S M Specialist Cars Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 07565250 (England and Wales)

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2015

FOR

S M SPECIALIST CARS LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

T Mumtaz

REGISTERED OFFICE:

30 Mill Street

Bedford

Bedfordshire

MK40 3HD

REGISTERED NUMBER:

07565250 (England and Wales)

ACCOUNTANTS:

Novakovic & Co

30 Mill Street

Bedford

Bedfordshire

MK40 3HD

FIXED ASSETS

Tangible assets

2

4,350

1,787

CURRENT ASSETS

Stocks

105,213

65,195

Cash at bank

12,044

30,779

117,257

95,974

CREDITORS

Amounts falling due within one year

87,932

66,124

NET CURRENT ASSETS

29,325

29,850

TOTAL ASSETS LESS CURRENT LIABILITIES

33,675

31,637

CAPITAL AND RESERVES

Called up share capital

3

10

1

Profit and loss account

33,665

31,636

SHAREHOLDERS' FUNDS

33,675

31,637

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 17 December 2015 and were signed by:

T Mumtaz - 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.

Plant and machinery etc

-

25% on reducing balance and 15% 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

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 April 2014

2,986

Additions

3,299

At 31 March 2015

6,285

DEPRECIATION

At 1 April 2014

1,199

Charge for year

736

At 31 March 2015

1,935

NET BOOK VALUE

At 31 March 2015

4,350

At 31 March 2014

1,787

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

10

Ordinary

£1.00

10

1