JTC Autos Limited - Period Ending 2015-07-31

Registration number: 07301403

JTC Autos Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2015
 

Atkinson Saul Fairholm Limited
Chartered Accountants
21A Newland
Lincoln
LN1 1XP

JTC Autos Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

JTC Autos Limited
(Registration number: 07301403)
Abbreviated Balance Sheet at 31 July 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					4,000			10,000
Tangible fixed assets		2			2,388			2,890
					6,388			12,890
Current assets
Stocks					244,748			260,413
Debtors					10,000			77,525
					254,748			337,938
Creditors: Amounts falling due within one year					(145,003)			(236,992)
Net current assets					109,745			100,946
Net assets					116,133			113,836
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					116,033			113,736
Shareholders' funds					116,133			113,836

For the year ending 31 July 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 11 January 2016

.........................................
J T Coulby
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

JTC Autos Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 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).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line over 5 years

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
Office equipment	25% reducing balance

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.

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

JTC Autos Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 August 2014		30,000			5,383			35,383
Additions		-			299			299
At 31 July 2015		30,000			5,682			35,682
Depreciation
At 1 August 2014		20,000			2,493			22,493
Charge for the year		6,000			801			6,801
At 31 July 2015		26,000			3,294			29,294
Net book value
At 31 July 2015		4,000			2,388			6,388
At 31 July 2014		10,000			2,890			12,890

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		46,970			69,628

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary Class A of £1 each		75			75			75			75
Ordinary Class B of £1 each		25			25			25			25
		100			100			100			100

Page 3