Company Registration No. 01455360 (England and Wales)
CLARKES ACCIDENT REPAIR CENTRES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2015
CLARKES ACCIDENT REPAIR CENTRES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
CLARKES ACCIDENT REPAIR CENTRES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 JULY 2015
31 July 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
116,948
146,124
Current assets
Stocks
28,163
34,955
Debtors
361,033
532,794
Cash at bank and in hand
1,464
880
390,660
568,629
Creditors: amounts falling due within one year
3
(954,989)
(941,881)
Net current liabilities
(564,329)
(373,252)
Total assets less current liabilities
(447,381)
(227,128)
Capital and reserves
Called up share capital
4
31
31
Profit and loss account
(447,412)
(227,159)
Shareholders' funds
(447,381)
(227,128)
For the financial year ended 31 July 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 for issue on 28 April 2016
G B Clarke
Director
Company Registration No. 01455360
CLARKES ACCIDENT REPAIR CENTRES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 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 Standards for Smaller Entities (effective April 2008).
The financial statements have been prepared on a going concern basis, the validity of which depends on the continuing financial support of the director of the company and the company's bankers. The company meets its day to day working capital requirements through an overdraft facility which is repayable on demand. The director considers that the company will continue to operate within agreed facilities.
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 work done (net of VAT) during the year. Revenue is generally recognised as the contract activity progresses so that for incomplete contracts it reflects the partial performance of contract obligations. For such contracts the amount of revenue reflects the partial performance of the contract obligations and reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to customers is included in sales and debtors and payments on account are included in creditors.
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:
Leasehold property
straight line over 25 years
Plant and machinery
15% per annum of net book value
Fixtures, fittings & equipment
20% per annum of net book value
Motor vehicles
25% per annum of net book value
1.5
Leasing
Rentals payable under operating leases are charged to the profit and loss account 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
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.
1.8
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.
A deferred tax asset is recognised only if it can be regarded as probable that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
CLARKES ACCIDENT REPAIR CENTRES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 August 2014
817,638
Additions
18,321
Disposals
(79,460)
At 31 July 2015
756,499
Depreciation
At 1 August 2014
671,514
On disposals
(53,522)
Charge for the year
21,559
At 31 July 2015
639,551
Net book value
At 31 July 2015
116,948
At 31 July 2014
146,124
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £313,492 (2014 - £234,619).
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
31 Ordinary shares of £1 each
31
31