Registered number
SC249517
AA MOTORS LIMITED
Filleted Accounts
31 May 2017
AA MOTORS LIMITED
Registered number: SC249517
Balance Sheet
as at 31 May 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 4 5,338 3,922
Current assets
Stocks 778 1,200
Debtors 5 9,891 12,279
Cash at bank and in hand 192,239 242,111
202,908 255,590
Creditors: amounts falling due within one year 6 (75,647) (137,645)
Net current assets 127,261 117,945
Total assets less current liabilities 132,599 121,867
Creditors: amounts falling due after more than one year 8 - -
Provisions for liabilities 9 (973) (669)
Net assets 131,626 121,198
Capital and reserves
Called up share capital 100 100
Profit and loss account 131,526 121,098
Shareholders' funds 131,626 121,198
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
Director
Approved by the board on 19 February 2018
AA MOTORS LIMITED
Notes to the Accounts
for the year ended 31 May 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Debtors
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.
Creditors
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.
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.
Provisions
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.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 6 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2016 18,960
At 31 May 2017 18,960
Amortisation
At 1 June 2016 18,960
At 31 May 2017 18,960
Net book value
At 31 May 2017 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2016 20,581 563 21,144
Additions 3,195 - 3,195
At 31 May 2017 23,776 563 24,339
Depreciation
At 1 June 2016 16,760 462 17,222
Charge for the year 1,754 25 1,779
At 31 May 2017 18,514 487 19,001
Net book value
At 31 May 2017 5,262 76 5,338
At 31 May 2016 3,821 101 3,922
5 Debtors 2017 2016
£ £
Trade debtors 8,594 12,279
Other debtors 1,297 -
9,891 12,279
6 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 9,115 7,009
Taxation and social security costs 22,292 22,469
Other creditors 44,240 108,167
75,647 137,645
7 Director's Accounts
Included in other creditors are the amounts of (£ 11634, 2016 - £ 66224) for Directors accounts
which are due for repayment upon demand.
8 Creditors: amounts falling due in more than one year 2017 2016
£ £
Non-equity preference shares - -
Bank loans and overdrafts - -
Obligations under finance lease and hire purchase contracts - -
Trade creditors - -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Taxation and social security costs - -
Other creditors - -
- -
9 Deferred tax 2017 2016
£ £
B/fwd 669 906
Charged to profit and loss 304 (237)
Charged to other comprehensive income - -
973 669
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
Dalmarnock
Glasgow
G40 3JZ
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