Newtabb Limited
Newtabb Limited
Registered number: 07762839
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 December 2017
Newtabb Limited
Directors' Report and Unaudited Financial Statements
For The Year Ended 31 December 2017
Directors' Report and Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Company Information | 1 |
| Directors' Report | 2 |
| Profit and Loss Account | 3 |
| Balance Sheet | 4—5 |
| Notes to the Financial Statements | 6—8 |
Newtabb Limited
Company Information
For The Year Ended 31 December 2017
Company Information
| Directors |
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| Company Number |
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| Registered Office | 8 Derby Road |
| Duffield | |
| Derby | |
| Derbyshire | |
| DE56 4FL | |
| Bankers | NatWest Bank |
| Newton Abbot Branch | |
| 48 Courtenay Street | |
| Newton Abbot | |
| Devon | |
| TQ12 2EE | |
Page 1
Newtabb Limited
Company No. 07762839
Directors' Report For The Year Ended 31 December 2017
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2017 .
Principal Activity
The company's principal activity continues to be that of the sale, repair and service of new and used motor vehicles. Other operating income equates primarily to finance and insurance commission received.
We also operate a small fast-food business trading as The Foodbar, which sells healthy food.
Review of Business
The company established in this financial year an additional place of business focusing solely on the sale of the used cars. This resulted in increased investment spending on fixtures and fittings, computer equipment, as well as employing more staff.
Directors
The directors who held office during the year were as follows:
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Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
For the year ending 31st December 2017, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
On behalf of the board
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Page 2
Newtabb Limited
Profit and Loss Account
For The Year Ended 31 December 2017
Profit and Loss Account
| 2017 | 2016 | |||
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| Notes | £ | £ | ||
| TURNOVER |
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| Cost of sales |
( |
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| GROSS PROFIT |
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| Administrative expenses |
( |
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| Other operating income |
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| OPERATING PROFIT |
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| Interest payable and similar charges | 3 |
( |
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| PROFIT FOR THE FINANCIAL YEAR |
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The company has no other recognised items of income or expense other than the results for the year as set out above.
The notes on pages 6 to 8 form part of these financial statements.
Page 3
Newtabb Limited
Balance Sheet
As at
31 December 2017
Balance Sheet
| 2017 | 2016 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
( |
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| Tangible Assets | 5 |
( |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Creditors: Amounts Falling Due Within One Year | 8 |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 9 |
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| NET ASSETS |
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( |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
( |
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| Profit and Loss Account |
( |
( |
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| SHAREHOLDERS' FUNDS | (383,931) | (404,087) | |||
Page 4
Newtabb Limited
Balance Sheet (continued)
As at
31 December 2017
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
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The notes on pages 6 to 8 form part of these financial statements.
Page 5
Newtabb Limited
Notes to the Financial Statements
For The Year Ended 31 December 2017
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the invoice value of the goods and services supplied by the company, net of trade discounts and Value Added Tax.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
| Plant & Machinery |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowances for obsolete and slow-moving stock. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work in progress is reflected in the accounts on the contract by contract basis, by recording turnover and related costs as contract activity progresses.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Office and administration |
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| Sales, marketing and distribution |
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3.
Interest Payable
| 2017 | 2016 | ||
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| £ | £ | ||
| Bank loans and overdrafts |
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| Factoring charges | 40,211 | 34,751 | |
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Page 6
Newtabb Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2017
4.
Intangible Assets
| Goodwill | |||
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| £ | |||
| Cost | |||
| As at |
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| As at |
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| Amortisation | |||
| As at |
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| Provided during the period |
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| As at |
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| Net Book Value | |||
| As at |
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| As at |
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5.
Tangible Assets
| Plant & Machinery | Fixtures & Fittings | Computer Equipment | Total | |
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| £ | £ | £ | £ | |
| Cost | ||||
| As at |
( |
( |
( |
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| Additions |
( |
( |
( |
( |
| As at |
( |
( |
( |
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| Depreciation | ||||
| As at |
( |
( |
( |
( |
| Provided during the period |
( |
( |
( |
( |
| As at |
( |
( |
( |
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| Net Book Value | ||||
| As at |
( |
( |
( |
( |
| As at |
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Significant investments have been carried out due to an opening of the new point of sale in the year 2017. Especially in Computer Equipment and Fixtures and Fittings.
6.
Stocks
| 2017 | 2016 | ||
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| £ | £ | ||
| Other Stock |
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| Vehicle Stock |
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| Stock - work in progress |
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Newly opened point of sale has absorbed all stock increase in the year 2017.
Page 7
Newtabb Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2017
7.
Debtors
| 2017 | 2016 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
( |
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| Other debtors |
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| Car Bonus Debtors (Debtors < 1 year) |
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| VAT |
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| Due after more than one year | |||
| Directors loan account |
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8.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors |
( |
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9.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Bank loans |
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| Unit Stocking Finance (Long term liabilities - creditors > 1 year) |
( |
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11.
Ultimate Controlling Party
The company's ultimate controlling party is Mr. Kevin Quigg by virtue of his ownership of 100% of the issued share capital in the company.
12.
General Information
Newtabb Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07762839 . The registered office is 8 Derby Road, Duffield, Derby, Derbyshire, DE56 4FL.
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