Place2Place Cars Limited - Period Ending 2021-07-31
Place2Place Cars Limited - Period Ending 2021-07-31
Place2Place Cars Limited
for the Year Ended 31 July 2021
Place2Place Cars Limited
(Registration number: 06836061)
Balance Sheet as at 31 July 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
1 |
1 |
|
Profit and loss account |
(84,250) |
(107,847) |
|
Shareholders' deficit |
(84,249) |
(107,846) |
For the financial year ending 31 July 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Place2Place Cars Limited
(Registration number: 06836061)
Balance Sheet as at 31 July 2021
Approved and authorised by the
.........................................
Mr S McGuirk
Director
Place2Place Cars Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
38a Larkfield Road
Larkfield
Maidstone
Kent
ME20 6BJ
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis, notwithstanding the deficiency of net assets, on the basis that the directors of the company have confirmed that the necessary funds will be made available to allow the company to meet its liabilities as and when they fall due.
Place2Place Cars Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Judgements
The company may be required to make estimates and assumptions concerning the future. These estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The resulting accounting estimates will, by definition, seldom equal the related actual results. The principal areas where judgement was exercised are as follows: |
i) Recoverability of trade debtors: the directors annually assess whether a bad debt provision is required for any bad or doubtful debtor balances. |
ii) Tangible fixed assets: the directors annually assess both the residual value of these assets and the expected useful life of such assets based on experience. |
iii) Disposal costs provision: the directors annually assess the expected disposal costs in relation to waste held at the year end that is yet to be disposed of. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & Fittings |
25% reducing balance |
Computer Equipment |
25% reducing balance |
Motor Vehicles |
25% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Place2Place Cars Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Place2Place Cars Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
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At 1 August 2020 |
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Additions |
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Disposals |
- |
( |
( |
At 31 July 2021 |
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Depreciation |
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At 1 August 2020 |
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|
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 31 July 2021 |
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Carrying amount |
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At 31 July 2021 |
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At 31 July 2020 |
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|
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Debtors |
2021 |
2020 |
|
Trade debtors |
|
|
Other debtors |
- |
|
Total current trade and other debtors |
|
|
Place2Place Cars Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
|
Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
|
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Other creditors |
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Due after one year |
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Bank loan (1-2yrs) |
10,000 |
10,000 |
|
Bank loan (2-5yrs) |
29,167 |
30,000 |
|
Bank loan (over 5 yrs) |
- |
8,333 |
|
HP and finance lease liability (1-2yrs) |
8,587 |
6,876 |
|
HP and finance lease liability (2-5yrs) |
9,930 |
3,063 |
|
57,684 |
58,272 |
Loans and borrowings |
2021 |
2020 |
|
Non-current loans and borrowings |
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Bank borrowings |
|
|
HP and finance lease liability (1-2yrs) |
8,587 |
6,876 |
HP and finance lease liability (2-5yrs) |
9,930 |
3,063 |
|
|
2021 |
2020 |
|
Current loans and borrowings |
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Bank borrowings |
|
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HP liability (under 1yr) |
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Director current account |
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