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Unaudited Financial Statements for the Year Ended 31 July 2017 |
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Autostore Europe Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 July 2017 |
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for |
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Autostore Europe Ltd |
Autostore Europe Ltd (Registered number: 08155139) |
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Contents of the Financial Statements |
for the Year Ended 31 July 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Autostore Europe Ltd |
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Company Information |
for the Year Ended 31 July 2017 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Lake House |
Market Hill |
Royston |
Hertfordshire |
SG8 9JN |
Autostore Europe Ltd (Registered number: 08155139) |
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Balance Sheet |
31 July 2017 |
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31.7.17 | 31.7.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS/(LIABILITIES) |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
Autostore Europe Ltd (Registered number: 08155139) |
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Balance Sheet - continued |
31 July 2017 |
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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 director on
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Autostore Europe Ltd (Registered number: 08155139) |
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Notes to the Financial Statements |
for the Year Ended 31 July 2017 |
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1. | STATUTORY INFORMATION |
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Autostore Europe Ltd is a
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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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These financial statements for the year ended 31 July 2017 are the first financial statements of Autostore Europe |
Ltd prepared in accordance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK |
and Republic of Ireland. The date of transition to FRS 102 Section 1A was 1 August 2016. The reported |
financial position and financial performance for the previous period are not affected by the transition to FRS 102 |
Section 1A. |
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Turnover |
Turnover represents amounts invoiced to customers excluding value added tax in respect of storage costs and |
commission received on the resale of vehicles. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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No charge has been made for depreciation on freehold property. This is due to to the residual value of property |
being considered to be not less than the current net book value having regard for the improvement works that |
have occurred and that are continuing for the forthcoming years. |
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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. |
Autostore Europe Ltd (Registered number: 08155139) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of |
its financial instruments. |
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Financial instruments are recognised in the company's statement of financial position when the company |
becomes party to the contractual provisions of the instrument. |
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Basic financial assets |
Basic financial assets, which include debtors, are initially measured at transaction price including transaction |
costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement |
constitutes a financing transaction, where the transaction is measured at the present value of the future receipts |
discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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Basic financial liabilities |
Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at |
transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is |
measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities |
classified as payable within one year are not amortised. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest method. |
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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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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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Government grants |
Government grants are recognised in the financial statements using the accruals model. Grants that are received |
in respect of expenses or losses already incurred by the entity are recognised in profit and loss in the period when |
the grant becomes receivable. |
Autostore Europe Ltd (Registered number: 08155139) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
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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 |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 August 2016 |
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Additions |
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At 31 July 2017 |
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DEPRECIATION |
At 1 August 2016 |
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Charge for year |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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At 31 July 2016 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2016 |
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Additions |
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At 31 July 2017 |
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DEPRECIATION |
At 1 August 2016 |
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Charge for year |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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At 31 July 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.17 | 31.7.16 |
£ | £ |
Trade debtors |
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Other debtors |
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Autostore Europe Ltd (Registered number: 08155139) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.17 | 31.7.16 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.7.17 | 31.7.16 |
£ | £ |
Bank loans |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Schroders loan | 2,151,414 | 2,151,414 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.7.17 | 31.7.16 |
£ | £ |
Bank overdraft |
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Bank loans |
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Schroders Loan |
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Barclays Bank Plc holds both a fixed and floating charge over all the property of the company, by way of a |
debenture dated 29/06/2016. |
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The company has a long-term loan with Schroder & Co Bank AG, Switzerland. Foreign exchange gains and |
losses on the loan are not recognised through the profit and loss account. The loan and any movements as a result |
of foreign exchange differences are fully secured against personal guarantees and are therefore not recognised as |
a liability of the company. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.17 | 31.7.16 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |