CAR SALES (ROCESTER) LIMITED |
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Report to the director on the preparation of the unaudited abbreviated accounts of CAR SALES (ROCESTER) LIMITED for the year ended 31 December 2015 |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of CAR SALES (ROCESTER) LIMITED (the company) for the year ended 31 December 2015 which comprise the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us. |
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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 on their official website at rulebook.accaglobal.com. |
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This report is made solely to the Board of Directors of the company, (as a body). Our work has been undertaken solely to prepare for your approval the accounts of the company and state those matters that we have agreed to state to the Board of Directors of the company, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors for our work or for this report. |
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It is your duty to ensure that the 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 the company. You consider that the company is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the accounts of the 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 abbreviated accounts. |
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G.E Shenton & Co. |
Chartered Certified Accountants |
St. Pauls House |
North Street |
Newcastle under Lyme |
Staffordshire |
ST5 1AZ |
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14 July 2016 |
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Registered number: |
01143775
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CAR SALES (ROCESTER) LIMITED
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Abbreviated Balance Sheet |
As at 31 December 2015
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Notes |
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2015 |
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2014 |
£ |
£ |
FIXED ASSETS |
Tangible assets |
2 |
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4,567 |
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5,294 |
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CURRENT ASSETS |
Stocks |
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14,359 |
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17,100 |
Debtors |
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21,168 |
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27,042 |
Cash at bank and in hand |
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137,120 |
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105,892 |
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172,647 |
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150,034 |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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(58,369) |
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(53,674) |
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NET CURRENT ASSETS |
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114,278 |
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96,360 |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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118,845 |
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101,654 |
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PROVISIONS FOR LIABILITIES |
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(792) |
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(911) |
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NET ASSETS |
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118,053 |
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100,743 |
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CAPITAL AND RESERVES |
Called up share capital |
3 |
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20,102 |
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20,102 |
Profit and loss account |
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97,951 |
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80,641 |
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SHAREHOLDERS' FUNDS |
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118,053 |
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100,743 |
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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.
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Members have not required the company to obtain an audit in accordance with section 476 of the Act.
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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.
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The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
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D.G. MELLOR |
Director |
Approved by the board on 11 July 2016
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CAR SALES (ROCESTER) LIMITED
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Notes to the Abbreviated Accounts |
For the year ended 31 December 2015
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1 |
ACCOUNTING POLICIES |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention. The accounts are due to receive approval and be ratified by the company's shareholders in general meeting, until which time the shareholders have the power to amend the financial statements.
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Turnover |
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Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
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Depreciation |
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Depreciation is provided for on all tangible fixed assets on a reducing balance basis calculated to write off the cost, less estimated residual value, of each asset over its expected useful economic life: |
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Plant and machinery |
25% |
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Fixtures, fittings, tools and equipment |
25%
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A full year's depreciation is charged in the year of acquisition. No depreciation is charged in the year of disposal. |
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Stocks |
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Stocks are stated at the directors' valuation on the following bases: |
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New spares |
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at cost |
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Used spares |
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at estimated realisable residual values |
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Used vehicles |
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at cost |
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Petrol, oil, diesel fuel and paraffin |
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at cost |
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Deferred taxation |
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Provision for deferred taxation arising as a consequence of timing differences between depreciation charged in the accounts and capital allowances claimed to date is computed under the liability method. The company has not adopted a policy of discounting deferred tax assets and liabilities. There is no deferred taxation liability. |
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Hire purchase and lease purchase contracts and finance leases |
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Assets acquired under hire purchase and lease purchase contracts are capitalised and depreciated over their estimated useful economic lives. Assets held under financial leases are capitalised and depreciated over the shorter of their lease terms and their expected useful economic lives. |
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Operating leases and rental contracts |
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Rentals under operating contracts for the use of plant and equipment are charged to revenue when incurred. |
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Pensions |
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The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
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Cash flow statement |
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The company is exempt from the requirement of Financial Reporting Standard No. 1 to produce a cash-flow statement as it is entitled to the exemptions available in the legislation for small companies when filing accounts with the Registrar of Companies. |
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2 |
TANGIBLE FIXED ASSETS |
£ |
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Cost |
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At 1 January 2015 |
55,558 |
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Additions |
795 |
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At 31 December 2015 |
56,353 |
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Depreciation |
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At 1 January 2015 |
50,264 |
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Charge for the year |
1,522 |
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At 31 December 2015 |
51,786 |
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Net book value |
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At 31 December 2015 |
4,567 |
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At 31 December 2014 |
5,294 |
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3 |
SHARE CAPITAL |
Nominal |
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2015 |
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2015 |
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2014 |
value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
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Ordinary shares
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£1 each |
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20,102 |
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20,102 |
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20,102 |
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