Performance Motorcare Products Limited - Accounts to registrar (filleted) - small 18.1

PERFORMANCE MOTORCARE PRODUCTS LIMITED

Unaudited Financial Statements

for the Year Ended 31 August 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs A Mobberley

R Mobberley

SECRETARY:

R Mobberley

REGISTERED OFFICE:

13 Richmond Drive

Lichfield

Staffordshire

WS14 9SZ

REGISTERED NUMBER:

05197474 (England and Wales)

ACCOUNTANTS:

Haslehursts Limited

88 Hill Village Road

Sutton Coldfield

West Midlands

B75 5BE

FIXED ASSETS

Tangible assets

5

311

389

CURRENT ASSETS

Stocks

831

1,500

Debtors

6

200

97

Cash at bank

1,158

1,085

2,189

2,682

CREDITORS

Amounts falling due within one year

7

(51,387

)

(58,128

)

NET CURRENT LIABILITIES

(49,198

)

(55,446

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(48,887

)

(55,057

)

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

(48,888

)

(55,058

)

SHAREHOLDERS' FUNDS

(48,887

)

(55,057

)

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 directors acknowledge their 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 Board of Directors on 31 May 2018 and were signed on its behalf by:

Mrs A Mobberley - Director

1.	STATUTORY INFORMATION

Performance Motorcare Products 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The accounts are prepared on the going concern basis on the assumption that the company's

creditors, in particular the company's directors, continue to provide financial support to the company.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 August 2017 are the first financial statements that

comply with FRS 102 Section 1A small entities.

In preparing these accounts the directors have considered whether in applying the accounting policies

required by FRS 102 Section 1A the restatement of comparative items was required. At the date of

transition there were no restatements necessary.

Turnover

Turnover represents net invoiced sales of goods and services.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

5.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 September 2016

and 31 August 2017

3,381

9,290

12,671

DEPRECIATION

At 1 September 2016

3,085

9,197

12,282

Charge for year

59

19

78

At 31 August 2017

3,144

9,216

12,360

NET BOOK VALUE

At 31 August 2017

237

74

311

At 31 August 2016

296

93

389

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

200

97

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

3

66

Trade creditors

-

238

Other creditors

51,384

57,824

51,387

58,128

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary

£1

1

1