Accounts filed on 31-12-2014
Accounts filed on 31-12-2014
trueQuenby Bros. Limited003355692014-12-31-117751-83729-116230-8220815211521-116230-8220801291487921603053256278226-765806084230267720190622609726274812555152002121122275651430199831091421738410914217384Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
The turnover shown in the profit and loss accounts represents amounts receivable during the year,
exclusive of Value Added Tax and trade discounts.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Stocks
Stocks are stated at the lower of cost and net realisable value. Net realisable value for second
hand cars is based on the CAP value which represents the trade estimated retail value. Consignment
stock represents vehicles held on consignment from the manufacturer in respect of which the company
has made no payment and only becomes the property of the company when fully paid for. Charges are
payable by the company on the outstanding consignment creditor until the vehicle to which it relates
becomes the property of the company. Stocks held under consignment agreements are included at cost.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Fixed Assets
All fixed assets are initially recorded at cost.
The directors have undertaken a policy of revaluation of freehold land and buildings as in their opinion this is a more appropriate accounting policy for the company. The directors have revised the depreciation rate for freehold land and buildings as they consider the new rate will render fairer presentation of the value of the asset.Provisions for liabilities and charges
Provisions for the expected costs of maintenance under warranties are charged against profits when products have been invoiced. The effect of the time value of money is not material and therefore the provisions are not discounted.
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.Plant & Machinery10% and 25% reducing balance0.0000Fixtures & Fittings15% and 25% reducing balance0.0000Motor Vehicles25% straight line0.0000Leasehold Land & BuildingsOver 12 years0.000036301626956296835-33812538742521782542-846Freehold land and buildings additions consist of legal costs incurred to defend title to the land. £44,651 relates to costs incurred in the current year and £52,184 relates to costs incurred in previous years now capitalised. 36301626956296835-3381253874252178-8462542
Freehold land and buildings additions consist of legal costs incurred to defend title to the land. £44,651 relates to costs incurred in the current year and £52,184 relates to costs incurred in previous years now capitalised.
148792160305Ordinary2000120002000Ordinary1152115211521During the year, the following directors and shareholders provided a loan to the company.
Mr J Duncan and Mrs V Duncan (directors and shareholders) provided a loan to the company at the beginning of year: £68,503; loan to the company at the end of year: £178,478. Monies loan to the company totalled £139,581 and repayments totalled £29,606. The loan account was not overdrawn.
Mr D Duncan (director and shareholder) provided a loan to the company at the beginning of year: £33,571; loan to the company at the end of year: £44,859. Mr D Duncan introduced money totalling £24,372 of which £13,837 was repaid during the year. The loan account was not overdrawn. Loan interest paid to the director during the year amounted to £753.
Mr N Duncan (shareholder) received a loan from the company at the beginning of year: £301; a loan to the company at the end of year £129. Mr N Duncan had credits to his account totalling £639 and payments to him totalling £209. The maximum overdrawn amount was £455.
A debenture dated 5th January 2006 was created by Quenby Bros. Limited for securing all monies due or to become due from the company to Mr J Duncan and Mrs V Duncan on any account whatsoever. This was registered pursuant to Chapter 1 Part XII of the Companies Act 1985 on the 17th January 2006.
Mr J Duncan and Mrs V Duncan, directors and shareholders, received annual rental income of £nil during the year.
In the directors' opinion, the company is controlled jointly by Mr J Duncan and Mrs V Duncan as directors and shareholders of the company.
The directors are aware of the insolvent position and are hopeful the company will trade out of this in the foreseeable future.
The company provides its own warranty service for vehicles sold. The amount included within the amounts represents the company's anticipated costs in relation to servicing the warranties provided. 2015-09-28Mrs V DuncanMr D F DuncanDirectortruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureQuenby Bros. Limited2014-01-012014-12-31Quenby Bros. Limited2013-01-012013-12-31Quenby Bros. Limited2012-12-31Quenby Bros. Limited2013-12-31Quenby Bros. Limited2013-12-31Quenby Bros. Limited2014-12-31 2015-09-28
