Page Motors (Epsom) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 00278352 (England and Wales)

PAGE MOTORS (EPSOM) LIMITED

Financial Statements for the Year Ended 31 December 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Page

R L Page

REGISTERED OFFICE:

Nightingale House

46-48 East Street

Epsom

Surrey

KT17 1HQ

REGISTERED NUMBER:

00278352 (England and Wales)

AUDITORS:

Tudor John LLP

Chartered Accountants

and Statutory Auditors

Nightingale House

46-48 East Street

Epsom

Surrey

KT17 1HQ

FIXED ASSETS

Investment property

3

2,120,000

690,000

CURRENT ASSETS

Debtors

4

1,243,925

1,995,041

CREDITORS

Amounts falling due within one year

5

619,524

125,439

NET CURRENT ASSETS

624,401

1,869,602

TOTAL ASSETS LESS CURRENT LIABILITIES

2,744,401

2,559,602

PROVISIONS FOR LIABILITIES

92,093

65,129

NET ASSETS

2,652,308

2,494,473

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

2,552,308

2,394,473

SHAREHOLDERS' FUNDS

2,652,308

2,494,473

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 4 September 2017 and were signed on its behalf by:

M Page - Director

1.	STATUTORY INFORMATION

Page Motors (Epsom) 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 as modified by the revaluation of certain assets.

TURNOVER

Turnover represents rents receivable, excluding value added tax.

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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.

FINANCIAL INSTRUMENTS

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement,

as either financial assets, financial liabilities or equity instruments.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

690,000

Additions

1,261,813

Revaluations

168,187

At 31 December 2016

2,120,000

NET BOOK VALUE

At 31 December 2016

2,120,000

At 31 December 2015

690,000

Investment properties at 31 December 2016 comprise two freehold properties with a combined value at the

balance sheet date amounting to £2,120,000 (2015 - one property valued at £690,000). These were valued on an

open market basis on 31 December 2016 by the directors.

Cost or valuation at 31 December 2016 is represented by:

£

Valuation in 2008

555,700

Valuation in 2016

168,187

Cost

1,396,113

2,120,000

If investment properties had not been revalued they would have been included at the following historical cost:

2016

2015

£

£

Cost

1,396,113

134,300

Aggregate depreciation

(36,000

)

(36,000

)

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Amounts owed by group undertakings

1,152,702

1,995,041

Other debtors

91,223

-

1,243,925

1,995,041

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

386,184

-

Amounts owed to group undertakings

78,733

17,250

Other creditors

154,607

108,189

619,524

125,439

6.	SECURED DEBTS

A fixed charge exists over the company's investment properties in respect of the bank loans and borrowings of

the company's parent undertaking, Page Holdings Limited.

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

The Report of the Auditors was unqualified.

Donald Nelson, FCA (Senior Statutory Auditor)

for and on behalf of Tudor John LLP

8.	CONTINGENT LIABILITIES

The company is jointly and severally liable in respect of VAT liabilities arising in other group undertakings. The

additional balance at 31st December 2016 was a liability of £227,058 (2015 : £184,889).

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

10.	APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns

to the tax authorities and assist with the preparation of the financial statements. We also use our auditors to raise

our invoices and maintain our accounting records including preparation of our quarterly VAT returns..

11.	ULTIMATE CONTROLLING PARTY