Cars (Ashford) 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil 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.

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.

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 9 (2018 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 29 April 2018

and 28 April 2019

2,000

AMORTISATION

At 29 April 2018

and 28 April 2019

1,999

NET BOOK VALUE

At 28 April 2019

1

At 28 April 2018

1

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 29 April 2018

478,141

103,637

581,778

Additions

-

46,308

46,308

At 28 April 2019

478,141

149,945

628,086

DEPRECIATION

At 29 April 2018

19,160

62,691

81,851

Charge for year

-

21,094

21,094

At 28 April 2019

19,160

83,785

102,945

NET BOOK VALUE

At 28 April 2019

458,981

66,160

525,141

At 28 April 2018

458,981

40,946

499,927

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/4/19

28/4/18

£

£

Trade debtors

2,606

3,012

Other debtors

8,548

14,545

11,154

17,557

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/4/19

28/4/18

£

£

Bank loans and overdrafts

21,587

21,587

Hire purchase contracts

7,219

14,437

Trade creditors

20,299

8,189

Taxation and social security

24,767

23,785

Other creditors

119,407

119,732

193,279

187,730

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28/4/19

28/4/18

£

£

Bank loans

68,419

93,419

Hire purchase contracts

35,917

34,835

104,336

128,254

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

7,071