Pinetree Car Superstore Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04554959 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2017

for

Pinetree Car Superstore Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D Garland

SECRETARY:

L Garland

REGISTERED OFFICE:

First Floor

1 St John's Court

Upper Fforest Way

Enterprise Park

Swansea

SA6 8QQ

REGISTERED NUMBER:

04554959 (England and Wales)

ACCOUNTANTS:

Ashmole & Co

First Floor

1 St John's Court

Upper Fforest Way

Enterprise Park

Swansea

SA6 8QQ

FIXED ASSETS

Tangible assets

4

506,975

341,154

CURRENT ASSETS

Stocks

1,904,058

2,484,760

Debtors

219,408

133,642

Cash at bank and in hand

1,653

1,091

2,125,119

2,619,493

CREDITORS

Amounts falling due within one year

1,154,626

1,463,685

NET CURRENT ASSETS

970,493

1,155,808

TOTAL ASSETS LESS CURRENT LIABILITIES

1,477,468

1,496,962

CREDITORS

Amounts falling due after more than one year

(316,667

)

(300,000

)

PROVISIONS FOR LIABILITIES

(22,759

)

(10,281

)

NET ASSETS

1,138,042

1,186,681

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

1,138,041

1,186,680

SHAREHOLDERS' FUNDS

1,138,042

1,186,681

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 28 February 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 24 November 2017 and were signed by:

D Garland - Director

1.	STATUTORY INFORMATION

Pinetree Car Superstore 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.

Turnover

Turnover represents the net invoiced sales of goods/services excluding value added tax plus

commissions received during the period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

5% on cost

Fixtures, fittings and equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Commission clawback

A provision has been made for a specific clawback of commissions received that occurred after the

year end relating to commissions relating to both the current and earlier years.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2016

459,941

Additions

196,048

At 28 February 2017

655,989

DEPRECIATION

At 1 March 2016

118,787

Charge for year

30,227

At 28 February 2017

149,014

NET BOOK VALUE

At 28 February 2017

506,975

At 29 February 2016

341,154

5.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Debentures

300,000

-

Bank overdrafts

219,372

47,396

519,372

47,396

The debenture is secured by way of a fixed charge on all fixed assets, a fixed charge on all fixed and

other debts owing to the company, a fixed charge on the goodwill and uncalled capital of the company

and a floating charge on all other assets of the company.

The bank overdraft is secured by way of a personal guarantee provided by the director, Mr D Garland.

6.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr D Garland by virtue of his 100% shareholding.