Registered number
07045770
AA & Autos Ltd
Filleted Accounts
31 October 2017
AA & Autos Ltd
Registered number: 07045770
Balance Sheet
as at 31 October 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 2 39,000 42,250
Tangible assets 3 9,758 8,449
48,758 50,699
Current assets
Stocks 2,570 3,020
Cash at bank and in hand 3,016 3,411
5,586 6,431
Creditors: amounts falling due within one year 4 (81,702) (85,740)
Net current liabilities (76,116) (79,309)
Net liabilities (27,358) (28,610)
Capital and reserves
Called up share capital 100 100
Profit and loss account (27,458) (28,710)
Shareholders' funds (27,358) (28,610)
The director is 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 director acknowledges his 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.
Mr M Ayub
Director
Approved by the board on 12 February 2018
AA & Autos Ltd
Notes to the Accounts
for the year ended 31 October 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:
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 10 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.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2016 65,000
At 31 October 2017 65,000
Amortisation
At 1 November 2016 22,750
Provided during the year 3,250
At 31 October 2017 26,000
Net book value
At 31 October 2017 39,000
At 31 October 2016 42,250
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2016 21,974
Additions 3,896
At 31 October 2017 25,870
Depreciation
At 1 November 2016 13,525
Charge for the year 2,587
At 31 October 2017 16,112
Net book value
At 31 October 2017 9,758
At 31 October 2016 8,449
4 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 1 -
Taxation and social security costs (3,379) 1,025
Other creditors 85,080 84,715
81,702 85,740
5 Other information
AA & Autos Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2 Saville Bridge Mills
Mill Street East
Dewsbury
WF12 9AG
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