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Abridged Unaudited Financial Statements for the Year Ended 31 March 2018 |
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Mayo's Car & Commercial Limited |
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REGISTERED NUMBER:
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Abridged Unaudited Financial Statements for the Year Ended 31 March 2018 |
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for |
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Mayo's Car & Commercial Limited |
Mayo's Car & Commercial Limited (Registered number: 09500228) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2018 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Mayo's Car & Commercial Limited |
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Company Information |
for the Year Ended 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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First Floor |
Attwood House |
220 Marlpool Lane |
Kidderminster |
Worcestershire |
DY11 5DL |
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BANKERS: |
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PO Box 10102 |
21 Prescot Street |
London |
E1 8TN |
Mayo's Car & Commercial Limited (Registered number: 09500228) |
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Abridged Balance Sheet |
31 March 2018 |
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31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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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 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET LIABILITIES | ( |
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Mayo's Car & Commercial Limited (Registered number: 09500228) |
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Abridged Balance Sheet - continued |
31 March 2018 |
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31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 6 |
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Retained earnings | 7 | ( |
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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 |
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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
signed on its behalf by: |
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Mayo's Car & Commercial Limited (Registered number: 09500228) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2018 |
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1. | STATUTORY INFORMATION |
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Mayo's Car & Commercial Limited is a
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England and Wales. The company's registered number and registered office address can be |
found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
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Tangible fixed assets |
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Plant and equipment | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Office equipment | - |
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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. |
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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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Mayo's Car & Commercial Limited (Registered number: 09500228) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance |
sheet. 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 profit or loss on a straight line basis over |
the period of the lease. |
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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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Going concern |
These financial statements have been drawn up on a going concern basis. If the going concern |
basis were not appropriate, adjustments would have to be made to reduce assets to |
recoverable amounts to provide for any further liabilities that might arise and to re-classify fixed |
assets as current assets and long term liabilities as current liabilities. |
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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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Mayo's Car & Commercial Limited (Registered number: 09500228) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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Fixed assets, included in the above, which are held under hire purchase contracts and finance |
leases are as follows: |
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Totals |
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COST |
At 1 April 2017 | 112,500 |
Additions | 12,500 |
At 31 March 2018 | 125,000 |
DEPRECIATION |
At 1 April 2017 | 30,625 |
Charge for year | 20,469 |
At 31 March 2018 | 51,094 |
NET BOOK VALUE |
At 31 March 2018 | 73,906 |
At 31 March 2017 | 81,875 |
Mayo's Car & Commercial Limited (Registered number: 09500228) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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5. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.18 | 31.3.17 |
£ | £ |
Hire purchase contracts and finance leases | 119,264 | 88,483 |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.18 | 31.3.17 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
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7. | RESERVES |
Retained |
earnings |
£ |
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At 1 April 2017 | ( |
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Profit for the year |
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At 31 March 2018 | ( |
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8. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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