Mid-Wales Motorfactors Limited,Ltd - AccountsLtd - Accounts

Mid-Wales Motorfactors Limited,Ltd - AccountsLtd - Accounts

MID-WALES MOTORFACTORS LIMITED - Company Information

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2017-01-01 03453956 2017-12-31 03453956 2017-01-01 2017-12-31 03453956 2016-12-31 03453956 2016-01-01 2016-12-31 03453956 uk-core:WithinOneYear 2016-12-31 03453956 uk-core:WithinOneYear 2017-12-31 03453956 uk-core:ShareCapital 2017-12-31 03453956 uk-core:ShareCapital 2016-12-31 03453956 uk-core:RetainedEarningsAccumulatedLosses 2017-12-31 03453956 uk-core:RetainedEarningsAccumulatedLosses 2016-12-31 03453956 uk-bus:Director1 2017-01-01 2017-12-31 03453956 uk-core:Buildings 2017-01-01 2017-12-31 03453956 uk-core:CommercialMotorVehicles 2017-01-01 2017-12-31 03453956 uk-core:FurnitureFittings 2017-01-01 2017-12-31 03453956 uk-core:FurnitureFittings 2016-12-31 03453956 uk-core:CommercialMotorVehicles 2016-12-31 03453956 uk-core:Buildings 2016-12-31 03453956 uk-core:Buildings 2017-12-31 03453956 uk-core:CommercialMotorVehicles 2017-12-31 03453956 uk-core:FurnitureFittings 2017-12-31 iso4217:GBP 03453956 uk-bus:AuditExemptWithAccountantsReport 2017-01-01 2017-12-31 03453956 uk-bus:FRS102 2017-01-01 2017-12-31 03453956 uk-bus:FullAccounts 2017-01-01 2017-12-31 03453956 uk-bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31
Mid-Wales Motorfactors Limited
Registered Number:03453956
For the year ended 31 December 2017
England and Wales
Unaudited Financial Statements
2
For the year ended 31 December 2017
Mid-Wales Motorfactors Limited
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
As at 31 December 2017
Mid-Wales Motorfactors Limited
Statement of Financial Position
Registered Number :
03453956
£
£
2016
2017
Notes
Fixed assets
Property, plant and equipment
134,896
140,243
2
3
59,332
59,332
Investment property
194,228
199,575
Current assets
Inventories
113,159
113,314
4
Trade and other receivables
260,179
285,669
5
47,692
Cash and cash equivalents
47,733
446,716
421,030
Trade and other payables: amounts falling due within one
year
(229,707)
(225,051)
6
191,323
221,665
Net current assets
Total assets less current liabilities
415,893
390,898
(3,977)
-
Provisions for liabilities
411,916
Net assets
390,898
Capital and reserves
Called up share capital
1,000
1,000
Retained earnings
410,916
389,898
411,916
390,898
Shareholders' funds
For the year ended 31 December 2017 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
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.
CI Dorrell Director
These financial statements were approved and authorised for issue by the Board on 26 March 2018 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 December 2017
Mid-Wales Motorfactors Limited
Notes to the Financial Statements
Statutory Information
Mid-Wales Motorfactors Limited is a private limited company, limited by shares, domiciled in England and Wales,
registration number 03453956.
Registered address:
37 Vastre Industrial Estate
Newtown
Powys
SY16 1DZ
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A 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 costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Land and buildings
2% Reducing balance
25% Reducing balance
Motor vehicles
15% Reducing balance
Fixtures and fittings
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
2 of 4
5
For the year ended 31 December 2017
Mid-Wales Motorfactors Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Fixtures and
fittings
Motor vehicles
Land and
buildings
£
£
£
£
Cost or
valuation
At 01 January 2017
184,689
46,474
19,550
118,665
2,080
-
2,080
-
Additions
At 31 December 2017
118,665
21,630
46,474
186,769
Provision for depreciation and impairment
At 01 January 2017
44,446
32,412
9,661
2,373
Charge for year
7,427
2,109
2,992
2,326
At 31 December 2017
51,873
34,521
12,653
4,699
At 31 December 2017
Net book value
113,966
8,977
11,953
134,896
At 31 December 2016
116,292
9,889
14,062
140,243
3. Investment property
Total
£
Fair value
At 01 January 2017
59,332
At 31 December 2017
59,332
Net book value
At 31 December 2017
59,332
At 31 December 2016
59,332
4. Inventories
2016
2017
£
£
Stocks
113,314
113,159
5. Trade and other receivables
2016
2017
£
£
Trade debtors
273,903
255,544
Other debtors
11,766
4,635
260,179
285,669
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6
For the year ended 31 December 2017
Mid-Wales Motorfactors Limited
Notes to the Financial Statements Continued
6. Trade and other payables: amounts falling due within one year
2016
2017
£
£
Trade creditors
171,355
167,913
Taxation and social security
46,241
43,887
Accruals and deferred income
1,500
-
Directors' loan accounts
8
3,108
Other creditors
5,947
14,799
225,051
229,707
7. Average number of persons employed
During the year the average number of employees was 14 (2016 : 13)
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