Company Registration No. 01454802 (England and Wales)
MIKE SAUNDERS MOTORS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2016
MIKE SAUNDERS MOTORS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
MIKE SAUNDERS MOTORS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2016
31 October 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
38,465
38,269
Current assets
Stocks
10,303
1,850
Cash at bank and in hand
100
100
10,403
1,950
Creditors: amounts falling due within one year
(46,864)
(48,113)
Net current liabilities
(36,461)
(46,163)
Total assets less current liabilities
2,004
(7,894)
Creditors: amounts falling due after more than one year
(43,786)
(53,607)
(41,782)
(61,501)
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
(41,882)
(61,601)
Shareholders' funds
(41,782)
(61,501)
For the financial year ended 31 October 2016 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 21 July 2017
Mr M M Saunders
Director
Company Registration No. 01454802
MIKE SAUNDERS MOTORS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The financial statements have been prepared on the going concern basis, which assumes that the company will continue to trade for the foreseeable future, despite the existence of net liabilities at the balance sheet date. The validity of the going concern basis is dependent upon the continued support of the directors. The directors are of the opinion that such support will continue but inherently there can be no certainty in this matter.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
Not provided
Plant and machinery
25% Straight line
Fixtures, fittings & equipment
15% on cost
1.5
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
MIKE SAUNDERS MOTORS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 November 2015
55,529
Additions
214
At 31 October 2016
55,743
Depreciation
At 1 November 2015
17,260
Charge for the year
18
At 31 October 2016
17,278
Net book value
At 31 October 2016
38,465
At 31 October 2015
38,269
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100