Owen Cherrell Racing Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 05516856 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 1 AUGUST 2014 TO 31 AUGUST 2015

FOR

OWEN CHERRELL RACING LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

O Cherrell

Mrs J Cherrell

SECRETARY:

Mrs J Cherrell

REGISTERED OFFICE:

Suite 9

Normanby Gateway

Lysaghts Way

Scunthorpe

North Lincolnshire

DN15 9YG

REGISTERED NUMBER:

05516856 (England and Wales)

ACCOUNTANTS:

Accountancy Solutions (UK) Limited

Chartered Certified Accountants

& Statutory Auditors

Suite 9 Normanby Gateway

Lysaghts Way

Scunthorpe

North Lincolnshire

DN15 9YG

FIXED ASSETS

Tangible assets

2

4,297

6,040

CURRENT ASSETS

Stocks

66,557

68,294

Debtors

511

1,586

Cash at bank and in hand

12,138

14,999

79,206

84,879

CREDITORS

Amounts falling due within one year

70,862

84,709

NET CURRENT ASSETS

8,344

170

TOTAL ASSETS LESS CURRENT LIABILITIES

12,641

6,210

CREDITORS

Amounts falling due after more than one year

-

482

NET ASSETS

12,641

5,728

CAPITAL AND RESERVES

Called up share capital

3

1

1

Profit and loss account

12,640

5,727

SHAREHOLDERS' FUNDS

12,641

5,728

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 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 14 January 2016 and were signed on its behalf by:

O Cherrell - Director

Mrs J Cherrell - 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.

Improvements to property

-

10% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

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 August 2014

and 31 August 2015

22,451

DEPRECIATION

At 1 August 2014

16,411

Charge for period

1,743

At 31 August 2015

18,154

NET BOOK VALUE

At 31 August 2015

4,297

At 31 July 2014

6,040

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.15

31.7.14

value:

£

£

1

Ordinary

£1

1

1