NATIONWIDE_VEHICLE_FUNDIN - Accounts

NATIONWIDE VEHICLE FUNDING (NORTH WALES) LIMITED - Company Information

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Company Registration No. 03078671 (England and Wales)

NATIONWIDE VEHICLE FUNDING (NORTH WALES) LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

NATIONWIDE VEHICLE FUNDING (NORTH WALES) LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

NATIONWIDE VEHICLE FUNDING (NORTH WALES) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

Investments

Current assets

Debtors

461,114

471,938

Cash at bank and in hand

422

452

461,536

472,390

Creditors: amounts falling due within one year

(900)

(45,067)

Net current assets

460,636

427,323

Total assets less current liabilities

460,711

427,327

Capital and reserves

Called up share capital

101

100

Share premium account

2,974

Profit and loss account

457,636

427,227

Shareholders' funds

460,711

427,327

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 29 September 2015

R A D Stokes-Boreham

Director

Company Registration No. 03078671

NATIONWIDE VEHICLE FUNDING (NORTH WALES) 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 services provided prior to the balance sheet date.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5

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:

Fixtures, fittings & equipment

25% per annum reducing balance basis

1.6

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

NATIONWIDE VEHICLE FUNDING (NORTH WALES) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 3 -

Fixed assets

Intangible assets

Tangible assets

Investments

Total

Cost

At 1 January 2014

645

Additions

510,000

123,901

633,976

Disposals

(510,000)

(124,546)

(634,546)

At 31 December 2014

Depreciation

At 1 January 2014

641

On disposals

(641)

At 31 December 2014

Net book value

At 31 December 2014

At 31 December 2013

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

V4B Ltd

England and Wales

Ordinary

75.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2014

Principal activity

V4B Ltd

Vehicle leasing and car rental

12,486

154,886

The profit and capital and reserves figures for the subsidiary are taken from the accounts for the year ended 31 March 2015.

NATIONWIDE VEHICLE FUNDING (NORTH WALES) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 4 -

Share capital

2014

2013

Allotted, called up and fully paid

101 Ordinary of £1 each

101

100

Ultimate parent company

The ultimate parent company is Simply Equated Limited, a company registered in the Isle of Man, which is exempt from the requirement to prepare group accounts.