Headstone Motoring Centre Ltd Filleted accounts for Companies House (small and micro)
Headstone Motoring Centre Ltd Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
08128969
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Abridged Statement of Financial Position |
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2020 |
2019 |
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Note |
£ |
£ |
£ |
Fixed assets
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Tangible assets |
5 |
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Current assets
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Net assets |
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Capital and reserves
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Called up share capital |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
Director's responsibilities:
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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
;
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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
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Abridged Statement of Financial Position (continued) |
These abridged financial statements were approved by the
board of directors
and authorised for issue on
22 December 2020
, and are signed on behalf of the board by:
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Director |
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Company registration number:
08128969
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Notes to the Abridged Financial Statements |
Year ended 31 July 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 Unit 2, Canterbury Road, Harrow, Middlesex, HA2 6AA.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
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:
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Plant and machinery |
- |
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Fixtures and fittings |
- |
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Motor vehicles |
- |
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Equipment |
- |
25% reducing balance |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Government grants
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2019:
3
).
5.
Tangible assets
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£ |
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Cost |
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At 1 August 2019 |
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Additions |
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Disposals |
(
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At 31 July 2020 |
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Depreciation |
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At 1 August 2019 |
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Charge for the year |
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Disposals |
(
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At 31 July 2020 |
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Carrying amount |
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At 31 July 2020 |
15,921 |
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At 31 July 2019 |
6,920 |
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6.
Director's advances, credits and guarantees
At the year end
Mr G Butler
owed the company £49,368 (2019: £5,572) in short term loan.
7.
Related party transactions
During the year the company paid Mr G Butler £5,000 (2019: £7,500) andMr J Barker £4,439 (2019: £6,281) in dividends.