Legend Automotive Ltd - Period Ending 2016-01-31

Registration number: 08359582

Legend Automotive Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 January 2016
 

Power Accountax Limited
Chartered Accountants
8c High Street
Southampton
Hampshire
SO14 2DH

Legend Automotive Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Legend Automotive Ltd
(Registration number: 08359582)
Abbreviated Balance Sheet at 31 January 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					952			1,189
Current assets
Stocks					4,800			111,090
Debtors					38,174			76,203
Cash at bank and in hand					3,226			1,444
					46,200			188,737
Creditors: Amounts falling due within one year					(212,723)			(185,783)
Net current (liabilities)/assets					(166,523)			2,954
Net (liabilities)/assets					(165,571)			4,143
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					(165,671)			4,043
Shareholders' (deficit)/funds					(165,571)			4,143

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 11 October 2016 and signed on its behalf by:

.........................................
Mr Vipul Dave
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Legend Automotive Ltd
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	20% on Reducing balance method

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.

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 2

Legend Automotive Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 January 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 February 2015		1,621			1,621
At 31 January 2016		1,621			1,621
Depreciation
At 1 February 2015		432			432
Charge for the year		237			237
At 31 January 2016		669			669
Net book value
At 31 January 2016		952			952
At 31 January 2015		1,189			1,189

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary Shares of £1 each		100			100			100			100

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr Vipul Dave
The amount owed to the director by the company at the end of the year was	86,962	-	89,682	-
Mr Patrick White
The amount owed to the director by the company at the end of the year was	86,962	-	89,682	-

Page 3