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REGISTERED NUMBER:
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WT AUTOS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 31 JANUARY 2017 TO 31 MARCH 2018 |
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REGISTERED NUMBER:
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WT AUTOS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 31 JANUARY 2017 TO 31 MARCH 2018 |
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WT AUTOS LIMITED (REGISTERED NUMBER: 08357299) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 31 JANUARY 2017 TO 31 MARCH 2018 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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WT AUTOS LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 31 JANUARY 2017 TO 31 MARCH 2018 |
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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 |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
WT AUTOS LIMITED (REGISTERED NUMBER: 08357299) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2018 |
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2018 | 2017 |
as restated |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Inventories |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT LIABILITIES | ( |
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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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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | 10 | ( |
) | 62,711 |
( |
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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. |
WT AUTOS LIMITED (REGISTERED NUMBER: 08357299) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2018 |
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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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WT AUTOS LIMITED (REGISTERED NUMBER: 08357299) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 31 JANUARY 2017 TO 31 MARCH 2018 |
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1. | STATUTORY INFORMATION |
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WT Autos Limited is a private company, limited by shares, registered in England and Wales. The company's |
registered number is 08357299 and the registered office address is 641-651 Liverpool Road, Irlam, Manchester, |
M44 5XD. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company entered a Company Voluntary Arrangement with HM Revenue and Customs on 21 March 2018. |
The company has subsequently adhered fully to the terms of this arrangement. At 31 March 2018 the company |
had net liabilities of £193,604 (2017 as restated: net assets £62,811), taking account of all adjustments made to |
the prior period financial statements, as described in Note 4. The directors believe that the company has |
generated a profit post period end and continues to meet it's obligations as they fall due. As such, the directors |
believe that it is appropriate to prepare the accounts on a going concern basis, and no adjustments have been |
made should this ultimately not prove to be the case. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make estimates and |
judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ |
from these estimates. |
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The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which |
the estimate is revised. |
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The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying |
amount of assets and liabilities are outlined below. |
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Estimating the useful economic life of an asset and the anticipated residual value are considered key judgement |
in calculating an appropriate depreciation charge. |
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In categorising leases as finance or operating leases, the directors make judgements as to whether significant |
risks and rewards of ownership have transferred to the company as lessee. |
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Revenue |
Revenue comprises the aggregate of the fair value of the sale of goods provided, net of value-added tax, rebates |
and discounts. |
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Revenue is recognised on the sale of goods when the company has delivered products to the customer, the |
customer has accepted the products and collectability of the related receivables is fairly stated. |
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Property, plant and equipment |
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Plant and machinery etc | - |
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The residual values, estimated useful lives and depreciation method of property, plant and equipment are |
reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision |
are recognised in the income statement when the change arises. |
WT AUTOS LIMITED (REGISTERED NUMBER: 08357299) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2017 TO 31 MARCH 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Inventories |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow-moving items. |
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The cost comprises of actual purchase price. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties and loans to related parties. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised |
in the income statement. |
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Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, |
being the transaction price less any amounts settled. |
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Taxation |
Taxation for the period 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 statement of financial position 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 |
statement of financial position 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 period 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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial |
position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held |
under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the income statement on a straight-line basis over the period |
of the lease. |
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Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid |
investments with original maturities of three months or less. |
WT AUTOS LIMITED (REGISTERED NUMBER: 08357299) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2017 TO 31 MARCH 2018 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
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COST |
At 31 January 2017 |
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Additions |
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At 31 March 2018 |
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DEPRECIATION |
At 31 January 2017 |
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Charge for period |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 30 January 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
as restated |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
as restated |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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WT AUTOS LIMITED (REGISTERED NUMBER: 08357299) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2017 TO 31 MARCH 2018 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
as restated |
£ | £ |
Hire purchase contracts (see note 8) |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2018 | 2017 |
as restated |
£ | £ |
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 |
as restated |
£ | £ |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
as restated |
£ | £ |
Hire purchase | 262,877 | 222,758 |
Invoice discounting | 395,040 | 345,252 |
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Hire purchase contracts are secured over the assets to which they relate. |
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The invoice discounting creditor is secured over the related trade debtors. |
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There is a fixed and floating charge over all of the assets of the company by way of a debenture in favour of |
Bibby Financial Services Ltd. |
WT AUTOS LIMITED (REGISTERED NUMBER: 08357299) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2017 TO 31 MARCH 2018 |
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10. | RESERVES |
Retained |
earnings |
£ |
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At 31 January 2017 |
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Prior year adjustment | ( |
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Deficit for the period | ( |
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At 31 March 2018 | ( |
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