Company Registration No. 7381220 (England and Wales)
Banbury Motors Ltd
Unaudited accounts
for the year ended 31 December 2017
Banbury Motors Ltd
Unaudited accounts
Contents
Banbury Motors Ltd
Company Information
for the year ended 31 December 2017
Directors
Vishal Bhardwaj
Jiwan Bhardwaj
Company Number
7381220 (England and Wales)
Registered Office
Moreton House
31 High Street
Buckingham
MK18 1NU
Accountants
Anthistle Craven
Moreton House
31 High Street
Buckingham
Bucks
MK18 1NU
Banbury Motors Ltd
Statement of financial position
as at
31 December 2017
Tangible assets
6,076
58,645
Inventories
614,416
684,396
Cash at bank and in hand
45,822
87,035
Creditors: amounts falling due within one year
(590,628)
(703,112)
Net current assets
87,748
131,796
Total assets less current liabilities
93,824
190,441
Creditors: amounts falling due after more than one year
(8,798)
(35,802)
Provisions for liabilities
Deferred tax
(1,154)
(11,729)
Net assets
83,872
142,910
Called up share capital
2
2
Profit and loss account
83,870
142,908
Shareholders' funds
83,872
142,910
For the year ending 31 December 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 28 September 2018.
Jiwan Bhardwaj
Director
Company Registration No. 7381220
Banbury Motors Ltd
Notes to the Accounts
for the year ended 31 December 2017
Banbury Motors Ltd is a private company, limited by shares, registered in England and Wales, registration number 7381220. The registered office is Moreton House, 31 High Street, Buckingham, MK18 1NU. The principal place of business is Unit 4, Glebe Business Park Horley, Banbury, Oxfordshire, OX15 6BN, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Motor vehicles
20% reducing balance
Fixtures & fittings
20% reducing balance & 15% reducing balance
Computer equipment
25% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Banbury Motors Ltd
Notes to the Accounts
for the year ended 31 December 2017
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2017
2,350
72,796
7,317
1,728
84,191
Disposals
-
(72,796)
-
-
(72,796)
At 31 December 2017
2,350
-
7,317
2,132
11,799
At 1 January 2017
776
21,349
2,245
1,176
25,546
Charge for the year
520
-
767
239
1,526
On disposals
-
(21,349)
-
-
(21,349)
At 31 December 2017
1,296
-
3,012
1,415
5,723
At 31 December 2017
1,054
-
4,305
717
6,076
At 31 December 2016
1,574
51,447
5,072
552
58,645
Finished goods
614,416
684,396
Trade debtors
(1,100)
38,795
Accrued income and prepayments
19,238
21,672
Banbury Motors Ltd
Notes to the Accounts
for the year ended 31 December 2017
7
Creditors: amounts falling due within one year
2017
2016
Bank loans and overdrafts
307,342
368,440
Obligations under finance leases and hire purchase contracts
5,279
11,796
Trade creditors
142,173
127,154
Taxes and social security
26,924
4,561
Other creditors
6,945
37,156
Loans from directors
101,445
153,485
8
Creditors: amounts falling due after more than one year
2017
2016
Obligations under finance leases and hire purchase contracts
8,798
35,802
9
Transactions with related parties
An interest free loan from the director, J Bhardwaj, to the company subsisted as at 31 December 2017 amounting to £30,637. This amount is included within creditors. There are no set terms of repayment.
An interest free loan from the director, V Bhardwaj, to the company subsisted as at 31 December 2018 amounting to £70,808. This amount is included within creditors. There are no set terms of repayment.
10
Average number of employees
During the year the average number of employees was 5 (2016: 3).