Mercury Cars (Ashford) Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 02922678 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 30 April 2014

for

Mercury Cars (Ashford) Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

W L Temple

S L Temple

Mrs L Temple

REGISTERED OFFICE:

2 Clarendon Road

Ashford

Middlesex

TW15 2QE

REGISTERED NUMBER:

02922678 (England and Wales)

ACCOUNTANTS:

Crick Heitman

2 Clarendon Road

Ashford

Middlesex

TW15 2QE

FIXED ASSETS

Intangible assets

2

1

1

Tangible assets

3

506,413

481,466

506,414

481,467

CURRENT ASSETS

Stocks

1,000

1,000

Debtors

1,615

-

Cash at bank

37,650

31,134

40,265

32,134

CREDITORS

Amounts falling due within one year

4

216,736

432,449

NET CURRENT LIABILITIES

(176,471

)

(400,315

)

TOTAL ASSETS LESS CURRENT LIABILITIES

329,943

81,152

CREDITORS

Amounts falling due after more than one year

4

213,610

-

NET ASSETS

116,333

81,152

CAPITAL AND RESERVES

Called up share capital

5

100

100

Profit and loss account

116,233

81,052

SHAREHOLDERS' FUNDS

116,333

81,152

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 28 April 2015 and were signed on its behalf by:

W L Temple - Director

S L Temple - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared on the going concern basis despite the Balance Sheet showing Net Current

Liabilities of £176,471 as the directors are confident that the company can pay its liabilities as they fall due.

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 the provision of goods and services net of 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.

Land and buildings

-

2% on cost and not provided

Plant and machinery etc

-

25% 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.

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.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2013

and 30 April 2014

2,000

AMORTISATION

At 1 May 2013

and 30 April 2014

1,999

NET BOOK VALUE

At 30 April 2014

1

At 30 April 2013

1

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2013

518,089

Additions

43,737

At 30 April 2014

561,826

DEPRECIATION

At 1 May 2013

36,623

Charge for year

18,790

At 30 April 2014

55,413

NET BOOK VALUE

At 30 April 2014

506,413

At 30 April 2013

481,466

4.

CREDITORS

Creditors include an amount of £ 206,289 for which security has been given.

They also include the following debts falling due in more than five years:

30.4.14

30.4.13

as restated

£

£

Repayable by instalments

100,363

-

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.14

30.4.13

value:

as restated

£

£

100

Ordinary

1

100

100