Company Registration No. 08284457 (England and Wales)
SEV AUTOMOTIVE & PLANT LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
SEV AUTOMOTIVE & PLANT LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
SEV AUTOMOTIVE & PLANT LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
58,385
254,215
Current assets
Stocks
185,363
55,000
Debtors
137,109
206,381
Cash at bank and in hand
45,633
185,870
368,105
447,251
Creditors: amounts falling due within one year
(591,031)
(529,159)
Net current liabilities
(222,926)
(81,908)
Total assets less current liabilities
(164,541)
172,307
Creditors: amounts falling due after more than one year
(2,088)
-
(166,629)
172,307
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
(166,729)
172,207
Shareholders' funds
(166,629)
172,307
For the financial year ended 31 May 2016 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 for issue on 13 December 2016
Mr G Allison
Director
Company Registration No. 08284457
SEV AUTOMOTIVE & PLANT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 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 director of the company believes that ongoing reorganisations will reduce the companys cost base and help exploit additional opportunities for sales growth. At the balance sheet date the accounts show negative reserves of £166,629 however given the above considerations the director believes it is appropriate to continue to prepare the financial statements on a going concern basis.
At the balance sheet date the accounts show negative reserves of £166,629 however given the above considerations the director believes it is appropriate to continue to prepare the financial statements on a going concern basis.
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 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
15% Straight Line
Computer equipment
33% Straight Line
Fixtures, fittings & equipment
15% Straight Line
1.4
Leasing and hire purchase commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
1.6
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.
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.
SEV AUTOMOTIVE & PLANT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2015
259,053
Additions
23,830
Disposals
(200,000)
At 31 May 2016
82,883
Depreciation
At 1 June 2015
4,838
Charge for the year
19,660
At 31 May 2016
24,498
Net book value
At 31 May 2016
58,385
At 31 May 2015
254,215
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100