LRC (4x4) Limited Filleted accounts for Companies House (small and micro)

L.R.C. ( 4 X 4 ) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02472316

LRC (4X4) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2018

LRC (4X4) LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2018

CONTENTS	PAGES

Statement of financial position	1 to 2

Notes to the financial statements	3 to 7

LRC (4X4) LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	5	47,372	43,803

Current assets

Stocks		568,901	318,742
Debtors	6	257,975	328,899
Cash at bank and in hand		16,837	40,614
		---------	---------
		843,713	688,255

Creditors: amounts falling due within one year	7	( 500,069)	( 390,844)
		---------	---------
Net current assets		343,644	297,411
		---------	---------
Total assets less current liabilities		391,016	341,214

Creditors: amounts falling due after more than one year	8	( 8,917)	–

Provisions	( 8,524)	( 7,966)
	---------	---------
Net assets	373,575	333,248
	---------	---------

Capital and reserves

Called up share capital	610	610
Share premium account	84,000	84,000
Capital redemption reserve	390	390
Profit and loss - non distributable	85,646	85,646
Profit and loss account - Distributable	202,929	162,602
	---------	---------
Shareholders funds	373,575	333,248
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

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

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

LRC (4X4) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 17 December 2018 , and are signed on behalf of the board by:

M D Gibbins

Director

Company registration number: 02472316

LRC (4X4) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is DPC, Vernon Road, Stoke on Trent, Staffordshire, ST4 2QY. The principal activity of the company is that of sale and maintenance of motor vehicles and parts.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (i) Estimated useful lives and residual values of fixed assets Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied , stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property	-	10 years straight line
Plant and machinery	-	15% reducing balance
Motor Vehicles	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2017: 9 ).

5. Tangible assets

	Long leasehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2017	6,413	222,042	48,014	276,469
Additions	–	12,183	–	12,183
	-------	---------	--------	---------
At 31 March 2018	6,413	234,225	48,014	288,652
	-------	---------	--------	---------
Depreciation
At 1 April 2017	2,439	185,655	44,572	232,666
Charge for the year	641	7,285	688	8,614
	-------	---------	--------	---------
At 31 March 2018	3,080	192,940	45,260	241,280
	-------	---------	--------	---------
Carrying amount
At 31 March 2018	3,333	41,285	2,754	47,372
	-------	---------	--------	---------
At 31 March 2017	3,974	36,387	3,442	43,803
	-------	---------	--------	---------

6. Debtors

	2018	2017
	£	£
Trade debtors	49,190	72,134
Amounts owed by group undertakings and undertakings in which the company has a participating interest	119,956	166,124
Other debtors	88,829	90,641
	---------	---------
	257,975	328,899
	---------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	51,124	80,781
Trade creditors	122,304	69,367
Social security and other taxes	126,064	87,269
Other creditors	200,577	153,427
	---------	---------
	500,069	390,844
	---------	---------

The bank overdraft is secured by a floating charge over the movable plant, machinery, fixtures and goodwill of the company.

The vehicle stocking loan is secured on the related vehicles.

The hire purchase liability is secured on the related assets.

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	8,917	–
	-------	----

9. Other financial commitments

The company had total commitments at the balance sheet date of £5,211 (2017 - £10,422)

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
M D Gibbins	87,932	81,097	( 88,832)	80,197
A Gibbins	393	6,773	( 393)	6,773
	--------	--------	--------	--------
	88,325	87,870	( 89,225)	86,970
	--------	--------	--------	--------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
M D Gibbins	–	90,182	( 2,250)	87,932
A Gibbins	–	393	–	393
	----	--------	-------	--------
	–	90,575	( 2,250)	88,325
	----	--------	-------	--------

11. Related party transactions

All transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material. The company has taken advantage of the exemption from the disclosures required by paragraph 33.1A of Financial Reporting Standard 102 regarding transactions between fellow group companies.

12. Controlling party

LRC (4x4) Holdings Limited, a company registered in England and Wales, is the company's ultimate parent undertaking. The parent undertaking's registered office and principal place of business is Land Rover House, King Street, Congleton, Cheshire, CW12 2DS.