PREMIER AUTO SERVICE AND BODY REPAIR CENTRE LTD Filleted accounts for Companies House (small and micro)

PREMIER AUTO SERVICE AND BODY REPAIR CENTRE LTD Filleted accounts for Companies House (small and micro)

PREMIER AUTO SERVICE AND BODY REPAIR CENTRE LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07582001
PREMIER AUTO SERVICE AND BODY REPAIR CENTRE LTD
Filleted Unaudited Financial Statements
31 March 2020
PREMIER AUTO SERVICE AND BODY REPAIR CENTRE LTD
Statement of Financial Position
31 March 2020
2020
2019
Note
£
£
£
Fixed assets
Intangible assets
5
24,750
27,000
Tangible assets
6
53,114
59,064
--------
--------
77,864
86,064
Current assets
Stocks
3,000
7,500
Cash at bank and in hand
137,666
109,330
---------
---------
140,666
116,830
Creditors: amounts falling due within one year
7
86,655
99,034
---------
---------
Net current assets
54,011
17,796
---------
---------
Total assets less current liabilities
131,875
103,860
---------
---------
Net assets
131,875
103,860
---------
---------
PREMIER AUTO SERVICE AND BODY REPAIR CENTRE LTD
Statement of Financial Position (continued)
31 March 2020
2020
2019
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
131,775
103,760
---------
---------
Shareholders funds
131,875
103,860
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2020 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 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 financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 June 2020 , and are signed on behalf of the board by:
Mr N Ahmed
Director
Company registration number: 07582001
PREMIER AUTO SERVICE AND BODY REPAIR CENTRE LTD
Notes to the Financial Statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 46 The Ridgeway, North Harrow, Harrow, Middlesex, HA2 7QN.
2. Statement of compliance
These 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 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 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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicle
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2019: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2019 and 31 March 2020
45,000
--------
Amortisation
At 1 April 2019
18,000
Charge for the year
2,250
--------
At 31 March 2020
20,250
--------
Carrying amount
At 31 March 2020
24,750
--------
At 31 March 2019
27,000
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2019
95,700
5,694
450
101,844
Additions
7,329
–
–
7,329
---------
-------
----
---------
At 31 March 2020
103,029
5,694
450
109,173
---------
-------
----
---------
Depreciation
At 1 April 2019
41,551
1,139
90
42,780
Charge for the year
12,296
911
72
13,279
---------
-------
----
---------
At 31 March 2020
53,847
2,050
162
56,059
---------
-------
----
---------
Carrying amount
At 31 March 2020
49,182
3,644
288
53,114
---------
-------
----
---------
At 31 March 2019
54,149
4,555
360
59,064
---------
-------
----
---------
7. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
24,508
35,022
Corporation tax
883
–
Social security and other taxes
4,075
8,534
Other creditors
57,189
55,478
--------
--------
86,655
99,034
--------
--------