Premier Motors (Solent) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 00274565 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

PREMIER MOTORS (SOLENT) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

M C Adams

D J Rye

SECRETARY:

P Pepperrell

REGISTERED OFFICE:

Exchange House

St. Cross Lane

Newport

Isle of Wight

PO30 5BZ

REGISTERED NUMBER:

00274565 (England and Wales)

AUDITORS:

Bright Brown Limited

Chartered Accountants

Statutory Auditor

Exchange House

St. Cross Lane

Newport

Isle of Wight

PO30 5BZ

BANKERS:

Lloyds TSB

Black Horse House

Medway Wharf Road

Tonbridge

Kent

TN9 1QS

FIXED ASSETS

Tangible assets

3

67,385

86,705

CURRENT ASSETS

Stocks

2,846,617

3,047,211

Debtors

4

539,221

584,626

Cash at bank

293,930

245,163

3,679,768

3,877,000

CREDITORS

Amounts falling due within one year

5

2,419,096

2,593,071

NET CURRENT ASSETS

1,260,672

1,283,929

TOTAL ASSETS LESS CURRENT LIABILITIES

1,328,057

1,370,634

CREDITORS

Amounts falling due after more than one year

6

(143,948

)

(199,134

)

PROVISIONS FOR LIABILITIES

(78,431

)

(66,226

)

NET ASSETS

1,105,678

1,105,274

CAPITAL AND RESERVES

Called up share capital

120,000

120,000

Other reserves

(58,346

)

(58,346

)

Retained earnings

1,044,024

1,043,620

SHAREHOLDERS' FUNDS

1,105,678

1,105,274

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 30 May 2017 and were signed on its behalf by:

D J Rye - Director

1.	STATUTORY INFORMATION

Premier Motors (Solent) 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.

Tangible fixed assets

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

Land and buildings

-

Straight line over 5 years

Plant and machinery etc

-

Straight line over 2 to 10 years and Straight line over 2 to 4 years

Motor vehicles are revalued by directors based on CAP valuations at the year end, which is considered to

accurately reflect the consumption of economic benefits during the year and is included as a depreciation

expense within the profit and loss account.

Stocks

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

slow moving items.

Consignment stocks are recognised where there has been a substantial transfer of the risks and rewards of

ownership. The related liabilities are included within "creditors: amounts falling due within one year".

The net realisable value of used vehicle stock is determined in accordance with guidance from industry

standard publications, after taking due account of the mileage and condition of the vehicles held.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2016

134,261

372,871

507,132

Additions

-

15,847

15,847

Disposals

-

(28,936

)

(28,936

)

At 31 December 2016

134,261

359,782

494,043

DEPRECIATION

At 1 January 2016

123,338

297,089

420,427

Charge for year

2,675

23,492

26,167

Eliminated on disposal

-

(19,936

)

(19,936

)

At 31 December 2016

126,013

300,645

426,658

NET BOOK VALUE

At 31 December 2016

8,248

59,137

67,385

At 31 December 2015

10,923

75,782

86,705

Fixed assets, included in the above, which are held under hire purchase contracts, finance leases or secured

loans are as follows:

Plant and machinery with a net book value at the year end of £19,698 (2015 - £35,445) after depreciation

charges for the year of £6,346 (2015 - £9,145).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

479,392

518,132

Other debtors

59,829

66,494

539,221

584,626

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Hire purchase contracts

5,746

5,746

Trade creditors

1,904,163

2,145,883

Taxation and social security

169,222

86,292

Other creditors

339,965

355,150

2,419,096

2,593,071

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Hire purchase contracts

-

9,099

Other creditors

143,948

190,035

143,948

199,134

7.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Other loans

455,923

502,222

Trade creditors

1,652,634

1,888,461

2,108,557

2,390,683

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gavin Kelly ACA, FCCA (Senior Statutory Auditor)

for and on behalf of Bright Brown Limited

9.	OTHER FINANCIAL COMMITMENTS

At 31 December 2016, the company had total commitments under non-cancellable operating leases over the

remaining life of those leases of £44,750 (2015: £44,750).