D.I.Y. Motorspares Limited - Limited company - abbreviated - 11.6
D.I.Y. Motorspares Limited - Limited company - abbreviated - 11.6
| REGISTERED NUMBER: |
| D.I.Y. MOTORSPARES LIMITED |
| ABBREVIATED UNAUDITED ACCOUNTS |
| FOR THE YEAR ENDED 31 MAY 2014 |
| D.I.Y. MOTORSPARES LIMITED (REGISTERED NUMBER: 01619256) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 MAY 2014 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 3 | to | 4 |
| Chartered Certified Accountants' Report | 5 |
| D.I.Y. MOTORSPARES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MAY 2014 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| BANKERS: |
| D.I.Y. MOTORSPARES LIMITED (REGISTERED NUMBER: 01619256) |
| ABBREVIATED BALANCE SHEET |
| 31 MAY 2014 |
| 2014 | 2013 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| PROVISIONS FOR LIABILITIES |
| NET (LIABILITIES)/ASSETS | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 3 |
| Profit and loss account | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors on by: |
| D.I.Y. MOTORSPARES LIMITED (REGISTERED NUMBER: 01619256) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 MAY 2014 |
| 1. | ACCOUNTING POLICIES |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention and in accordance with the |
| Financial Reporting Standard for Smaller Entities (effective April 2008). |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts |
| receivable for goods sold and services provided, net of value added tax and discount. |
| Turnover is recognised at the point at which the goods are sold and services are provided. |
| Tangible fixed assets |
| Motor vehicles | 25% reducing balance basis |
| Fixtures, fittings, and equipment | 2/3 years straight line basis |
| Computer equipment | 3 years straight line basis |
| The amortisation of the leasehold property improvements is calculated as equal instalments over the 25 year |
| duration of the lease. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. Cost is ascertained on an average cost, first in first out basis, utilising the company's |
| computerised stock control system, identifying each item or group of items separately. |
| Deferred tax |
| The charge for taxation takes into account taxation deferred as a result of timing differences between the |
| treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in |
| respect of all timing differences that have originated but not reversed at the balance sheet date. However, |
| deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that |
| they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred |
| taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing |
| differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
| period of the lease. |
| Going concern |
| These financial statements have been prepared on the going concern basis, which assumes that the company will |
| continue in business for the foreseeable future. The directors are aware that the company's liabilities exceed its |
| assets at the year end and that the company incurred a loss during the year. The directors feel, however, that the |
| going concern basis is appropriate to the company's financial statements as they are continuing to support the |
| company financially whilst they consider their position in the current market. |
| D.I.Y. MOTORSPARES LIMITED (REGISTERED NUMBER: 01619256) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31 MAY 2014 |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 June 2013 |
| Disposals | ( |
) |
| At 31 May 2014 |
| DEPRECIATION |
| At 1 June 2013 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 May 2014 |
| NET BOOK VALUE |
| At 31 May 2014 |
| At 31 May 2013 |
| 3. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2014 | 2013 |
| value: | £ | £ |
| Ordinary | £1 |
| CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| D.I.Y. MOTORSPARES LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual |
| unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to four) |
| have been prepared. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
| financial statements of D.I.Y. Motorspares Limited for the year ended 31 May 2014 which comprise the Profit and Loss |
| Account, the Balance Sheet, and the related notes from the company's accounting records and from information and |
| explanations you have given us. |
| As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and |
| other professional requirements which are detailed at http://rulebook.accaglobal.com. |
| This report is made solely to the Board of Directors of D.I.Y. Motorspares Limited, as a body, in accordance with our |
| terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of |
| D.I.Y. Motorspares Limited and state those matters that we have agreed to state to the Board of Directors of D.I.Y. |
| Motorspares Limited, as a body, in this report in accordance with the requirements of the Association of Chartered |
| Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we |
| do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our |
| work or for this report. |
| It is your duty to ensure that D.I.Y. Motorspares Limited has kept adequate accounting records and to prepare statutory |
| financial statements that give a true and fair view of the assets, liabilities, financial position and loss of D.I.Y. |
| Motorspares Limited. You consider that D.I.Y. Motorspares 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 financial statements of D.I.Y. Motorspares 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 financial statements. |
| Chartered Certified Accountants |
| 10 February 2015 |