Autoguard Warranties Limited - Period Ending 2014-10-31

Registration number: 06574030

Autoguard Warranties Limited
 
  Annual Report and Unaudited Abbreviated Accounts
 
  for the Year Ended 31 October 2014
 

Autoguard Warranties Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Autoguard Warranties Limited
(Registration number: 06574030)
Abbreviated Balance Sheet at 31 October 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					180,960			153,874
Current assets
Debtors					931,237			837,511
Cash at bank and in hand					244,992			101,181
					1,176,229			938,692
Creditors: Amounts falling due within one year					(1,196,569)			(1,063,762)
Net current liabilities					(20,340)			(125,070)
Total assets less current liabilities					160,620			28,804
Creditors: Amounts falling due after more than one year					(27,602)			(1,856)
Provisions for liabilities
Deferred tax					(24,199)			(10,637)
Deferred asset					5,025			23,584
Provisions for liabilities					(19,174)			12,947
Net assets					113,844			39,895
Capital and reserves
Called up share capital		4			200			200
Share premium account					33,000			33,000
Profit and loss account					80,644			6,695
Shareholders' funds					113,844			39,895

For the year ending 31 October 2014 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 directors acknowledge their 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 Board on 26 February 2015 and signed on its behalf by:

.........................................
Mr J R Dockerill
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Autoguard Warranties Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... 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 April 2008).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

The financial statements have been prepared on a going concern basis. The company made a profit after tax of £73,949 (2013 - £24,581). The company had an excess of current liabilities over current assets at the balance sheet date of £20,340 (2013 - £125,070). At the year end there was a positive asset position of £113,844 (2013 - £39,895).

The directors have continued their assurances that they will provide sufficient further finance as may prove neccessary to meet the company's working capital requirements for the forseeable future

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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
Motor vehicles	33% on cost
Equipment, fixtures and fittings	14.3% on cost
Plant and machinery	20% on cost

Deferred tax

Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date. A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on a non-discounted basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.





 

Deferred expenditure

Deferred expenditure consists of revenue costs incurred by the Company, the economic benefit of which will be received in later years.

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Autoguard Warranties Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... continued

Hire purchase and leasing

Assets acquired under hire purchase agreements and finance leases are capitalised in the balance sheet and are depreciated in accordance with the company's normal policy. The outstanding liabilities under such agreements less interest not yet due are included in creditors. Interest on such agreements is charged to the profit and loss account over the term of each agreement and represents a constant proportion of the balance of capital repayments outstanding.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2013		244,133			244,133
Additions		93,702			93,702
Disposals		(33,000)			(33,000)
At 31 October 2014		304,835			304,835
Depreciation
At 1 November 2013		90,259			90,259
Charge for the year		59,055			59,055
Eliminated on disposals		(25,439)			(25,439)
At 31 October 2014		123,875			123,875
Net book value
At 31 October 2014		180,960			180,960
At 31 October 2013		153,874			153,874

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2014 £			2013 £
After more than five years by instalments		-			1,856

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		200			200			200			200

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