KG Motorsport Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: NI051990 (Northern Ireland)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2015

for

KG Motorsport Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

K Graffin

SECRETARY:

McNicholl Ltd

REGISTERED OFFICE:

18 Market Road

Ballymena

BT43 6EL

REGISTERED NUMBER:

NI051990 (Northern Ireland)

ACCOUNTANTS:

J A McNicholl & Company Limited

18 Market Road

Ballymena

BT43 6EL

FIXED ASSETS

Tangible assets

2

133,309

78,207

CURRENT ASSETS

Stocks

385,720

334,932

Debtors

82,913

-

Cash at bank and in hand

39,555

341

508,188

335,273

CREDITORS

Amounts falling due within one year

176,719

252,809

NET CURRENT ASSETS

331,469

82,464

TOTAL ASSETS LESS CURRENT LIABILITIES

464,778

160,671

CREDITORS

Amounts falling due after more than one year

229,166

69,332

NET ASSETS

235,612

91,339

CAPITAL AND RESERVES

Called up share capital

3

300

300

Profit and loss account

235,312

91,039

SHAREHOLDERS' FUNDS

235,612

91,339

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 6 August 2015 and were signed by:

K Graffin - 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 sales 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.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

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

obsolete and slow moving items.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

114,748

Additions

82,264

Disposals

(9,900

)

At 31 March 2015

187,112

DEPRECIATION

At 1 April 2014

36,541

Charge for year

19,242

Eliminated on disposal

(1,980

)

At 31 March 2015

53,803

NET BOOK VALUE

At 31 March 2015

133,309

At 31 March 2014

78,207

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.15

31.3.14

value:

£

£

300

Ordinary

£1

300

300