Tolman Motorsport Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 07325940 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2015

FOR

TOLMAN MOTORSPORT LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

C Tolman

D R Pattison

SECRETARY:

Miss K Mustill

REGISTERED OFFICE:

Bank Gallery

High Street

Kenilworth

Warwickshire

CV8 1LY

REGISTERED NUMBER:

07325940 (England and Wales)

ACCOUNTANTS:

Bernard Rogers & Co

Bank Gallery

High Street

Kenilworth

Warwickshire

CV8 1LY

FIXED ASSETS

Tangible assets

2

85,609

109,907

CURRENT ASSETS

Stocks

60,727

50,183

Debtors

38,066

70,958

Cash at bank and in hand

5,882

224

104,675

121,365

CREDITORS

Amounts falling due within one year

3

117,509

76,325

NET CURRENT (LIABILITIES)/ASSETS

(12,834

)

45,040

TOTAL ASSETS LESS CURRENT LIABILITIES

72,775

154,947

CREDITORS

Amounts falling due after more than one year

3

84,667

139,000

NET (LIABILITIES)/ASSETS

(11,892

)

15,947

CAPITAL AND RESERVES

Called up share capital

4

1

1,428

Share premium

60,000

59,572

Profit and loss account

(71,893

)

(45,053

)

SHAREHOLDERS' FUNDS

(11,892

)

15,947

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

The members have not required the company to obtain an audit of its financial statements for the year 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 25 January 2016 and were signed on its behalf by:

C Tolman - 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 and services, 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.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

at varying rates on cost

Computer equipment

-

25% 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 provided in full on timing differences which result in an obligation at the Balance Sheet date to

pay more tax, or a right to pay less tax, at a future date at rates expected to apply when they crystallise based

on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in

taxation computations in periods different from those in which they are included in the financial statements.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be

recovered. Deferred tax assets and liabilities are not discounted.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2014

206,512

Additions

662

At 31 August 2015

207,174

DEPRECIATION

At 1 September 2014

96,605

Charge for year

24,960

At 31 August 2015

121,565

NET BOOK VALUE

At 31 August 2015

85,609

At 31 August 2014

109,907

3.

CREDITORS

Creditors include an amount of £ 134,263 (2014 - £ 99,000 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

1,428

Ordinary

0.001

p

1

1,428

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2015 and

31 August 2014:

2015

2014

£

£

C Tolman

Balance outstanding at start of year

36,831

-

Amounts advanced

41,700

47,494

Amounts repaid

(78,531

)

(10,663

)

Balance outstanding at end of year

-

36,831