The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

A & M Motors (Norfolk) Limited
trading as A & M Motors

Registration number: 06727556

Balance Sheet as at 31 March 2018 (continued)

For the financial year ending 31 March 2018 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.

Approved and authorised by the director on 27 September 2018
 

A Wallace

Company secretary and director

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

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

The address of its registered office is:
Unit 14, Shepherds Business Park
Norwich Road, Lenwade
Norwich
Norfolk
NR19 5SG

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 3

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2	Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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
Plant and machinery	25% Reducing balance
Motor Vehicles	25% Reducing balance
Leasehold improvements	Straight line over the term of the lease

Page 4

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2	Accounting policies (continued)

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2017 - 3).

Page 5

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2017	36,000	36,000
At 31 March 2018	36,000	36,000
Amortisation
At 1 April 2017	15,345	15,345
Amortisation charge	2,295	2,295
At 31 March 2018	17,640	17,640
Carrying amount
At 31 March 2018	18,360	18,360
At 31 March 2017	20,655	20,655

Page 6

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

5	Tangible assets

	Land and buildings £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2017	2,012	14,250	35,591	51,853
Additions	-	20,167	2,815	22,982
At 31 March 2018	2,012	34,417	38,406	74,835
Depreciation
At 1 April 2017	2,012	8,008	27,984	38,004
Charge for the year	-	6,602	3,380	9,982
At 31 March 2018	2,012	14,610	31,364	47,986
Carrying amount
At 31 March 2018	-	19,807	7,042	26,849
At 31 March 2017	-	6,242	7,607	13,849

Included within the net book value of land and buildings above is £Nil (2017 - £Nil) in respect of short leasehold land and buildings.
 

6

Stocks

	2018 £	2017 £
Other inventories	2,335	2,290

Page 7

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

7

Debtors

	2018 £	2017 £
Trade debtors	17,777	5,330
Other debtors	469	176
Total current trade and other debtors	18,246	5,506

8

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Trade creditors		16,486	7,925
Directors loan account		86,694	72,656
Taxation and social security		7,850	9,163
Other creditors		12,877	14,115
		123,907	103,859