Cleveland Auto Services & Hire Co. Ltd Company Accounts

CLEVELAND AUTO SERVICES & HIRE CO. LTD - Company Information

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COMPANY REGISTRATION NUMBER: 04458542

Cleveland Auto Services & Hire Co. Ltd

Filleted Unaudited Financial Statements

31 March 2017

Cleveland Auto Services & Hire Co. Ltd

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

The following pages do not form part of the financial statements

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	8

Cleveland Auto Services & Hire Co. Ltd

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	667	2,667
Tangible assets	6	191,595	230,237
		---------	---------
		192,262	232,904

Current assets

Stocks		5,085	5,200
Debtors	7	55,782	55,553
Cash at bank and in hand		262,669	227,407
		---------	---------
		323,536	288,160

Creditors: amounts falling due within one year	8	70,861		84,003
		---------		---------
Net current assets			252,675	204,157
			---------	---------
Total assets less current liabilities			444,937	437,061

Provisions

Taxation including deferred tax	25,936	31,705
	---------	---------
Net assets	419,001	405,356
	---------	---------

Cleveland Auto Services & Hire Co. Ltd

Statement of Financial Position (continued)

31 March 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	418,001	404,356
	---------	---------
Members funds	419,001	405,356
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 15 September 2017 , and are signed on behalf of the board by:

Mr J G Weeks

Director

Company registration number: 04458542

Cleveland Auto Services & Hire Co. Ltd

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lamport Street, Middlesbrough, TS1 5QL.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Straight Line depreciation of £2,000 per year

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings	-	20% reducing balance
Motor Vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2016: 11 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2016 and 31 March 2017	30,000
	--------
Amortisation
At 1 April 2016	27,333
Charge for the year	2,000
	--------
At 31 March 2017	29,333
	--------
Carrying amount
At 31 March 2017	667
	--------
At 31 March 2016	2,667
	--------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2016	58,717	72,215	317,725	448,657
Additions	–	–	17,234	17,234
Disposals	–	–	( 38,739)	( 38,739)
	--------	--------	---------	---------
At 31 March 2017	58,717	72,215	296,220	427,152
	--------	--------	---------	---------
Depreciation
At 1 April 2016	–	51,631	166,789	218,420
Charge for the year	–	4,115	38,803	42,918
Disposals	–	–	( 25,781)	( 25,781)
	--------	--------	---------	---------
At 31 March 2017	–	55,746	179,811	235,557
	--------	--------	---------	---------
Carrying amount
At 31 March 2017	58,717	16,469	116,409	191,595
	--------	--------	---------	---------
At 31 March 2016	58,717	20,584	150,936	230,237
	--------	--------	---------	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	16,211	9,784
Other debtors	39,571	45,769
	--------	--------
	55,782	55,553
	--------	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	19,116	21,770
Corporation tax	16,942	11,894
Social security and other taxes	19,982	21,777
Other creditors	14,821	28,562
	--------	--------
	70,861	84,003
	--------	--------

9. Directors' advances, credits and guarantees

During the year the directors were advanced £27,648 (2016: £72,595) and the directors repaid £29,279 (2016: £57,750). At the year end the directors' loan accounts were overdrawn by £4,912 (2016: £6,542). These loans are repayable on demand and interest free.

10. Related party transactions

There are no related party transactions that require disclosure in these accounts.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.

Cleveland Auto Services & Hire Co. Ltd

Management Information

Year ended 31 March 2017

The following pages do not form part of the financial statements.

Cleveland Auto Services & Hire Co. Ltd

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Cleveland Auto Services & Hire Co. Ltd

Year ended 31 March 2017

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

CHUHAN & SINGH Chartered Accountants

81 Borough Road Middlesbrough TS1 3AA

15 September 2017