R and Y Autos Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04489047 (England and Wales)

R AND Y AUTOS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

H A Smith

R Underwood

SECRETARY:

H A Smith

REGISTERED OFFICE:

Unit 8

Station Estate

Newbridge Hill

Louth

Lincolnshire

LN11 0JT

REGISTERED NUMBER:

04489047 (England and Wales)

ACCOUNTANTS:

Dexter & Sharpe (Louth)

Chartered Certified Accountants

1 Eastgate

Louth

Lincolnshire

LN11 9NB

FIXED ASSETS

Intangible assets

3

3,000

4,500

Tangible assets

4

6,337

5,247

9,337

9,747

CURRENT ASSETS

Stocks

7,400

35,219

Debtors

11,139

17,211

Cash at bank and in hand

100,846

69,870

119,385

122,300

CREDITORS

Amounts falling due within one year

42,184

41,073

NET CURRENT ASSETS

77,201

81,227

TOTAL ASSETS LESS CURRENT LIABILITIES

86,538

90,974

PROVISIONS FOR LIABILITIES

1,143

1,000

NET ASSETS

85,395

89,974

CAPITAL AND RESERVES

Called up share capital

75

100

Capital redemption reserve

25

-

Retained earnings

85,295

89,874

85,395

89,974

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 27 May 2021 and were signed on its behalf by:

H A Smith - Director

R Underwood - Director

1.	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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on cost and 25% on reducing balance

Motor vehicles

-

25% on reducing balance

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

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 6 ) .

3.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2019

and 31 August 2020

30,000

AMORTISATION

At 1 September 2019

25,500

Amortisation for year

1,500

At 31 August 2020

27,000

NET BOOK VALUE

At 31 August 2020

3,000

At 31 August 2019

4,500

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2019

33,419

Additions

2,299

At 31 August 2020

35,718

DEPRECIATION

At 1 September 2019

28,172

Charge for year

1,209

At 31 August 2020

29,381

NET BOOK VALUE

At 31 August 2020

6,337

At 31 August 2019

5,247

5.	RELATED PARTY DISCLOSURES