| Fynnbrook Cars Ltd |
| Notes to the Accounts |
| for the year ended 30 April 2018 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Property improvements |
Not depreciated |
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Plant and machinery |
25% reducing balance |
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Motor vehicles |
25% straight line |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2018 |
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2017 |
| Number |
Number |
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Average number of persons employed by the company |
5 |
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5 |
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| 3 |
Tangible fixed assets |
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Property improvements |
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Plant and machinery etc |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
£ |
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Cost |
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At 1 May 2017 |
49,362 |
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11,234 |
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4,500 |
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65,096 |
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Additions |
- |
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843 |
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- |
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843 |
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At 30 April 2018 |
49,362 |
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12,077 |
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4,500 |
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65,939 |
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Depreciation |
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At 1 May 2017 |
- |
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8,507 |
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1,969 |
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10,476 |
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Charge for the year |
- |
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893 |
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633 |
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1,526 |
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At 30 April 2018 |
- |
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9,400 |
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2,602 |
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12,002 |
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Net book value |
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At 30 April 2018 |
49,362 |
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2,677 |
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1,898 |
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53,937 |
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At 30 April 2017 |
49,362 |
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2,727 |
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2,531 |
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54,620 |
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| 4 |
Debtors |
2018 |
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2017 |
| £ |
£ |
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Trade debtors |
12,894 |
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120,763 |
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Other debtors |
- |
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58,075 |
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12,894 |
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178,838 |
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| 5 |
Creditors: amounts falling due within one year |
2018 |
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2017 |
| £ |
£ |
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Trade creditors |
67,186 |
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247,346 |
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Corporation tax |
25,684 |
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53,483 |
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Other taxes and social security costs |
45,920 |
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1,694 |
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Other creditors |
28,775 |
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1,198 |
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167,565 |
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303,721 |
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| 6 |
Loans to directors |
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Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
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Brett Ridgers |
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Interest free loan 1 |
19,753 |
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21,251 |
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(41,004) |
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- |
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Interest free loan 2 |
- |
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82,774 |
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(82,774) |
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- |
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Interest free loan 3 |
- |
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19,318 |
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(19,318) |
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- |
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19,753 |
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123,343 |
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(143,096) |
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- |
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| 7 |
Related party transactions |
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During the year the director, Brett Ridgers, and his spouse received £115,000 of dividends (2017: £60,000). Mr Ridgers received a salary of £8,160 (2017: £8,036) during the year. |
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| 8 |
Other information |
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Fynnbrook Cars Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Wig Lane |
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Straight Road, Boxted |
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Colchester |
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Essex |
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CO4 5QX |
