Classic Performance Engineering Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06620727 (England and Wales)

Unaudited Financial Statements

For The Year Ended 30 June 2017

for

Classic Performance Engineering Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M L Greaves

REGISTERED OFFICE:

The Stables

Church Walk

Daventry

Northamptonshire

NN11 4BL

BUSINESS ADDRESS:

The Main Stores

Bicester Heritage

Buckingham Road

Bicester

Oxfordshire

OX26 5HA

REGISTERED NUMBER:

06620727 (England and Wales)

ACCOUNTANTS:

Cottons Accountants LLP

The Stables

Church Walk

Daventry

Northamptonshire

NN11 4BL

FIXED ASSETS

Tangible assets

4

194,876

209,467

CURRENT ASSETS

Stocks

43,275

5,000

Debtors

5

74,555

76,463

Cash at bank

22,191

-

140,021

81,463

CREDITORS

Amounts falling due within one year

6

337,057

307,949

NET CURRENT LIABILITIES

(197,036

)

(226,486

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,160

)

(17,019

)

CREDITORS

Amounts falling due after more than one year

7

(32,889

)

(47,834

)

PROVISIONS FOR LIABILITIES

11

(16,817

)

(17,453

)

NET LIABILITIES

(51,866

)

(82,306

)

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

(51,966

)

(82,406

)

SHAREHOLDERS' FUNDS

(51,866

)

(82,306

)

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

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

The director acknowledges his 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 director on 22 March 2018 and were signed by:

Mr M L Greaves - Director

1.	STATUTORY INFORMATION

Classic Performance Engineering Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 property

-

Over the terms of the lease

Fixtures, fittings and equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks and work in progress

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Work in progress is valued based on the degree of completeness.

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 4 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2016

293,880

Additions

14,970

Disposals

(5,795

)

At 30 June 2017

303,055

DEPRECIATION

At 1 July 2016

84,413

Charge for year

28,788

Eliminated on disposal

(5,022

)

At 30 June 2017

108,179

NET BOOK VALUE

At 30 June 2017

194,876

At 30 June 2016

209,467

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/17

30/6/16

£

£

Trade debtors

71,902

72,739

Other debtors

2,653

3,724

74,555

76,463

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/17

30/6/16

£

£

Bank loans and overdrafts (see note 8)

14,948

27,699

Trade creditors

68,471

29,156

Taxation and social security

42,053

43,111

Other creditors

211,585

207,983

337,057

307,949

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/6/17

30/6/16

£

£

Bank loans (see note 8)

32,889

47,834

8.

LOANS

An analysis of the maturity of loans is given below:

30/6/17

30/6/16

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

13,675

Bank loans

14,948

14,024

Other loans

70,000

30,000

84,948

57,699

Amounts falling due between one and two years:

Bank loans - 1-2 years

15,934

14,948

Amounts falling due between two and five years:

Bank loans - 2-5 years

16,955

32,886

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30/6/17

30/6/16

£

£

Within one year

51,415

51,415

Between one and five years

102,830

154,245

154,245

205,660

10.	SECURED DEBTS

The following secured debts are included within creditors:

30/6/17

30/6/16

£

£

Bank overdraft

-

13,675

Bank loans

47,837

61,858

47,837

75,533

The debts are secured by a fixed and floating charge over all the assets of the company and a personal

guarantee given by the Director Mr M Greaves supported by a first charge over Mr Greaves personal property.

11.	PROVISIONS FOR LIABILITIES

30/6/17

30/6/16

£

£

Deferred tax

16,817

17,453

Deferred

tax

£

Balance at 1 July 2016

17,453

Accelerated capital allowances

(636

)

Balance at 30 June 2017

16,817

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/6/17

30/6/16

value:

£

£

100

Ordinary

£1

100

100

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr M L Greaves.

14.	GOING CONCERN

The directors have reviewed the going concern of the company and feel there are adequate resources to

continue trading for at least 12 months the date of signing this report and for the foreseeable future. The

directors will continue to support the company and therefore have adopted the going concern basis.

15.	TRANSITION TO FRS 102

The company transitioned to FRS 102 on 1 July 2015. The directors considered whether, in applying the

accounting policies required by FRS 102, the restatement of comparative figures was required. It was

considered that no restatements were required.