SIMPLY_CARS_LIMITED - Accounts

SIMPLY CARS LIMITED - Company Information

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Company Registration No. 06004433 (England and Wales)

SIMPLY CARS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

SIMPLY CARS LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

Notes to the abbreviated accounts

SIMPLY CARS LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SIMPLY CARS LIMITED FOR THE YEAR ENDED 31 MARCH 2016

- 1 -

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 3 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Simply Cars Limited for the year ended 31 March 2016 which comprise the Profit and Loss Account, the Balance Sheet and the related notes 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, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Simply Cars Limited, as a body, in accordance with the terms of our engagement letter dated 1 December 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Simply Cars Limited and state those matters that we have agreed to state to the Board of Directors of Simply Cars Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Simply Cars Limited and its Board of Directors as a body, for our work or for this report.

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

Clear & Lane Limited

Chartered Accountants

340 Melton Road

Leicester

LE4 7SL

13 December 2016

SIMPLY CARS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 2 -

2016

2015

Notes

Fixed assets

Tangible assets

1,332

1,777

Current assets

Debtors

2,520

1,381

Cash at bank and in hand

152

2,530

1,533

Creditors: amounts falling due within one year

(302,511)

(298,701)

Net current liabilities

(299,981)

(297,168)

Total assets less current liabilities

(298,649)

(295,391)

Capital and reserves

Called up share capital

100

Share premium account

49,995

Profit and loss account

(348,744)

(345,486)

Shareholders' funds

(298,649)

(295,391)

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 9 December 2016

Mr A L Yell

Director

Company Registration No. 06004433

SIMPLY CARS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for online sales generation services net of VAT.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Website

25% reducing balance

Fixtures and fittings

25% reducing balance

Fixed assets

Tangible assets

Cost

At 1 April 2015 & at 31 March 2016

17,638

Depreciation

At 1 April 2015

15,861

Charge for the year

445

At 31 March 2016

16,306

Net book value

At 31 March 2016

1,332

At 31 March 2015

1,777

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100