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Registration number: 7409214

AB Autos Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 October 2017

Voice and Co Accountancy Services
Chartered
Balby Court Business Campus
Balby Carr Bank
Doncaster
DN4 8DE

 

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Abridged Financial Statements

5 to 7

 

Company Information

Director

Mr Andrew Stuart Bell

Registered office

Balby Court Business Campus
Balby Carr Bank
Doncaster
DN4 8DE

Accountants

Voice and Co Accountancy Services
Chartered
Balby Court Business Campus
Balby Carr Bank
Doncaster
DN4 8DE

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
AB Autos Limited
for the Year Ended 31 October 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AB Autos Limited for the year ended 31 October 2017 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of AB Autos Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of AB Autos Limited and state those matters that we have agreed to state to the Board of Directors of AB Autos Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AB Autos Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that AB Autos Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of AB Autos Limited. You consider that AB Autos Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of AB Autos Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Voice and Co Accountancy Services
Chartered
Balby Court Business Campus
Balby Carr Bank
Doncaster
DN4 8DE

18 May 2018

 

(Registration number: 7409214)
Abridged Balance Sheet as at 31 October 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

5

7,518

11,277

Current assets

 

Stocks

19,033

28,313

Cash at bank and in hand

 

39,475

20,263

 

58,508

48,576

Creditors: Amounts falling due within one year

(60,441)

(54,870)

Net current liabilities

 

(1,933)

(6,294)

Total assets less current liabilities

 

5,585

4,983

Provisions for liabilities

(1,428)

(2,143)

Accruals and deferred income

 

(935)

(1,728)

Net assets

 

3,222

1,112

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

3,122

1,012

Total equity

 

3,222

1,112

For the financial year ending 31 October 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

(Registration number: 7409214)
Abridged Balance Sheet as at 31 October 2017

Approved and authorised by the director on 18 May 2018
 

.........................................

Mr Andrew Stuart Bell

Director

 

Notes to the Abridged Financial Statements for the Year Ended 31 October 2017

1

General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Balby Court Business Campus
Balby Carr Bank
Doncaster
DN4 8DE

The principal place of business is:
6 Greens Road
Dunsville
Doncaster
DN7 4DE

These financial statements were authorised for issue by the director on 18 May 2018.

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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged 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.

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.

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

Motor Vehicles

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Notes to the Abridged Financial Statements for the Year Ended 31 October 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

 

Notes to the Abridged Financial Statements for the Year Ended 31 October 2017

4

Intangible assets

Total
£

Cost or valuation

At 1 November 2016

10,000

At 31 October 2017

10,000

Amortisation

At 1 November 2016

10,000

At 31 October 2017

10,000

Carrying amount

At 31 October 2017

-

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

5

Tangible assets

Total
£

Cost or valuation

At 1 November 2016

20,995

At 31 October 2017

20,995

Depreciation

At 1 November 2016

9,718

Charge for the year

3,759

At 31 October 2017

13,477

Carrying amount

At 31 October 2017

7,518

At 31 October 2016

11,277