REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2020 |
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BRAVO MOTORCARS LTD |
REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2020 |
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FOR |
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BRAVO MOTORCARS LTD |
BRAVO MOTORCARS LTD (REGISTERED NUMBER: 10562418) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Income Statement | 3 |
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Other Comprehensive Income | 4 |
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Balance Sheet | 5 |
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Statement of Changes in Equity | 7 |
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Notes to the Financial Statements | 8 |
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BRAVO MOTORCARS LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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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 |
24 Bedford Row |
London |
WC1R 4TQ |
BRAVO MOTORCARS LTD (REGISTERED NUMBER: 10562418) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 January 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a second hand car dealer. |
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REVIEW OF BUSINESS |
The results for the period and the financial position of the company is as shown in the annexed financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2019 to the date of this report. |
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TAXATION |
The company is a close company within the provisions of the Corporation Taxes Act 2010. |
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RELATED PARTY |
None of the directors had a material interest at anytime during the year in any contracts of significance in relation to the business of the company. |
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FIXED ASSETS |
The changes in fixed assets are given in note 7 to the financial statements. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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BRAVO MOTORCARS LTD (REGISTERED NUMBER: 10562418) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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2020 | 2019 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales | ( |
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GROSS PROFIT |
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Administrative expenses | ( |
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(115,182 | ) | 47,670 |
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Other operating income |
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OPERATING (LOSS)/PROFIT | 4 | ( |
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Interest payable and similar expenses | 5 | ( |
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(LOSS)/PROFIT BEFORE TAXATION | ( |
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Tax on (loss)/profit | 6 | ( |
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(LOSS)/PROFIT FOR THE FINANCIAL
YEAR |
( |
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BRAVO MOTORCARS LTD (REGISTERED NUMBER: 10562418) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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2020 | 2019 |
Notes | £ | £ |
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(LOSS)/PROFIT FOR THE YEAR | ( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
( |
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BRAVO MOTORCARS LTD (REGISTERED NUMBER: 10562418) |
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BALANCE SHEET |
31 JANUARY 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
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CURRENT ASSETS |
Stocks | 8 |
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Debtors | 9 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 10 | ( |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 12 | ( |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital | 13 |
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Retained earnings | 14 | ( |
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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 |
(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. |
BRAVO MOTORCARS LTD (REGISTERED NUMBER: 10562418) |
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BALANCE SHEET - continued |
31 JANUARY 2020 |
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The financial statements were approved by the Board of Directors and authorised for issue on
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BRAVO MOTORCARS LTD (REGISTERED NUMBER: 10562418) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 February 2018 |
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( |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 January 2019 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 January 2020 |
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( |
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BRAVO MOTORCARS LTD (REGISTERED NUMBER: 10562418) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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1. | STATUTORY INFORMATION |
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Bravo Motorcars Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures, fittings & equipment | - |
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Computer equipment | - |
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Stocks |
Stock are valued at the lower cost and net realisable value. |
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Stock represents the cost of motor vehicle purchased. |
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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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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. |
BRAVO MOTORCARS LTD (REGISTERED NUMBER: 10562418) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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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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2020 | 2019 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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4. | OPERATING (LOSS)/PROFIT |
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The operating loss (2019 - operating profit) is stated after charging: |
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2020 | 2019 |
£ | £ |
Depreciation - owned assets |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2020 | 2019 |
£ | £ |
Other interest |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
2020 | 2019 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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Tax on (loss)/profit |
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BRAVO MOTORCARS LTD (REGISTERED NUMBER: 10562418) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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6. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
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2020 | 2019 |
£ | £ |
(Loss)/profit before tax | ( |
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(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
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Effects of: |
Expenses not deductible for tax purposes |
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Capital allowances in excess of depreciation | ( |
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Utilisation of tax losses |
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Deferred tax | 1,382 | 291 |
Total tax charge | 1,382 | 8,567 |
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7. | TANGIBLE FIXED ASSETS |
Fixtures, |
Plant and | fittings | Computer |
machinery | & equipment | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2019 |
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Additions |
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At 31 January 2020 |
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DEPRECIATION |
At 1 February 2019 |
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Charge for year |
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At 31 January 2020 |
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NET BOOK VALUE |
At 31 January 2020 |
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At 31 January 2019 |
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8. | STOCKS |
2020 | 2019 |
£ | £ |
Finished goods |
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BRAVO MOTORCARS LTD (REGISTERED NUMBER: 10562418) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Rent deposit |
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Other debtors | 12,005 | - |
VAT |
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Prepayments |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other loans (see note 11) |
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Trade creditors |
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Payments in advance | - | 24,998 |
Amount due from related compan |
ies | 100,000 | - |
Corporation tax |
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Social security and other taxes |
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VAT | 13,884 | - |
Accrued expenses |
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11. | LOANS |
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An analysis of the maturity of loans is given below: |
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2020 | 2019 |
£ | £ |
Amounts falling due within one year or on demand: |
Shareholders' loan account |
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12. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | 1,741 | 359 |
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Deferred |
tax |
£ |
Balance at 1 February 2019 |
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Provided during year |
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Balance at 31 January 2020 |
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BRAVO MOTORCARS LTD (REGISTERED NUMBER: 10562418) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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13. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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14. | RESERVES |
Retained |
earnings |
£ |
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At 1 February 2019 |
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Deficit for the year | ( |
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At 31 January 2020 | ( |
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15. | GOING CONCERN |
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The accounts have been prepared on a going concern basis as the shareholder has agreed to support the company for at least the next twelve months from the date the Financial Statements were signed. |