| Grant Specialist Cars Limited |
| Registered number: |
06371997 |
| Balance Sheet |
| as at 30 September 2016 |
|
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
31,678 |
|
|
33,240 |
|
| Current assets |
| Stocks |
|
|
35,950 |
|
|
220,220 |
| Debtors |
3 |
|
275,453 |
|
|
582 |
| Cash at bank and in hand |
|
|
1 |
|
|
110,900 |
|
|
|
311,404 |
|
|
331,702 |
|
| Creditors: amounts falling due within one year |
4 |
|
(38,085) |
|
|
(33,011) |
|
| Net current assets |
|
|
|
273,319 |
|
|
298,691 |
|
| Net assets |
|
|
|
304,997 |
|
|
331,931 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
2 |
|
|
2 |
| Profit and loss account |
|
|
|
304,995 |
|
|
331,929 |
|
| Shareholders' funds |
|
|
|
304,997 |
|
|
331,931 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr A T Grant |
| Director |
| Approved by the board on 30 June 2017 |
|
| Grant Specialist Cars Limited |
| Notes to the Accounts |
| for the year ended 30 September 2016 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of second hand cars. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows: |
|
|
Property |
2% on cost |
|
Plant and machinery |
15% on reducing balance |
|
Fixtures, fittings, tools and equipment |
15% on reducing balance |
|
Computer equipment |
25% on reducing balance |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. |
|
|
| 2 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Computer equipment |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 October 2015 |
29,982 |
|
2,040 |
|
7,265 |
|
39,287 |
|
At 30 September 2016 |
29,982 |
|
2,040 |
|
7,265 |
|
39,287 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 October 2015 |
961 |
|
1,118 |
|
3,968 |
|
6,047 |
|
Charge for the year |
600 |
|
138 |
|
824 |
|
1,562 |
|
At 30 September 2016 |
1,561 |
|
1,256 |
|
4,792 |
|
7,609 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2016 |
28,421 |
|
784 |
|
2,473 |
|
31,678 |
|
At 30 September 2015 |
29,021 |
|
922 |
|
3,297 |
|
33,240 |
|
|
| 3 |
Debtors |
2016 |
|
2015 |
| £ |
£ |
|
|
Loan to director |
|
|
|
|
275,000 |
|
- |
|
Other debtors |
453 |
|
582 |
|
|
|
|
|
|
275,453 |
|
582 |
|
|
|
|
|
|
|
|
|
|
During the year a loan of £275,000 was made to Mr A T Grant. |
|
| 4 |
Creditors: amounts falling due within one year |
2016 |
|
2015 |
| £ |
£ |
|
|
Bank loans and overdrafts |
24,050 |
|
- |
|
Creditors less than 1 yr - Directors account |
2,240 |
|
2,240 |
|
Corporation tax |
8,559 |
|
18,459 |
|
Other taxes and social security costs |
- |
|
7,661 |
|
Other creditors |
3,236 |
|
4,651 |
|
|
|
|
|
|
38,085 |
|
33,011 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Related party transactions |
|
|
Mr A T Grant
Director and shareholder:
During the year, dividends paid to Mr A T Grant in his capacity as a shareholder amounted to £29,796 (2015: £30,750)
During the year the company made a short-term loan to Mr A T Grant amounting to £275,000 (2015: £Nil). This is included in debtors in note 3. This loan is interest free and repayable on demand.
Mrs T Grant
Director's spouse and shareholder:
During the year, dividends paid to Mrs T Grant in her capacity as a shareholder amounted to £29,796 (2015: £30,750) |
|
|
| 6 |
Other information |
|
|
Grant Specialist Cars Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
1337 Evesham Road |
|
Astwood Bank |
|
Redditch |
|
Worcestershire |
|
B96 6AY |
