Penny Vintage Carriage Bodies Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 03853638 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

FOR

PENNY VINTAGE CARRIAGE BODIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Penny

Mrs W Penny

SECRETARY:

Mrs W Penny

REGISTERED OFFICE:

6 Langdale Court

Witney

Oxfordshire

OX28 6FG

REGISTERED NUMBER:

03853638 (England and Wales)

ACCOUNTANTS:

Bronsens

Chartered Certified Accountants

6 Langdale Court

Witney

Oxfordshire

OX28 6FG

FIXED ASSETS

Tangible assets

4

2,962

3,951

CURRENT ASSETS

Stocks

3,775

3,775

Debtors

5

56,866

72,160

Cash at bank

49,967

31,577

110,608

107,512

CREDITORS

Amounts falling due within one year

6

56,556

75,603

NET CURRENT ASSETS

54,052

31,909

TOTAL ASSETS LESS CURRENT LIABILITIES

57,014

35,860

PROVISIONS FOR LIABILITIES

7

563

446

NET ASSETS

56,451

35,414

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

56,449

35,412

SHAREHOLDERS' FUNDS

56,451

35,414

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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

The financial statements were approved by the Board of Directors on 24 January 2018 and were signed on its behalf by:

Mrs W Penny - Director

1.	STATUTORY INFORMATION

The nature of the company's operations and principal activity is that of restoration of vintage motor vehicles.

The company's principal place of business is Bloxham, Oxfordshire.. The financial statements are presented in

sterling which is the functional currency of the company and rounded to the nearest £.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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 Leasehold Property

-

25% on reducing balance

Plant and machinery

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Leasehold

Plant and

Computer

Property

machinery

equipment

Totals

£

£

£

£

COST

At 1 May 2016

and 30 April 2017

15,750

27,541

2,680

45,971

DEPRECIATION

At 1 May 2016

13,856

26,338

1,826

42,020

Charge for year

474

301

214

989

At 30 April 2017

14,330

26,639

2,040

43,009

NET BOOK VALUE

At 30 April 2017

1,420

902

640

2,962

At 30 April 2016

1,894

1,203

854

3,951

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Trade debtors

38,656

52,249

Other debtors

830

830

Prepayments

17,380

19,081

56,866

72,160

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Trade Creditors

25,563

36,577

Tax

13,732

15,996

Social security and other taxes

1,303

53

VAT

10,733

13,908

Other Creditors

198

-

Directors' loan accounts

971

289

Accruals

4,056

8,780

56,556

75,603

7.	PROVISIONS FOR LIABILITIES

30.4.17

30.4.16

£

£

Deferred tax

563

446

Deferred

tax

£

Balance at 1 May 2016

446

Provided during year

117

Balance at 30 April 2017

563

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.17

30.4.16

value:

£

£

1

A Ordinary

£1

1

1

1

B Ordinary

£1

1

1

2

2

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr S Penny and Mrs W Penny.