back to HUMBERSIDE VEHICLE MAINTENANCE LIMITED detail Humberside Vehicle Maintenance Limited - Filleted accounts
Humberside Vehicle Maintenance Limited
Registered number: 01250686
Balance Sheet
as at 28 February 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 254,047 316,493
Current assets
Stocks 11,160 11,395
Debtors 4 101,346 99,053
Cash in hand 114 128
112,620 110,576
Creditors: amounts falling due within one year 5 (205,643) (205,402)
Net current liabilities (93,023) (94,826)
Total assets less current liabilities 161,024 221,667
Creditors: amounts falling due after more than one year 6 (6,344) (23,845)
Net assets 154,680 197,822
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 153,680 196,822
Shareholders' funds 154,680 197,822
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 and delivered 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.
Mrs S Smith
Director
Approved by the board on 21 November 2017
Humberside Vehicle Maintenance Limited
Notes to the Accounts
for the year ended 28 February 2017
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 (as applied to small entities by section 1A of the standard).
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 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.
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 2017 2016
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2016 173,392 83,061 445,898 702,351
Additions - 998 72,242 73,240
Disposals - - (88,562) (88,562)
At 28 February 2017 173,392 84,059 429,578 687,029
Depreciation
At 1 March 2016 113,564 74,578 197,716 385,858
Charge for the year 1,770 3,329 98,205 103,304
On disposals - - (56,180) (56,180)
At 28 February 2017 115,334 77,907 239,741 432,982
Net book value
At 28 February 2017 58,058 6,152 189,837 254,047
At 29 February 2016 59,828 8,483 248,182 316,493
4 Debtors 2017 2016
£ £
Trade debtors 86,115 89,126
Prepayments 15,231 9,927
101,346 99,053
5 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 91,506 88,213
Obligations under finance lease and hire purchase contracts 34,141 39,008
Trade creditors 50,588 59,220
VAT 8,458 13,187
Accrued expenses 3,250 3,500
Other taxes and social security costs 2,200 2,274
Other creditors 15,500 -
205,643 205,402
6 Creditors: amounts falling due after one year 2017 2016
£ £
Obligations under finance lease and hire purchase contracts 6,344 23,845
7 Capital commitments 2017 2016
£ £
Amounts contracted for but not provided in the accounts 35,200 -
8 Controlling party
The company was controlled throughout the current and previous period by one of its directors, S
Smith and J N Smith (her husband), by virtue of their combined interest in 55% of the ordinary share capital.
9 Other information
Humberside Vehicle Maintenance Limited is a private company limited by shares and incorporated in England. Its registered office is:
61-65 Lister Street
Hull
East Yorkshire
HU1 2RZ
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