Gaz Autoschool (Education and Training) Ltd Company accounts

Gaz Autoschool (Education and Training) Ltd Company accounts

GAZ AUTOSCHOOL (EDUCATION AND TRAINING) LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08158559
Gaz Autoschool (Education and Training) Ltd
Unaudited Abridged Financial Statements
31 July 2019
Gaz Autoschool (Education and Training) Ltd
Abridged Financial Statements
Year ended 31 July 2019
Contents
Page
Director's report
1
Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements
2
Statement of income and retained earnings
3
Abridged statement of financial position
4
Notes to the abridged financial statements
5
Gaz Autoschool (Education and Training) Ltd
Director's Report
Year ended 31 July 2019
The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 July 2019 .
Director
The director who served the company during the year was as follows:
Mr F Hana
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 April 2020 and signed on behalf of the board by:
Mr F Hana
Director
Registered office:
Unit 2- 40 Commercial Square
Freeman's Common
Leicester
LE2 7SR
Gaz Autoschool (Education and Training) Ltd
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Gaz Autoschool (Education and Training) Ltd
Year ended 31 July 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Gaz Autoschool (Education and Training) Ltd for the year ended 31 July 2019, which comprise the statement of income and retained earnings, abridged statement of financial position 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Gaz Autoschool (Education and Training) Ltd in accordance with the terms of our engagement letter dated 1 March 2019. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Gaz Autoschool (Education and Training) Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gaz Autoschool (Education and Training) Ltd and its director for our work or for this report.
It is your duty to ensure that Gaz Autoschool (Education and Training) Ltd has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Gaz Autoschool (Education and Training) Ltd. You consider that Gaz Autoschool (Education and Training) 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 abridged financial statements of Gaz Autoschool (Education and Training) 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 abridged financial statements.
CAS Chartered accountants
151 Askew Road London W12 9AU
29 April 2020
Gaz Autoschool (Education and Training) Ltd
Statement of Income and Retained Earnings
Year ended 31 July 2019
2019
2018
Note
£
£
Turnover
111,762
62,714
Cost of sales
46,952
21,668
---------
--------
Gross profit
64,810
41,046
Administrative expenses
79,325
72,958
--------
--------
Operating loss
( 14,515)
( 31,912)
Other interest receivable and similar income
5
5
–
--------
--------
Loss before taxation
( 14,510)
( 31,912)
Tax on loss
–
–
--------
--------
Loss for the financial year and total comprehensive income
( 14,510)
( 31,912)
--------
--------
Retained losses at the start of the year
( 44,788)
( 12,876)
--------
--------
Retained losses at the end of the year
( 59,298)
( 44,788)
--------
--------
All the activities of the company are from continuing operations.
Gaz Autoschool (Education and Training) Ltd
Abridged Statement of Financial Position
31 July 2019
2019
2018
Note
£
£
£
Current assets
Debtors
( 3,687)
( 13,150)
Cash at bank and in hand
2,746
1,192
-------
--------
( 941)
( 11,958)
Creditors: amounts falling due within one year
53,364
27,837
--------
--------
Net current liabilities
54,305
39,795
--------
--------
Total assets less current liabilities
( 54,305)
( 39,795)
Creditors: amounts falling due after more than one year
4,993
4,993
--------
--------
Net liabilities
( 59,298)
( 44,788)
--------
--------
Capital and reserves
Profit and loss account
( 59,298)
( 44,788)
--------
--------
Shareholders deficit
( 59,298)
( 44,788)
--------
--------
These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 July 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 abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 July 2019 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 29 April 2020 , and are signed on behalf of the board by:
Mr F Hana
Director
Company registration number: 08158559
Gaz Autoschool (Education and Training) Ltd
Notes to the Abridged Financial Statements
Year ended 31 July 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2- 40 Commercial Square, Freeman's Common, Leicester, LE2 7SR.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2018: 4 ).
5. Other interest receivable and similar income
2019
2018
£
£
Interest on bank deposits
5
–
----
----
6. Financial instruments at fair value
Enter your own text here for additional disclosures relating to financial instruments. For example, terms and conditions of long-term debt, the extent and nature of derivative instruments, including significant terms and conditions that may affect the amount, timing and certainty of future cash flows, and also the amount of any impairment loss for each class of financial asset.
7. Director's advances, credits and guarantees
At the year end the company owed Mr F Hana £41,020.50 (2018: £13,315.00)
8. Related party transactions
No dividends were paid to the director during the year.