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Company registration number: 04766491
AA Auto Centre Limited
Unaudited filleted financial statements
31 May 2018
AA Auto Centre Limited
Contents
Statement of financial position
Notes to the financial statements
AA Auto Centre Limited
Statement of financial position
31 May 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 6,610 7,033
_______ _______
6,610 7,033
Current assets
Stocks 950 920
Debtors 6 133 544
Cash at bank and in hand 11,962 13,579
_______ _______
13,045 15,043
Creditors: amounts falling due
within one year 7 ( 18,752) ( 20,751)
_______ _______
Net current liabilities ( 5,707) ( 5,708)
_______ _______
Total assets less current liabilities 903 1,325
_______ _______
Net assets 903 1,325
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 803 1,225
_______ _______
Shareholders funds 903 1,325
_______ _______
For the year ending 31 May 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.
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 August 2018 , and are signed on behalf of the board by:
Mr Mitchell Clarke
Director
Company registration number: 04766491
AA Auto Centre Limited
Notes to the financial statements
Year ended 31 May 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is AA Autocentre Ltd, 69 Stirling Street, Grimsby, N E Lincs, DN31 3AE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 33 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
4. Staff costs
The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 June 2017 8,099 438 7,300 15,837
Additions - 1,800 - 1,800
Disposals - - 1,500 1,500
_______ _______ _______ _______
At 31 May 2018 8,099 2,238 8,800 19,137
_______ _______ _______ _______
Depreciation
At 1 June 2017 6,749 313 1,742 8,804
Charge for the year 203 570 1,450 2,223
Disposals - - 1,500 1,500
_______ _______ _______ _______
At 31 May 2018 6,952 883 4,692 12,527
_______ _______ _______ _______
Carrying amount
At 31 May 2018 1,147 1,355 4,108 6,610
_______ _______ _______ _______
At 31 May 2017 1,350 125 5,558 7,033
_______ _______ _______ _______
6. Debtors
2018 2017
£ £
Other debtors 133 544
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Corporation tax - 1,073
Social security and other taxes 79 96
Other creditors 18,673 19,582
_______ _______
18,752 20,751
_______ _______