Free Spirit Automotive Limited - Accounts to registrar - small 16.3

REGISTERED NUMBER: 05044429 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Free Spirit Automotive Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J P C Derbyshire

P S Derbyshire

REGISTERED OFFICE:

1 Firbank Way

Chartmoor Business Park

Leighton Buzzard

Bedfordshire

LU7 4YP

REGISTERED NUMBER:

05044429 (England and Wales)

ACCOUNTANTS:

Market Place Accounting Services

20 Market Place

Long Buckby

Northamptonshire

NN6 7RR

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

172,835

200,080

172,836

200,081

CURRENT ASSETS

Stocks

549,411

412,902

Debtors

6

107,817

82,137

Cash at bank and in hand

31,667

6,270

688,895

501,309

CREDITORS

Amounts falling due within one year

7

592,443

492,501

NET CURRENT ASSETS

96,452

8,808

TOTAL ASSETS LESS CURRENT LIABILITIES

269,288

208,889

CREDITORS

Amounts falling due after more than one year

8

(47,829

)

(66,724

)

PROVISIONS FOR LIABILITIES

(16,223

)

(18,800

)

NET ASSETS

205,236

123,365

CAPITAL AND RESERVES

Called up share capital

30,000

30,000

Retained earnings

175,236

93,365

SHAREHOLDERS' FUNDS

205,236

123,365

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 16 May 2017 and were signed on its behalf by:

J P C Derbyshire - Director

1.	STATUTORY INFORMATION

Free Spirit Automotive 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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 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 9 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

100,000

AMORTISATION

At 1 April 2016

and 31 March 2017

99,999

NET BOOK VALUE

At 31 March 2017

1

At 31 March 2016

1

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2016

145,398

160,204

305,602

Additions

325

2,350

2,675

At 31 March 2017

145,723

162,554

308,277

DEPRECIATION

At 1 April 2016

40,056

65,466

105,522

Charge for year

14,553

15,367

29,920

At 31 March 2017

54,609

80,833

135,442

NET BOOK VALUE

At 31 March 2017

91,114

81,721

172,835

At 31 March 2016

105,342

94,738

200,080

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

41,032

19,058

Other debtors

66,785

63,079

107,817

82,137

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

18,895

18,895

Trade creditors

33,854

33,781

Amounts owed to group undertakings

68,984

69,416

Taxation and social security

82,464

44,585

Other creditors

388,246

325,824

592,443

492,501

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

47,829

66,724

9.	RELATED PARTY DISCLOSURES

The Company is a wholly owned subsidiary of Free Spirit Assets Limited, a company controlled by the

directors.