Ravensthorpe Car Sales Limited Filleted accounts for Companies House (small and micro)

RAVENSTHORPE CAR SALES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04214634

RAVENSTHORPE CAR SALES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 March 2020

RAVENSTHORPE CAR SALES LIMITED

STATEMENT OF FINANCIAL POSITION

30 March 2020

	2020		2019
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		483		645

CURRENT ASSETS

Stocks		37,300	15,000
Debtors	6	1,143	–
Cash at bank and in hand		11,094	28,161
		--------	--------
		49,537	43,161

CREDITORS: amounts falling due within one year	7	45,779		47,842
		--------		--------
NET CURRENT ASSETS/(LIABILITIES)			3,758		( 4,681)
			-------		-------
TOTAL ASSETS LESS CURRENT LIABILITIES			4,241		( 4,036)
			-------		-------
NET ASSETS/(LIABILITIES)			4,241		( 4,036)
			-------		-------

CAPITAL AND RESERVES

Called up share capital fully paid	2	2
Profit and loss account	4,239	( 4,038)
	-------	-------
SHAREHOLDERS FUNDS/(DEFICIT)	4,241	( 4,036)
	-------	-------

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 30 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 .

RAVENSTHORPE CAR SALES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 March 2020

These financial statements were approved by the board of directors and authorised for issue on 26 March 2021 , and are signed on behalf of the board by:

Mr D E Irons Director

Company registration number: 04214634

RAVENSTHORPE CAR SALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 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 Headlands House 1 Kings Court, Kettering Parkway, Kettering, Northamptonshire, NN15 6WJ.

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.

Going concern

The company currently meets its daily working capital requirements through operating revenues, banking facilities and financial support from the director and creditors. On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.

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

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.

Income tax

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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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	-	25% reducing balance
Computer Equipment	-	33% straight line

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).

5. TANGIBLE ASSETS

	Plant and machinery	Computer Equipment	Total
	£	£	£
Cost
At 31 March 2019 and 30 March 2020	4,103	830	4,933
	-------	----	-------
Depreciation
At 31 March 2019	3,458	830	4,288
Charge for the year	162	–	162
	-------	----	-------
At 30 March 2020	3,620	830	4,450
	-------	----	-------
Carrying amount
At 30 March 2020	483	–	483
	-------	----	-------
At 30 March 2019	645	–	645
	-------	----	-------

6. DEBTORS

	2020	2019
	£	£
Other debtors	1,143	–
	-------	----

7. CREDITORS: amounts falling due within one year

	2020	2019
	£	£
Corporation tax	3,082	1,091
Social security and other taxes	–	1,471
Other creditors	42,697	45,280
	--------	--------
	45,779	47,842
	--------	--------

8. RELATED PARTY TRANSACTIONS

During the year the company undertook the following transactions with related parties: The director has advanced monies to the company. At 31 March 2020 the balance owed by the company was £ 38,345 - (2019 - £ 44,276 ).

9. GOING CONCERN

The director has considered the period to 31 March 2022 when assessing the company's ability to continue as a going concern. It is believed that the company will either be able to satisfy it's liabilities as these become payable, or alternatively will be sold as a going concern.