Registered number
08584295
Old Town Car Wash Ltd
Filleted Accounts
30 June 2018
Old Town Car Wash Ltd
Registered number: 08584295
Balance Sheet
as at 30 June 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 2 1,091 1,283
Current assets
Stocks 371 338
Cash at bank and in hand 972 1,051
1,343 1,389
Creditors: amounts falling due within one year 3 (5,581) (5,328)
Net current liabilities (4,238) (3,939)
Net liabilities (3,147) (2,656)
Capital and reserves
Called up share capital 100 100
Profit and loss account (3,247) (2,756)
Shareholders' funds (3,147) (2,656)
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.
Fatmir Bruci
Director
Approved by the board on 9 October 2018
Old Town Car Wash Ltd
Notes to the Accounts
for the year ended 30 June 2018
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:
Plant and machinery 15% on written down value
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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2017 2,460
At 30 June 2018 2,460
Depreciation
At 1 July 2017 1,177
Charge for the year 192
At 30 June 2018 1,369
Net book value
At 30 June 2018 1,091
At 30 June 2017 1,283
3 Creditors: amounts falling due within one year 2018 2017
£ £
Trade creditors 345 -
Corporation tax 581 558
Other taxes and social security costs 4,655 4,530
Other creditors - 240
5,581 5,328
4 Other information
Old Town Car Wash Ltd is a private company limited by shares and incorporated in England. Its registered office is:
190 Billet Road
London
E17 5DX
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