REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2016 |
for |
A & R Vehicle Services Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2016 |
for |
A & R Vehicle Services Limited |
A & R Vehicle Services Limited (Registered number: 02318856) |
Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
A & R Vehicle Services Limited |
Company Information |
for the Year Ended 31 December 2016 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & |
Statutory Auditor |
The Lion Buildings |
8 Market Place |
Uttoxeter |
Staffordshire |
ST14 8HP |
A & R Vehicle Services Limited (Registered number: 02318856) |
Statement of Financial Position |
31 December 2016 |
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on behalf by: |
A & R Vehicle Services Limited (Registered number: 02318856) |
Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
1. | STATUTORY INFORMATION |
A & R Vehicle Services Ltd is a limited liability company incorporated in England & Wales. The |
company's registered number and registered office address can be found on the Company Information |
page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small |
Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK |
and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared |
under the historical cost convention. |
The company has adopted FRS 102 at 31 December 2016, its date of transition being 1 January 2015. |
The financial statements are presented in Sterling. |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being |
amortised evenly over its estimated useful life of 10 years, starting in January 2009. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated |
useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Plant and machinery | - equal annual instalments over 2 to 25 years |
Motor vehicles | - equal annual instalments over 1 to 4 years |
Freehold land included within freehold property is not depreciated in line with the FRS 102. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due |
allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling |
costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the statement of financial position date. |
A & R Vehicle Services Limited (Registered number: 02318856) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2016 |
and 31 December 2016 |
AMORTISATION |
At 1 January 2016 |
Charge for year |
At 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
At 31 December 2015 |
A & R Vehicle Services Limited (Registered number: 02318856) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
5. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2016 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2016 |
DEPRECIATION |
At 1 January 2016 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
At 31 December 2015 |
Included within cost of freehold property is freehold land of £993,706 (2015: £993,706) which is not |
depreciated. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 893 | - |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts |
Invoice discounting | 240,121 | 213,040 |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accruals | 15,368 | 15,975 |
Directors' current accounts | 588 | 382 |
A & R Vehicle Services Limited (Registered number: 02318856) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans > 5 years by instalments |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans > 5 years by instalments | 282,517 | 305,401 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2016 | 2015 |
£ | £ |
Bank overdraft |
Bank loans |
Invoice discounting | 240,121 | 213,040 |
The bank loan is secured by a fixed legal charge over the land at Darlaston Road and a floating charge |
over all of the other assets of the company. Personal guarantees have also been provided by T W C |
Rushworth and P H Adams, directors of the company. |
The bank overdraft is secured by a standard floating charge over the current and future assets of the |
company. Personal guarantees have also been provided by T W C Rushworth and P H Adams, |
directors of the company. |
The invoice discounting facility is secured by a fixed legal charge over the land at Darlaston Road, |
plant and machinery and non-vesting debts and a floating charge over all other current asset and |
future assets of the company. Personal guarantees have also been provided by T W C Rushworth, R |
J Rushworth and P H Adams, directors of the company. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS |
The company had total guarantees and commitments at the balance sheet date of £124,797 (2015 - |
£271,143) |
A & R Vehicle Services Limited (Registered number: 02318856) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
12. | TRANSACTIONS WITH DIRECTORS |
Amounts due to the directors at the year end are included within creditors as follows: |
2016 | 2015 |
£ | £ |
T W C Rushworth | - | - |
P H Adams | 588 | 382 |
588 | 382 |
Amounts due from the directors at the year end are included within debtors as follows: |
2016 | 2015 |
£ | £ |
T W C Rushworth | 843 | - |
R Rushworth | 50 | - |
893 | - |
Interest is being charged per the official rates of interest set out by HMRC under the Beneficial Loan |
Arrangement rules. |
Movements in the year are represented by dividends received less private expenses paid by the |
company. The maximum balances outstanding to the company from directors during the year were: |
2016 | 2015 |
£ | £ |
T W C Rushworth | 843 | 700 |
P H Adams | - | - |
R J Rushworth | 50 | 157 |
Rent was paid to T W C Rushworth and P H Adams of £110,000 (2015: £100,000) for the use of the |
Darlaston Road site. As at the year end an amount of £nil (2015: £nil) was outstanding. |
T W C Rushworth and P H Adams have secured the bank loan against the property at Darlaston Road, |
which they own personally. |
A & R Vehicle Services Limited (Registered number: 02318856) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
13. | RELATED PARTY DISCLOSURES |
Included within other debtors or creditors are amounts owed by/(to) the company to/(from) the spouses |
of the directors as follows: |
2016 | 2015 |
£ | £ |
T W C Rushworth | 16,013 | 11,113 |
P H Adams | 10,570 | 9,520 |
R J Rushworth | 15,956 | 11,055 |
42,539 | 31,688 |
Movements in the year are represented by dividends received less repayments made by the company. |
During the year the company had the following transactions with Bevan Motor Bodies Limited, a |
subsidiary of Bevan Group Limited, a shareholder in A & R Vehicle Services Limited: |
Related | Creditor | Debtor |
Party | Relationship | Purchases | 2016 | Sales | 2016 |
£ | £ | £ | £ |
Bevan Motor | Associated | £31,765 | £10,268 | £713,117 | £194,635 |
Bodies Ltd | company | (2015: | (2015: | (2015: | (2015: |
£68,525) | £36,138) | £888,086) | £173,010) |
Bevan Specialist | Associated | £nil | £nil | £49,392 | £20,226 |
Products Ltd |
company |
(2015: £nil) |
(2015: £nil) |
(2015 £nil) |
(2015: £nil) |
During the year Mrs A J Rushworth, the wife of T W C Rushworth, a director, became entitled to a |
dividend of £49,000 on 30 November 2016. |
During the year Mrs J Adams, the wife of P H Adams, a director, became entitled to a dividend of |
£10,500 on 30 November 2016. |
During the year Mrs J Rushworth, the wife of R J Rushworth, a director, became entitled to a dividend |
of £49,000 on 30 November 2016. |
14. | FIRST YEAR ADOPTION |
The company has adopted FRS 102 Section 1A for the first time in the year ended 31 December 2016 |
and has restated its comparative amounts. |
There have been no changes in the nature of the accounting policies during the transition from UK |
GAAP to FRS 102 Section 1A. |
There have been no effects on the amounts included within the financial statements during the |
transition from the previous UK GAAP to FRS 102 Section 1A. |