Parrott Automotive Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 08071772 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017

FOR

PARROTT AUTOMOTIVE LTD

TRADING AS

ACRE LANE GARAGE

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Parrott

Mrs V Parrott

REGISTERED OFFICE:

Acre Lane

Spring Park

Northampton

Northamptonshire

NN2 8BN

REGISTERED NUMBER:

08071772 (England and Wales)

ACCOUNTANTS:

Novakovic & Co

27 St. Cuthberts Street

Bedford

Bedfordshire

MK40 3JG

FIXED ASSETS

Tangible assets

4

10,379

11,363

CURRENT ASSETS

Stocks

102,647

88,082

Debtors

5

30,267

33,787

Cash at bank and in hand

16,904

11,971

149,818

133,840

CREDITORS

Amounts falling due within one year

6

78,498

64,405

NET CURRENT ASSETS

71,320

69,435

TOTAL ASSETS LESS CURRENT LIABILITIES

81,699

80,798

CREDITORS

Amounts falling due after more than one year

7

40,000

40,000

NET ASSETS

41,699

40,798

CAPITAL AND RESERVES

Called up share capital

40,100

40,100

Retained earnings

1,599

698

SHAREHOLDERS' FUNDS

41,699

40,798

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 19 July 2017 and were signed on its behalf by:

A Parrott - Director

1.	STATUTORY INFORMATION

Parrott Automotive Ltd 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.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on 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.

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 June 2016

10,438

6,736

3,621

20,795

Additions

1,611

-

-

1,611

At 31 May 2017

12,049

6,736

3,621

22,406

DEPRECIATION

At 1 June 2016

3,811

3,136

2,485

9,432

Charge for year

1,648

720

227

2,595

At 31 May 2017

5,459

3,856

2,712

12,027

NET BOOK VALUE

At 31 May 2017

6,590

2,880

909

10,379

At 31 May 2016

6,627

3,600

1,136

11,363

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

7,940

8,335

Other debtors

22,327

25,452

30,267

33,787

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

6,265

4,445

Taxation and social security

29,637

19,648

Other creditors

42,596

40,312

78,498

64,405

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

40,000

40,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Long term directors'loan

40,000

40,000