Company Registration No. 05325205 (England and Wales)
MICK PARTLETT CAR SALES LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
MICK PARTLETT CAR SALES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
MICK PARTLETT CAR SALES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
5,933
7,173
Current assets
Stocks
278,888
220,244
Debtors
50,483
28,374
Cash at bank and in hand
63,629
18,196
393,000
266,814
Creditors: amounts falling due within one year
(161,309)
(162,230)
Net current assets
231,691
104,584
Total assets less current liabilities
237,624
111,757
Capital and reserves
Called up share capital
3
200
200
Profit and loss account
237,424
111,557
Shareholders' funds
237,624
111,757
For the financial year ended 31 December 2015 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 25 May 2016
Mr M D Partlett
Director
Company Registration No. 05325205
MICK PARTLETT CAR SALES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 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
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets 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:
Computer equipment
15% Reducing Balance
Motor vehicles
25% Reducing Balance
1.4
Stock
Stock is valued at the lower of cost and net realisable value.
1.5
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2015
12,445
Additions
342
At 31 December 2015
12,787
Depreciation
At 1 January 2015
5,272
Charge for the year
1,582
At 31 December 2015
6,854
Net book value
At 31 December 2015
5,933
At 31 December 2014
7,173
MICK PARTLETT CAR SALES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
100 Ordinary A - D shares of £1 each
100
100
200
200
4
Transactions with directors
At the year end, the director Mr M D Partlett owed the company £766 (2014: £53 was owing to the director). No interest has been charged on this amount and there is no fixed date for repayment. The maximum overdrawn amount during the year was £766.
At the year end, the director Mrs T A Adams owed the company £25,613 (2014: £1,262 was owing to the director). Interest of £164 has been charged as at the official rate as determined by HM Revenue & Customs. There is no fixed date for repayment. The maximum overdrawn amount during the year was £25,613.