Southwick Road Motor Repairs Limited - Period Ending 2015-03-31

Registration number: 03313986

Southwick Road Motor Repairs Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Brent King
24 Gosport Business Centre
Frater Gate
Gosport
Hampshire
PO13 0FQ

Southwick Road Motor Repairs Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Southwick Road Motor Repairs Limited
(Registration number: 03313986)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					1,294			1,725
Current assets
Stocks					600			875
Debtors					13,296			11,408
Cash at bank and in hand					100			100
					13,996			12,383
Creditors: Amounts falling due within one year					(15,771)			(17,298)
Net current liabilities					(1,775)			(4,915)
Net liabilities					(481)			(3,190)
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					(483)			(3,192)
Shareholders' deficit					(481)			(3,190)

For the year ending 31 March 2015 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 19 August 2015

.........................................
Mr Malcolm Read
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Southwick Road Motor Repairs Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... 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).

Going concern

The financial statements have been prepared on a going concern basis. The director continues to support the day to day operating activities of the company by way of a director's loan. The director has considered the balance sheet position as at the date of signing these financial statements and considers the company to be a going concern. The director agrees not to withdraw all or any part of his loan should it render the company unable to meet it's other current liabilities as they fall due.

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
Plant and machinery	25% Reducing balance
Motor vehicles	25% Reducing balance
Office equipment	25% Reducing balance

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.

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 2

Southwick Road Motor Repairs Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		20,191			20,191
At 31 March 2015		20,191			20,191
Depreciation
At 1 April 2014		18,466			18,466
Charge for the year		431			431
At 31 March 2015		18,897			18,897
Net book value
At 31 March 2015		1,294			1,294
At 31 March 2014		1,725			1,725

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

Page 3