AVC Motors Limited ABBREVIATED ACCOUNTS COVER
AVC Motors Limited
Company No. 04516911
Abbreviated Accounts
31 August 2015
AVC Motors Limited ABBREVIATED BALANCE SHEET
at
31 August 2015
Company No.
04516911
Notes
2015
2014
£
£
Fixed assets
Intangible assets
2
35,00040,000
Tangible assets
2
3,6484,292
38,64844,292
Current assets
Stocks
950870
Debtors
4,4104,327
Cash at bank and in hand
24,22129,354
29,58134,551
Creditors: Amounts falling due within one year
(29,073)
(27,054)
Net current assets
5087,497
Total assets less current liabilities
39,15651,789
Net assets
39,15651,789
Capital and reserves
Called up share capital
3
100100
Profit and loss account
39,05651,689
Shareholder's funds
39,15651,789
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective January 2015).
For the year ended 31 August 2015 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 12 November 2015
And signed on its behalf by:
D. Jones
Director
12 November 2015
AVC Motors Limited NOTES TO THE ABBREVIATED ACCOUNTS
for the year ended 31 August 2015
1
Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) ["the FRSSE"].
Turnover
Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Furniture, fittings and equipment
15% reducing balance
Intangible fixed assets and amortisation
Intangible fixed assets (including purchased goodwill, patents and trademarks and research and development costs) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an assets may not be fully recoverable.
Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts.
Deferred tax is provided in full on timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based upon current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a 'finance lease'. Assets held under finance leases, or hire purchase contracts, are recorded in the balance sheet as tangible fixed assets and depreciated over their estimated useful lives or the term of the finance lease or hire purchase contract, whichever is shorter. Future instalments under such finance leases or hire purchase contracts, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account, and the capital element which reduces the outstanding obligation for future instalments.
All other leases are accounted for as 'operating leases' and the rental charges are charged to the profit and loss account on a straight line basis over the life of the lease.
2
Fixed assets
Intangible fixed assets
Tangible fixed assets
Total
£
£
£
Cost or revaluation
At 1 September 2014
100,00014,394
114,394
At 31 August 2015
100,00014,394
114,394
Amortisation
At 1 September 2014
60,00010,102
70,102
Charge for the year
5,000644
5,644
At 31 August 2015
65,00010,746
75,746
Net book values
At 31 August 2015
35,0003,648
38,648
At 31 August 2014
40,0004,292
44,292
3
Share Capital
Nominal value
2015
2015
2014
£
Number
£
£
Allotted, called up and fully paid:
ordinary1.00100100100
100
100
AVC Motors Limited31 August 201531 August 20150451691101 September 2014falsetrue12 November 201512 November 2015045169112014-09-012015-08-31045169112015-08-31045169112014-08-3104516911uk-gaap:FixturesFittingsToolsEquipment2014-09-012015-08-31045169112014-09-0104516911uk-gaap:PatentsConcessionsLicencesTradeMarksSimilar2015-08-3104516911uk-gaap:PatentsConcessionsLicencesTradeMarksSimilar2014-08-3104516911uk-bus:OrdinaryShareClass12014-09-012015-08-3104516911uk-bus:OrdinaryShareClass12015-08-3104516911uk-bus:OrdinaryShareClass12014-08-3104516911uk-bus:Director12014-09-012015-08-31iso4217:GBPxbrli:shares