QUALITY CAR PAINTS LIMITED Company Accounts

QUALITY CAR PAINTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03317550

QUALITY CAR PAINTS LIMITED

Filleted Unaudited Financial Statements

28 February 2017

QUALITY CAR PAINTS LIMITED

Financial Statements

Year ended 28 February 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

QUALITY CAR PAINTS LIMITED

Statement of Financial Position

28 February 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5	968	1,423
Investments	6	405,000	371,559
		---------	---------
		405,968	372,982

Current assets

Stocks		44,522	33,750
Debtors	7	56,095	15,438
Cash at bank and in hand		216,475	117,134
		---------	---------
		317,092	166,322

Creditors: amounts falling due within one year	8	213,006		102,536
		---------		---------
Net current assets			104,086	63,786
			---------	---------
Total assets less current liabilities			510,054	436,768

Creditors: amounts falling due after more than one year	9		61,579	65,827

Provisions

Taxation including deferred tax	43,822	38,137
	---------	---------
Net assets	404,653	332,804
	---------	---------

Capital and reserves

Called up share capital		2	2
Profit and loss account	11	404,651	332,802
		---------	---------
Shareholders funds		404,653	332,804
		---------	---------

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 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

QUALITY CAR PAINTS LIMITED

Statement of Financial Position (continued)

28 February 2017

These financial statements were approved by the board of directors and authorised for issue on 30 November 2017 , and are signed on behalf of the board by:

J S Blaggan
Director

Company registration number: 03317550

QUALITY CAR PAINTS LIMITED

Notes to the Financial Statements

Year ended 28 February 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 792 Wickham Road, Croydon, Surrey, CR0 8EA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.

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.

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 and fittings	-	20% reducing balance
Commercial vehicles	-	20% reducing balance
Equipment	-	20% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

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 4 (2016: 4 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 March 2016 and 28 February 2017	3,527	15,724	4,647	23,898
	-------	--------	-------	--------
Depreciation
At 1 March 2016	3,477	14,514	4,484	22,475
Charge for the year	50	242	163	455
	-------	--------	-------	--------
At 28 February 2017	3,527	14,756	4,647	22,930
	-------	--------	-------	--------
Carrying amount
At 28 February 2017	–	968	–	968
	-------	--------	-------	--------
At 29 February 2016	50	1,210	163	1,423
	-------	--------	-------	--------

6. Investments

	Investment property
	£
Cost
At 1 March 2016	371,559
Revaluations	33,441
	---------
At 28 February 2017	405,000
	---------
Impairment
At 1 March 2016 and 28 February 2017	–
	---------

Carrying amount
At 28 February 2017	405,000
	---------
At 29 February 2016	371,559
	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	55,595	14,938
Other debtors	500	500
	--------	--------
	56,095	15,438
	--------	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	183,119	76,974
Corporation tax	19,147	11,227
Social security and other taxes	3,977	6,185
Other creditors	6,763	8,150
	---------	---------
	213,006	102,536
	---------	---------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	61,579	65,827
	--------	--------

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2017	2016
	£	£
Included in provisions	43,822	38,137
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2017	2016
	£	£
Fair value adjustment of investment property	43,822	38,137
	--------	--------

11. Reserves

2017 2016 £ £ Ordinary share capital 2 2 Fair value reserve 257,781 224,340 Profit and loss account 146,870 108,462 ---------- --------- Shareholders funds 404,653 332,804

12. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
J S Blaggan	( 2,863)	1,332	( 1,531)
	-------	-------	-------

	2016
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
J S Blaggan	( 1,423)	( 1,440)	( 2,863)
	-------	-------	-------

13. Transition to FRS 102

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

Reconciliation of equity

	1 March 2015			29 February 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	149,015	–	149,015	148,642	224,340	372,982
Current assets	94,358	–	94,358	166,322	–	166,322
Creditors: amounts falling due within one year	( 59,887)	–	( 59,887)	( 102,536)	–	( 102,536)
	---------	----	---------	---------	---------	---------
Net current assets	34,471	–	34,471	63,786	–	63,786
	---------	----	---------	---------	---------	---------
Total assets less current liabilities	183,486	–	183,486	212,428	224,340	436,768

Creditors: amounts falling due after more than one year	( 70,057)	–	( 70,057)	( 65,827)	–	( 65,827)
Provisions	–	–	–	–	( 38,137)	( 38,137)
	---------	----	---------	---------	---------	---------
Net assets	113,429	–	113,429	146,601	186,203	332,804
	---------	----	---------	---------	---------	---------

	---------	----	---------	---------	---------	---------
Capital and reserves	113,429	–	113,429	146,601	186,203	332,804
	---------	----	---------	---------	---------	---------