Anthony Motors Ltd - Period Ending 2017-01-31

Registration number: 01418735

Anthony Motors Ltd

Annual Report and Financial Statements

for the Year Ended 31 January 2017

Anthony Motors Ltd

Contents

Company Information	1
Strategic Report	2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 6
Profit and Loss Account	7
Balance Sheet	8
Statement of Changes in Equity	9
Statement of Cash Flows	10
Notes to the Financial Statements	11 to 21

Anthony Motors Ltd

Company Information

Directors

Mr William Anthony Richards Mr Justin Morgan Manley

Company secretary

Mr Richard Mervyn Powell

Registered office

Llanbadarn Road Aberystwyth Ceredigion SY23 3QP

Auditors

PJE Audit Services Ltd Registered Auditor 23 College Street Lampeter Ceredigion SA48 7DY

Page 1

Anthony Motors Ltd

Strategic Report for the Year Ended 31 January 2017

The directors present their strategic report for the year ended 31 January 2017.

Principal activity

The principal activity of the company is motor dealers and garage services

Principal risks and uncertainties

The directors continually consider risk and uncertainty in the business and in its market. They have not identified any significant risk to the achievement of the company's strategic objectives, and they do not believe that there are any key risks or uncertainties that warrant discussion or disclosure in this report.

Approved by the Board on 26 October 2017 and signed on its behalf by:

.........................................

Mr Richard Mervyn Powell
Company secretary

Page 2

Anthony Motors Ltd

Directors' Report for the Year Ended 31 January 2017

The directors present their report and the financial statements for the year ended 31 January 2017.

Directors of the company

The directors who held office during the year were as follows:

Mr William Anthony Richards

Mr Justin Morgan Manley

Financial instruments

Objectives and policies

The company does not require a policy for financial instruments. It has no securities and has no exchange-related or over-the-counter derivatives. The company does not make loans. Where it borrows money, it does so under the terms of the lenders' contracts.

Price risk, credit risk, liquidity risk and cash flow risk

The Directors do not believe that there is any significant likelihood of these risks in the foreseeable future.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 26 October 2017 and signed on its behalf by:

.........................................

Mr Richard Mervyn Powell
Company secretary

Page 3

Anthony Motors Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 The Financial Reporting Standard applicable to medium sized entities. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

Anthony Motors Ltd

Independent Auditor's Report to the Members of Anthony Motors Ltd

We have audited the financial statements of Anthony Motors Ltd for the year ended 31 January 2017, set out on pages 7 to 21. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditor

As explained more fully in the Statement of Directors' Responsibilities (set out on page 4), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors to the financial statements.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on the financial statements

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 January 2017 and of its profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Page 5

Anthony Motors Ltd

Independent Auditor's Report to the Members of Anthony Motors Ltd (continued)

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors’ remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

......................................
D R Patterson BA(Hons), ACA, FCCA (Senior Statutory Auditor)
For and on behalf of PJE Audit Services Ltd, Registered Auditor

23 College Street
Lampeter
Ceredigion
SA48 7DY

27 October 2017

Page 6

Anthony Motors Ltd

Profit and Loss Account for the Year Ended 31 January 2017

	Note	Total 31 January 2017 £	Total 31 January 2016 £
Turnover	3	16,824,391	16,238,617
Cost of sales		(14,752,608)	(14,172,390)
Gross profit		2,071,783	2,066,227
Administrative expenses		(1,810,169)	(1,787,175)
Other operating income	4	118,489	103,747
Operating profit	5	380,103	382,799
Interest payable and similar expenses	6	(73,361)	(81,311)
		(73,361)	(81,311)
Profit before tax		306,742	301,488
Taxation	10	(65,314)	(60,340)
Profit for the financial year		241,428	241,148

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The notes on pages 11 to 21 form an integral part of these financial statements.

Page 7

Anthony Motors Ltd

Balance Sheet as at 31 January 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	11	1,741,121	1,748,586
Current assets
Stocks	13	3,617,689	3,804,182
Debtors	14	451,754	430,773
Other financial assets	12	46,867	38,199
Cash at bank and in hand		794,282	374,884
		4,910,592	4,648,038
Creditors: Amounts falling due within one year	16	(3,454,745)	(3,313,529)
Net current assets		1,455,847	1,334,509
Total assets less current liabilities		3,196,968	3,083,095
Creditors: Amounts falling due after more than one year	16	(211,640)	(237,480)
Provisions for liabilities	17	(85,532)	(88,047)
Net assets		2,899,796	2,757,568
Capital and reserves
Called up share capital	18	124	124
Share premium reserve	19	20,859	20,859
Profit and loss account	19	2,878,813	2,736,585
Total equity		2,899,796	2,757,568

Approved and authorised by the Board on 26 October 2017 and signed on its behalf by:
 

.........................................

Mr William Anthony Richards

Director

The notes on pages 11 to 21 form an integral part of these financial statements.

Page 8

Anthony Motors Ltd

Statement of Changes in Equity for the Year Ended 31 January 2017

	Share capital £	Share premium £	Profit and loss account £	Total £
At 1 February 2016	124	20,859	2,736,585	2,757,568
Profit for the year	-	-	241,428	241,428
Total comprehensive income	-	-	241,428	241,428
Dividends	-	-	(99,200)	(99,200)
At 31 January 2017	124	20,859	2,878,813	2,899,796

	Share capital £	Share premium £	Profit and loss account £	Total £
At 1 February 2015	124	20,859	2,594,637	2,615,620
Profit for the year	-	-	241,148	241,148
Total comprehensive income	-	-	241,148	241,148
Dividends	-	-	(99,200)	(99,200)
At 31 January 2016	124	20,859	2,736,585	2,757,568

Included within equity is a balance for undistributable, un-realised profits that the directors have elected to title "revaluation reserve" for ease of identicication.

The notes on pages 11 to 21 form an integral part of these financial statements.

Page 9

Anthony Motors Ltd

Statement of Cash Flows for the Year Ended 31 January 2017

	Note	2017  £	2016  £
Cash flows from operating activities
Profit for the year		241,428	241,148
Adjustments to cash flows from non-cash items
Depreciation and amortisation	5	98,792	96,526
Finance costs	6	73,361	81,311
Income tax expense	10	65,314	60,340
		478,895	479,325
Working capital adjustments
Decrease/(increase) in stocks	13	186,493	(263,639)
(Increase)/decrease in trade debtors	14	(20,981)	212,521
Increase/(decrease) in trade creditors	16	81,378	(170,473)
Cash generated from operations		725,785	257,734
Income taxes paid	10	(9,271)	(104,393)
Net cash flow from operating activities		716,514	153,341
Cash flows from investing activities
Acquisitions of tangible assets		(91,327)	(376,507)
Cash flows from financing activities
Interest paid	6	(72,832)	(80,040)
Proceeds from bank borrowing draw downs		(87,874)	-
Repayment of bank borrowing		102,248	215,305
Hire purchase interest		(529)	(1,271)
Director's Drawings		(146,802)	(110,310)
Net cash flows from financing activities		(205,789)	23,684
Net increase/(decrease) in cash and cash equivalents		419,398	(199,482)
Cash and cash equivalents at 1 February		374,884	574,366
Cash and cash equivalents at 31 January		794,282	374,884

The notes on pages 11 to 21 form an integral part of these financial statements.

Page 10

Anthony Motors Ltd

Notes to the Financial Statements for the Year Ended 31 January 2017

1	General information

The company is a private company limited by share capital incorporated in United Kingdom.

The address of its registered office is:
Llanbadarn Road
Aberystwyth
Ceredigion
SY23 3QP
United Kingdom

These financial statements were authorised for issue by the Board on 26 October 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Page 11

Anthony Motors Ltd

Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)

2	Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold buildings	1-1.5% straight line on cost
Plant, equipment, fixtures & fittings	20% straight line on cost
Showroom fit-outs	10% straight line on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Page 12

Anthony Motors Ltd

Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)

2	Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

The bank has first fixed charges over the land & buildings of the company. In addition the bank holds first floating charges over the assets of the company, and the providers of stocking loans hold secondary floating charges over the assets of the company

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Page 13

Anthony Motors Ltd

Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)

2	Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

	2017 £	2016 £
Sale of goods	14,967,080	14,317,854
Rendering of services	1,857,311	1,920,763
	16,824,391	16,238,617

4	Other operating income

5	Operating profit

Arrived at after charging/(crediting)

	2017 £	2016 £
Depreciation expense	98,792	96,526
Operating lease expense - plant and machinery	-	43,955

6	Interest payable and similar expenses

	2017 £	2016 £
Interest on bank overdrafts and borrowings	7,068	8,354
Interest on obligations under finance leases and hire purchase contracts	529	1,271
Interest expense on other finance liabilities	65,764	71,686
	73,361	81,311

Page 14

Anthony Motors Ltd

Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)

7	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2017 £	2016 £
Wages and salaries	1,105,191	1,080,677
Other employee expense	27,764	26,966
	1,132,955	1,107,643

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

	2017 No.	2016 No.
Administration and support	4	3
Sales, marketing and distribution	43	40
	47	43

8	Directors' remuneration

The directors' remuneration for the year was as follows:

	2017 £	2016 £
Remuneration	39,000	39,000

9	Auditors' remuneration

	2017 £	2016 £
Audit of the financial statements	9,038	8,600

 

Page 15

Anthony Motors Ltd

Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)

10

Taxation

Tax charged/(credited) in the income statement

	2017 £	2016 £
Current taxation
UK corporation tax	63,745	9,271
Deferred taxation
Arising from origination and reversal of timing differences	1,569	51,069
Tax expense in the income statement	65,314	60,340

Deferred tax

Deferred tax assets and liabilities

2017	Liability £
Accelerated capital allowances	1,569

2016	Liability £
Accelerated capital allowances	88,047

Page 16

Anthony Motors Ltd

Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)

11	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 February 2016	1,451,183	657,385	229,594	2,338,162
Additions	1,564	79,398	10,365	91,327
At 31 January 2017	1,452,747	736,783	239,959	2,429,489
Depreciation
At 1 February 2016	182,320	241,724	165,532	589,576
Charge for the year	9,763	61,998	27,031	98,792
At 31 January 2017	192,083	303,722	192,563	688,368
Carrying amount
At 31 January 2017	1,260,664	433,061	47,396	1,741,121
At 31 January 2016	1,268,863	415,661	64,062	1,748,586

Included within the net book value of land and buildings above is £1,260,664 (2016 - £1,268,863) in respect of freehold land and buildings.
 

12	Other financial assets (current and non-current)

	2017 £	2016 £
Current financial assets
Financial assets at amortised cost	46,867	38,199

13

Stocks

	2017 £	2016 £
Other inventories	3,617,689	3,804,182

Page 17

Anthony Motors Ltd

Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)

14

Debtors

	2017 £	2016 £
Trade debtors	297,791	243,983
Other debtors	42,505	100,541
Prepayments	111,458	86,249
Total current trade and other debtors	451,754	430,773

15	Cash and cash equivalents

	2017 £	2016 £
Cash at bank	794,282	374,884

16

Creditors

	Note	2017 £	2016 £
Due within one year
Loans and borrowings	20	2,979,809	2,974,445
Trade creditors		275,480	206,087
Social security and other taxes		44,263	44,495
Accrued expenses		91,448	79,231
Income tax liability	10	63,745	9,271
		3,454,745	3,313,529
Due after one year
Loans and borrowings	20	211,640	237,480

Page 18

Anthony Motors Ltd

Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)

17	Deferred tax and other provisions

	Deferred tax £	Total £
At 1 February 2016	88,047	88,047
Additional provisions	1,569	1,569
Provisions used	(4,084)	(4,084)
At 31 January 2017	85,532	85,532

Accelerated capital allowances.

18	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary of £1 each	124	124	124	124

19

Reserves

Profit and loss account

The profit and loss account includes a revaluation reserve of £106,026 relating to property revalued previous to FRS15. The asset group has been transferred in at fair value as deemed cost.

20	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	211,640	237,480

Page 19

Anthony Motors Ltd

Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)

20	Loans and borrowings (continued)

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	23,590	23,590
Finance lease liabilities	-	3,047
Other borrowings	2,956,219	2,947,808
	2,979,809	2,974,445

21

Dividends

	2017	2016
	£	£
Final dividend of £400.00 (2016 - £400.00) per ordinary share	49,600	49,600
Interim dividend of £400.00 (2016 - £400.00) per ordinary share	49,600	49,600
	99,200	99,200

22	Related party transactions

Transactions with directors

2017	At 1 February 2016 £	Advances to directors £	Repayments by director £	At 31 January 2017 £
Mr William Anthony Richards
Director's loan account	65,535	47,602	(99,200)	13,937

2016	At 1 February 2015 £	Advances to directors £	Repayments by director £	At 31 January 2016 £
Mr William Anthony Richards
Director's loan account	54,425	110,310	(99,200)	65,535

Page 20

Anthony Motors Ltd

Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)

22	Related party transactions (continued)

Directors guarantees

During the year the company entered into no guarantees on behalf of the directors.

Summary of transactions with entities with joint control or significant interest

West Wales Kia is a company under common control but not ownership.
 This company is party to sale and rental of vehicles to and from Anthony Motors Ltd.
 Transactions are invoiced under normal credit terms.
 

Income and receivables from related parties

2017	Entities with joint control or significant influence £
Sale of goods	119,510

2016

Expenditure with and payables to related parties

2017	Entities with joint control or significant influence £
Purchase of goods	90,925

2016	Entities with joint control or significant influence £
Purchase of goods	80,425

Page 21

Anthony Motors Ltd

Detailed Profit and Loss Account for the Year Ended 31 January 2017

	2017  £	2016  £
Turnover (analysed below)	16,824,391	16,238,617
Cost of sales (analysed below)	(14,752,608)	(14,172,390)
Gross profit	2,071,783	2,066,227
Gross profit (%)	12.31%	12.72%
Administrative expenses (analysed below)	(1,810,169)	(1,787,175)
Other operating income (analysed below)	118,489	103,747
Operating profit	380,103	382,799
Interest payable and similar charges (analysed below)	(73,361)	(81,311)
Profit before tax	306,742	301,488

This page does not form part of the statutory financial statements.

Page 22

Anthony Motors Ltd

Detailed Profit and Loss Account for the Year Ended 31 January 2017 (continued)

	2017  £	2016  £
Turnover
Sale of goods, UK	14,967,080	14,317,854
Rendering of services, UK	1,857,311	1,920,763
	16,824,391	16,238,617
Cost of sales
Opening merchandise	3,804,182	3,540,543
Purchases	14,566,115	14,436,029
Closing merchandise	(3,617,689)	(3,804,182)
	14,752,608	14,172,390
Administrative expenses
Wages and salaries	1,066,191	1,041,677
Directors remuneration	39,000	39,000
Staff training	27,764	26,966
Rent	50,500	50,583
Rates	62,107	57,629
Light, heat and power	35,362	39,240
Insurance	26,475	23,080
Repairs and maintenance	35,193	40,823
Equipment repairs and renewals	20,206	17,388
Telephone and fax	18,594	17,824
Computer software and maintenance costs	41,511	-
Printing, postage and stationery	12,500	14,002
Hire of plant and machinery (Operating leases)	-	43,955
Sundry expenses	41,419	36,855
Cleaning	35,213	30,728
Motor expenses	78,373	81,382
Advertising	96,246	102,301
Auditor's remuneration - The audit of the company's annual accounts	9,038	8,600
Legal and professional fees	5,966	8,697
Bad debts written off	-	(231)
Bank charges	9,719	10,150
Depreciation of freehold property	9,763	9,480
Depreciation of plant and machinery (owned)	27,031	33,066
Depreciation of fixtures and fittings (owned)	61,998	53,980
	1,810,169	1,787,175

This page does not form part of the statutory financial statements.

Page 23

Anthony Motors Ltd

Detailed Profit and Loss Account for the Year Ended 31 January 2017 (continued)

	2017  £	2016  £
Other operating income
Other operating income	30,144	24,195
Commissions receivable	88,345	79,552
	118,489	103,747
Operating profit	380,103	382,799
Interest payable and similar charges
Bank interest payable	7,068	8,354
Hire purchase interest	529	1,271
Other loan interest	65,764	71,686
	73,361	81,311
Profit before tax	306,742	301,488

This page does not form part of the statutory financial statements.

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