Free Spirit Automotive Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 05044429 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2018

for

Free Spirit Automotive Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J P C Derbyshire

P S Derbyshire

REGISTERED OFFICE:

1 Firbank Way

Chartmoor Business Park

Leighton Buzzard

Bedfordshire

LU7 4YP

REGISTERED NUMBER:

05044429 (England and Wales)

ACCOUNTANTS:

Market Place Accounting Services

20 Market Place

Long Buckby

Northamptonshire

NN6 7RR

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

150,917

172,835

150,918

172,836

CURRENT ASSETS

Stocks

705,648

549,411

Debtors

6

177,602

107,817

Cash at bank and in hand

24,838

31,667

908,088

688,895

CREDITORS

Amounts falling due within one year

7

760,056

592,443

NET CURRENT ASSETS

148,032

96,452

TOTAL ASSETS LESS CURRENT LIABILITIES

298,950

269,288

CREDITORS

Amounts falling due after more than one year

8

(30,916

)

(47,829

)

PROVISIONS FOR LIABILITIES

(13,673

)

(16,223

)

NET ASSETS

254,361

205,236

CAPITAL AND RESERVES

Called up share capital

30,000

30,000

Retained earnings

224,361

175,236

SHAREHOLDERS' FUNDS

254,361

205,236

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 12 October 2018 and were signed on its behalf by:

J P C Derbyshire - Director

1.	STATUTORY INFORMATION

Free Spirit Automotive 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2017 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

100,000

AMORTISATION

At 1 April 2017

and 31 March 2018

99,999

NET BOOK VALUE

At 31 March 2018

1

At 31 March 2017

1

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2017

145,723

162,554

308,277

Additions

6,127

1,429

7,556

Disposals

-

(3,750

)

(3,750

)

At 31 March 2018

151,850

160,233

312,083

DEPRECIATION

At 1 April 2017

54,609

80,833

135,442

Charge for year

15,185

13,400

28,585

Eliminated on disposal

-

(2,861

)

(2,861

)

At 31 March 2018

69,794

91,372

161,166

NET BOOK VALUE

At 31 March 2018

82,056

68,861

150,917

At 31 March 2017

91,114

81,721

172,835

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

51,962

41,032

Other debtors

125,640

66,785

177,602

107,817

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

16,913

18,895

Trade creditors

71,005

33,854

Amounts owed to group undertakings

35,550

68,984

Taxation and social security

71,070

82,464

Other creditors

565,518

388,246

760,056

592,443

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

30,916

47,829

9.	RELATED PARTY DISCLOSURES

The Company is a wholly owned subsidiary of Free Spirit Assets Limited, a company controlled by the

directors.