Abbreviated Company Accounts - CLEVELAND AUTO SERVICES & HIRE CO. LTD

Abbreviated Company Accounts - CLEVELAND AUTO SERVICES & HIRE CO. LTD


Registered Number 04458542

CLEVELAND AUTO SERVICES & HIRE CO. LTD

Abbreviated Accounts

31 March 2015

CLEVELAND AUTO SERVICES & HIRE CO. LTD Registered Number 04458542

Abbreviated Balance Sheet as at 31 March 2015

Notes 2015 2014
£ £
Fixed assets
Intangible assets 2 4,667 6,667
Tangible assets 3 217,153 251,627
221,820 258,294
Current assets
Stocks 5,200 4,200
Debtors 32,523 49,889
Cash at bank and in hand 164,497 111,106
202,220 165,195
Creditors: amounts falling due within one year (44,121) (47,152)
Net current assets (liabilities) 158,099 118,043
Total assets less current liabilities 379,919 376,337
Provisions for liabilities (28,520) (24,519)
Total net assets (liabilities) 351,399 351,818
Capital and reserves
Called up share capital 4 1,000 1,000
Profit and loss account 350,399 350,818
Shareholders' funds 351,399 351,818
  • For the year ending 31 March 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 13 October 2015

And signed on their behalf by:
Mr J G Weeks, Director
Director, Director

CLEVELAND AUTO SERVICES & HIRE CO. LTD Registered Number 04458542

Notes to the Abbreviated Accounts for the period ended 31 March 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
The turnover shown in the profit and loss account represents amounts invoiced during the year,
exclusive of Value Added Tax.
In respect of long-term contracts and contracts for on-going services, turnover represents the
value of work done in the year, including estimates of amounts not invoiced. Turnover in
respect of long-term contracts and contracts for on-going services is recognised by reference to
the stage of completion.

Tangible assets depreciation policy
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value,
over the useful economic life of that asset as follows:
Fixtures & Fittings - 20% reducing balance
Motor Vehicles - 25% reducing balance

Intangible assets amortisation policy
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value,
over the useful economic life of that asset as follows:
Goodwill - Over 15 years

Other accounting policies
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for
obsolete and slow moving items.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of
ownership remain with the lessor are charged against profits on a straight line basis over the
period of the lease.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive more tax, with the
following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value
adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over
into replacement assets, only to the extent that, at the balance sheet date, there is a binding
agreement to dispose of the assets concerned. However, no provision is made where, on the
basis of all available evidence at the balance sheet date, it is more likely than not that the
taxable gain will be rolled over into replacement assets and charged to tax only where the
replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more
likely than not that there will be suitable taxable profits from which the future reversal of the
underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in
the periods in which timing differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the
contractual arrangement, as either financial assets, financial liabilities or equity instruments. An
equity instrument is any contract that evidences a residual interest in the assets of the company
after deducting all of its liabilities.

2Intangible fixed assets
£
Cost
At 1 April 2014 30,000
Additions -
Disposals -
Revaluations -
Transfers -
At 31 March 2015 30,000
Amortisation
At 1 April 2014 23,333
Charge for the year 2,000
On disposals -
At 31 March 2015 25,333
Net book values
At 31 March 2015 4,667
At 31 March 2014 6,667
3Tangible fixed assets
£
Cost
At 1 April 2014 464,215
Additions 52,272
Disposals (86,768)
Revaluations -
Transfers -
At 31 March 2015 429,719
Depreciation
At 1 April 2014 212,588
Charge for the year 43,352
On disposals (43,374)
At 31 March 2015 212,566
Net book values
At 31 March 2015 217,153
At 31 March 2014 251,627
4Called Up Share Capital
Allotted, called up and fully paid:
2015
£
2014
£
1,000 Ordinary shares of £1 each 1,000 1,000