Registered number
07046324
Agrifit Machinery Limited
Abbreviated Accounts
31 March 2016
Agrifit Machinery Limited
Registered number: 07046324
Abbreviated Balance Sheet
as at 31 March 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 35,356 47,141
Current assets
Stocks 10,000 2,000
Debtors 30,660 33,025
Cash at bank and in hand 63,424 30,963
104,084 65,988
Creditors: amounts falling due within one year (84,110) (49,289)
Net current assets 19,974 16,699
Total assets less current liabilities 55,330 63,840
Creditors: amounts falling due after more than one year (21,997) (29,312)
Net assets 33,333 34,528
Capital and reserves
Called up share capital 3 5 1
Profit and loss account 33,328 34,527
Shareholder's funds 33,333 34,528
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
David Lightowler
Director
Approved by the board on 22 December 2016
Agrifit Machinery Limited
Notes to the Abbreviated Accounts
for the year ended 31 March 2016
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).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 25% on written down value
Motor vehicles 25% on written down value
Stocks
Stock is valued at the lower of cost and net realisable value.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
2 Tangible fixed assets £
Cost
At 1 April 2015 73,860
At 31 March 2016 73,860
Depreciation
At 1 April 2015 26,719
Charge for the year 11,785
At 31 March 2016 38,504
Net book value
At 31 March 2016 35,356
At 31 March 2015 47,141
3 Share capital Nominal 2016 2016 2015
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 4 4 1
B Ordinary shares £1 each 1 1 -
5 1
Nominal Number Amount
value £
Shares issued during the period:
Ordinary shares £1 each 3 3
B Ordinary shares £1 each 1 1
4
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