Spellfame Karting Limited - Limited company - abbreviated

REGISTERED NUMBER: 03776328 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 December 2014

for

Spellfame Karting Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr R Lloyd

Ms F E Lloyd

REGISTERED OFFICE:

2-3 Bassett Court

Broad Street

Newport Pagnell

Buckinghamshire

MK16 0JN

REGISTERED NUMBER:

03776328 (England and Wales)

FIXED ASSETS

Tangible assets

2

7,285

14,593

CURRENT ASSETS

Stocks

99,000

81,000

Debtors

3,902

1,675

Cash at bank and in hand

17,234

7,056

120,136

89,731

CREDITORS

Amounts falling due within one year

105,428

69,206

NET CURRENT ASSETS

14,708

20,525

TOTAL ASSETS LESS CURRENT LIABILITIES

21,993

35,118

CREDITORS

Amounts falling due after more than one
year

13,203

18,099

NET ASSETS

8,790

17,019

CAPITAL AND RESERVES

Called up share capital

3

1,000

Profit and loss account

7,790

16,019

SHAREHOLDERS' FUNDS

8,790

17,019

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the
end of each financial year and of its profit or loss for each financial year in accordance with the requirements of
Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to
financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 30 September 2015 and were signed on its
behalf by:

Mr R Lloyd - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period.

The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

162,191

Additions

1,600

At 31 December 2014

163,791

DEPRECIATION

At 1 January 2014

147,598

Charge for year

8,908

At 31 December 2014

156,506

NET BOOK VALUE

At 31 December 2014

7,285

At 31 December 2013

14,593

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.12.13

value:

£

1,000

Ordinary

1

1,000

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the director, Mr R Lloyd, was owed £10,866 the company (2013: £1,833).

Dividends of £22,000 were paid to the director, Mr R Lloyd, in the year (2013: £20,700) and to the director, Ms

F E Lloyds of £5,500 (2013: £5,175).

Spellfame Karting Limited - Limited company - abbreviated - 11.6

Spellfame Karting Limited - Limited company - abbreviated - 11.6