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Registration number: 02705773

Milton Service Station Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

 

Milton Service Station Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Milton Service Station Limited

(Registration number: 02705773)
Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

536,450

540,832

Current assets

 

Stocks

5

34,959

43,009

Debtors

6

467,710

290,371

Cash at bank and in hand

 

298

-

 

502,967

333,380

Creditors: Amounts falling due within one year

7

(257,715)

(233,537)

Net current assets

 

245,252

99,843

Total assets less current liabilities

 

781,702

640,675

Creditors: Amounts falling due after more than one year

7

(219,114)

(58,438)

Net assets

 

562,588

582,237

Capital and reserves

 

Called up share capital

14,002

14,002

Revaluation reserve

347,198

347,198

Profit and loss account

201,388

221,037

Total equity

 

562,588

582,237

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Milton Service Station Limited

(Registration number: 02705773)
Balance Sheet as at 31 March 2017

Approved and authorised by the Board on 25 July 2017 and signed on its behalf by:
 

.........................................

Mr M J Prew

Director

 

Milton Service Station Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1

General information

The company is a private company limited by share capital incorporated in the United Kingdom.

The address of its registered office is:
30 St Giles'
Oxford
OX1 3LE

These financial statements were authorised for issue by the Board on 25 July 2017.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Nil

Plant and machinery

10% straight line

Fixtures, fittings and equipment

10% straight line

Motor vehicles

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Milton Service Station Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Milton Service Station Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation. Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2016 - 9).

 

Milton Service Station Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2016

530,904

2,467

15,943

89,723

639,037

Additions

-

840

2,500

-

3,340

Disposals

-

-

(2,500)

-

(2,500)

At 31 March 2017

530,904

3,307

15,943

89,723

639,877

Depreciation

At 1 April 2016

-

1,129

12,453

84,623

98,205

Charge for the year

-

331

3,490

1,401

5,222

At 31 March 2017

-

1,460

15,943

86,024

103,427

Carrying amount

At 31 March 2017

530,904

1,847

-

3,699

536,450

At 31 March 2016

530,904

1,338

3,490

5,100

540,832

Included within the net book value of land and buildings above is £530,904 (2016 - £530,904) in respect of freehold land and buildings.
 

 

Milton Service Station Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

5

Stocks

2017
£

2016
£

Inventories

34,959

43,009

6

Debtors

Note

2017
£

2016
£

Trade debtors

 

249,882

201,150

Amounts owed by group undertakings

10

120,557

76,983

Other debtors

 

97,271

12,238

Total current trade and other debtors

 

467,710

290,371

7

Creditors

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

8

98,303

98,223

Trade creditors

 

51,828

42,844

Amounts owed to group undertakings

10

82,443

55,466

Taxation and social security

 

18,132

27,762

Other creditors

 

1,979

4,005

Accruals and deferred income

 

5,030

5,237

 

257,715

233,537

Due after one year

 

Loans and borrowings

8

219,114

58,438

8

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Bank borrowings

219,114

58,438

 

Milton Service Station Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

2017
£

2016
£

Current loans and borrowings

Bank borrowings

58,412

20,483

Bank overdrafts

39,891

76,990

Finance lease liabilities

-

750

98,303

98,223

The bank loans are secured against the assets of the company.

9

Dividends

Final dividends paid

 

2017
£

2016
£

Final dividend of £3 (2016 - £0) per each Ordinary Share share

42,000

-

     

10

Related party transactions

Summary of transactions with other related parties

During the year the company made the following related party transactions:
M J Prew
 
(director)
 During the year M J Prew introducted funds of £133,422 (2016: £78,379) and withdrew funds of £105,445 (2016: £111,563). At the balance sheet date the amount due to M J Prew was £83,443 (2016: £55,466).
 Keates of Witney Limited
(M J Prew is a director and shareholder in both companies)
During the year Keates of Witney Ltd repaid £4,500 (2016: £12,274) and received £8,500 (2016: £14,078). At the balance sheet date the amount due from Keates of Witney Limited was £65,519 (2016: £61,519).
Cotswold Vehicle Recovery Limited
(M J Prew is a director and shareholder in both companies)
During the year Cotswold Vehicle Recovery Ltd repaid £38,438 (2016: £42,400) and received £78,011 (2016: £31,548). At the balance sheet date the amount due from Cotswold Vehicle Recovery Limited was £55,037 (2016: £15,464).
Prew and Godfrey Partnership
(M J Prew- director and shareholder)
During the year the company loaned £51,976 to Prew and Godfrey Partnership. At the balance sheet date the amount due from Prew and Godfrey Partnership was £51,976 (2016: £nil). This was repaid in full in July 2017.
 

 

Milton Service Station Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

11

Transition to FRS 102

The company has adopted FRS 102 for the first time in the year ended 31st March 2017.

There were no adjustments resulting from the transition to FRS 102 that impact upon the net profit for the year ended 31st March 2016. Total capital and reserves reported in these accounts as at 1st April 2015 And 31st March 2016 are as reported previously.