Sussex Auto Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03898305 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2019

for

Sussex Auto Services Limited

Trading as

Auto Gearbox Specialists

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

G C Allchorn

SECRETARY:

S Allchorn

REGISTERED OFFICE:

42-44 Station Road Ind.l Estate

Hailsham

Sussex

BN27 2EY

REGISTERED NUMBER:

03898305 (England and Wales)

ACCOUNTANTS:

M I Spencer Ltd

70 Victoria Road

Polegate

East Sussex

BN26 6BU

FIXED ASSETS

Intangible assets

4

3,751

7,501

Tangible assets

5

12,072

14,357

15,823

21,858

CURRENT ASSETS

Stocks

6

2,740

5,480

Debtors

7

55,461

41,131

Cash at bank and in hand

67,359

77,722

125,560

124,333

CREDITORS

Amounts falling due within one year

8

73,561

89,373

NET CURRENT ASSETS

51,999

34,960

TOTAL ASSETS LESS CURRENT LIABILITIES

67,822

56,818

PROVISIONS FOR LIABILITIES

1,896

2,238

NET ASSETS

65,926

54,580

CAPITAL AND RESERVES

Called up share capital

403

403

Share premium

7,066

7,066

Retained earnings

58,457

47,111

SHAREHOLDERS' FUNDS

65,926

54,580

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 15 May 2020 and were signed by:

G C Allchorn - Director

1.	STATUTORY INFORMATION

Sussex Auto Services 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.

Intangible assets

Acquired goodwill is amortised over 20 years - Straight Line

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 the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

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 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2018

and 31 August 2019

75,001

AMORTISATION

At 1 September 2018

67,500

Amortisation for year

3,750

At 31 August 2019

71,250

NET BOOK VALUE

At 31 August 2019

3,751

At 31 August 2018

7,501

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 September 2018

30,324

38,757

23,265

994

93,340

Disposals

-

-

(10,830

)

-

(10,830

)

At 31 August 2019

30,324

38,757

12,435

994

82,510

DEPRECIATION

At 1 September 2018

26,033

30,565

21,595

790

78,983

Charge for year

849

818

385

102

2,154

Eliminated on disposal

-

-

(10,699

)

-

(10,699

)

At 31 August 2019

26,882

31,383

11,281

892

70,438

NET BOOK VALUE

At 31 August 2019

3,442

7,374

1,154

102

12,072

At 31 August 2018

4,291

8,192

1,670

204

14,357

6.

STOCKS

31.8.19

31.8.18

£

£

Stocks

2,740

5,480

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade debtors

28,391

18,769

Debtor provisions

-

(2,664

)

Staff loans

800

-

Other debtors

7,341

6,591

Prepayments

18,929

18,435

55,461

41,131

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade creditors

52,838

56,762

Corporation Tax

8,791

6,303

VAT

8,150

24,109

Other creditors

2,713

-

Directors' current accounts

1

1,077

Accrued expenses

1,068

1,122

73,561

89,373

9.	RELATED PARTY DISCLOSURES

The company rented premises at full market value from a partnership in which the director is a partner. The

rental paid during the year amounted to £35,500 (2018 £34,750).

10.	ULTIMATE CONTROLLING PARTY

The company is owned by its director who has 100% of the issued voting share capital