FLEET AND COMMERCIAL LIMITED |
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BALANCE SHEET |
AS AT 31 December 2016 |
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Notes |
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2016 |
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2015 |
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£ |
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£ |
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FIXED ASSETS |
Tangible assets |
6 |
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24,168 |
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27,435 |
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CURRENT ASSETS |
Debtors |
7 |
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2,584 |
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2,100 |
Cash at bank and in hand |
322,488 |
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293,380 |
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325,072 |
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295,480 |
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CREDITORS: Amounts falling due |
8 |
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161,026 |
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152,291 |
within one year |
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NET CURRENT ASSETS |
164,046 |
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143,189 |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
188,214 |
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170,624 |
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Provisions for liabilities and charges |
4,834 |
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5,487 |
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NET ASSETS |
183,380 |
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165,137 |
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CAPITAL AND RESERVES |
Called up share capital |
100 |
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100 |
Distributable profit and loss account |
183,280 |
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165,037 |
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SHAREHOLDERS' FUNDS |
183,380 |
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165,137 |
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These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities. |
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For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. |
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Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
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As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. |
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Signed on behalf of the board of directors |
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T J McLeman |
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A Thomas |
Director |
Director |
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Date approved by the board: 6 July 2017 |
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FLEET AND COMMERCIAL LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1 |
GENERAL INFORMATION |
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Fleet and Commercial Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
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Cranbrook House |
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287-291 Banbury Road |
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Oxford |
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OX2 7JQ |
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The financial statements are presented in Sterling, which is the functional currency of the company. |
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2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Basis of preparation of financial statements |
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These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006. |
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Revenue recognition |
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Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of commission income which is recognised when received from the insurance company as soon as there is a right to consideration and is determined by reference to the value of the work performed. |
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Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. |
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Office equipment |
25% reducing balance basis |
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Plant and machinery |
25% reducing balance basis |
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Computer equipment |
25% reducing balance basis |
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On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses. |
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2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) |
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Financial Instruments |
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The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Financial assets are measued at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
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Creditors |
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Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost using the effective interest method. |
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2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) |
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Leases |
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Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases. |
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Payments applicable to operating leases are charged against profit on a straight line basis over the lease term. |
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Taxation |
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Current and deferred tax assets and liabilities are not discounted. |
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3 |
TRANSITION TO FRS 102 |
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This is the first year in which the financial statements have been prepared under FRS 102. Note 11 gives an explanation of the effects of the transition. |
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4 |
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS |
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No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements. |
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5 |
EMPLOYEES |
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The average number of persons employed by the company (including directors) during the year was: |
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2016 |
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2015 |
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Average number of employees |
12 |
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13 |
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6 |
TANGIBLE ASSETS |
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Office equipment |
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Plant and machinery |
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Computer equipment |
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Total |
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£ |
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£ |
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£ |
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£ |
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Cost |
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At 1 January 2016 |
17,570 |
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1,786 |
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22,457 |
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41,813 |
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Additions |
2,384 |
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- |
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1,323 |
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3,707 |
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At 31 December 2016 |
19,954 |
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1,786 |
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23,780 |
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45,520 |
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Accumulated depreciation |
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At 1 January 2016 |
6,004 |
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609 |
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7,765 |
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14,378 |
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Charge for year |
2,856 |
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295 |
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3,823 |
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6,974 |
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At 31 December 2016 |
8,860 |
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904 |
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11,588 |
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21,352 |
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Net book value |
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At 1 January 2016 |
11,566 |
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1,177 |
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14,692 |
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27,435 |
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At 31 December 2016 |
11,094 |
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882 |
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12,192 |
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24,168 |
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7 |
DEBTORS |
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2016 |
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2015 |
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£ |
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£ |
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Prepayments and accrued income |
484 |
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- |
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Other debtors |
2,100 |
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2,100 |
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2,584 |
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2,100 |
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8 |
CREDITORS: Amounts falling due within one year |
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2016 |
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2015 |
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£ |
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£ |
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Trade creditors |
46,770 |
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44,168 |
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Corporation tax |
68,904 |
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63,374 |
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Other taxation and social security |
5,464 |
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3,751 |
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Accruals and deferred income |
2,197 |
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35,104 |
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Other creditors |
37,691 |
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5,894 |
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161,026 |
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152,291 |
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9 |
CONTINGENCIES AND COMMITMENTS |
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Other Commitments |
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Amounts falling due under operating leases for land and buildings: |
2016 |
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2015 |
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£ |
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£ |
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In less than one year |
24,000 |
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- |
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In more than one but less than five years |
- |
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22,200 |
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24,000 |
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22,200 |
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10 |
RELATED PARTY TRANSACTIONS |
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The maximum amounts due to the company from the directors during the year were as follows: |
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2016 |
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2015 |
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£ |
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£ |
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T J McLeman |
32,082 |
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28,163 |
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A Thomas |
20,329 |
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19,888 |
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52,411 |
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48,051 |
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The directors made advances to the company during the year. The following amounts were due to the directors at the year end: |
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2016 |
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2015 |
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£ |
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£ |
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T J McLeman |
18,695 |
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78 |
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A Thomas |
18,696 |
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5,816 |
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37,391 |
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5,894 |
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During the year, the following transactions with related parties took place: |
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T J & K McLeman |
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Director and shareholder |
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2016 |
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2015 |
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£ |
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£ |
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Expenses reimbursed |
(8,083) |
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- |
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Dividends Paid |
(124,900) |
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(115,075) |
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Increase in loans due to advances |
(5,047) |
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- |
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Decrease in loans due to repayments |
119,413 |
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- |
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10 |
RELATED PARTY TRANSACTIONS (continued…) |
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A Thomas & Z Rittling-Thomas |
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Director and shareholder |
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2016 |
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2015 |
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£ |
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£ |
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Expenses reimbursed |
(1,958) |
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- |
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Dividends Paid |
(124,900) |
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(115,075) |
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Decrease in loans due to repayments |
113,978 |
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- |
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11 |
RECONCILIATIONS ON ADOPTION OF FRS 102 |
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These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102. The date of transition to FRS 102 is 1 January 2015. |
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Profit and loss for the year ended 31 December 2015 |
£ |
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Profit for the year under former UK GAAP |
261,451 |
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Profit for the year under FRS 102 |
261,451 |
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Balance sheet at 31 December 2015 |
£ |
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Equity under former UK GAAP |
165,137 |
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Equity under FRS 102 |
165,137 |
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Balance sheet at 1 January 2015 |
£ |
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Equity under former UK GAAP |
133,836 |
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Equity under FRS 102 |
133,836 |
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