Company Registration No. 03976651 (England and Wales)
REGENCY CARS (COVENTRY) LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2016
REGENCY CARS (COVENTRY) LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
REGENCY CARS (COVENTRY) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
23,645
30,712
Current assets
Debtors
11,304
44,848
Cash at bank and in hand
54,880
4,161
66,184
49,009
Creditors: amounts falling due within one year
3
(50,062)
(43,859)
Net current assets
16,122
5,150
Total assets less current liabilities
39,767
35,862
Creditors: amounts falling due after more than one year
4
(10,036)
(21,507)
Provisions for liabilities
(54)
(441)
29,677
13,914
Capital and reserves
Called up share capital
5
100
100
Profit and loss account
29,577
13,814
Shareholders' funds
29,677
13,914
For the financial year ended 30 April 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 16 August 2016
Mr W. C. Flamson
Director
Company Registration No. 03976651
REGENCY CARS (COVENTRY) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 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).
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 chauffeur services provided to customers net of VAT.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
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:
Buildings
10% on cost
Computer equipment
33% on cost
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
1.6
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
REGENCY CARS (COVENTRY) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 May 2015
60,000
46,775
106,775
Additions
-
381
381
At 30 April 2016
60,000
47,156
107,156
Depreciation
At 1 May 2015
60,000
16,063
76,063
Charge for the year
-
7,448
7,448
At 30 April 2016
60,000
23,511
83,511
Net book value
At 30 April 2016
-
23,645
23,645
At 30 April 2015
-
30,712
30,712
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £11,470 (2015 - £10,631).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £10,036 (2015 - £21,507).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100
6
Transactions with directors
During the year the company made advances to directors totalling £62,521. Interest was charged to the directors at beneficial loan interest rates.
The advances were repaid in full by the directors during the year.