K W Autos Cornwall Ltd - Period Ending 2014-10-31

Registration number: 07820447

K W Autos Cornwall Ltd

trading as K W AUTOS CORNWALL LTD

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2014
 

Crest Accountants LLP
Certified
Unit 3a, Carn Brea Business Park
Wilson Way
Redruth
Cornwall
TR15 3RR

K W Autos Cornwall Ltd
trading as K W AUTOS CORNWALL LTD
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
K W Autos Cornwall Ltd
trading as K W AUTOS CORNWALL LTD
for the Year Ended 31 October 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of K W Autos Cornwall Ltd for the year ended 31 October 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of K W Autos Cornwall Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of K W Autos Cornwall Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K W Autos Cornwall Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that K W Autos Cornwall Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of K W Autos Cornwall Ltd. You consider that K W Autos Cornwall Ltd 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 accounts of K W Autos Cornwall Ltd. 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 accounts.

......................................

Crest Accountants LLP
Certified
Unit 3a, Carn Brea Business Park
Wilson Way
Redruth
Cornwall
TR15 3RR

15 July 2015

Page 1

K W Autos Cornwall Ltd
trading as K W AUTOS CORNWALL LTD
(Registration number: 07820447)
Abbreviated Balance Sheet at 31 October 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					20,086			32,132
Current assets
Stocks					3,500			2,500
Debtors					11,536			12,189
Cash at bank and in hand					2,175			2,837
					17,211			17,526
Creditors: Amounts falling due within one year					(24,291)			(36,042)
Net current liabilities					(7,080)			(18,516)
Total assets less current liabilities					13,006			13,616
Creditors: Amounts falling due after more than one year					(12,466)			(13,563)
Net assets					540			53
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					539			52
Shareholders' funds					540			53

For the year ending 31 October 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 director acknowledges his 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 director on 15 July 2015

.........................................
Mr Keith WOODSFORD
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

K W Autos Cornwall Ltd
trading as K W AUTOS CORNWALL LTD
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% RB
Plant and machinery	25% RB

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

K W Autos Cornwall Ltd
trading as K W AUTOS CORNWALL LTD
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2013		45,246			45,246
Additions		1,000			1,000
Disposals		(12,400)			(12,400)
At 31 October 2014		33,846			33,846
Depreciation
At 1 November 2013		13,114			13,114
Charge for the year		6,071			6,071
Eliminated on disposals		(5,425)			(5,425)
At 31 October 2014		13,760			13,760
Net book value
At 31 October 2014		20,086			20,086
At 31 October 2013		32,132			32,132

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		1			1			1			1

4	Related party transactions

Director's advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mr Keith WOODSFORD

Page 4

K W Autos Cornwall Ltd
trading as K W AUTOS CORNWALL LTD
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... continued

Throughout the year Mr Woodsford benefitted from a loan from the company for which interest was paid at the official rate. This loan was repaid within 9 months of the year end.	9,843	9,843	9,737	9,737

Page 5