|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements |
|
for the Year Ended 31 December 2017 |
|
for |
|
Accident Repair Centre (Scotland) |
Limited |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements |
|
for the Year Ended 31 December 2017 |
|
for |
|
Accident Repair Centre (Scotland) |
Limited |
Accident Repair Centre (Scotland) |
Limited (Registered number: SC366762) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Accident Repair Centre (Scotland) |
Limited |
|
Company Information |
for the Year Ended 31 December 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
73 Union Street |
Greenock |
Renfrewshire |
PA16 8BG |
Accident Repair Centre (Scotland) |
Limited (Registered number: SC366762) |
|
Balance Sheet |
31 December 2017 |
|
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 5 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
Accident Repair Centre (Scotland) |
Limited (Registered number: SC366762) |
|
Balance Sheet - continued |
31 December 2017 |
|
2017 | 2016 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
by: |
|
|
|
|
|
|
|
Accident Repair Centre (Scotland) |
Limited (Registered number: SC366762) |
|
Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
|
1. | STATUTORY INFORMATION |
|
Accident Repair Centre (Scotland) Limited is a
|
company's registered number and registered office address can be found on the Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of |
discounts and Value Added Tax. |
|
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have |
transferred to the buyer, usually on despatch of goods; the amount of revenue can be measured reliably; it is |
probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred |
in respect of the transactions can be measured reliably. |
|
Tangible fixed assets |
|
Plant and machinery | - |
|
Motor vehicles | - |
|
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if |
appropriate or if there is an indication of significant change since the last reporting date. |
|
Stocks |
Stocks are stated at the lower of cost and estimated selling price. Cost includes all costs of purchase and other |
costs incurred in bringing the stock to its present location and condition. |
|
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which |
the related revenue is recognised. The amounts of any write downs to stock to net realisable value and all |
losses of stocks are recognised as an expense in the period in which the write down or loss occurs. |
|
Accident Repair Centre (Scotland) |
Limited (Registered number: SC366762) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
2. | ACCOUNTING POLICIES - continued |
Taxation |
The tax expense for the year comprises current and deferred tax. |
|
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported |
in the statement of comprehensive income because of items of income or expense that are taxable or deductible |
in other years and items that are never taxable or deductible. The liability for current tax is calculated using tax |
rates and laws that have been enacted or substantively enacted by the end of the reporting period. |
|
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the |
financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax |
liabilities are recognised for all taxable timing differences. Deferred tax assets are recognised for all deductible |
temporary differences to the extent that it is probable that taxable profits will be available against which those |
deductible timing differences can be utilised. The carrying amount for deferred tax assets is reviewed at the end |
of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will |
be available to allow all or part of the asset to be recoverd. |
|
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which |
the liability is settled or asset realised, based on tax rates and tax laws that have been enacted or substantively |
enacted by the end of the reporting period. |
|
Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are |
recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is |
also recognised in other comprehensive income or directly in equity respectively. |
|
Hire purchase and leasing commitments |
Assets held under finance lease and hire purchase contracts are recognised in the statement of financial position |
as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease |
payments, which is determined at the inception of the lease term. Lease payments are apportioned between the |
finance charges and reduction of the outstanding lease liability using the effective interest method. Finance |
charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the |
liability. |
|
Operating lease payments are recognised as an expense on a straightline basis over the lease term, except where |
another systematic basis is more representative of the time pattern in which economic benefits from the leased |
asset are consumed. |
|
In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a |
liability. The aggregate benefit of incentives is recognised as a reduction of rental expenses on a straight line |
basis over the lease term, except where another systematic basis is more representative of the time pattern in |
which economic benefits from the leased asset are consumed. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension plan for its employees. A defined contribution plan is a |
pension plan under which the company pays fixed contributions into a separate entity. Once the contributions |
have been paid the company has no further payment obligations. The contributions are recognised as an |
expense when they are due. The assets of the plan are held separately from the company in independently |
administered funds. |
Accident Repair Centre (Scotland) |
Limited (Registered number: SC366762) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
2. | ACCOUNTING POLICIES - continued |
|
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term |
highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement |
of financial position bank overdrafts are shown within borrowings in current liabilities. |
|
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured |
initially at fair value and thereafter stated at amortised cost using the effective interest method, less any |
impairment. |
|
Creditors |
Basic financial instruments, including preference shares that are classified as debt, are measured at transaction |
price unless the arrangement constitutes a financing transaction, where the debt instrument is initially measured |
at fair value and subsequently at amortised cost using the effective interest method. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 31 December 2017 |
|
|
|
DEPRECIATION |
At 1 January 2017 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 31 December 2017 |
|
|
|
NET BOOK VALUE |
At 31 December 2017 |
|
|
|
At 31 December 2016 |
|
|
|
Accident Repair Centre (Scotland) |
Limited (Registered number: SC366762) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
4. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 January 2017 |
|
Additions |
|
Transfer to ownership | (86,650 | ) |
At 31 December 2017 |
|
DEPRECIATION |
At 1 January 2017 |
|
Charge for year |
|
Transfer to ownership | (40,117 | ) |
At 31 December 2017 |
|
NET BOOK VALUE |
At 31 December 2017 |
|
At 31 December 2016 |
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
Accident Repair Centre (Scotland) |
Limited (Registered number: SC366762) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
|
|