Twisted Automotive Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 06310642 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 October 2014

for

Twisted Automotive Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

C Fawcett

SECRETARY:

Mrs T J Fawcett

REGISTERED OFFICE:

6 Queens Court

Third Avenue

Team Valley

Gateshead

Tyne and Wear

NE11 0BU

REGISTERED NUMBER:

06310642 (England and Wales)

ACCOUNTANTS:

Inspire Chartered Accountants

6 Queens Court

Third Avenue

Team Valley

Gateshead

Tyne and Wear

NE11 0BU

FIXED ASSETS

Intangible assets

2

25,821

34,428

Tangible assets

3

272,273

107,025

298,094

141,453

CURRENT ASSETS

Stocks

729,320

677,952

Debtors

102,078

120,722

Cash at bank and in hand

114,750

80,675

946,148

879,349

CREDITORS

Amounts falling due within one year

4

706,406

722,939

NET CURRENT ASSETS

239,742

156,410

TOTAL ASSETS LESS CURRENT LIABILITIES

537,836

297,863

CREDITORS

Amounts falling due after more than one year

4

(33,300

)

(33,483

)

PROVISIONS FOR LIABILITIES

(54,868

)

(21,405

)

NET ASSETS

449,668

242,975

CAPITAL AND RESERVES

Called up share capital

5

200

200

Profit and loss account

449,468

242,775

SHAREHOLDERS' FUNDS

449,668

242,975

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 13 April 2015 and were signed by:

C Fawcett - 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 amounts receivable for goods net of VAT and trade discounts.

Profit is recognised on vehicle conversions, if the final income can be assessed with reasonable certainty, by including in

the profit and loss account turnover and related costs as the project activity progresses. Turnover is calculated as that

proportion of total contract value which costs to date bear to total expected costs for that project.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twelve 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

-

over the term of the lease

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance and 10% on reducing balance

Computer equipment

-

25% 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.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2013

and 31 October 2014

96,829

AMORTISATION

At 1 November 2013

62,401

Amortisation for year

8,607

At 31 October 2014

71,008

NET BOOK VALUE

At 31 October 2014

25,821

At 31 October 2013

34,428

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2013

164,757

Additions

198,597

At 31 October 2014

363,354

DEPRECIATION

At 1 November 2013

57,732

Charge for year

33,349

At 31 October 2014

91,081

NET BOOK VALUE

At 31 October 2014

272,273

At 31 October 2013

107,025

4.

CREDITORS

Creditors include an amount of £ 129,016 (31.10.13 - £ 64,841 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.14

31.10.13

value:

£

£

100

A Ordinary

£1

100

100

50

B Ordinary

£1

50

50

50

C Ordinary

£1

50

50

200

200

The holders of the "A" Ordinary Shares shall be entitled to receive notice of and to attend any General Meeting of the

Company and shall be entitled to one vote for every "A" Ordinary Share held. However holder of "B" and "C" Ordinary

Shares shall not be entitled to vote.

The "A" Ordinary Shares, the "B" Ordinary Shares and the "C" Ordinary Shares shall be entitled to varying rates of

dividend as declared by the Company from time to time.

The assets of the Company shall belong to and be distributed among the shareholders of the "A" Ordinary Shares

according to the nominal amounts paid upon such shares and the holders of the "B" Ordinary Shares and the "C"

Ordinary Shares shall not be entitled to any further or other participation in the profits or assets of the Company.