Abbreviated Company Accounts - FASTEC RACING LIMITED

FASTEC RACING LIMITED - Company Information

Registered Number 07940896

FASTEC RACING LIMITED

Abbreviated Accounts

29 February 2016

FASTEC RACING LIMITED Registered Number 07940896

Abbreviated Balance Sheet as at 29 February 2016

	Notes	2016	2015
		£	£
Called up share capital not paid		-	-
Fixed assets
Intangible assets		-	-
Tangible assets	2	9,058	10,807
Investments		-	-
		9,058	10,807
Current assets
Stocks		41,717	26,853
Debtors		31,095	40,262
Investments		-	-
Cash at bank and in hand		28,435	23,080
		101,247	90,195
Prepayments and accrued income		-	-
Creditors: amounts falling due within one year		(20,213)	(19,015)
Net current assets (liabilities)		81,034	71,180
Total assets less current liabilities		90,092	81,987
Creditors: amounts falling due after more than one year		0	0
Provisions for liabilities		0	0
Accruals and deferred income		0	0
Total net assets (liabilities)		90,092	81,987
Capital and reserves
Called up share capital		20	20
Share premium account		0	0
Revaluation reserve		0	0
Other reserves		0	0
Profit and loss account		90,072	81,967
Shareholders' funds		90,092	81,987

For the year ending 29 February 2016 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 29 June 2016

And signed on their behalf by:
D Starmer, Director

FASTEC RACING LIMITED Registered Number 07940896

Notes to the Abbreviated Accounts for the period ended 29 February 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective January 2015.

Turnover policy
Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible assets depreciation policy
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 etc - 33% on cost and 25% on reducing balance

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

Other accounting policies
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

2Tangible fixed assets

	£
Cost
At 1 March 2015	16,035
Additions	5,286
Disposals	0
Revaluations	0
Transfers	0
At 29 February 2016	21,321
Depreciation
At 1 March 2015	5,228
Charge for the year	7,035
On disposals	0
At 29 February 2016	12,263
Net book values
At 29 February 2016	9,058
At 28 February 2015	10,807