NORJAC_LTD - Accounts

NORJAC LTD. - Company Information

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Company Registration No. 00697292 (England and Wales)

NORJAC LTD

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

NORJAC LTD

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

2 - 3

Notes to the abbreviated accounts

4 - 5

NORJAC LTD

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORJAC LTD FOR THE YEAR ENDED 31 DECEMBER 2015

- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Norjac Ltd for the year ended 31 December 2015 set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.

This report is made solely to the Board of Directors of Norjac Ltd, as a body, in accordance with the terms of our engagement letter dated 15 May 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Norjac Ltd and state those matters that we have agreed to state to the Board of Directors of Norjac Ltd, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norjac Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Norjac Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Norjac Ltd. You consider that Norjac Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Norjac Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore and Smalley LLP

Chartered Accountants

Richard House

9 Winckley Square

Preston

PR1 3HP

23 June 2016

NORJAC LTD

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 2 -

2015

2014

Notes

Fixed assets

Tangible assets

521,884

526,129

Current assets

Stocks

876,628

961,665

Debtors

64,632

115,987

Cash at bank and in hand

7,594

5,034

948,854

1,082,686

Creditors: amounts falling due within one year

(1,080,969)

(1,149,559)

Net current liabilities

(132,115)

(66,873)

Total assets less current liabilities

389,769

459,256

Creditors: amounts falling due after more than one year

(29,820)

(38,287)

359,949

420,969

Capital and reserves

Called up share capital

100

Revaluation reserve

317,742

318,853

Profit and loss account

42,107

102,016

Shareholders' funds

359,949

420,969

NORJAC LTD

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2015

- 3 -

For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 16 June 2016

Mr R E G Titterington

Mrs E H Titterington

Director

Mr W N Titterington

Director

Company Registration No. 00697292

NORJAC LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 4 -

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 January 2015).

The company has made a loss in the year as trading conditions have been difficult in recent years. As a result the level of distributable reserves at the year end has decreased. However the directors have confirmed their continuing support for the company, and therefore consider it appropriate for the financial statements to be prepared on a going concern basis.

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 sale of motor vehicles, related parts and service net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

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

Land and buildings Freehold

Cost less residual value over 40 years straight line

Land and buildings Leasehold

Over lease term

Plant and machinery

12.5% & 20% on written down value

The depreciation policy for freehold land and buildings has been changed during the year. The policy now takes into account the estimated residual value before calculating the depreciation charge. This has been done to reflect the fact that freehold land and buildings will always have a residual value and to depreciate on the assumption of a zero residual value does not give a true reflection of the value of the asset.

1.5

Leasing and hire purchase commitments

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Stock

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

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.8

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.

NORJAC LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 5 -

Fixed assets

Tangible assets

Cost or valuation

At 1 January 2015

672,709

Additions

1,399

Disposals

(19,500)

At 31 December 2015

654,608

Depreciation

At 1 January 2015

146,580

On disposals

(19,500)

Charge for the year

5,644

At 31 December 2015

132,724

Net book value

At 31 December 2015

521,884

At 31 December 2014

526,129

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £809,304 (2014 - £752,535).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £29,820 (2014 - £38,287).

Share capital

2015

2014

Allotted, called up and fully paid

40 A Ordinary of £1 each

40 B Ordinary of £1 each

20 C Ordinary of £1 each

100