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Registration number: 07018433

Quality Motor Company

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2014
 

Sujatha Renganathan -AIMS Accountants for Business
Chartered Certified Accountant
167 Kenmore Avenue
HA3 8PB

 

Quality Motor Company
Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5 to 6

Notes to the Financial Statements

7 to 10

 

Quality Motor Company
Company Information

Director

Mr Mohammed Shahid Malik

Registered office

108 Apple Tree Avenue
UB8 3PU

Accountants

Sujatha Renganathan -AIMS Accountants for Business
Chartered Certified Accountant
167 Kenmore Avenue
HA3 8PB

 

Quality Motor Company
Director's Report for the Year Ended 30 September 2014

The director presents his report and the unaudited financial statements for the year ended 30 September 2014.

Director of the company

The director who held office during the year was as follows:

Mr Mohammed Shahid Malik

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 24 June 2015 and signed on its behalf by:

.........................................
Mr Mohammed Shahid Malik
Director

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Quality Motor Company
for the Year Ended 30 September 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Quality Motor Company for the year ended 30 September 2014 set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Quality Motor Company, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Quality Motor Company and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quality Motor Company and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Quality Motor Company has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Quality Motor Company. You consider that Quality Motor Company is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Quality Motor Company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Sujatha Renganathan -AIMS Accountants for Business
Chartered Certified Accountant
167 Kenmore Avenue
HA3 8PB

24 June 2015

 

Quality Motor Company
Profit and Loss Account for the Year Ended 30 September 2014

   

Note

   

2014
£

   

2013
£

 

Turnover

 

   

714,744

   

867,656

 

Cost of sales

 

   

(635,253)

   

(810,833)

 

Gross profit

 

   

79,491

   

56,823

 

Administrative expenses

 

   

(57,246)

   

(54,596)

 

Operating profit

 

2

   

22,245

   

2,227

 

Interest payable and similar charges

 

   

-

   

(140)

 

Profit on ordinary activities before taxation

 

   

22,245

   

2,087

 

Profit for the financial year

 

10

   

22,245

   

2,087

 

The notes on pages 7 to 10 form an integral part of these financial statements.
Page 4

 

Quality Motor Company
(Registration number: 07018433)
Balance Sheet at 30 September 2014

   

Note

   

2014
£

   

2013
£

 

Fixed assets

 

             

Intangible fixed assets

 

4

   

28,125

   

30,000

 

Tangible fixed assets

 

5

   

-

   

1,658

 
   

   

28,125

   

31,658

 

Current assets

 

             

Stocks

 

   

182,982

   

174,445

 

Debtors

 

6

   

-

   

23,017

 

Cash at bank and in hand

 

   

-

   

14,214

 
   

   

182,982

   

211,676

 

Creditors: Amounts falling due within one year

 

7

   

(204,845)

   

(179,317)

 

Net current (liabilities)/assets

 

   

(21,863)

   

32,359

 

Total assets less current liabilities

 

   

6,262

   

64,017

 

Creditors: Amounts falling due after more than one year

 

8

   

-

   

(80,000)

 

Net assets/(liabilities)

 

   

6,262

   

(15,983)

 

Capital and reserves

 

             

Called up share capital

 

9

   

1,000

   

1,000

 

Profit and loss account

 

10

   

5,262

   

(16,983)

 

Shareholders' funds/(deficit)

 

   

6,262

   

(15,983)

 

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

For the year ending 30 September 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised for issue by the director on 24 June 2015

The notes on pages 7 to 10 form an integral part of these financial statements.
Page 5

 

Quality Motor Company
(Registration number: 07018433)
Balance Sheet at 30 September 2014
......... continued

.........................................
Mr Mohammed Shahid Malik
Director

The notes on pages 7 to 10 form an integral part of these financial statements.
Page 6

 

Quality Motor Company
Notes to the Financial Statements for the Year Ended 30 September 2014
......... continued

1

Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Amortisation method and rate

Goodwill

written off in equal instalments over five years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Office equipment

20%

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

Quality Motor Company
Notes to the Financial Statements for the Year Ended 30 September 2014
......... continued

2

Operating profit

Operating profit is stated after charging:

 

2014
£

   

2013
£

 

 

   

 

Depreciation of tangible fixed assets

 

1,658

   

-

 

Amortisation

 

1,875

   

-

 

3

Director's remuneration

The director's remuneration for the year was as follows:

 

2014
£

   

2013
£

 

 

   

 

Remuneration

 

14,634

   

12,304

 

4

Intangible fixed assets

   

Goodwill
£

   

Total
£

 

Cost

           

At 1 October 2013

 

37,500

   

37,500

 

At 30 September 2014

 

37,500

   

37,500

 

Amortisation

           

At 1 October 2013

 

7,500

   

7,500

 

Charge for the year

 

1,875

   

1,875

 

At 30 September 2014

 

9,375

   

9,375

 

Net book value

           

At 30 September 2014

 

28,125

   

28,125

 

At 30 September 2013

 

30,000

   

30,000

 
 

Quality Motor Company
Notes to the Financial Statements for the Year Ended 30 September 2014
......... continued

5

Tangible fixed assets

   

Office equipment
£

   

Total
£

 

Cost or valuation

           

At 1 October 2013

 

8,180

   

8,180

 

Depreciation

           

At 1 October 2013

 

6,522

   

6,522

 

Charge for the year

 

1,658

   

1,658

 

At 30 September 2014

 

8,180

   

8,180

 

Net book value

           

At 30 September 2014

 

-

   

-

 

At 30 September 2013

 

1,658

   

1,658

 

6

Debtors

   

2014
£

   

2013
£

 
             

Other debtors

 

-

   

23,017

 

7

Creditors: Amounts falling due within one year

   

2014
£

   

2013
£

 
             

Trade creditors

 

-

   

118,830

 

Bank loans and overdrafts

 

100

   

15,310

 

Other taxes and social security

 

2,273

   

-

 

Other creditors

 

202,472

   

45,177

 
   

204,845

   

179,317

 

8

Creditors: Amounts falling due after more than one year

   

2014
£

   

2013
£

 
             

Trade creditors

 

-

   

80,000

 
 

Quality Motor Company
Notes to the Financial Statements for the Year Ended 30 September 2014
......... continued

9

Share capital

Allotted, called up and fully paid shares

 

2014

2013

   

No.

   

£

   

No.

   

£

 

Ordinary shares of £1 each

 

1,000

   

1,000

   

1,000

   

1,000

 
                         

10

Reserves

   

Profit and loss account
£

   

Total
£

 
             

At 1 October 2013

 

(16,983)

   

(16,983)

 
             

Profit for the year

 

22,245

   

22,245

 

At 30 September 2014

 

5,262

   

5,262

 

11

Control

The company is controlled by the director who owns 100% of the called up share capital.