J G Autos Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 04312941 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 October 2014

for

J G Autos Limited

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

2

FIXED ASSETS

Tangible assets

2

6,535

7,873

CURRENT ASSETS

Stocks

745

745

Debtors

2,507

2,050

Prepayments and accrued income

299

420

Cash at bank and in hand

6,911

10,680

10,462

13,895

CREDITORS

Amounts falling due within one year

8,394

9,689

NET CURRENT ASSETS

2,068

4,206

TOTAL ASSETS LESS CURRENT LIABILITIES

8,603

12,079

CAPITAL AND RESERVES

Called up share capital

3

2

2

Profit and loss account

8,601

12,077

SHAREHOLDERS' FUNDS

8,603

12,079

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 9 March 2015 and were signed by:

J Gammans - Director

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

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2013

and 31 October 2014

19,016

DEPRECIATION

At 1 November 2013

11,143

Charge for year

1,338

At 31 October 2014

12,481

NET BOOK VALUE

At 31 October 2014

6,535

At 31 October 2013

7,873

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.14

31.10.13

value:

£

£

2

Ordinary

£2

2

2