Old Town Car Wash Ltd
Registered number: 08584295
Balance Sheet
as at 30 June 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 1,283 1,510
Current assets
Stocks 338 377
Cash at bank and in hand 1,051 719
1,389 1,096
Creditors: amounts falling due within one year 3 (5,328) (5,952)
Net current liabilities (3,939) (4,856)
Net liabilities (2,656) (3,346)
Capital and reserves
Called up share capital 100 100
Profit and loss account (2,756) (3,446)
Shareholder's funds (2,656) (3,346)
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 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
Approved by the board on 15 August 2017
Old Town Car Wash Ltd
Notes to the Accounts
for the year ended 30 June 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.
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 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.
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 (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 recog
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Plant and machinery etc
At 1 July 2016 2,460
At 30 June 2017 2,460
At 1 July 2016 950
Charge for the year 227
At 30 June 2017 1,177
Net book value
At 30 June 2017 1,283
At 30 June 2016 1,510
3 Creditors: amounts falling due within one year 2017 2016
£ £
Corporation tax 558 718
Other taxes and social security costs 4,530 5,234
Other creditors 240 -
5,328 5,952
4 Other financial commitments 2017 2016
£ £
Total future minimum payments under non-cancellable operating leases 15,000 15,000
5 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
E17 5DX
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