Abbreviated Company Accounts - IMAGE AUTOSALES LIMITED

IMAGE AUTOSALES LIMITED - Company Information

Registered Number 04681026

IMAGE AUTOSALES LIMITED

Abbreviated Accounts

31 May 2015

IMAGE AUTOSALES LIMITED Registered Number 04681026

Abbreviated Balance Sheet as at 31 May 2015

	Notes	2015	2014
		£	£
Fixed assets
Tangible assets	2	394	326
		394	326
Current assets
Stocks		55,935	71,615
Cash at bank and in hand		-	9,294
		55,935	80,909
Creditors: amounts falling due within one year		(73,821)	(84,119)
Net current assets (liabilities)		(17,886)	(3,210)
Total assets less current liabilities		(17,492)	(2,884)
Total net assets (liabilities)		(17,492)	(2,884)
Capital and reserves
Called up share capital		2	2
Profit and loss account		(17,494)	(2,886)
Shareholders' funds		(17,492)	(2,884)

For the year ending 31 May 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 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 Board on 10 August 2015

And signed on their behalf by:
I Sargeant, Director

IMAGE AUTOSALES LIMITED Registered Number 04681026

Notes to the Abbreviated Accounts for the period ended 31 May 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Fixtures, fittings and equipment - 25% reducing balance

Valuation information and policy
Stock.
Stock is valued at the lower of cost and net realisable value.

Other accounting policies
Going Concern.
The financial statements have been prepared on a going concern basis despite the deficiency of net assets. This is considered appropriate as the shareholder has indicated his willingness to continue his support into the foreseeable future to enable the company to continue to trade.

2Tangible fixed assets

	£
Cost
At 1 June 2014	2,431
Additions	212
Disposals	-
Revaluations	-
Transfers	-
At 31 May 2015	2,643
Depreciation
At 1 June 2014	2,105
Charge for the year	144
On disposals	-
At 31 May 2015	2,249
Net book values
At 31 May 2015	394
At 31 May 2014	326