Gardner Douglas Sports Cars Limited
Gardner Douglas Sports Cars Limited
Registered number: 04865572
Unaudited Financial Statements
For The Year Ended 31 January 2017
Gardner Douglas Sports Cars Limited
Unaudited Financial Statements
For The Year Ended 31 January 2017
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Statement of Changes in Equity | 3 |
Notes to the Financial Statements | 4—8 |
Gardner Douglas Sports Cars Limited
Balance Sheet
As at
31 January 2017
Balance Sheet
Registered number:
04865572
For the year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2017 | 2016 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 4 |
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Tangible Assets | 5 |
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CURRENT ASSETS | |||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 8 |
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NET CURRENT ASSETS (LIABILITIES) |
( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 9 |
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Profit and loss account |
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SHAREHOLDERS' FUNDS | 433,843 | 448,341 | |||
Page 1
Gardner Douglas Sports Cars Limited
Balance Sheet (continued)
As at
31 January 2017
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act 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 Company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the Profit and Loss Account
On behalf of the board
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The notes on pages 4 to 8 form part of these financial statements.
Page 2
Gardner Douglas Sports Cars Limited
Statement of Changes in Equity
For The Year Ended 31 January 2017
Statement of Changes in Equity
Share Capital | Profit & Loss Account | Total | |
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£ | £ | £ | |
As at 1 February 2015 |
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494,631 |
Profit for the year and total comprehensive income | - |
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13,710 |
Dividends paid | - | (60,000) | (60,000) |
As at 31 January 2016 and 1 February 2016 |
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448,341 |
Loss for the year and total comprehensive income | - |
( |
(14,498) |
As at |
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433,843 |
Page 3
Gardner Douglas Sports Cars Limited
Notes to the Unaudited Accounts
For The Year Ended 31 January 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
These are the company's first set of financial statements prepared in accordance with FRS 102. There were no material adjustments required to the figures to reconcile the change in this accounting policy.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold |
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Plant & Machinery |
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Motor Vehicles |
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Fixtures & Fittings |
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Computer Equipment |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.7.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Page 4
Gardner Douglas Sports Cars Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 January 2017
1.9.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
3.
Average number of employees
Average number of employees, including directors, during the year was as follows:
2017 | 2016 | ||
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Office and administration |
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Manufacturing |
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4.
Intangible Assets
Goodwill | Development Costs | Total | |
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£ | £ | £ | |
Cost | |||
As at |
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Additions |
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As at |
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Amortisation | |||
As at |
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Provided during the period |
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As at |
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Net Book Value | |||
As at |
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As at |
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Page 5
Gardner Douglas Sports Cars Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 January 2017
5.
Tangible Assets
Land & Property | ||||
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Freehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | |
£ | £ | £ | £ | |
Cost | ||||
As at |
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Disposals |
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( |
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As at |
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Depreciation | ||||
As at |
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Provided during the period |
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( |
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Disposals |
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( |
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As at |
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Net Book Value | ||||
As at |
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As at |
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Computer Equipment | Total | |
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£ | £ | |
Cost | ||
As at |
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Disposals |
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( |
As at |
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Depreciation | ||
As at |
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Provided during the period |
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( |
Disposals |
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( |
As at |
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Net Book Value | ||
As at |
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As at |
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During the year the the estimate for motor vehicles has been reassessed and has resulted in a charge being written back to reflect the continuing use of the asset within the business.
Page 6
Gardner Douglas Sports Cars Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 January 2017
6.
Stocks
2017 | 2016 | ||
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£ | £ | ||
Stock - finished goods |
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7.
Debtors
2017 | 2016 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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8.
Creditors: Amounts Falling Due Within One Year
2017 | 2016 | ||
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£ | £ | ||
Trade creditors |
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Corporation tax |
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Other taxes and social security |
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VAT |
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Other creditors |
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Accruals and deferred income |
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Directors' loan accounts |
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10.
Dividends
2017 | 2016 | ||
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£ | £ | ||
On equity shares: | |||
Interim dividend paid |
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- | 60,000 | ||
11.
Ultimate Controlling Party
The company is jointly controlled by the directors.
Page 7
Gardner Douglas Sports Cars Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 January 2017
12.
General Information
Gardner Douglas Sports Cars Limited Registered number 04865572 is a limited by shares company incorporated in England & Wales. The Registered Office is Retro House, Swingbridge Road, Grantham, Nottinghamshire, NG31 7XT.
Page 8