Company Registration No. 06438771 (England and Wales)
WESTBURY TYRE & MOT CENTRE LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2015
WESTBURY TYRE & MOT CENTRE LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 6
WESTBURY TYRE & MOT CENTRE LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WESTBURY TYRE & MOT CENTRE LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2015
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 6 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Westbury Tyre & MOT Centre Limited for the year ended 30 November 2015 set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Westbury Tyre & MOT Centre Limited, as a body, in accordance with the terms of our engagement letter dated 24 February 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Westbury Tyre & MOT Centre Limited and state those matters that we have agreed to state to the Board of Directors of Westbury Tyre & MOT Centre Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Westbury Tyre & MOT Centre Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Westbury Tyre & MOT Centre Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Westbury Tyre & MOT Centre Limited. You consider that Westbury Tyre & MOT Centre Limited 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 financial statements of Westbury Tyre & MOT Centre Limited. 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 financial statements.
Pearson May
30 August 2016
Chartered Accountants
5 Wicker Hill
Trowbridge
Wiltshire
BA14 8JS
WESTBURY TYRE & MOT CENTRE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2015
30 November 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
81,734
70,245
Current assets
Stocks
31,189
32,547
Debtors
37,274
27,145
Cash at bank and in hand
23,498
15,643
91,961
75,335
Creditors: amounts falling due within one year
3
(129,157)
(107,261)
Net current liabilities
(37,196)
(31,926)
Total assets less current liabilities
44,538
38,319
Creditors: amounts falling due after more than one year
4
(72,689)
(61,512)
Provisions for liabilities
-
(581)
(28,151)
(23,774)
Capital and reserves
Called up share capital
5
1,000
1,000
Profit and loss account
(29,151)
(24,774)
Shareholders' funds
(28,151)
(23,774)
WESTBURY TYRE & MOT CENTRE LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2015
30 November 2015
- 3 -
For the financial year ended 30 November 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 and authorised for issue on 30 August 2016
P Fyfe
Director
Company Registration No. 06438771
WESTBURY TYRE & MOT CENTRE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2015
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
The accounts have been prepared on the going concern basis due to the continued support of the company's director, the company's bankers and another lender by way of loans to the company.
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
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 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 Leasehold
5 year straight line
Plant and machinery
15% reducing balance
Fixtures, fittings & computer equipment
15% reducing balance / 3 year straight line
Motor vehicles
25% reducing balance
1.5
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.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the director, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
WESTBURY TYRE & MOT CENTRE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2015
- 5 -
2
Fixed assets
Tangible assets
£
Cost
At 1 December 2014
186,371
Additions
49,885
Disposals
(40,496)
At 30 November 2015
195,760
Depreciation
At 1 December 2014
116,126
On disposals
(23,494)
Charge for the year
21,394
At 30 November 2015
114,026
Net book value
At 30 November 2015
81,734
At 30 November 2014
70,245
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £15,444 (2014 - £10,645).
The bank loan is secured by a personal guarantee of the director.
Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned.
4
Creditors: amounts falling due after more than one year
2015
2014
£
£
Analysis of loans repayable in more than five years
Total amounts repayable by instalments which are due in more than five years
(10,425)
(20,322)
The aggregate amount of creditors for which security has been given amounted to £72,689 (2014 - £61,512).
The bank loan is secured by a personal guarantee of the director.
Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned.
WESTBURY TYRE & MOT CENTRE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2015
- 6 -
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
500 'A' ordinary shares of £1 each
500
500
500 'B' ordinary shares of £1 each
500
500
1,000
1,000
The voting rights are such that each 'A' ordinary share is entitled to five votes and each 'B' ordinary share is entitled to one vote. In all other respects the shares rank pari passu.
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