Retro Classic Car Parts Ltd Company Accounts

Retro Classic Car Parts Ltd Company Accounts

RETRO CLASSIC CAR PARTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 07194555
RETRO CLASSIC CAR PARTS LTD
FINANCIAL STATEMENTS
31 March 2016
J D ACCOUNTANCY
Accountants
Unit 3,
37 Watling Street,
Leintwardine,
Shropshire,
SY7 0LW
RETRO CLASSIC CAR PARTS LTD
DIRECTOR'S REPORT
YEAR ENDED 31 MARCH 2016
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2016.
PRINCIPAL ACTIVITIES
The principal activity of the company during the year was trading in classic car parts
THE DIRECTORS AND THEIR INTERESTS IN THE SHARES OF THE COMPANY
The directors who served the company during the year together with their beneficial interests, including family holdings, in the shares of the company were as follows:
Ordinary Shares of £1 each
At 31 March 2016
At 1 April 2015
Mr C C G Beever
2
1
----
----
Mrs L Beever retired as a director on 18 March 2016.
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Registered office: Signed by
Unit 3
37 Watling Street
Leintwardine
Craven Arms
Shropshire
SY7 0LW
C C G Beever
Director
Approved by the director on 20 December 2016
RETRO CLASSIC CAR PARTS LTD
PROFIT AND LOSS ACCOUNT
YEAR ENDED 31 MARCH 2016
2016
2015
Note
£
£
TURNOVER
66,115
71,855
Cost of sales
33,681
38,070
---------
---------
GROSS PROFIT
32,434
33,785
Administrative expenses
32,631
29,672
---------
---------
(LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION
( 197)
4,113
Tax on (loss)/profit on ordinary activities
–
–
----
-------
(LOSS)/PROFIT FOR THE FINANCIAL YEAR
( 197)
4,113
Balance brought forward
( 4,229)
(8,342)
-------
-------
Balance carried forward
( 4,426)
( 4,229)
-------
-------
RETRO CLASSIC CAR PARTS LTD
BALANCE SHEET
31 March 2016
2016
2015
Note
£
£
£
FIXED ASSETS
Tangible assets
3
3,621
5,643
-------
-------
CURRENT ASSETS
Stocks
19,831
16,140
Debtors
4
1,274
1,306
---------
---------
21,105
17,446
CREDITORS: Amounts falling due within one year
5
29,150
27,316
---------
---------
NET CURRENT LIABILITIES
( 8,045)
( 9,870)
-------
-------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 4,424)
( 4,227)
-------
-------
CAPITAL AND RESERVES
Called up equity share capital
6
2
2
Profit and loss account
( 4,426)
( 4,229)
-------
-------
DEFICIT
( 4,424)
( 4,227)
-------
-------
For the year ended 31 March 2016 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 accounts for the year in question in accordance with section 476; and
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and with the Financial Reporting Standard for Smaller Entities (effective January 2015).
These accounts were approved and signed by the director and authorised for issue on 20 December 2016 .
Mr C C G Beever Director
Company Registration Number: 07194555
RETRO CLASSIC CAR PARTS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2016
1. ACCOUNTING POLICIES
Basis 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 January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant & Machinery-20% 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.
2. OPERATING (LOSS)/PROFIT
Operating (loss)/profit is stated after charging/(crediting):
2016
2015
£
£
Director's remuneration
8,060
7,956
Depreciation of owned fixed assets
905
1,411
Profit on disposal of fixed assets
( 2,683)
–
-------
-------
3. TANGIBLE ASSETS
Plant & Machinery
£
COST
At 1 April 2015
9,728
Additions
4,000
Disposals
( 7,995)
-------
At 31 March 2016
5,733
-------
DEPRECIATION
At 1 April 2015
4,085
Charge for the year
905
On disposals
( 2,878)
-------
At 31 March 2016
2,112
-------
NET BOOK VALUE
At 31 March 2016
3,621
-------
At 31 March 2015
5,643
-------
4. DEBTORS
2016
2015
£
£
Trade debtors
1,274
1,306
-------
-------
5. CREDITORS: Amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
8,182
6,797
Trade creditors
12,377
8,508
Other taxation
1,199
–
Other creditors
7,392
12,011
---------
---------
29,150
27,316
---------
---------
6. SHARE CAPITAL
Allotted, called up and fully paid:
2016
2015
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
RETRO CLASSIC CAR PARTS LTD
MANAGEMENT INFORMATION
YEAR ENDED 31 MARCH 2016
The following page does not form part of the statutory financial statements .
RETRO CLASSIC CAR PARTS LTD
DETAILED PROFIT AND LOSS ACCOUNT
YEAR ENDED 31 MARCH 2016
2016
2015
£
£
£
TURNOVER
66,115
71,855
COST OF SALES
Opening stock - finished goods
16,140
19,880
Purchases
40,055
34,330
Profit on disposal of fixed assets
(2,683)
–
---------
---------
53,512
54,210
Closing stock - finished goods
(19,831)
(16,140)
---------
---------
33,681
38,070
---------
---------
GROSS PROFIT
32,434
33,785
---------
---------
OVERHEADS
Administrative expenses
32,631
29,672
---------
---------
(LOSS)/PROFIT ON ORDINARY ACTIVITIES
( 197)
4,113
---------
---------
NOTES:
ADMINISTRATIVE EXPENSES
Personnel costs
Directors salaries
8,060
7,956
Establishment expenses
Rent, rates and water
3,960
1,650
Light and heat
719
1,172
Insurance
464
540
Repairs and maintenance (allowable)
43
241
-------
-------
5,186
3,603
-------
General expenses
Motor expenses
3,708
4,052
Telephone
1,567
1,555
Printing, stationery and postage
7,998
6,611
Advertising
793
926
Accountancy fees
2,254
1,490
Depreciation
905
1,411
---------
---------
17,225
16,045
---------
Financial costs
Bank charges
2,160
2,068
---------
---------
32,631
29,672
---------
---------