Abbreviated Company Accounts - MAXITECH TURBOS LIMITED

Abbreviated Company Accounts - MAXITECH TURBOS LIMITED

MAXITECH TURBOS LIMITED - Company Information

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Registered Number 03516247

MAXITECH TURBOS LIMITED

Abbreviated Accounts

30 June 2015

MAXITECH TURBOS LIMITED Registered Number 03516247

Abbreviated Balance Sheet as at 30 June 2015

Notes 2015 2014
£ £
Current assets
Stocks 5,776 608
Debtors 45,970 16,737
Cash at bank and in hand 70,198 1,651
121,944 18,996
Creditors: amounts falling due within one year (126,414) (29,162)
Net current assets (liabilities) (4,470) (10,166)
Total assets less current liabilities (4,470) (10,166)
Total net assets (liabilities) (4,470) (10,166)
Capital and reserves
Called up share capital 2 2 2
Profit and loss account (4,472) (10,168)
Shareholders' funds (4,470) (10,166)
  • For the year ending 30 June 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 directors acknowledge their 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 Board on 25 November 2015

And signed on their behalf by:
Mr G Barnett, Director

MAXITECH TURBOS LIMITED Registered Number 03516247

Notes to the Abbreviated Accounts for the period ended 30 June 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Other accounting policies
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

Going concern

The company had net liabilities at the balance sheet date. However, in the opinion of the director the company will have sufficient working capital to meeting all future liabilities as they fall due. Consequently the financial statements have been prepared on a going concern basis.

2Called Up Share Capital
Allotted, called up and fully paid:
2015
£		 2014
£
2 Ordinary shares of £1 each 2 2