CLASS_107_LIMITED - Accounts

CLASS 107 LIMITED - Company Information

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Company Registration No. 03313159 (England and Wales)

CLASS 107 LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 1 AUGUST 2015

CLASS 107 LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

CLASS 107 LIMITED

ABBREVIATED BALANCE SHEET

AS AT

1 AUGUST 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

25,262

21,401

Current assets

Stocks

15,116

22,395

Debtors

166

575

Cash at bank and in hand

1,504

16,786

23,066

Creditors: amounts falling due within one year

(171,362)

(163,966)

Net current liabilities

(154,576)

(140,900)

Total assets less current liabilities

(129,314)

(119,499)

Capital and reserves

Called up share capital

100

Profit and loss account

(129,316)

(119,599)

Shareholders' funds

(129,314)

(119,499)

For the financial year ended 1 August 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 8 March 2016

Mr Michael Froud

Director

Company Registration No. 03313159

CLASS 107 LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 1 AUGUST 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

15% reducing balance

Engines

10% reducing balance

1.5

Stock

Stock is valued at the lower of cost and net realisable value.

1.6

Going concern

At the year end the company had net current liabilities of £154,576, which indicates that the company may not be a going concern.

The company’s ongoing activities are dependent upon the continued financial support of the director who has undertaken to provide such support for at least one year from the date on which these financial statements are approved.

The directors are therefore confident that the company will continue to generate sufficient cash flows to meet its obligations as they fall due for payment.

The directors therefore consider it appropriate that the financial statements are prepared on a going concern basis.

CLASS 107 LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 1 AUGUST 2015

- 3 -

Fixed assets

Tangible assets

Cost

At 2 August 2014

68,257

Additions

6,616

At 1 August 2015

74,873

Depreciation

At 2 August 2014

46,856

Charge for the year

2,755

At 1 August 2015

49,611

Net book value

At 1 August 2015

25,262

At 1 August 2014

21,401

Share capital

2015

2014

Allotted, called up and fully paid

2 Ordinary of £1 each

100