Company Registration No. 02174176 (England and Wales)
ABILITY DRIVING ACADEMY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2016
ABILITY DRIVING ACADEMY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABILITY DRIVING ACADEMY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2016
30 November 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
328,984
458,852
Current assets
Stocks
7,008
6,848
Debtors
127,460
147,801
Cash at bank and in hand
286,655
75,445
421,123
230,094
Creditors: amounts falling due within one year
(356,399)
(360,412)
Net current assets/(liabilities)
64,724
(130,318)
Total assets less current liabilities
393,708
328,534
Capital and reserves
Called up share capital
3
2
2
Revaluation reserve
198,446
259,544
Profit and loss account
195,260
68,988
Shareholders' funds
393,708
328,534
For the financial period ended 30 November 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 period 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 7 June 2017
Mrs S R Yeo
Director
Company Registration No. 02174176
ABILITY DRIVING ACADEMY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 30 NOVEMBER 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable during the year exclusive of VAT and is recognised in the period to which the franchise income relates.
1.3
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
2% straight line
Plant and machinery
10% straight line
Office equipment and fixtures
10% and 25% straight line
The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus is transferred from the revaluation reserve to the profit and loss account.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period they are payable.
1.7
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
ABILITY DRIVING ACADEMY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 June 2015
494,927
Additions
16,549
Disposals
(129,095)
At 30 November 2016
382,381
Depreciation
At 1 June 2015
36,075
On disposals
(6,401)
Charge for the period
23,723
At 30 November 2016
53,397
Net book value
At 30 November 2016
328,984
At 31 May 2015
458,852
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2