1st Choice Car Spares Limited - Period Ending 2016-06-30

1st Choice Car Spares Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2016

Hughes & Co Limited
Chartered Certified Accountant
The Innovation Centre
Brunswick Street
Nelson
Lancashire
BB9 0PQ

1st Choice Car Spares Limited
Contents

Accountants' Report

Abbreviated Balance Sheet

Notes to the Abbreviated Accounts

3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
1st Choice Car Spares Limited
for the Year Ended 30 June 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of 1st Choice Car Spares Limited for the year ended 30 June 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of 1st Choice Car Spares Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of 1st Choice Car Spares Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 1st Choice Car Spares Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that 1st Choice Car Spares Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of 1st Choice Car Spares Limited. You consider that 1st Choice Car Spares 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 accounts of 1st Choice Car Spares 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 accounts.

......................................

Hughes & Co Limited
Chartered Certified Accountant
The Innovation Centre
Brunswick Street
Nelson
Lancashire
BB9 0PQ

3 February 2017

Page 1

1st Choice Car Spares Limited
(Registration number: 06618075)
Abbreviated Balance Sheet at 30 June 2016

	Note	2016 £	2015 £
Fixed assets
Tangible fixed assets		170,683	196,552
Current assets
Stocks		59,129	53,148
Debtors		81,951	64,522
Cash at bank and in hand		3,807	7,731
		144,887	125,401
Creditors: Amounts falling due within one year		(142,846)	(130,649)
Net current assets/(liabilities)		2,041	(5,248)
Total assets less current liabilities		172,724	191,304
Provisions for liabilities		(6,921)	(6,921)
Net assets		165,803	184,383
Capital and reserves
Called up share capital	3	6	6
Profit and loss account		165,797	184,377
Shareholders' funds		165,803	184,383

For the year ending 30 June 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 3 February 2017

.........................................
Mr Imran Mirza
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

1st Choice Car Spares Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold Land and Buildings	2% Straight line basis
Motor Vehicles	20% Straight line basis
Plant and Machinery	20% Straight line basis
Fixtures	20% Straight line basis
Office Equipment	20% Straight line basis
Buildings	10% Straight line basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

1st Choice Car Spares Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

2	Fixed assets

	Tangible assets £	Total £
Cost
At 1 July 2015	260,210	260,210
Additions	22,883	22,883
Disposals	(26,726)	(26,726)
At 30 June 2016	256,367	256,367
Depreciation
At 1 July 2015	63,658	63,658
Charge for the year	22,561	22,561
Eliminated on disposals	(535)	(535)
At 30 June 2016	85,684	85,684
Net book value
At 30 June 2016	170,683	170,683
At 30 June 2015	196,552	196,552

3	Share capital

Allotted, called up and fully paid shares

	2016			2015
		No.	£		No.	£
Ordinary of £1 each		1	1		1	1
B Ordinary of £1 each		5	5		5	5
		6	6		6	6

Page 4