CLC CAR SALES LTD - Accounts

CLC CAR SALES LTD - Accounts

CLC CAR SALES (SOUTH EAST) LIMITED - Company Information

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Registered Number : 08820594
England and Wales

 

 

 

CLC CAR SALES LTD


Abridged Accounts
 


Period of accounts

Start date: 01 January 2016

End date: 31 December 2016

CLC CAR SALES LTD
Contents Page
For the year ended 31 December 2016
 
 		 Notes
 		 2016
£		   2015
£
Fixed assets      
Tangible fixed assets 2 15,704    0 
15,704    0 
Current assets      
Stocks 407,544    299,032 
Debtors 3,148    6,499 
Cash at bank and in hand 7,700    11,421 
418,392    316,952 
Creditors: amount falling due within one year (1,136,668)   (314,852)
Net current (Liabilities) / Assets (718,276)   2,100 
 
Total assets less current liabilities (702,572)   2,100 
Net (Liabilities)/Assets (702,572)   2,100 
 

Capital and reserves 		     
Called up share capital 3 100    100 
Profit and loss account (702,672)   2,000 
Shareholders funds (702,572)   2,100 
 


For the year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's Responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
  2. 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The members have agreed to the preparation of abridged accounts.
Signed on behalf of the board of directors


--------------------------------
Alan Tomlin
Director

Date approved by the board: 29 September 2017
1
Statutory Information
CLC CAR SALES LTD is a private limited company, limited by shares, domiciled in England and Wales, registration number 08820594.  The registered office is Unit 15, The Alpha Centre, 238 London Road, Wickford, Essex, SS12 0JX.

The presentation currency is £ sterling which is the functional currency of the company.  Monetary amounts in these financial statements are rounded to the nearest £.
1.

Accounting Policies

Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Financial Reporting Standard for Smaller Entities (effective January 2016).
Going Concern
The directors have considered the financial position of the Company and in particular the net liability position as at 31 December 2016 of £702,572.

On 28th July 2017 the company successfully negotiated a Loan Agreement with an investment institution, providing the company with sufficient funds to enable it meet its obligations as they fall due for at least the next 12 months from the date of signature of these financial statements.

On this basis, the directors consider it appropriate to continue to adopt the going concern basis for preparing these accounts.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures & Fittings, & Equipment 33% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
2.

Tangible fixed assets

Cost or Valuation Fixtures & Fittings, & Equipment   Total
  £   £
At 01 January 2016 -    - 
Additions 21,512    21,512 
Disposals -    - 
At 31 December 2016 21,512    21,512 
Depreciation
At 01 January 2016 -    - 
Charge for year 5,808    5,808 
On disposals -    - 
At 31 December 2016 5,808    5,808 
Net book values
At 31 December 2016 15,704    15,704 
At 31 December 2015 -    - 


3.

Share Capital

Authorised
100 Class A shares of £1.00 each

Allotted
2016
£		   2015
£
100 Class A shares of £1.00 each 100    100 
100    100 

4.

Reconciliations on adoption of FRS 102

CLC Car Sales Ltd prepares it's first financial statements that comply with FRS 102 Financial Reporting Standard for Smaller Entities (effective January 2016) for the year ended 31 December 2016. CLC Car Sales Ltd date of transition is 1 January 2015. The transition to FRS 102 Financial Reporting Standard for Smaller Entities (effective January 2016) has resulted in no changes to accounting policies or values compared to those used previously.

5.

Ultimate Parent Company

The immediate and ultimate parent company is Asset Exchange Holdings Limited, a company registered in England and Wales.

During the year control passed to Asset Exchange Holdings Limited from The Asset Exchange Ltd by virtue of a sale of shares on 23rd December 2016.
6.

Related Party

During the year, key personnel, who are also directors, did not receive remuneration from the company.

During the year the company was charged £598,987 (2015: £27,761) management charges from a company under common control.
2