First Car Fleet Limited - Period Ending 2015-03-31

Registration number: 06544380

First Car Fleet Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

bdhc Chartered Accountants
11 Moor Street
Chepstow
Monmouthshire
NP16 5DD

First Car Fleet Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
First Car Fleet Limited
for the Year Ended 31 March 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of First Car Fleet Limited for the year ended 31 March 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of First Car Fleet Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of First Car Fleet Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than First Car Fleet Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that First Car Fleet Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of First Car Fleet Limited. You consider that First Car Fleet Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of First Car Fleet Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

bdhc Chartered Accountants
11 Moor Street
Chepstow
Monmouthshire
NP16 5DD

7 November 2015

Page 1

First Car Fleet Limited
(Registration number: 06544380)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					1,575			2,101
Current assets
Stocks					13,379			14,037
Debtors					74,264			79,279
Cash at bank and in hand					6,248			2,679
					93,891			95,995
Creditors: Amounts falling due within one year					(26,992)			(46,616)
Net current assets					66,899			49,379
Total assets less current liabilities					68,474			51,480
Creditors: Amounts falling due after more than one year					(746,805)			(737,931)
Net liabilities					(678,331)			(686,451)
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					(678,332)			(686,452)
Shareholders' deficit					(678,331)			(686,451)

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 7 November 2015 and signed on its behalf by:

.........................................
Mr J B Tustain
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

First Car Fleet Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis. Mr J BTustain, a director of the company, has reviewed the future cashflows of the company and, with his continued support, believes the going concern basis to be appropriate. The company has made a profit this year, which confirms his opinion. As of 31 March 2015 he has introduced a total of £746,805 into the company

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% reducing balance basis

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

First Car Fleet Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		4,218			4,218
At 31 March 2015		4,218			4,218
Depreciation
At 1 April 2014		2,117			2,117
Charge for the year		526			526
At 31 March 2015		2,643			2,643
Net book value
At 31 March 2015		1,575			1,575
At 31 March 2014		2,101			2,101

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		1			1			1			1

4

Control

The company is controlled by J B Tustain.

Page 4