Maltings Off Road Limited - Period Ending 2016-01-31

Registration number: 06483327

Maltings Off Road Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 January 2016
 

Maltings Off Road Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Maltings Off Road Limited (Registration number: 06483327)
Abbreviated Balance Sheet at 31 January 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					25,487			12,167
Current assets
Stocks					187,569			113,844
Debtors					57,125			8,365
Cash at bank and in hand					55,968			39,892
					300,662			162,101
Creditors: Amounts falling due within one year					(202,136)			(85,237)
Net current assets					98,526			76,864
Total assets less current liabilities					124,013			89,031
Creditors: Amounts falling due after more than one year					(11,434)			(5,498)
Provisions for liabilities					(2,719)			-
Net assets					109,860			83,533
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					109,760			83,433
Shareholders' funds					109,860			83,533

For the year ending 31 January 2016 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 7 October 2016 and signed on its behalf by:

.........................................
Mr A Smallwood
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Maltings Off Road Limited (Registration number: 06483327)
Abbreviated Balance Sheet at 31 January 2016
......... continued

.........................................
Mr G R Farmer
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Maltings Off Road Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2016
......... 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	25% straight line basis
Fixtures and fittings	25% straight line basis
Motor vehicles	25% reducing balance basis
Office equipment	25% straight line basis

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.

Page 3

Maltings Off Road Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2016
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 February 2015		26,423			26,423
Additions		22,586			22,586
Disposals		(1,995)			(1,995)
At 31 January 2016		47,014			47,014
Depreciation
At 1 February 2015		14,256			14,256
Charge for the year		9,266			9,266
Eliminated on disposals		(1,995)			(1,995)
At 31 January 2016		21,527			21,527
Net book value
At 31 January 2016		25,487			25,487
At 31 January 2015		12,167			12,167

Page 4

Maltings Off Road Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
A Ordinary of £1 each		50			50			50			50
B Ordinary of £1 each		50			50			50			50
		100			100			100			100

Page 5