Abbreviated Company Accounts - AUTOBITZ MOTOR FACTORS LIMITED
Abbreviated Company Accounts - AUTOBITZ MOTOR FACTORS LIMITED
Registered Number 07232679
AUTOBITZ MOTOR FACTORS LIMITED
Abbreviated Accounts
31 July 2014
AUTOBITZ MOTOR FACTORS LIMITED Registered Number 07232679
Abbreviated Balance Sheet as at 31 July 2014
Notes | 2014 | 2013 | |
---|---|---|---|
£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
|
|
Tangible assets | 3 |
|
|
|
|||
Current assets | |||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: amounts falling due within one year | 4 |
( |
( |
Net current assets (liabilities) |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Creditors: amounts falling due after more than one year | 4 |
( |
( |
Total net assets (liabilities) |
( |
( |
|
Capital and reserves | |||
Called up share capital | 5 |
|
|
Profit and loss account |
( |
( |
|
Shareholders' funds |
( |
( |
For the year ending 31 July 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
And signed on their behalf by:
AUTOBITZ MOTOR FACTORS LIMITED Registered Number 07232679
Notes to the Abbreviated Accounts for the period ended 31 July 2014
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Equipment, fixtures and fittings 15% on reducing balance basis
Motor Vehicles 15% on reducing balance basis
Intangible assets amortisation policy
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being written off over 20 years.
Other accounting policies
Stock and work in progress is valued at the lower of cost and estimated net realisable value.
Cost of raw materials is determined on the first in first out basis. In the case of work in progress and finished goods, cost includes all direct expenditure and production overheads based on the normal level of activity. Net realisable value is the price at which the stock can be released in the normal course of business, less further costs to completion of sale.
Hire purchase and lease transactions:
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.
£ | |
---|---|
Cost | |
At 1 August 2013 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 31 July 2014 |
|
Amortisation | |
At 1 August 2013 |
|
Charge for the year |
|
On disposals |
|
At 31 July 2014 |
|
Net book values | |
At 31 July 2014 | 8,000 |
At 31 July 2013 | 8,500 |
£ | |
---|---|
Cost | |
At 1 August 2013 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 31 July 2014 |
|
Depreciation | |
At 1 August 2013 |
|
Charge for the year |
|
On disposals |
|
At 31 July 2014 |
|
Net book values | |
At 31 July 2014 | 9,248 |
At 31 July 2013 | 12,332 |
2014
£ |
2013
£ |
|
---|---|---|
Instalment debts due after 5 years |
|
|