| Registered Number:05262236 |
For the year ended 31 March 2017
England and Wales
Unaudited Financial Statements
For the year ended 31 March 2017
AC Automotive Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
AC Automotive Limited
Statement of Financial Position
2016
2017
| Property, plant and equipment |
15,570
20,363
2
15,570
20,363
34,971
34,982
| Trade and other receivables |
72,803
71,867
3
22,470
| Cash and cash equivalents |
34,560
141,409
130,244
| Trade and other payables: amounts falling due within one |
| year |
(71,109)
(72,015)
4
59,135
69,394
Net current assets
| Total assets less current liabilities |
84,964
79,498
| Trade and other payables: amounts falling due after more |
| than one year |
(4,066)
-
5
(1,989)
(2,566)
| Provisions for liabilities |
82,975
Net assets
72,866
5
5
82,970
72,861
82,975
72,866
Shareholders' funds
| For the year ended 31 March 2017 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006 |
| The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of |
| each financial year and of its profit or loss for each financial year in accordance with the requirements of Section |
| 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial |
| statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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For the year ended 31 March 2017
AC Automotive Limited
Statement of Financial Position Continued
| These financial statements were approved and authorised for issue by the Board on 25 July 2017 and were signed by: |
| The notes form part of these financial statements |
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For the year ended 31 March 2017
AC Automotive Limited
Notes to the Financial Statements
Statutory Information
| AC Automotive Limited is a private limited company, limited by shares, domiciled in England and Wales, registration |
| number 05262236. |
Unit 2
Llanthony Business Park
Llanthony Rd
Gloucester
GL2 5QT
| The presentation currency is £ sterling. |
Basis of preparing the financial statements
| These financial statements have been prepared in accordance with the provisions of Section 1A 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 costs convention as |
| modified by the revaluation of certain assets. |
Revenue recognition
| Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. |
Property, plant and equipment
| Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Leasehold improvements
Plant and machinery
Motor vehicles
| No depreciation is provided on the company''s freehold properties since in the opinion of the directors the expected |
| useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation |
| would be immaterial. The directors undertake an annual impairment review of these properties. |
Inventories
| Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
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. |
Hire purchase and leasing commitments
| Rentals payable under operating leases are charged against income on a straight line basis over the lease term. The finance element of the rental payment is charged to the profit and loss account on a method giving a constant rate of return on the balance outstanding. |
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For the year ended 31 March 2017
AC Automotive Limited
Notes to the Financial Statements Continued
| 2. Property, plant and equipment |
Motor vehicles
32,562
18,353
8,567
5,642
5,642
8,567
18,353
32,562
| Provision for depreciation and impairment |
12,199
7,055
4,345
799
Charge for year
4,793
3,567
662
564
16,992
10,622
5,007
1,363
4,279
3,560
7,731
15,570
4,843
4,222
11,298
20,363
| 3. Trade and other receivables |
2016
2017
57,998
57,059
13,869
15,744
72,803
71,867
| 4. Trade and other payables: amounts falling due within one year |
2016
2017
57,573
56,720
| Taxation and social security |
8,001
7,631
6,441
6,758
72,015
71,109
| 5. Trade and other payables: amounts falling due after more than one year |
2016
2017
-
4,066
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For the year ended 31 March 2017
AC Automotive Limited
Notes to the Financial Statements Continued
| 6. Related party transactions |
D Mather and J Lucarotti own one share each in the company.
| 7. Directors advances and guarantees |
| Included in other debtors are £13869 relating to director and participator loans. The loans are interest free and |
| repayable over an indeterminate period. |
| 8. Guarantees and other financial commitments |
The company has an annual commitment under a non cancellable operating leases of £11250 and £4382
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