Palmdale Motors Limited - Period Ending 2015-03-31

Palmdale Motors Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Registration number: 05397799

Palmdale Motors Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Palmdale Motors Limited (Registration number: 05397799)
Abbreviated Balance Sheet
at 31 March 2015

		Note			2015						2014
	£			£			£			£
Fixed assets
Tangible fixed assets								9,517						12,472
Current assets
Stocks					3,865						6,000
Debtors					8,827						11,234
Cash at bank and in hand					28,223						8,198
					40,915						25,432
Creditors: Amounts falling due within one year					(64,905)						(59,107)
Net current liabilities								(23,990)						(33,675)
Net liabilities								(14,473)						(21,203)
Capital and reserves
Called up share capital		3			100						100
Profit and loss account					(14,573)						(21,303)
Shareholders' deficit								(14,473)						(21,203)

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 director acknowledges his 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 director on 23 December 2015

.........................................
Mr A Winston
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Palmdale Motors 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 company balance sheet shows a net liability position of £14,473 (2014: £21,203) as at 31 March 2015. However the director considers the going concern basis is appropriate due to the continued financial support the company continues to receive from the director and the finance agreed with the company's creditors.

Turnover

Turnover represents amounts chargeable 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
Fixtures and fittings	25% Reducing balance method
Motor Vehicles	25% Reducing balance method
Office equipment	25% Reducing balance method

Stock

Stock 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.

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 2

Palmdale Motors 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		24,729			24,729
Disposals		(1,400)			(1,400)
At 31 March 2015		23,329			23,329
Depreciation
At 1 April 2014		12,257			12,257
Charge for the year		2,768			2,768
Eliminated on disposals		(1,213)			(1,213)
At 31 March 2015		13,812			13,812
Net book value
At 31 March 2015		9,517			9,517
At 31 March 2014		12,472			12,472

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
A Ordinary of £1 each		85			85			85			85
B Ordinary of £1 each		5			5			5			5
C Ordinary of £1 each		5			5			5			5
D Ordinary of £1 each		5			5			5			5
		100			100			100			100

Page 3

Palmdale Motors Limited
Notes to the Abbreviated Accounts
for the Year Ended 31 March 2015......... continued

4	Related party transactions

Director's advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr A Winston
Advance	5,287	-	1,626	1,626

Page 4