Alan Storrar Cars Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC222397 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2015

for

Alan Storrar Cars Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

A Storrar

SECRETARY:

J G Cluckie

REGISTERED OFFICE:

Spectrum House

Inveralmond Place

Inveralmond Industrial Estate

Perth

Perthshire

PH1 3TS

REGISTERED NUMBER:

SC222397 (Scotland)

ACCOUNTANTS:

Campbell Dallas LLP

Chartered Accountants

4 Atholl Crescent

Perth

Perthshire

PH1 5NG

FIXED ASSETS

Intangible assets

2

145,076

-

Tangible assets

3

26,817

-

Investments

4

1,299

-

173,192

-

CURRENT ASSETS

Stocks

635,387

-

Debtors

95,955

650,965

Cash at bank and in hand

552

2

731,894

650,967

CREDITORS

Amounts falling due within one year

5

269,036

20,885

NET CURRENT ASSETS

462,858

630,082

TOTAL ASSETS LESS CURRENT LIABILITIES

636,050

630,082

PROVISIONS FOR LIABILITIES

3,064

-

NET ASSETS

632,986

630,082

CAPITAL AND RESERVES

Called up share capital

6

2

2

Profit and loss account

632,984

630,080

SHAREHOLDERS' FUNDS

632,986

630,082

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 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 14 August 2015 and were signed by:

A Storrar - 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, which excludes value added tax and trade discounts, represents the invoiced value of goods and

services supplied.

During the year ended 31 March 2014 the company's business was used car sales through participation in

the partnership of Alan Storrar Cars. Income comprised the company's share in the partnership's profit or

loss for the year

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold Improvements

-

10% on cost

Plant and machinery

-

33% on cost

Computer equipment

-

33% 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 provided at the average rates that are expected to apply when the timing differences

reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising

from the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets and

liabilities are not discounted. Deferred tax assets are recognised only to the extent that they will be

realised.

Operating lease 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

Additions

161,196

At 31 March 2015

161,196

AMORTISATION

Amortisation for year

16,120

At 31 March 2015

16,120

NET BOOK VALUE

At 31 March 2015

145,076

3.	TANGIBLE FIXED ASSETS

Total

£

COST

Additions

40,578

At 31 March 2015

40,578

DEPRECIATION

Charge for year

13,761

At 31 March 2015

13,761

NET BOOK VALUE

At 31 March 2015

26,817

4.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2015

2014

£

£

Other Investments

1,299

-

5.

CREDITORS

Creditors include an amount of £ 89,476 for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

2

Ordinary

£1

2

2

7.	ULTIMATE CONTROLLING PARTY