Prestwood Automotive Limited Accounts

PRESTWOOD AUTOMOTIVE LTD - Company Information






Prestwood Automotive Limited
	Abbreviated Accounts
	31 January 2015














		Company No.	08769248

as at
31 January 2015


		Notes	2015
			£
Fixed assets

	Tangible assets	2	4,122

			4,122
Current assets
	Stocks		10,000
	Debtors		1,931

	Cash at bank and in hand		3,791
			15,722
Creditors: Amounts falling due within one year			(47,255)
Net current liabilities			(31,533)
Total assets less current liabilities			(27,411)




Net liabilities			(27,411)

Capital and reserves
	Called up share capital	3	2



	Profit and loss account		(27,413)

Shareholders' funds			(27,411)

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

For the period ended 31 January 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 26 August 2015
And signed on its behalf by:

J. Prestwood
Director
26 August 2015

for the period ended 31 January 2015

1	Accounting policies

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) ["the FRSSE"].

Turnover

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers.

Tangible fixed assets and depreciation

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

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Furniture, fittings and equipment

25% reducing balance

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a 'finance lease'. Assets held under finance leases, or hire purchase contracts, are recorded in the balance sheet as tangible fixed assets and depreciated over their estimated useful lives or the term of the finance lease or hire purchase contract, whichever is shorter. Future instalments under such finance leases or hire purchase contracts, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account, and the capital element which reduces the outstanding obligation for future instalments.

All other leases are accounted for as 'operating leases' and the rental charges are charged to the profit and loss account on a straight line basis over the life of the lease.

2	Fixed assets
		Tangible fixed assets	Total
		£	£
	Cost or revaluation

	Additions	5,529	5,529



	At 31 January 2015	5,529	5,529
	Amortisation

	Charge for the year	1,407	1,407



	At 31 January 2015	1,407	1,407
	Net book values
	At 31 January 2015	4,122	4,122

3	Share Capital
		Nominal value	2015	2015
		£	Number	£
	Allotted, called up and fully paid:
	Ordinary	1.00	2	2




				2

		Nominal value	2015	2015
		£	Number	£
	Shares issued during the period:
	Ordinary	1.00	2	2




				2

	Shares were issued during the year to Mr J Prestwood and Mrs L Prestwood