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Registration number: 06727556

A & M Motors (Norfolk) Limited

trading as A & M Motors

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Contents


 

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Registration number: 06727556

Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Intangible assets

4

20,655

22,950

Tangible assets

5

13,849

17,773

 

34,504

40,723

Current assets

 

Stocks

6

2,290

2,220

Debtors

7

5,506

16,119

Cash at bank and in hand

 

101,792

73,611

 

109,588

91,950

Creditors: Amounts falling due within one year

8

(103,859)

(109,784)

Net current assets/(liabilities)

 

5,729

(17,834)

Total assets less current liabilities

 

40,233

22,889

Provisions for liabilities

(2,092)

(2,818)

Net assets

 

38,141

20,071

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

38,041

19,971

Total equity

 

38,141

20,071

The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Registration number: 06727556

Balance Sheet as at 31 March 2017 (continued)

For the financial year ending 31 March 2017 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 Profit and Loss Account has been taken.

Approved and authorised by the director on 28 September 2017
 

A Wallace

Company secretary and director

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Financial Statements for the Year Ended 31 March 2017

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:
Unit 14, Shepherds Business Park
Norwich Road, Lenwade
Norwich
Norfolk
NR19 5SG

These financial statements were authorised for issue by the director on 28 September 2017.

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.

The financial statements are presented in sterling which is the functional currency of the company and 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.

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)

2

Accounting policies (continued)

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

Plant and machinery

25% Reducing balance

Motor Vehicles

25% Reducing balance

Leasehold improvements

Straight line over the term of the lease

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. Under FRS 102 the period for writing off goodwill with no definitive useful life is 10 years and this will be applied from 1 April 2017. This is a change from the 20 years previously used under FRS10. No retrospective adjustment has been made in respect of this change to accounting estimate. Provision is made for any impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2016 - 3).

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2016

36,000

36,000

At 31 March 2017

36,000

36,000

Amortisation

At 1 April 2016

13,050

13,050

Amortisation charge

2,295

2,295

At 31 March 2017

15,345

15,345

Carrying amount

At 31 March 2017

20,655

20,655

At 31 March 2016

22,950

22,950

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2016

2,012

14,250

34,543

50,805

Additions

-

-

1,583

1,583

Disposals

-

-

(535)

(535)

At 31 March 2017

2,012

14,250

35,591

51,853

Depreciation

At 1 April 2016

2,012

5,928

25,092

33,032

Charge for the year

-

2,080

3,126

5,206

Eliminated on disposal

-

-

(234)

(234)

At 31 March 2017

2,012

8,008

27,984

38,004

Carrying amount

At 31 March 2017

-

6,242

7,607

13,849

At 31 March 2016

-

8,322

9,451

17,773

Included within the net book value of land and buildings above is £Nil (2016 - £Nil) in respect of short leasehold land and buildings.
 

6

Stocks

2017
£

2016
£

Other inventories

2,290

2,220

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)

7

Debtors

2017
£

2016
£

Trade debtors

5,330

13,264

Other debtors

176

2,855

Total current trade and other debtors

5,506

16,119

8

Creditors

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

7,925

10,925

Director's loan account

72,656

78,439

Taxation and social security

 

9,163

8,008

Other creditors

 

14,115

12,412

 

103,859

109,784