Evolution Automotive Components Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 02090721 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2015

for

Evolution Automotive Components Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

S P Hall

SECRETARY:

Mrs J A Hall

REGISTERED OFFICE:

Unit 1

17 Lythalls Lane

Foleshill

Coventry

Warwickshire

CV6 6FN

REGISTERED NUMBER:

02090721 (England and Wales)

ACCOUNTANTS:

Leigh Christou Ltd

Chartered Certified Accountants

Leofric House

Binley Road

Coventry

West Midlands

CV3 1JN

FIXED ASSETS

Tangible assets

2

109,402

94,160

CURRENT ASSETS

Stocks

552,144

539,575

Debtors

325,799

381,362

Cash at bank

4,102

17,778

882,045

938,715

CREDITORS

Amounts falling due within one year

3

794,577

827,299

NET CURRENT ASSETS

87,468

111,416

TOTAL ASSETS LESS CURRENT
LIABILITIES

196,870

205,576

CREDITORS

Amounts falling due after more than one year

3

-

24,043

NET ASSETS

196,870

181,533

CAPITAL AND RESERVES

Called up share capital

4

50

Capital redemption reserve

100

Profit and loss account

196,720

181,383

SHAREHOLDERS' FUNDS

196,870

181,533

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 19 April 2016 and were signed by:

S P Hall - 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, except in respect of service contracts where

turnover is recognised when the company obtains the right to consideration.

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.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% 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.

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.

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 January 2015

291,925

Additions

33,804

At 31 December 2015

325,729

DEPRECIATION

At 1 January 2015

197,765

Charge for year

18,562

At 31 December 2015

216,327

NET BOOK VALUE

At 31 December 2015

109,402

At 31 December 2014

94,160

3.

CREDITORS

Creditors include an amount of £ 281,893 (31.12.14 - £ 359,859 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

50

Ordinary

£1.00

50

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2015 and

31 December 2014:

31.12.15

31.12.14

£

S P Hall

Balance outstanding at start of year

5,842

10,542

Amounts advanced

5,340

8,200

Amounts repaid

(5,850

)

(12,900

)

Balance outstanding at end of year

5,332

5,842

The above loan is interest free and repaid in full following the balance sheet date.