Normac Spares Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: SC080765 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2013

FOR

NORMAC SPARES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

Brian Jamieson

SECRETARY:

Lynn Jamieson

REGISTERED OFFICE:

180 Swanston Street

Dalmarnock

Glasgow

G40 4HG

REGISTERED NUMBER:

SC080765 (Scotland)

ACCOUNTANTS:

F L Walker and Company Limited

Chartered Accountants

2 Woodside Place

Glasgow

G3 7QF

FIXED ASSETS

Tangible assets

2

101,188

102,178

CURRENT ASSETS

Stocks

32,424

21,399

Debtors

73,534

102,812

Cash in hand

547

-

106,505

124,211

CREDITORS

Amounts falling due within one year

3

92,101

89,500

NET CURRENT ASSETS

14,404

34,711

TOTAL ASSETS LESS CURRENT LIABILITIES

115,592

136,889

CREDITORS

Amounts falling due after more than one year

3

54,388

59,881

NET ASSETS

61,204

77,008

CAPITAL AND RESERVES

Called up share capital

4

100

100

Revaluation reserve

74,120

76,300

Profit and loss account

(13,016

)

608

SHAREHOLDERS' FUNDS

61,204

77,008

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2013 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 22 August 2014 and were signed by:

Brian Jamieson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation of

certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

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.

Freehold property

-

2.5% on cost or valuation

Improvements to property

-

2.5% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% 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.

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 OR VALUATION

At 1 January 2013

and 31 December 2013

125,782

DEPRECIATION

At 1 January 2013

23,604

Charge for year

990

At 31 December 2013

24,594

NET BOOK VALUE

At 31 December 2013

101,188

At 31 December 2012

102,178

3.

CREDITORS

Creditors include an amount of £ 67,371 (31.12.12 - £ 76,083 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.12.13

31.12.12

£

£

Repayable by instalments

29,464

36,272

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.13

31.12.12

value:

£

£

100

Ordinary

£1

100

100