Central Wheel Components Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 01602882 (England and Wales)

CENTRAL WHEEL COMPONENTS LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED

31 MARCH 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

W G Harding

R C Hoyland

Mrs B L Harding

SECRETARY:

F Harding

REGISTERED OFFICE:

8-9 Station Road

Coleshill

Birmingham

West Midlands

B46 1HT

REGISTERED NUMBER:

01602882 (England and Wales)

ACCOUNTANTS:

Charles Lovell & Co Limited

Chartered Certified Accountants

and Statutory Auditors

8 Church Green East

Redditch

Worcestershire

B98 8BP

FIXED ASSETS

Tangible assets

2

189,792

211,753

CURRENT ASSETS

Stocks

700,340

579,262

Debtors

330,192

283,131

Cash at bank

63,405

90,809

1,093,937

953,202

CREDITORS

Amounts falling due within one year

3

650,386

461,175

NET CURRENT ASSETS

443,551

492,027

TOTAL ASSETS LESS CURRENT
LIABILITIES

633,343

703,780

CREDITORS

Amounts falling due after more than one
year

3

(10,892

)

(42,230

)

PROVISIONS FOR LIABILITIES

(36,938

)

(40,614

)

NET ASSETS

585,513

620,936

CAPITAL AND RESERVES

Called up share capital

4

6,600

Profit and loss account

578,913

614,336

SHAREHOLDERS' FUNDS

585,513

620,936

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 18 August 2016 and were signed on its
behalf by:

W G Harding - Director

1.	ACCOUNTING POLICIES

Accounting convention

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

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance and 15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

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 transaction. Exchange differences are taken into account in arriving at

the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

796,328

Additions

20,954

Disposals

(20,300

)

At 31 March 2016

796,982

DEPRECIATION

At 1 April 2015

584,575

Charge for year

36,492

Eliminated on disposal

(13,877

)

At 31 March 2016

607,190

NET BOOK VALUE

At 31 March 2016

189,792

At 31 March 2015

211,753

3.

CREDITORS

Creditors include an amount of £ 42,166 (31.3.15 - £ 83,326 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

6,600

Ordinary

£1

6,600

5.	ULTIMATE PARENT COMPANY

Central Wheel Components (Holdings) Limited is regarded by the directors as being the company's

ultimate parent company.