Registration number:
A & M Motors (Norfolk) Limited
trading as
for the Year Ended 31 March 2017
A & M Motors (Norfolk) Limited
trading as A & M Motors
Contents
Balance Sheet |
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Notes to the Financial Statements |
A & M Motors (Norfolk) Limited
trading as A & M Motors
Registration number: 06727556
Balance Sheet as at 31 March 2017
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2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.
Page 1 |
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:
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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
A Wallace
Company secretary and director
Page 2 |
A & M Motors (Norfolk) Limited
trading as A & M Motors
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Page 3 |
A & M Motors (Norfolk) Limited
trading as A & M Motors
Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)
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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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 4 |
A & M Motors (Norfolk) Limited
trading as A & M Motors
Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2016 |
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At 31 March 2017 |
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Amortisation |
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At 1 April 2016 |
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Amortisation charge |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
Page 5 |
A & M Motors (Norfolk) Limited
trading as A & M Motors
Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)
Tangible assets |
Land and buildings |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
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Disposals |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
- |
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Eliminated on disposal |
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- |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
- |
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At 31 March 2016 |
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Included within the net book value of land and buildings above is £Nil (2016 - £Nil) in respect of short leasehold land and buildings.
Stocks |
2017 |
2016 |
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Other inventories |
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Page 6 |
A & M Motors (Norfolk) Limited
trading as A & M Motors
Notes to the Financial Statements for the Year Ended 31 March 2017 (continued)
Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Director's loan account |
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Taxation and social security |
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Other creditors |
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Page 7 |