P D Motors Limited
P D Motors Limited
Registered number: 04190802
Unaudited Financial Statements
For The Year Ended 30 April 2017
THE SME CLINIC
7 Stratford Place
London
W1C 1AY
P D Motors Limited
Unaudited Financial Statements
For The Year Ended 30 April 2017
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Statement of Changes in Equity | 3 |
| Notes to the Financial Statements | 4—7 |
P D Motors Limited
Balance Sheet
As at
30 April 2017
Balance Sheet
Registered number:
04190802
For the year ending 30 April 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 | |||||
| Tangible Assets | 7 |
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| CURRENT ASSETS | |||||
| Stocks | 8 |
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| Debtors | 9 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 10 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 11 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 12 |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | 674,944 | 556,819 | |||
Page 1
P D Motors Limited
Balance Sheet (continued)
As at
30 April 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 7 form part of these financial statements.
Page 2
P D Motors Limited
Statement of Changes in Equity
For The Year Ended 30 April 2017
Statement of Changes in Equity
| Share Capital | Profit & Loss Account | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at 1 May 2015 |
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458,596 |
| Profit for the year and total comprehensive income | - |
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98,223 |
| As at 30 April 2016 and 1 May 2016 |
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556,819 |
| Profit for the year and total comprehensive income | - |
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118,125 |
| As at |
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674,944 |
Page 3
P D Motors Limited
Notes to the Unaudited Accounts
For The Year Ended 30 April 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.
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:
| Property Improvements |
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| Plant & Machinery |
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| Motor Vehicles |
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| Computer Equipment |
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1.5.
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.
1.6.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.7.
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.
4.
Average number of employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Sales, marketing and distribution |
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Page 4
P D Motors Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 April 2017
6.
Intangible Assets
| Goodwill | |||
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| Amortisation | |||
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| Net Book Value | |||
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7.
Tangible Assets
| Land & Property | |||||
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| Property Improvements | Plant & Machinery | Motor Vehicles | Computer Equipment | Total | |
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| Additions |
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| Depreciation | |||||
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| Provided during the period |
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| Net Book Value | |||||
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8.
Stocks
| 2017 | 2016 | ||
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| £ | £ | ||
| Stocks |
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Page 5
P D Motors Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 April 2017
9.
Debtors
| 2017 | 2016 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| VAT | - |
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| Other taxes and social security |
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| Directors' loan accounts | 215,178 | - | |
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Mr. Pawandeep Sandhu (director) took out a loan of £210,000 from the Company on 10 June 2016. Interest was charged at HMRC's official rate of 3% p.a. totalling £5,178 as at 30 April 2017. The interest was recognised in the Company's profit and losss acount under "other interest receivable and similar income". The entire loan including additional interest was repaid by 31 January 2017.
10.
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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| VAT |
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| Net wages | 677 | - | |
| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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The VAT liability reflects a sum of £9,093 duplicate payment to HMRC that has not yet been repaid to the Company. Last year VAT was shown as a receivable of £8,956 (see note 9, Debtors) reflecting duplicate payments totalling £18,209 of which £9,116 was returned during the current year.
11.
Deferred Taxation
| 2017 | 2016 | ||
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| £ | £ | ||
| As at |
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| Deferred taxation |
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| Deferred tax |
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The provision for deferred taxation is made up of accelerated capital allowances
Page 6
P D Motors Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 April 2017
13.
Transactions With and Loans to Directors
Included within Debtors are the following loans to directors:
| As at |
Amounts advanced | Amounts repaid | As at |
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| £ | £ | £ | £ | |
| Mr Hardev Sandhu |
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| Mr Pawandeep Sandhu |
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Mr. Pawandeep Sandhu (director) took out a loan of £210,000 from the Company on 10 June 2016. Interest was charged at HMRC's official rate of 3% p.a. totalling £5,178 as at 30 April 2017. The interest was recognised in the Company's profit and losss acount under "other interest receivable and similar income". The entire loan including additional interest was repaid by 31 January 2017.
14.
Ultimate Controlling Party
The company's ultimate controlling party is Hardev Signh Sandhu by virtue of his significant influence and control over the company.
15.
General Information
P D Motors Limited Registered number 04190802 is a limited by shares company incorporated in England & Wales. The Registered Office is 92A Elliman Avenue, Slough, Berkshire, SL2 5BE.
Page 7