UK_RALLY_LIMITED - Accounts

UK RALLY LIMITED - Company Information

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Company Registration No. 05512620 (England and Wales)

UK RALLY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

UK RALLY LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

UK RALLY LIMITED

ABBREVIATED BALANCE SHEET

AS AT 31 DECEMBER 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

296

10,891

Current assets

Debtors

5,600

62,223

Cash at bank and in hand

868

502

6,468

62,725

Creditors: amounts falling due within one year

(4,163)

(78,591)

Net current assets/(liabilities)

2,305

(15,866)

Total assets less current liabilities

2,601

(4,975)

Capital and reserves

Called up share capital

Profit and loss account

2,561

(5,015)

Shareholders' funds

2,601

(4,975)

For the financial year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 3 May 2015

Mr Mark Taylor

Mr Robert Batty

Director

Company Registration No. 05512620

UK RALLY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services provided net of VAT.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

15% on reducing balance

Computer equipment

33% on cost

Fixtures, fittings & equipment

25% on reducing balance

Motor vehicles

25% on reducing balance

1.5

Deferred taxation

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date at rates expected to apply when they crystallise based on current tax rates and laws. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered.
Deferred tax assets and liabilities are not discounted.

UK RALLY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 3 -

Fixed assets

Tangible assets

Cost

At 1 January 2014

32,296

Additions

10,500

Disposals

(39,906)

At 31 December 2014

2,890

Depreciation

At 1 January 2014

21,405

On disposals

(20,829)

Charge for the year

2,018

At 31 December 2014

2,594

Net book value

At 31 December 2014

296

At 31 December 2013

10,891

Share capital

2014

2013

Allotted, called up and fully paid

40 "A" Ordinary of £1 each