Headstone Motoring Centre Ltd Small abridged accounts

HEADSTONE MOTORING CENTRE LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Headstone Motoring Centre Ltd have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 08128969

Headstone Motoring Centre Ltd

Unaudited Abridged Financial Statements

31 July 2017

CAS

Chartered accountant

151 Askew Road

London

W12 9AU

Headstone Motoring Centre Ltd

Abridged Financial Statements

Year ended 31 July 2017

Contents	Page

Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Notes to the abridged financial statements	3

Headstone Motoring Centre Ltd

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Headstone Motoring Centre Ltd

Year ended 31 July 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Headstone Motoring Centre Ltd for the year ended 31 July 2017, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Headstone Motoring Centre Ltd in accordance with the terms of our engagement letter dated ***Please fill in the Date of Engagement in field 9 of Client Database > Setup > Action Dates***. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Headstone Motoring Centre Ltd and state those matters that we have agreed to state you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Headstone Motoring Centre Ltd and its director for our work or for this report.

It is your duty to ensure that Headstone Motoring Centre Ltd has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Headstone Motoring Centre Ltd. You consider that Headstone Motoring Centre Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Headstone Motoring Centre Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.

CAS Chartered accountant

151 Askew Road London W12 9AU

28 December 2017

Headstone Motoring Centre Ltd

Abridged Statement of Financial Position

31 July 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		7,164	5,029

Current assets

Debtors	12,062	2,558
Cash at bank and in hand	56,203	42,774
	--------	--------
	68,265	45,332

Creditors: amounts falling due within one year	40,816		30,290
	--------		--------
Net current assets		27,449	15,042
		--------	--------
Total assets less current liabilities		34,613	20,071
		--------	--------

Capital and reserves

Called up share capital	2	2
Profit and loss account	34,611	20,069
	--------	--------
Members funds	34,613	20,071
	--------	--------

These abridged 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 31 July 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 abridged 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 abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 28 December 2017 , and are signed on behalf of the board by:

Mr G Butler
Director

Company registration number: 08128969

Headstone Motoring Centre Ltd

Notes to the Abridged Financial Statements

Year ended 31 July 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 Unit 2, Canterbury Road, Harrow, Middlesex, HA2 6AA.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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:

Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to 3 (2016: 3).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	1,479	1,176
	-------	-------

6. Tangible assets

	£
Cost
At 1 August 2016	9,261
Additions	3,614
	--------
At 31 July 2017	12,875
	--------
Depreciation
At 1 August 2016	4,232
Charge for the year	1,479
	--------
At 31 July 2017	5,711
	--------
Carrying amount
At 31 July 2017	7,164
	--------
At 31 July 2016	5,029
	--------

7. Director's advances, credits and guarantees

At the year end the company owed Mr G Butler £6,638 (£6,518) in non-interest bearing loan. During the year the company paid Mr G Butler £5,000 (2016: £0) in dividends.

8. Related party transactions

During the year the company paid Mr J Barker £4,886 (2016: £728)in dividends.