ABBEY_VEHICLE_RENTAL_LIMI - Accounts

ABBEY VEHICLE RENTAL LIMITED - Company Information

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Company Registration No. 07582832 (England and Wales)

ABBEY VEHICLE RENTAL LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2015

ABBEY VEHICLE RENTAL LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

ABBEY VEHICLE RENTAL LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

67,964

27,476

Current assets

Stocks

2,500

Debtors

20,966

16,784

Cash at bank and in hand

830

1,656

21,796

20,940

Creditors: amounts falling due within one year

(55,552)

(28,380)

Net current liabilities

(33,756)

(7,440)

Total assets less current liabilities

34,208

20,036

Creditors: amounts falling due after more than one year

(33,843)

(18,579)

365

1,457

Capital and reserves

Called up share capital

Profit and loss account

362

1,454

Shareholders' funds

365

1,457

For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 22 December 2015

Mr M Pearce

Director

Company Registration No. 07582832

ABBEY VEHICLE RENTAL LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The company was considered to be a going concern through the continuing support of the director.

1.2

Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

25% reducing balance

Computer equipment

25% reducing balance

Motor vehicles

10% reducing balance

1.4

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.5

Stock

Work in progress is valued at the lower of cost and net realisable value.

ABBEY VEHICLE RENTAL LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2015

- 3 -

Fixed assets

Tangible assets

Cost

At 1 April 2014

28,773

Additions

45,803

At 31 March 2015

74,576

Depreciation

At 1 April 2014

1,297

Charge for the year

5,315

At 31 March 2015

6,612

Net book value

At 31 March 2015

67,964

At 31 March 2014

27,476

Share capital

2015

2014

Allotted, called up and fully paid

3 Ordinary of £1 each

Transactions with directors

At the balance sheet date the company owed Mr M Pearce, a director and shareholder, £85 (2014 - £330 owed from). No interest is accruing on this amount.