Speedy Spares Services Limited - Period Ending 2015-12-31

Registration number: 00857186

Speedy Spares Services Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

Kevin Alderton and Team
Chartered Accountants
14 South Way
Newhaven
East Sussex
BN9 9LL

Speedy Spares Services Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Speedy Spares Services Limited
for the Year Ended 31 December 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Speedy Spares Services Limited for the year ended 31 December 2015 set out on pages 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Speedy Spares Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Speedy Spares Services Limited and state those matters that we have agreed to state to them, 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 Speedy Spares Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Speedy Spares Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Speedy Spares Services Limited. You consider that Speedy Spares Services Limited 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 accounts of Speedy Spares Services Limited. 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 accounts.

......................................

Kevin Alderton and Team
Chartered Accountants
14 South Way
Newhaven
East Sussex
BN9 9LL

28 September 2016

Page 1

Speedy Spares Services Limited
(Registration number: 00857186)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					64,573			67,637
Current assets
Stocks					100,500			115,900
Debtors					6,006			1,051
Cash at bank and in hand					70,074			76,328
					176,580			193,279
Creditors: Amounts falling due within one year					(50,367)			(49,302)
Net current assets					126,213			143,977
Total assets less current liabilities					190,786			211,614
Provisions for liabilities					(55)			(668)
Net assets					190,731			210,946
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					190,631			210,846
Shareholders' funds					190,731			210,946

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 21 September 2016 and signed on its behalf by:

.........................................
Mrs Joan Pamela Davies
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Speedy Spares Services Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	33% on cost
Freehold Land & Buildings	not provided

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Speedy Spares Services Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2015		98,390			98,390
At 31 December 2015		98,390			98,390
Depreciation
At 1 January 2015		30,753			30,753
Charge for the year		3,064			3,064
At 31 December 2015		33,817			33,817
Net book value
At 31 December 2015		64,573			64,573
At 31 December 2014		67,637			67,637

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

4	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mrs Joan Pamela Davies
Advances	-	-	-	-

Page 4