Company Registration No. 02227449 (England and Wales)
ABERGAVENNY & NEWPORT MARKET AUCTIONEERS LTD
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
ABERGAVENNY & NEWPORT MARKET AUCTIONEERS LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABERGAVENNY & NEWPORT MARKET AUCTIONEERS LTD
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
35,529
35,443
Current assets
Debtors
1,272,006
1,271,586
Cash at bank and in hand
620,242
766,862
1,892,248
2,038,448
Creditors: amounts falling due within one year
3
(1,651,864)
(1,697,602)
Net current assets
240,384
340,846
Total assets less current liabilities
275,913
376,289
Provisions for liabilities
(7,106)
(7,089)
268,807
369,200
Capital and reserves
Called up share capital
4
3
3
Profit and loss account
268,804
369,197
Shareholders' funds
268,807
369,200
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.
Directors' 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 directors acknowledge their 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 February 2017
L H Trumper
Director
Company Registration No. 02227449
ABERGAVENNY & NEWPORT MARKET AUCTIONEERS LTD
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).
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:
Plant and machinery
25% Straight Line
Fixtures, fittings & equipment
9% Straight line/Reducing balance
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2015
61,903
Additions
18,411
At 31 May 2016
80,314
Depreciation
At 1 June 2015
26,460
Charge for the year
18,325
At 31 May 2016
44,785
Net book value
At 31 May 2016
35,529
At 31 May 2015
35,443
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £940,393 (2015 - £1,018,712).
ABERGAVENNY & NEWPORT MARKET AUCTIONEERS LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 3 -
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
3 Ordinary shares of £1 each
3
3