Parrott Automotive Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 08071772 (England and Wales)

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31 MAY 2015

FOR

PARROTT AUTOMOTIVE LIMITED

TRADING AS

ACRE LANE GARAGE

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A Parrott

Mrs V Parrott

REGISTERED OFFICE:

Acre Lane

Spring Park

Northampton

Northamptonshire

NN2 8BN

REGISTERED NUMBER:

08071772 (England and Wales)

ACCOUNTANTS:

Novakovic & Co

30 Mill Street

Bedford

Bedfordshire

MK40 3HD

FIXED ASSETS

Tangible assets

2

8,885

8,294

CURRENT ASSETS

Stocks

89,318

71,947

Debtors

6,594

4,550

Cash at bank and in hand

46,304

47,481

142,216

123,978

CREDITORS

Amounts falling due within one year

70,510

75,782

NET CURRENT ASSETS

71,706

48,196

TOTAL ASSETS LESS CURRENT LIABILITIES

80,591

56,490

CREDITORS

Amounts falling due after more than one year

3

40,000

40,000

NET ASSETS

40,591

16,490

CAPITAL AND RESERVES

Called up share capital

4

40,100

100

Profit and loss account

491

16,390

SHAREHOLDERS' FUNDS

40,591

16,490

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 23 February 2016 and were signed on its behalf by:

A Parrott - 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.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2014

12,856

Additions

2,735

At 31 May 2015

15,591

DEPRECIATION

At 1 June 2014

4,562

Charge for year

2,144

At 31 May 2015

6,706

NET BOOK VALUE

At 31 May 2015

8,885

At 31 May 2014

8,294

3.

CREDITORS

Creditors include the following debts falling due in more than five years:

2015

2014

£

£

Repayable otherwise than by instalments

40,000

40,000

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

2

Ordinary

£1.00

100

100

40,000

Redeemable preference shares

£1.00

40,000

-

40,100

100

40,000 Redeemable preference shares shares of £1.00 each were allotted and fully paid for cash at par during the

year.