Hunt a Car Limited |
Notes to the Accounts |
for the year ended 31 May 2019 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover represents net invoiced sales of goods, excluding value added tax. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
15% straight line |
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Motor vehicles |
25% reducing balance |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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2 |
Employees |
2019 |
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2018 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
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Motor vehicles |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 June 2018 |
3,090 |
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3,463 |
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6,553 |
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Additions |
4,015 |
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- |
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4,015 |
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At 31 May 2019 |
7,105 |
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3,463 |
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10,568 |
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Depreciation |
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At 1 June 2018 |
2,805 |
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3,376 |
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6,181 |
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Charge for the year |
697 |
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87 |
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784 |
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At 31 May 2019 |
3,502 |
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3,463 |
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6,965 |
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Net book value |
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At 31 May 2019 |
3,603 |
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- |
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3,603 |
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At 31 May 2018 |
285 |
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87 |
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372 |
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4 |
Debtors |
2019 |
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2018 |
£ |
£ |
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Trade debtors |
2,850 |
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- |
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Other debtors |
988 |
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839 |
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3,838 |
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839 |
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5 |
Creditors: amounts falling due within one year |
2019 |
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2018 |
£ |
£ |
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Trade creditors |
3,413 |
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- |
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Taxation and social security costs |
- |
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40 |
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Other creditors |
270,059 |
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270,674 |
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273,472 |
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270,714 |
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6 |
Controlling party |
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During the two years ended 31 May 2019 Mr C Hunt, the company's sole director, controlled the company by virtue of his 100% shareholding of the issued ordinary share capital. |
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7 |
Other information |
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Hunt a Car Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Fir Tree House |
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Bransford |
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Worcestershire |
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WR6 5JB |