Worcester Auto Electrics Limited - Period Ending 2013-12-31

Registration number: 5645110

Worcester Auto Electrics Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2013
 

Worcester Auto Electrics Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Worcester Auto Electrics Limited
(Registration number: 5645110)
Abbreviated Balance Sheet at 31 December 2013

		Note			2013 £			2012 £
Fixed assets
Tangible fixed assets					2,767			14,895
Current assets
Stocks					35,000			32,690
Debtors					118,133			87,826
Cash at bank and in hand					2,000			2,003
					155,133			122,519
Creditors: Amounts falling due within one year					(159,035)			(136,147)
Net current liabilities					(3,902)			(13,628)
Net (liabilities)/assets					(1,135)			1,267
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					(1,235)			1,167
Shareholders' (deficit)/funds					(1,135)			1,267

For the year ending 31 December 2013 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 25 September 2014

.........................................
I M Dugdale
Director

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

Worcester Auto Electrics Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... 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).

Going concern

The financial statements have been prepared on a going concern basis as the director has indicated that he will continue to support the company in the foreseeable future.

Turnover

Turnover represents the value of goods sold during the period, net of VAT and trade discounts. Turnover also includes the fair value of services provided under contracts with customers to the extent that there is a right to consideration. It is measured at the fair value of the consideration due.

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
Fixtures and fittings	25% Reducing balance
Motor vehicles	20% Straight line

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.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

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Worcester Auto Electrics Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2013		61,830			61,830
Disposals		(3,600)			(3,600)
At 31 December 2013		58,230			58,230
Depreciation
At 1 January 2013		46,935			46,935
Charge for the year		11,408			11,408
Eliminated on disposals		(2,880)			(2,880)
At 31 December 2013		55,463			55,463
Net book value
At 31 December 2013		2,767			2,767
At 31 December 2012		14,895			14,895

3	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

4	Related party transactions

Director's advances and credits

	2013 Advance/ Credit £	2013 Repaid £	2012 Advance/ Credit £	2012 Repaid £
I M Dugdale
Interest free loan repayable on demand	15,733	-	-	-

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