Specialised Automobile Services (TW) Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 07044596 (England and Wales)

SPECIALISED AUTOMOBILE SERVICES

(TURRINO WHEELS) LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

6

Chartered Accountants' Report

7

DIRECTORS:

C W Tomkins

S S A Mooney

SECRETARY:

Mrs D Todorovic

REGISTERED OFFICE:

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

REGISTERED NUMBER:

07044596 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

BANKERS:

TSB

30-31 Long Causeway

Peterborough

Cambridgeshire

PE1 1XP

FIXED ASSETS

Intangible assets

2

6,301

7,235

Tangible assets

3

83,215

86,773

89,516

94,008

CURRENT ASSETS

Stocks

180,282

161,482

Debtors

39,626

23,183

Cash at bank

23,839

14,879

243,747

199,544

CREDITORS

Amounts falling due within one year

566,751

419,093

NET CURRENT LIABILITIES

(323,004

)

(219,549

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(233,488

)

(125,541

)

PROVISIONS FOR LIABILITIES

4,327

3,744

NET LIABILITIES

(237,815

)

(129,285

)

CAPITAL AND RESERVES

Called up share capital

4

1,000

1,000

Profit and loss account

(238,815

)

(130,285

)

SHAREHOLDERS' FUNDS

(237,815

)

(129,285

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2014 in accordance with Section 476 of the Companies Act 2006.

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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 30 March 2015 and were signed on its behalf by:

C W Tomkins - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

At the balance sheet date the company had net current liabilities of £323,004 (2013: £219,549) and net

liabilities of £237,815 (2013: £129,285). Net current liabilities includes £233,425 (2013 :£198,771) owing to C

W Tomkins Limited and £266,862 (2013: £198,760) owing to C W Tomkins.

Specialised Automobile Services (Turrino Wheels) Limited is a wholly owned subsidiary of C W Tomkins

Limited. C W Tomkins, a director and sole shareholder of Specialised Automobile Services (Turrino Wheels)

Limited owns 100% of the issued ordinary share capital in C W Tomkins Limited.

The directors of Specialised Automobile Services (Turrino Wheels) Limited consider the financial statements

should be prepared on a going concern basis because:

- the director and shareholder of C W Tomkins Limited has given an undertaking not to withdraw monies owed

by Specialised Automobile Services (Turrino Wheels) Limited to C W Tomkins Limited if it would prejudice the

ability of Specialised Automobile Services (Turrino Wheels) Limited to continue as a going concern.

- C W Tomkins has given an undertaking not to withdraw monies lent to the company if it would prejudice the

ability of the company to continue as a going concern.

- in their opinion the company will achieve profitability in future periods.

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 represents net invoiced sales of goods, excluding value added tax.

Intangible fixed assets

Patents and licences are being amortised over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

Straight line over period of lease

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at 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.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2013

and 30 June 2014

9,341

AMORTISATION

At 1 July 2013

2,106

Amortisation for year

934

At 30 June 2014

3,040

NET BOOK VALUE

At 30 June 2014

6,301

At 30 June 2013

7,235

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2013

166,534

Additions

24,250

Disposals

(5,674

)

At 30 June 2014

185,110

DEPRECIATION

At 1 July 2013

79,761

Charge for year

22,765

Eliminated on disposal

(631

)

At 30 June 2014

101,895

NET BOOK VALUE

At 30 June 2014

83,215

At 30 June 2013

86,773

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1,000

Ordinary

£1

1,000

1,000

5.	CONTROLLING PARTY AND ULTIMATE PARENT COMPANY

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 six) 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 Specialised Automobile Services (Turrino Wheels) Limited for the year ended 30 June 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 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 Specialised Automobile Services (Turrino Wheels) 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 Specialised Automobile Services (Turrino Wheels) Limited and state those matters

that we have agreed to state to the Board of Directors of Specialised Automobile Services (Turrino Wheels) Limited, 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 the company and its Board of

Directors, as a body, for our work or for this report.

It is your duty to ensure that Specialised Automobile Services (Turrino Wheels) 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 Specialised Automobile Services (Turrino Wheels) Limited. You consider that Specialised

Automobile Services (Turrino Wheels) 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 Specialised Automobile

Services (Turrino Wheels) 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.

Duncan & Toplis Limited

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

30 March 2015