Michael Martin Car Sales Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 07204302 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2015

for

Michael Martin Car Sales Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mrs S Martin

M J Martin

REGISTERED OFFICE:

1 The Street

Elmsett

Ipswich

Suffolk

IP7 6PA

REGISTERED NUMBER:

07204302 (England and Wales)

ACCOUNTANTS:

Aaron Clarke Accountants

1 The Street

Elmsett

Ipswich

Suffolk

IP7 6PA

FIXED ASSETS

Tangible assets

2

870

1,023

CURRENT ASSETS

Stocks

340,036

254,227

Debtors

7,063

6,349

Cash in hand

5,000

5,000

352,099

265,576

CREDITORS

Amounts falling due within one year

216,334

168,374

NET CURRENT ASSETS

135,765

97,202

TOTAL ASSETS LESS CURRENT LIABILITIES

136,635

98,225

CAPITAL AND RESERVES

Called up share capital

3

100

100

Retained earnings

136,535

98,125

SHAREHOLDERS' FUNDS

136,635

98,225

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 directors acknowledge their 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 Board of Directors on 24 December 2015 and were signed on its behalf by:

M J Martin - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the sale of goods, is recognised on dispatch of the goods and excludes 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.

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 profit or loss on a straight line basis over the period of the

lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

and 31 March 2015

1,203

DEPRECIATION

At 1 April 2014

180

Charge for year

153

At 31 March 2015

333

NET BOOK VALUE

At 31 March 2015

870

At 31 March 2014

1,023

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.15

31.3.14

value:

£

£

100

Ordinary

£1

100

100