Registered number
01016436
ABM MOTOR FACTORS LIMITED
Filleted Accounts
31 March 2017
ABM MOTOR FACTORS LIMITED
Registered number: 01016436
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 27,763 34,323
Current assets
Stocks 518,219 480,347
Debtors 4 342,479 331,734
Cash at bank and in hand 52,039 63,844
912,737 875,925
Creditors: amounts falling due within one year 5 (405,269) (374,348)
Net current assets 507,468 501,577
Total assets less current liabilities 535,231 535,900
Provisions for liabilities (4,449) (5,376)
Net assets 530,782 530,524
Capital and reserves
Called up share capital 1,500 1,500
Profit and loss account 529,282 529,024
Shareholders' funds 530,782 530,524
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L Osborne
Director
Approved by the board on 19 December 2017
ABM MOTOR FACTORS LIMITED
Notes to the Accounts
for the year ended 31 March 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% on cost
Fixtures and Fittings 10% on cost
Motor Vehicles 20% on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 31 30
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2016 463,512 75,522 539,034
Additions - 6,700 6,700
Disposals - (7,310) (7,310)
At 31 March 2017 463,512 74,912 538,424
Depreciation
At 1 April 2016 458,034 46,677 504,711
Charge for the year 2,101 7,335 9,436
On disposals - (3,486) (3,486)
At 31 March 2017 460,135 50,526 510,661
Net book value
At 31 March 2017 3,377 24,386 27,763
At 31 March 2016 5,478 28,845 34,323
4 Debtors 2017 2016
£ £
Trade debtors 261,263 258,039
Other debtors 81,216 73,695
342,479 331,734
5 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 326,885 271,123
Amounts owed to group undertakings and undertakings in which the company has a participating interest 13,000 26,428
Corporation tax 2,732 2,358
Other taxes and social security costs 48,158 59,242
Other creditors 14,494 15,197
405,269 374,348
6 Related party transactions
2017 2016
£ £
Plumstead Motor Spares Limited
Company is controlled by Mr L Osborne
Company occupied the premises owned by the related party at an annual rental of £52500 (2016:£45000). There is no formal rental agreement but the directors consider this to be at market rate.
Amount due to the related party (13,000) (26,428)
7 Controlling party
The company is controlled by L Osborne by virtue of his ownership (jointly with his wife) of 66.67% of the issued share capital of the company.
8 Other information
ABM MOTOR FACTORS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
65 Plumstead High Street
Plumstead
London
SE18 1SB
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