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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
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MOTOR PLUS DERBY LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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MOTOR PLUS DERBY LIMITED |
MOTOR PLUS DERBY LIMITED (REGISTERED NUMBER: 03473314) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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MOTOR PLUS DERBY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditor |
10 Stadium Business Court |
Millennium Way |
Pride Park |
Derby |
DE24 8HP |
MOTOR PLUS DERBY LIMITED (REGISTERED NUMBER: 03473314) |
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BALANCE SHEET |
31 DECEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Share premium | 12 |
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Retained earnings | 12 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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MOTOR PLUS DERBY LIMITED (REGISTERED NUMBER: 03473314) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Motor Plus Derby Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts |
receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods |
have transferred to the buyer, usually on delivery/collection of the goods, the amount of revenue can be |
measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs |
incurred or to be incurred in respect of the transactions can be measured reliably. |
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TANGIBLE FIXED ASSETS |
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Leasehold improvements | - |
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Plant and machinery | - |
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Motor vehicles | - |
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PROVISIONS |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is |
probable that the entity will be required to transfer economic benefits in settlement and the amount of the |
obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position |
and the amount of the provision as an expense. |
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Provisions are initially measured at the best estimate of the amount required to settle the obligation at the |
reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best |
estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts |
previously recognised are recognised in profit or loss unless the provision was originally recognised as part of |
the cost of an asset. When a provision is measured at the present value of the amount expected to be required |
to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period |
it arises. |
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STOCKS |
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 costs of purchase, costs of conversion and other costs incurred in bringing |
the stock to its present location and condition. |
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OPERATING LEASES |
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate |
benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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MOTOR PLUS DERBY LIMITED (REGISTERED NUMBER: 03473314) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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DEFINED CONTRIBUTION PLANS |
Contributions to defined contribution plans are recognised as an expense in the period in which the related |
service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead |
to a reduction in future payments or a cash refund. |
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When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in |
which the employees render the related service, the liability is measured on a discounted present value basis. |
The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Leasehold | Plant and | Motor |
improvements | machinery | vehicles | Equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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5. | STOCKS |
2018 | 2017 |
£ | £ |
Vehicle stock and accessories |
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MOTOR PLUS DERBY LIMITED (REGISTERED NUMBER: 03473314) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Directors' current accounts |
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VAT |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note 9) |
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Trade creditors |
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Tax |
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PAYE and NIC |
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Other creditors |
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Accruals |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note 9) |
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Amounts owed under hire purchase agreements are secured against the assets to which they relate. |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2018 | 2017 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable |
operating leases |
2018 | 2017 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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10. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax |
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MOTOR PLUS DERBY LIMITED (REGISTERED NUMBER: 03473314) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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10. | PROVISIONS FOR LIABILITIES - continued |
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Deferred tax |
£ |
Balance at 1 January 2018 |
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Charge to Income Statement during year |
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Balance at 31 December 2018 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | 1 | 350,100 | 350,100 |
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12. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 January 2018 |
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95,513 |
Profit for the year |
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At 31 December 2018 |
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223,905 |
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13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 December 2018 and |
31 December 2017: |
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2018 | 2017 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The balances outstanding will be cleared within 9 months of the year end. |
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15. | RELATED PARTY TRANSACTIONS |
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The company was under the control of Mr B A Humphries throughout the current and previous year. Mr B A |
Humphries is the managing director and majority shareholder. |
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No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 |
Section 1A. |