Fieldens(Wheels,Tyres & ATVs) Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 04516167 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 December 2015

for

Fieldens(Wheels,Tyres & ATVs) Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

N Rosenthal

REGISTERED OFFICE:

Starhouse

Onehouse

Stowmarket

Suffolk

IP14 3EL

REGISTERED NUMBER:

04516167 (England and Wales)

ACCOUNTANTS:

KPSK Accounts and Tax Limited

6 Manor Park

Church Road

Gt Barton

Bury St Edmunds

Suffolk

IP31 2QR

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

32,551

56,220

32,551

56,220

CURRENT ASSETS

Stocks

813,583

791,937

Debtors

834,252

948,846

Cash at bank and in hand

300

147,144

1,648,135

1,887,927

CREDITORS

Amounts falling due within one year

4

1,592,745

1,840,732

NET CURRENT ASSETS

55,390

47,195

TOTAL ASSETS LESS CURRENT LIABILITIES

87,941

103,415

CAPITAL AND RESERVES

Called up share capital

5

150,001

150,001

Profit and loss account

(62,060

)

(46,586

)

SHAREHOLDERS' FUNDS

87,941

103,415

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 6 July 2016 and were signed by:

N Rosenthal - 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.

Goodwill

Goodwill has been written off in equal annual instalments over its estimated economic life of 24 months.

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.

Improvements to property

-

50% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

33% on reducing balance and 20% 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.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

and 31 December 2015

(100,000

)

AMORTISATION

At 1 January 2015

and 31 December 2015

(100,000

)

NET BOOK VALUE

At 31 December 2015

-

At 31 December 2014

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

468,195

Additions

1,573

At 31 December 2015

469,768

DEPRECIATION

At 1 January 2015

411,975

Charge for year

25,242

At 31 December 2015

437,217

NET BOOK VALUE

At 31 December 2015

32,551

At 31 December 2014

56,220

4.

CREDITORS

Creditors include an amount of £ 718,258 (2014 - £ 799,907 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

75,001

Ordinary

1

150,001

75,001

75,000

Class A Ordinary

1

-

75,000

150,001

150,001