Avon Car Sales Limited
Registered number: 04564550
Balance Sheet
as at 31 March 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 3 5,190 9,856
Current assets
Stocks 94,549 35,264
Debtors 4 2,373 13,925
96,922 49,189
Creditors: amounts falling due within one year 5 (164,520) (65,075)
Net current liabilities (67,598) (15,886)
Total assets less current liabilities (62,408) (6,030)
Creditors: amounts falling due after more than one year 6 - (3,667)
Net liabilities (62,408) (9,697)
Capital and reserves
Called up share capital 300 300
Profit and loss account (62,708) (9,997)
Shareholder's funds (62,408) (9,697)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Tim Matthews
Director
Approved by the board on 4 November 2016
Avon Car Sales Limited
Notes to the Accounts
for the year ended 31 March 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2016 2015
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2015 9,686 18,879 28,565
At 31 March 2016 9,686 18,879 28,565
Depreciation
At 1 April 2015 6,128 12,581 18,709
Charge for the year 890 3,776 4,666
At 31 March 2016 7,018 16,357 23,375
Net book value
At 31 March 2016 2,668 2,522 5,190
At 31 March 2015 3,558 6,298 9,856
4 Debtors 2016 2015
£ £
Trade debtors 2,373 10,107
Other debtors - 3,818
2,373 13,925
5 Creditors: amounts falling due within one year 2016 2015
£ £
Bank loans and overdrafts 15,612 13,348
Obligations under finance lease and hire purchase contracts 9,706 13,450
Trade creditors 5,488 4,675
Other taxes and social security costs 9,861 4,607
Other creditors 123,853 28,995
164,520 65,075
6 Creditors: amounts falling due after one year 2016 2015
£ £
Bank loans - 3,667
7 Controlling party
The company is under the control of the director, Tim Matthews, by virtue of his 100% shareholding.
8 Other information
Avon Car Sales Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3f, Langley Farm
Birmingham Road
Stratford Upon Avon
Warks
CV37 0RN
Avon Car Sales Limited 04564550 false 2015-04-01 2016-03-31 2016-03-31 VT Final Accounts November 2016, release 2 Tim Matthews No description of principal activity 04564550 2014-04-01 2015-03-31 04564550 core:WithinOneYear 2015-03-31 04564550 core:AfterOneYear 2015-03-31 04564550 core:ShareCapital 2015-03-31 04564550 core:RetainedEarningsAccumulatedLosses 2015-03-31 04564550 2015-04-01 2016-03-31 04564550 bus:PrivateLimitedCompanyLtd 2015-04-01 2016-03-31 04564550 bus:AuditExemptWithAccountantsReport 2015-04-01 2016-03-31 04564550 bus:Director40 2015-04-01 2016-03-31 04564550 1 2015-04-01 2016-03-31 04564550 2 2015-04-01 2016-03-31 04564550 core:PlantMachinery 2015-04-01 2016-03-31 04564550 core:Vehicles 2015-04-01 2016-03-31 04564550 countries:England 2015-04-01 2016-03-31 04564550 bus:FRS102 2015-04-01 2016-03-31 04564550 bus:FullAccounts 2015-04-01 2016-03-31 04564550 2016-03-31 04564550 core:WithinOneYear 2016-03-31 04564550 core:AfterOneYear 2016-03-31 04564550 core:ShareCapital 2016-03-31 04564550 core:RetainedEarningsAccumulatedLosses 2016-03-31 04564550 core:PlantMachinery 2016-03-31 04564550 core:Vehicles 2016-03-31 04564550 2015-03-31 04564550 core:PlantMachinery 2015-03-31 04564550 core:Vehicles 2015-03-31 iso4217:GBP xbrli:pure

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