Registered number
Filleted Accounts
31 May 2018
Registered number: SC249517
Balance Sheet
as at 31 May 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 3 113,101 5,338
Current assets
Stocks 902 778
Debtors 4 8,710 9,891
Cash at bank and in hand 172,988 192,239
182,600 202,908
Creditors: amounts falling due within one year 5 (108,701) (75,647)
Net current assets 73,899 127,261
Total assets less current liabilities 187,000 132,599
Creditors: amounts falling due after more than one year 7 (56,144) -
Provisions for liabilities 9 (2,141) (973)
Net assets 128,715 131,626
Capital and reserves
Called up share capital 100 100
Profit and loss account 128,615 131,526
Shareholders' funds 128,715 131,626
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.
David Anderson
Approved by the board on 15 February 2019
Notes to the Accounts
for the year ended 31 May 2018
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 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
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.
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
At 1 June 2017 - 23,776 563 24,339
Additions 102,010 9,450 - 111,460
At 31 May 2018 102,010 33,226 563 135,799
At 1 June 2017 - 18,514 487 19,001
Charge for the year - 3,678 19 3,697
At 31 May 2018 - 22,192 506 22,698
Net book value
At 31 May 2018 102,010 11,034 57 113,101
At 31 May 2017 - 5,262 76 5,338
Freehold land and buildings: 2018 2017
£ £
Historical cost 102,010 -
Cumulative depreciation based on historical cost - -
102,010 -
4 Debtors 2018 2017
£ £
Trade debtors 8,541 8,594
Other debtors 169 1,297
8,710 9,891
5 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 8,722 -
Trade creditors 18,222 9,115
Taxation and social security costs 16,347 22,292
Other creditors 65,410 44,240
108,701 75,647
6 Directors accounts
Included in other creditors is the sum of £ 27,863 (£11,634 - 2017)
for Directors loans which are due for repayment upon demand.
7 Creditors: amounts falling due after one year 2018 2017
£ £
Bank loans 56,144 -
8 Loans 2018 2017
£ £
Creditors include:
Secured bank loans 64,865 -
The bank has a secured loan and a floating charge over the property at 5/7 Mordaunt Street, Dalmarnock, Glasgow, G40 3JZ.
9 Deferred tax Current year Comp year
£ £
B/fwd 973 669
Charged to profit and loss 1,168 304
Charged to other comprehensive income - -
2,141 973
10 Other information
AA MOTORS LIMITED is a private company limited by shares and incorporated in Scotland. Its registered office is:
Block 7, Units 18/19
5/7 Mordaunt Street
G40 3JZ
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