Ray Twiss Motors Limited - Period Ending 2018-01-31

Registration number: 04568172

Ray Twiss Motors Limited

Unaudited Financial Statements

for the Year Ended 31 January 2018

Alextra Group Ltd
Chartered Certified Accountants
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

Ray Twiss Motors Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

Ray Twiss Motors Limited

Company Information

Director

R J Twiss

Registered office

7-9 Macon Court Crewe Cheshire CW1 6EA

Accountants

Alextra Group Ltd Chartered Certified Accountants 7-9 Macon Court Crewe Cheshire CW1 6EA

Page 1

Ray Twiss Motors Limited

(Registration number: 04568172)
Balance Sheet as at 31 January 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	5	9,907	10,190
Current assets
Stocks	6	251,405	228,665
Debtors	7	1,765	2,036
Cash at bank and in hand		41,972	43,847
		295,142	274,548
Creditors: Amounts falling due within one year	8	(64,738)	(53,224)
Net current assets		230,404	221,324
Net assets		240,311	231,514
Capital and reserves
Called up share capital		1	1
Profit and loss account		240,310	231,513
Total equity		240,311	231,514

For the financial year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors Report or the Profit and Loss Account has been taken.

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

Ray Twiss Motors Limited

(Registration number: 04568172)
Balance Sheet as at 31 January 2018

Approved and authorised by the director on 25 October 2018
 

.........................................

R J Twiss
Director

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Ray Twiss Motors Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7-9 Macon Court
Crewe
Cheshire
CW1 6EA
England

The principal place of business is:
48 Rope Lane
Wistaston
Crewe
Cheshire
CW2 6RD

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 4

Ray Twiss Motors Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	25% on written down value
Plant and machinery	15% on written down value
Furniture and fittings	15% on written down value
Land and buildings	5% on written down value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	over ten years

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2017 - 3).

Page 5

Ray Twiss Motors Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 February 2017	30,000	30,000
At 31 January 2018	30,000	30,000
Amortisation
At 1 February 2017	30,000	30,000
At 31 January 2018	30,000	30,000
Carrying amount
At 31 January 2018	-	-

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 February 2017	5,498	4,786	6,184	16,468
Additions	-	-	2,270	2,270
Disposals	-	-	(2,195)	(2,195)
At 31 January 2018	5,498	4,786	6,259	16,543
Depreciation
At 1 February 2017	535	2,396	3,347	6,278
Charge for the year	248	394	563	1,205
Eliminated on disposal	-	-	(847)	(847)
At 31 January 2018	783	2,790	3,063	6,636
Carrying amount
At 31 January 2018	4,715	1,996	3,196	9,907
At 31 January 2017	4,963	2,390	2,837	10,190

Page 6

Ray Twiss Motors Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

6

Stocks

	2018 £	2017 £
Other inventories	251,405	228,665

7

Debtors

	2018 £	2017 £
Prepayments	1,765	2,036
	1,765	2,036

8

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Taxation and social security	2,494	3,220
Accruals and deferred income	1,167	458
Other creditors	61,077	49,546
	64,738	53,224

Page 7