AB Autos Limited - Period Ending 2016-10-31

AB Autos Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2016

Voice and Co Accountancy Services
Chartered
Balby Court Business Campus
Balby Carr Bank
Doncaster
DN4 8DE

AB Autos 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 Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
AB Autos Limited
for the Year Ended 31 October 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AB Autos Limited for the year ended 31 October 2016 set out on pages 4-10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of AB Autos 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 AB Autos Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AB Autos Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that AB Autos 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 AB Autos Limited. You consider that AB Autos 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 AB Autos 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.

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

Voice and Co Accountancy Services
Chartered
Balby Court Business Campus
Balby Carr Bank
Doncaster
DN4 8DE

6 July 2017

Page 1

AB Autos Limited
(Registration number: 7409214)
Abbreviated Balance Sheet at 31 October 2016

	Note	2016 £	2015 £
Fixed assets
Tangible fixed assets		11,277	15,036
Current assets
Stocks		28,313	24,477
Debtors		-	1,675
Cash at bank and in hand		20,262	23,278
		48,575	49,430
Creditors: Amounts falling due within one year		(56,598)	(61,231)
Net current liabilities		(8,023)	(11,801)
Total assets less current liabilities		3,254	3,235
Provisions for liabilities		(2,143)	(3,135)
Net assets		1,111	100
Capital and reserves
Called up share capital	3	100	100
Profit and loss account		1,011	-
Shareholders' funds		1,111	100

For the year ending 31 October 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 6 July 2017

.........................................
Mr Andrew Stuart Bell
Director

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

AB Autos Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 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.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Asset class	Amortisation method and rate
Goodwill	25% straight line basis

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
Fixtures and fittings	20% straight line basis
Office equipment	33% straight line basis
Motor vehicles	20 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.

Page 3

AB Autos Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

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.

2	Fixed assets

	Intangible assets £	Tangible assets £	Total £
Cost
At 1 November 2015	10,000	20,995	30,995
At 31 October 2016	10,000	20,995	30,995
Depreciation
At 1 November 2015	10,000	5,959	15,959
Charge for the year	-	3,759	3,759
At 31 October 2016	10,000	9,718	19,718
Net book value
At 31 October 2016	-	11,277	11,277
At 31 October 2015	-	15,036	15,036

3	Share capital

Allotted, called up and fully paid shares

	2016			2015
		No.	£		No.	£
Ordinary shares of £1 each		100	100		100	100

Page 4