ABC Auto Factors Limited
Registered number: 06754763
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 3 9,367 6,188
Current assets
Stocks 50,000 68,580
Debtors 4 68,759 62,006
Cash at bank and in hand 23,773 14,517
142,532 145,103
Creditors: amounts falling due within one year 5 (109,251) (110,322)
Net current assets 33,281 34,781
Net assets 42,648 40,969
Capital and reserves
Called up share capital 150 150
Profit and loss account 42,498 40,819
Shareholders' funds 42,648 40,969
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J S Tawana
Director
Approved by the board on 10 March 2017
ABC Auto Factors Limited
Notes to the Accounts
for the year ended 31 December 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Furniture & Equipment 20% on a reducing balance
Motor vehicles 20% on a reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2016 2015
Number Number
Average number of persons employed by the company 8 11
3 Tangible fixed assets
Furniture & equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2016 444 12,621 13,065
Additions - 5,521 5,521
At 31 December 2016 444 18,142 18,586
Depreciation
At 1 January 2016 352 6,525 6,877
Charge for the year 19 2,323 2,342
At 31 December 2016 371 8,848 9,219
Net book value
At 31 December 2016 73 9,294 9,367
At 31 December 2015 92 6,096 6,188
4 Debtors 2016 2015
£ £
Trade debtors 68,759 61,402
Other debtors - 604
68,759 62,006
5 Creditors: amounts falling due within one year 2016 2015
£ £
Trade creditors 73,009 75,630
Directors loan account 14,732 14,732
Other taxes and social security costs 17,585 17,610
Other creditors 3,925 2,350
109,251 110,322
6 Controlling party
The company's shares are held equally between the three directors.
7 Other information
ABC Auto Factors Limited is a private company limited by shares and incorporated in England. Its registered office is:
93 Lent Rise Road
Burnham
Slough
SL1 7BN
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