Company Registration No. 08469153 (England and Wales)
COMPLETE COACHWORK
SOLUTIONS LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
COMPLETE COACHWORK SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
COMPLETE COACHWORK SOLUTIONS LIMITED
Company Registration No. 08469153
BALANCE SHEET
AS AT 31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,170
-
Current assets
Debtors
4
26,895
33,014
Cash at bank and in hand
28,281
17,467
55,176
50,481
Creditors: amounts falling due within one year
5
(17,984)
(19,783)
Net current assets
37,192
30,698
Total assets less current liabilities
56,362
30,698
Creditors: amounts falling due after more than one year
6
(18,521)
-
Net assets
37,841
30,698
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
37,741
30,598
Total equity
37,841
30,698
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
COMPLETE COACHWORK SOLUTIONS LIMITED
Company Registration No. 08469153
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 July 2018 and are signed on its behalf by:
C D Philpot
Director
COMPLETE COACHWORK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Complete Coachwork Solutions Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises revenue recognised by the company in respect of bodywork repair services supplied during the year, exclusive of Value Added Tax and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
3 year straight line
Office equipment
3 year straight line
Motor vehicles
3 year straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payabl
e.
COMPLETE COACHWORK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the year in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2
).
3
Tangible fixed assets
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2017
467
1,710
200
2,377
Additions
799
235
18,371
19,405
At 31 March 2018
1,266
1,945
18,571
21,782
Depreciation and impairment
At 1 April 2017
467
1,710
200
2,377
Depreciation charged in the year
178
57
-
235
At 31 March 2018
645
1,767
200
2,612
Carrying amount
At 31 March 2018
621
178
18,371
19,170
At 31 March 2017
-
-
-
-
COMPLETE COACHWORK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
20,725
27,905
Other debtors
6,170
5,109
26,895
33,014
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
3,948
2,856
Taxation and social security
7,522
14,099
Other creditors
6,514
2,828
17,984
19,783
Included in creditors due within one year are hire purchase
liabilities
amounting to £2,465
(2017 - £Nil)
which are secured on the assets they relate to.
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
18,521
-
Included in creditors due after more than one year are hire purchase
liabilities
amounting to £18,521
(2017 - £Nil)
which are secured on the assets they relate to.
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100