Practical Motorists (Bridlington) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06657877 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

FOR

PRACTICAL MOTORISTS (BRIDLINGTON)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Johnson

Mrs N A Johnson

SECRETARY:

Mrs N A Johnson

REGISTERED OFFICE:

Beckside Court

Annie Reed Road

Beverley

East Yorkshire

HU17 0LF

REGISTERED NUMBER:

06657877 (England and Wales)

ACCOUNTANTS:

Sowerby

Chartered Accountants

Beckside Court

Annie Reed Road

Beverley

East Yorkshire

HU17 0LF

FIXED ASSETS

Intangible assets

4

-

750

Tangible assets

5

2,260

3,152

2,260

3,902

CURRENT ASSETS

Stocks

26,000

28,000

Debtors

6

286

524

Cash at bank and in hand

26,772

31,533

53,058

60,057

CREDITORS

Amounts falling due within one year

7

54,381

60,279

NET CURRENT LIABILITIES

(1,323

)

(222

)

TOTAL ASSETS LESS CURRENT LIABILITIES

937

3,680

PROVISIONS FOR LIABILITIES

346

497

NET ASSETS

591

3,183

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

491

3,083

SHAREHOLDERS' FUNDS

591

3,183

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 18 January 2019 and were signed on its behalf by:

Mrs N A Johnson - Director

1.	STATUTORY INFORMATION

Practical Motorists(Bridlington) Limited is a private company, limited by shares, registered in England. The company's

registered number and registered office address can be found on the Company Information page.

The financial statements are presented in Sterling, which is the functional currency of the company.

The principal activity of the company is the retail of motor spares and accessories.

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.

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going

concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to

events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Turnover

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

added tax and other sales taxes.

Turnover is recognised at point of sale.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten 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.

Plant and machinery etc

-

20% on cost and 10% on cost

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2017

and 31 August 2018

7,500

AMORTISATION

At 1 September 2017

6,750

Charge for year

750

At 31 August 2018

7,500

NET BOOK VALUE

At 31 August 2018

-

At 31 August 2017

750

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2017

and 31 August 2018

6,912

DEPRECIATION

At 1 September 2017

3,760

Charge for year

892

At 31 August 2018

4,652

NET BOOK VALUE

At 31 August 2018

2,260

At 31 August 2017

3,152

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

286

524

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

9,201

9,576

Taxation and social security

11,441

10,762

Other creditors

33,739

39,941

54,381

60,279