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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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MOTOR PLUS DERBY LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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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 2017 |
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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 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
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 2017 |
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2017 | 2016 |
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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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps 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 Sections 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. |
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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
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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 2017 |
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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 2017 |
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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 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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5. | STOCKS |
2017 | 2016 |
£ | £ |
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 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Directors' current accounts | 1,413 | 788 |
VAT |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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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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VAT | - | 15,867 |
Other creditors |
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Accruals | 5,184 | 2,986 |
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Included within other creditors are amounts of £3,333 (2016: £4,167) owed under hire purchase agreements, |
which are secured against the assets to which they relate. |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
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 |
2017 | 2016 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable |
operating leases |
2017 | 2016 |
£ | £ |
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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MOTOR PLUS DERBY LIMITED (REGISTERED NUMBER: 03473314) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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10. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 496 | 768 |
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Deferred |
tax |
£ |
Balance at 1 January 2017 |
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Credit to Income Statement during year | ( |
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Balance at 31 December 2017 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
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 2017 |
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23,132 |
Profit for the year |
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At 31 December 2017 |
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95,513 |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 December 2017 and |
31 December 2016: |
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2017 | 2016 |
£ | £ |
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Balance outstanding at start of year |
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( |
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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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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. |
MOTOR PLUS DERBY LIMITED (REGISTERED NUMBER: 03473314) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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14. | 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. |