Company Registration No. 06658483 (England and Wales)
ABBEY PARK CARS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
ABBEY PARK CARS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABBEY PARK CARS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
93,246
116,557
Tangible assets
2
49,989
19,467
143,235
136,024
Current assets
Stocks
203,640
200,103
Debtors
30,885
5,259
234,525
205,362
Creditors: amounts falling due within one year
3
(172,802)
(147,683)
Net current assets
61,723
57,679
Total assets less current liabilities
204,958
193,703
Provisions for liabilities
(7,406)
(1,025)
197,552
192,678
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
197,452
192,578
Shareholders' funds
197,552
192,678
For the financial year ended 31 March 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 20 December 2016
Mr B Holdaway
Director
Company Registration No. 06658483
ABBEY PARK CARS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 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 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
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
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 improvements
10% Reducing balance
Computer equipment
25% Reducing balance
Fixtures, fittings & equipment
25% Reducing balance
Motor vehicles
20% Reducing balance
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
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.
1.7
Going concern
The financial statements are prepared on the going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
ABBEY PARK CARS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Intangible
Tangible
Total
£
£
£
Cost
At 1 April 2015
167,939
37,969
205,908
Additions
-
33,932
33,932
At 31 March 2016
167,939
71,901
239,840
Depreciation
At 1 April 2015
51,382
18,502
69,884
Charge for the year
23,311
3,410
26,721
At 31 March 2016
74,693
21,912
96,605
Net book value
At 31 March 2016
93,246
49,989
143,235
At 31 March 2015
116,557
19,467
136,024
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £60,663).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
5
Related party relationships and transactions
Loans to directors
The following director had an interest free loan during the year. The movements on this loan are as follows:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr B Holdaway - Overdrawn DCA
-
3,645
29,277
-
8,911
24,011
3,645
29,277
-
8,911
24,011