Pickering Motor Company Ltd - Limited company accounts 16.1

REGISTERED NUMBER: 08311380 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 30 November 2017

for

Pickering Motor Company Ltd

Page

Company Information

1

Report of the Director

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTOR:

A M Pickering

SECRETARY:

REGISTERED OFFICE:

Peel Hall Business Village

Peel Road

Blackpool

Lancashire

FY4 5JX

REGISTERED NUMBER:

08311380 (England and Wales)

ACCOUNTANTS:

Gazzard Accounts Limited

33 Acresfield Road

Middleton

Manchester

Lancashire

M24 2WT

The director presents his report with the financial statements of the company for the year ended 30 November 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of sales of used cars and

mobility vehicles.

DIRECTOR

A M Pickering held office during the whole of the period from 1 December 2016 to the date of this
report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

A M Pickering - Director

23 August 2018

TURNOVER

2,673,566

2,358,884

Cost of sales

2,439,195

2,215,146

GROSS PROFIT

234,371

143,738

Administrative expenses

134,164

63,832

OPERATING PROFIT and

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION

2

100,207

79,906

Tax on profit on ordinary activities

3

19,123

16,077

PROFIT FOR THE FINANCIAL YEAR

81,084

63,829

FIXED ASSETS

Tangible assets

5

11,597

8,430

CURRENT ASSETS

Stocks

249,127

181,280

Cash at bank and in hand

51,992

17,212

301,119

198,492

CREDITORS

Amounts falling due within one year

6

64,287

106,077

NET CURRENT ASSETS

236,832

92,415

TOTAL ASSETS LESS CURRENT
LIABILITIES

248,429

100,845

ACCRUALS AND DEFERRED INCOME

7

89,000

-

NET ASSETS

159,429

100,845

CAPITAL AND RESERVES

Called up share capital

8

1,000

Profit and loss account

9

158,429

99,845

SHAREHOLDERS' FUNDS

159,429

100,845

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements were approved by the director on 23 August 2018 and were signed by:

A M Pickering - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in

accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure 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 balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight

line basis over the period of the lease.

2.	OPERATING PROFIT

The operating profit is stated after charging:

30.11.17

30.11.16

£

Formation costs

13

Director's remuneration and other benefits etc

11,500

11,000

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

30.11.17

30.11.16

£

Current tax:

UK corporation tax

19,123

16,077

Tax on profit on ordinary activities

19,123

16,077

4.

DIVIDENDS

30.11.17

30.11.16

£

Ordinary A shares of 1.00 each

Final

22,500

-

Interim

-

30,000

22,500

30,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2016

8,430

Additions

3,167

At 30 November 2017

11,597

NET BOOK VALUE

At 30 November 2017

11,597

At 30 November 2016

8,430

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

Trade creditors

(1

)

-

Taxation and social security

19,123

16,077

Other creditors

45,165

90,000

64,287

106,077

7.	ACCRUALS AND DEFERRED INCOME

30.11.17

30.11.16

£

Accruals and deferred income

89,000

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.17

30.11.16

value:

£

1,000

Ordinary A

1.00

1,000

9.

RESERVES

Profit

and loss

account

£

At 1 December 2016

99,845

Profit for the year

81,084

Dividends

(22,500

)

At 30 November 2017

158,429