Autosupplies (Chesterfield) Limited - Accounts to registrar (filleted) - small 18.2

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

AUTOSUPPLIES (CHESTERFIELD) LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

5

Chartered Certified Accountant's Report

10

DIRECTORS:

D Clarke

Mrs B J Clarke

SECRETARY:

D Clarke

REGISTERED OFFICE:

72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

REGISTERED NUMBER:

02479774 (England and Wales)

ACCOUNTANT:

Hewitt Card Limited

Chartered Certified Accountants

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

The directors present their report with the financial statements of the company for the year ended 31 December 2019.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of motor accessory suppliers.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2019 to the date of this report.

D Clarke

Mrs B J Clarke

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mrs B J Clarke - Director

19 October 2020

FIXED ASSETS

Tangible assets

4

922,440

932,477

Investments

5

216,210

-

1,138,650

932,477

CURRENT ASSETS

Stocks

1,895,460

1,661,102

Debtors

6

2,057,040

1,850,141

Cash at bank and in hand

700

44,223

3,953,200

3,555,466

CREDITORS

Amounts falling due within one year

7

1,763,775

1,683,902

NET CURRENT ASSETS

2,189,425

1,871,564

TOTAL ASSETS LESS CURRENT LIABILITIES

3,328,075

2,804,041

CREDITORS

Amounts falling due after more than one year

8

(405,318

)

(207,759

)

PROVISIONS FOR LIABILITIES

10

(67,520

)

(66,582

)

NET ASSETS

2,855,237

2,529,700

CAPITAL AND RESERVES

Called up share capital

99

99

Share premium

8,467

8,467

Retained earnings

2,846,671

2,521,134

SHAREHOLDERS' FUNDS

2,855,237

2,529,700

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 and authorised for issue on 19 October 2020 and were signed on its behalf by:

D Clarke - Director

1.	STATUTORY INFORMATION

Autosupplies (Chesterfield) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 99 (2018 - 95 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2019

671,857

444,452

58,054

Additions

-

9,478

-

Disposals

-

-

-

At 31 December 2019

671,857

453,930

58,054

DEPRECIATION

At 1 January 2019

131,212

261,456

33,390

Charge for year

12,200

28,342

3,703

Eliminated on disposal

-

-

-

At 31 December 2019

143,412

289,798

37,093

NET BOOK VALUE

At 31 December 2019

528,445

164,132

20,961

At 31 December 2018

540,645

182,996

24,664

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2019

408,477

89,395

1,672,235

Additions

96,477

320

106,275

Disposals

(56,814

)

-

(56,814

)

At 31 December 2019

448,140

89,715

1,721,696

DEPRECIATION

At 1 January 2019

231,071

82,629

739,758

Charge for year

61,387

2,868

108,500

Eliminated on disposal

(49,002

)

-

(49,002

)

At 31 December 2019

243,456

85,497

799,256

NET BOOK VALUE

At 31 December 2019

204,684

4,218

922,440

At 31 December 2018

177,406

6,766

932,477

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2019

120,453

Additions

22,867

Transfer to ownership

(46,544

)

At 31 December 2019

96,776

DEPRECIATION

At 1 January 2019

47,788

Charge for year

23,882

Transfer to ownership

(29,816

)

At 31 December 2019

41,854

NET BOOK VALUE

At 31 December 2019

54,922

At 31 December 2018

72,665

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

216,210

At 31 December 2019

216,210

NET BOOK VALUE

At 31 December 2019

216,210

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,315,734

1,278,508

Amounts owed by group undertakings

207,839

-

Other debtors

213,913

194,615

Prepayments and accrued income

319,554

377,018

2,057,040

1,850,141

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

101,563

36,000

Hire purchase contracts

20,578

31,337

Trade creditors

1,403,263

1,390,302

Tax

79,181

110,569

Social security and other taxes

27,835

26,204

VAT

48,148

58,356

Other creditors

13,491

3,385

Directors' current accounts

26,030

5,963

Accruals and deferred income

43,686

21,786

1,763,775

1,683,902

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans - 1-2 years

52,300

36,900

Bank loans - 2-5 years

135,056

116,302

Bank loans - more than 5 years

197,402

34,338

Hire purchase contracts

20,560

20,219

405,318

207,759

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - more than 5 years

197,402

34,338

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdraft

50,763

-

Bank loans

435,558

223,540

486,321

223,540

The company's bankers hold a mortgage debenture dated 19th November 1997, together with a charge over the company's freehold property.

The company's bank borrowing is secured by a legal mortgage over the premises at Gateway Business Park, Bolsover, Chesterfield.

10.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

Accelerated capital allowances

67,520

66,582

Deferred

tax

£

Balance at 1 January 2019

66,582

Deferred tax in the profit

938

and loss account

Balance at 31 December 2019

67,520

11.	ULTIMATE CONTROLLING PARTY

The controlling party is D Clarke.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Autosupplies (Chesterfield) Limited for the year ended 31 December 2019 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given me.

As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Autosupplies (Chesterfield) Limited, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of Autosupplies (Chesterfield) Limited and state those matters that I have agreed to state to the Board of Directors of Autosupplies (Chesterfield) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for my work or for this report.

It is your duty to ensure that Autosupplies (Chesterfield) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Autosupplies (Chesterfield) Limited. You consider that Autosupplies (Chesterfield) Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of Autosupplies (Chesterfield) Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.

Hewitt Card Limited

Chartered Certified Accountants

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

21 October 2020