Parrott Automotive Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08071772 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2019

FOR

PARROTT AUTOMOTIVE LTD

TRADING AS

ACRE LANE GARAGE

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Parrott

Mrs V Parrott

REGISTERED OFFICE:

27 St. Cuthberts Street

Bedford

Bedfordshire

MK40 3JG

REGISTERED NUMBER:

08071772 (England and Wales)

ACCOUNTANTS:

Novakovic & Co

27 St. Cuthberts Street

Bedford

Bedfordshire

MK40 3JG

FIXED ASSETS

Tangible assets

4

16,240

10,704

CURRENT ASSETS

Stocks

178,031

181,228

Debtors

5

-

13,787

Cash at bank and in hand

89,092

37,755

267,123

232,770

CREDITORS

Amounts falling due within one year

6

144,823

138,736

NET CURRENT ASSETS

122,300

94,034

TOTAL ASSETS LESS CURRENT LIABILITIES

138,540

104,738

CREDITORS

Amounts falling due after more than one year

7

49,600

40,000

NET ASSETS

88,940

64,738

CAPITAL AND RESERVES

Called up share capital

40,002

40,002

Retained earnings

48,938

24,736

SHAREHOLDERS' FUNDS

88,940

64,738

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 13 February 2020 and were signed on its behalf by:

A Parrott - Director

1.	STATUTORY INFORMATION

Parrott Automotive 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.

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

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

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 8 (2018 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 June 2018

12,049

9,737

3,621

25,407

Additions

8,000

-

-

8,000

At 31 May 2019

20,049

9,737

3,621

33,407

DEPRECIATION

At 1 June 2018

6,777

5,032

2,894

14,703

Charge for year

1,377

941

146

2,464

At 31 May 2019

8,154

5,973

3,040

17,167

NET BOOK VALUE

At 31 May 2019

11,895

3,764

581

16,240

At 31 May 2018

5,272

4,705

727

10,704

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

-

13,566

Other debtors

-

221

-

13,787

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

-

1,866

Taxation and social security

41,655

47,087

Other creditors

103,168

89,783

144,823

138,736

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

49,600

40,000

2019

2018

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Long term directors'loan

40,000

40,000