Sussex Auto Services Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03898305 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2017

for

Sussex Auto Services Limited

Trading as

Auto Gearbox Specialists

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G C Allchorn

SECRETARY:

S Allchorn

REGISTERED OFFICE:

42-44 Station Road Ind.l Estate

Hailsham

Sussex

BN27 2EY

REGISTERED NUMBER:

03898305 (England and Wales)

ACCOUNTANTS:

M I Spencer Ltd

70 Victoria Road

Polegate

East Sussex

BN26 6BU

FIXED ASSETS

Intangible assets

4

11,251

15,001

Tangible assets

5

14,584

17,340

25,835

32,341

CURRENT ASSETS

Stocks

6

6,040

7,300

Debtors

7

37,169

47,522

Cash at bank and in hand

53,017

51,044

96,226

105,866

CREDITORS

Amounts falling due within one year

8

72,621

78,851

NET CURRENT ASSETS

23,605

27,015

TOTAL ASSETS LESS CURRENT LIABILITIES

49,440

59,356

PROVISIONS FOR LIABILITIES

2,214

2,800

NET ASSETS

47,226

56,556

CAPITAL AND RESERVES

Called up share capital

403

403

Share premium

7,066

7,066

Retained earnings

39,757

49,087

SHAREHOLDERS' FUNDS

47,226

56,556

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 18 May 2018 and were signed by:

G C Allchorn - Director

1.	STATUTORY INFORMATION

Sussex Auto Services 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.

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.

Intangible assets

Acquired goodwill is amortised over 20 years - Straight Line

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

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.

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 10 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2016

and 31 August 2017

75,001

AMORTISATION

At 1 September 2016

60,000

Amortisation for year

3,750

At 31 August 2017

63,750

NET BOOK VALUE

At 31 August 2017

11,251

At 31 August 2016

15,001

5.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

Improvements

machinery

fittings

£

£

£

COST

At 1 September 2016

and 31 August 2017

3,642

28,788

35,115

DEPRECIATION

At 1 September 2016

-

24,401

28,767

Charge for year

-

1,019

996

At 31 August 2017

-

25,420

29,763

NET BOOK VALUE

At 31 August 2017

3,642

3,368

5,352

At 31 August 2016

3,642

4,387

6,348

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2016

and 31 August 2017

23,265

5,464

96,274

DEPRECIATION

At 1 September 2016

20,302

5,464

78,934

Charge for year

741

-

2,756

At 31 August 2017

21,043

5,464

81,690

NET BOOK VALUE

At 31 August 2017

2,222

-

14,584

At 31 August 2016

2,963

-

17,340

6.

STOCKS

31.8.17

31.8.16

£

£

Stocks

6,040

7,300

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade debtors

17,844

28,013

Debtor provisions

(6,898

)

-

Other debtors

7,686

1,581

Prepayments

18,537

17,928

37,169

47,522

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade creditors

38,602

44,766

Corporation Tax

3,471

5,253

Social security and other taxes

5,230

4,633

VAT

18,974

18,867

Other creditors

108

86

Directors' current accounts

1,159

1,553

Accrued expenses

5,077

3,693

72,621

78,851

9.	RELATED PARTY DISCLOSURES

The company rented premises at full market value from a partnership in which the director is a partner.

The rental paid during the year amounted to £32,500 (2015 £32,500).

10.	ULTIMATE CONTROLLING PARTY

The company is owned by its director who has 100% of the issued voting share capital