Car Assist Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10486960 (England and Wales)

CAR ASSIST LIMITED

Financial Statements for the Year Ended 31 December 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Page

H S Nash

L J R Coupland

REGISTERED OFFICE:

Nightingale House

46-48 East Street

Epsom

Surrey

KT17 1HQ

REGISTERED NUMBER:

10486960 (England and Wales)

AUDITORS:

Tudor John Limited

Chartered Accountants and Statutory Auditors

Nightingale House

46-48 East Street

Epsom

Surrey

KT17 1HQ

CURRENT ASSETS

Debtors

4

170,438

287,108

Cash at bank

13,969

5,000

184,407

292,108

CREDITORS

Amounts falling due within one year

5

859,786

314,870

NET CURRENT LIABILITIES

(675,379

)

(22,762

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(675,379

)

(22,762

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(675,479

)

(22,862

)

(675,379

)

(22,762

)

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 8 September 2021 and were signed on its behalf by:

M Page - Director

1.	STATUTORY INFORMATION

Car Assist 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.

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.

The company had net liabilities and net current liabilities of £675,739 at the year-end. The directors consider that it is appropriate to prepare the accounts on a going concern basis as the parent company, Page Automotive Group Limited, has undertaken to continue to provide financial support for the company as required for a period of at least twelve months from the date of approval of these accounts.

The financial statements are presented in Sterling which is the functional currency of the company.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

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 1 (2019 - 1 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

67,812

127,527

Amounts owed by group undertakings

102,626

159,581

170,438

287,108

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

90

1,360

Amounts owed to group undertakings

847,273

302,252

Taxation and social security

8,335

7,486

Other creditors

4,088

3,772

859,786

314,870

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Donald Nelson FCA (Senior Statutory Auditor)

for and on behalf of Tudor John Limited

7.	CONTINGENT LIABILITIES

The company is jointly and severally liable in respect of VAT liabilities arising in other group undertakings. The contingent liability at 31st December 2020 amounted to £912,965 (2019: £287,167).

The company is jointly and severally liable in respect of a bank loan arising in Page Automotive Group Limited, a fellow group company, which is secured by a floating charge over the company's assets. The contingent liability at 31st December 2020 amounted to £1,000,000 (2019 - nil).

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities, assist with the preparation of the financial statements, to process our payroll and file the related information with HMRC and to submit quarterly VAT returns.

10.	ULTIMATE CONTROLLING PARTY