R & M Car Sales Limited Company Accounts
R & M Car Sales Limited Company Accounts
COMPANY REGISTRATION NUMBER:
SC293946
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Financial Statements |
Year ended 31 December 2017
Contents |
Page |
Statement of financial position |
1 |
Notes to the financial statements |
3 |
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
9 |
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Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
Intangible assets |
5 |
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Tangible assets |
6 |
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Current assets
Stocks |
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Debtors |
7 |
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Cash at bank and in hand |
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– |
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Creditors: amounts falling due within one year |
8 |
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Net current assets/(liabilities) |
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(
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
9 |
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Provisions
Taxation including deferred tax |
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Net assets |
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Capital and reserves
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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Statement of Financial Position (continued) |
Directors' responsibilities:
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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
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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These financial statements were approved by the
board of directors
and authorised for issue on
27 March 2018
, and are signed on behalf of the board by:
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Director |
Director |
Company registration number:
SC293946
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Notes to the Financial Statements |
Year ended 31 December 2017
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2 Chanonry Street, Chanonry Industrial Estate, Elgin, Moray, IV30 6NF.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Revenue recognition
Income tax
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill |
- |
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Franchise Fee |
- |
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During the year the directors amended the goodwill amortisation policy in order to write off the opening balance over its estimated useful life of 5 years from 1 January 2016.
Tangible assets
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:
Freehold Property |
- |
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Plant & Machinery |
- |
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Motor Vehicles |
- |
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Office Equipment |
- |
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Stocks
Finance leases and hire purchase contracts
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. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2016:
3
).
5.
Intangible assets
Goodwill |
Franchise fee |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 January 2017 and 31 December 2017 |
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Amortisation |
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At 1 January 2017 |
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Charge for the year |
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– |
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------- |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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– |
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At 31 December 2016 |
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– |
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6.
Tangible assets
Land and buildings |
Plant and machinery |
Motor vehicles |
Equipment |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 January 2017 |
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Additions |
– |
– |
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– |
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Disposals |
– |
– |
(
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– |
(
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At 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
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Disposals |
– |
– |
(
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– |
(
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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7.
Debtors
2017 |
2016 |
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£ |
£ |
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Trade debtors |
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------- |
------- |
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8.
Creditors:
amounts falling due within one year
2017 |
2016 |
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£ |
£ |
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Bank loans and overdrafts |
– |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Included within Other Creditors is an amount owing of £12,000 (2016 £12,000) in respect of hire purchase obligations. These are secured over the related assets.
9.
Creditors:
amounts falling due after more than one year
2017 |
2016 |
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£ |
£ |
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Other creditors |
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Included within Other Creditors is an amount owing of £21,000 (2016 £33,000) in respect of hire purchase obligations. These are secured over the related assets.
10.
Directors' advances, credits and guarantees
No transactions with directors occurred such as require to be disclosed under FRS102 1A.
11.
Related party transactions
Dividends of £42,500 (2016 - £66,000) were paid to the directors during the year.
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Management Information |
Year ended 31 December 2017
The following pages do not form part of the financial statements.
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Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
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Year ended 31 December 2017
103 High Street
ELGIN
IV30 1EB