John E Winship Motor Engineers Limited - Period Ending 2015-01-31

Registration number: 4623773

John E Winship Motor Engineers Limited

Abbreviated Accounts

for the Year Ended 31 January 2015
 

787878787
John E Winship Motor Engineers Limited
Registration number: 4623773
Abbreviated Balance Sheet at 31 January 2015

		Note			2015						2014
	£			£			£			£
Fixed assets
Intangible fixed assets		2						40,000						45,000
Tangible fixed assets		2						51,878						45,929
								91,878						90,929
Current assets
Stocks					3,000						3,000
Debtors					45,037						50,446
Cash at bank and in hand					42,906						19,970
					90,943						73,416
Creditors: Amounts falling due within one year		3			(81,828)						(74,200)
Net current assets/(liabilities)								9,115						(784)
Total assets less current liabilities								100,993						90,145
Creditors: Amounts falling due after more than one year								(68,464)						(60,000)
Provisions for liabilities								(9,702)						(8,359)
Net assets								22,827						21,786
Capital and reserves
Called up share capital		4			1,000						1,000
Profit and loss account					21,827						20,786
Shareholders' funds								22,827						21,786

For the year ending 31 January 2015 the company was entitled to exemption from audit 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the Board on 31 July 2015 and signed on its behalf by:

Mr J E Winship
Director

The notes on pages 2 to 4 form an integral part of these financial statements.

787878787
John E Winship Motor Engineers Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2015

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.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	over 20 years

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
Improvements to leasehold property	15% on written down value
Plant and machinery	15% on written down value
Motor vehicles	25% on written down value

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.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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.

The notes on pages 2 to 4 form an integral part of these financial statements.

787878787
John E Winship Motor Engineers Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2015

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 February 2014		100,000			136,099			236,099
Additions		-			14,175			14,175
Disposals		-			(500)			(500)
At 31 January 2015		100,000			149,774			249,774
Amortisation
At 1 February 2014		55,000			90,170			145,170
Charge for the year		5,000			7,969			12,969
Eliminated on disposals		-			(243)			(243)
At 31 January 2015		60,000			97,896			157,896
Net book value
At 31 January 2015		40,000			51,878			91,878
At 31 January 2014		45,000			45,929			90,929

The notes on pages 2 to 4 form an integral part of these financial statements.

787878787
John E Winship Motor Engineers Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2015

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		3,536			3,283
Amounts falling due after more than one year		8,464			-
Total secured creditors		12,000			3,283

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

The notes on pages 2 to 4 form an integral part of these financial statements.