QUALITY CAR PAINTS LIMITED Filleted accounts for Companies House (small and micro)

QUALITY CAR PAINTS LIMITED Filleted accounts for Companies House (small and micro)

QUALITY CAR PAINTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03317550
QUALITY CAR PAINTS LIMITED
Filleted Unaudited Financial Statements
28 February 2021
QUALITY CAR PAINTS LIMITED
Statement of Financial Position
28 February 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
397
496
Investments
6
481,000
402,460
---------
---------
481,397
402,956
Current assets
Stocks
78,956
49,050
Debtors
7
199,242
227,972
Cash at bank and in hand
139,507
223,770
---------
---------
417,705
500,792
Creditors: amounts falling due within one year
8
217,384
285,501
---------
---------
Net current assets
200,321
215,291
---------
---------
Total assets less current liabilities
681,718
618,247
Creditors: amounts falling due after more than one year
9
10,234
49,337
Provisions
Taxation including deferred tax
63,419
43,403
---------
---------
Net assets
608,065
525,507
---------
---------
Capital and reserves
Called up share capital
2
2
Other reserves
11
313,298
254,773
Profit and loss account
11
294,765
270,732
---------
---------
Shareholders funds
608,065
525,507
---------
---------
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 comprehensive income has not been delivered.
For the year ending 28 February 2021 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 .
QUALITY CAR PAINTS LIMITED
Statement of Financial Position (continued)
28 February 2021
These financial statements were approved by the board of directors and authorised for issue on 16 February 2022 , and are signed on behalf of the board by:
J S Blaggan
Director
Company registration number: 03317550
QUALITY CAR PAINTS LIMITED
Notes to the Financial Statements
Year ended 28 February 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 792 Wickham Road, Croydon, Surrey, CR0 8EA.
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 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:
Fixtures and fittings
-
20% reducing balance
Commercial vehicles
-
20% reducing balance
Equipment
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 4 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 March 2020 and 28 February 2021
3,527
15,724
4,647
23,898
-------
--------
-------
--------
Depreciation
At 1 March 2020
3,527
15,228
4,647
23,402
Charge for the year
–
99
–
99
-------
--------
-------
--------
At 28 February 2021
3,527
15,327
4,647
23,501
-------
--------
-------
--------
Carrying amount
At 28 February 2021
–
397
–
397
-------
--------
-------
--------
At 29 February 2020
–
496
–
496
-------
--------
-------
--------
6. Investments
Investment property
£
Cost
At 1 March 2020
402,460
Revaluations
78,540
---------
At 28 February 2021
481,000
---------
Impairment
At 1 March 2020 and 28 February 2021
–
---------
Carrying amount
At 28 February 2021
481,000
---------
At 29 February 2020
402,460
---------
7. Debtors
2021
2020
£
£
Trade debtors
198,742
227,472
Other debtors
500
500
---------
---------
199,242
227,972
---------
---------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
147,909
257,810
Corporation tax
14,680
10,260
Social security and other taxes
10,188
10,827
Other creditors
44,607
6,604
---------
---------
217,384
285,501
---------
---------
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
10,234
49,337
--------
--------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2021
2020
£
£
Included in provisions
63,419
43,403
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2021
2020
£
£
Fair value adjustment of investment property
63,419
43,403
--------
--------
11. Reserves
2021 2020
£ £
Called up share capital 2 2
Profit and loss account-b/fwd 24,033 36,254
Profit and loss for the year 270,732 234,478
Fair value reserve 313,298 254,773
--------- ---------
Shareholders funds 608,065 525,507
--------- ---------
12. Fair value reserve
The following movements on the fair value reserve are included within other reserves in the statement of changes in equity:
2021
2020
£
£
At start of year
254,773
252,781
Fair value movement on investment property
78,540
2,460
Tax relating to components of other comprehensive income
(20,015)
(468)
---------
---------
At end of year
313,298
254,773
---------
---------
13. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
J S Blaggan
( 3,186)
( 35,493)
( 38,679)
-------
--------
--------
2020
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
J S Blaggan
( 3,186)
–
( 3,186)
-------
----
-------