Ollie Pears Racing Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 06987990 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 August 2016

for

Ollie Pears Racing Limited

Page

Company information

1

Abbreviated balance sheet

2

Notes to the abbreviated accounts

4

Director:

Mr O Pears

Secretary:

Registered office:

2 Belgrave Crescent

Scarborough

North Yorkshire

YO11 1UB

Registered number:

06987990 (England and Wales)

Accountants:

Ashby Berry Coulsons

2 Belgrave Crescent

Scarborough

North Yorkshire

YO11 1UB

Fixed assets

Tangible assets

2

198,688

205,108

Current assets

Stocks

15,650

4,850

Debtors

25,933

23,264

Cash at bank

168,657

136,966

210,240

165,080

Creditors

Amounts falling due within one year

115,980

63,244

Net current assets

94,260

101,836

Total assets less current liabilities

292,948

306,944

Provisions for liabilities

7,113

8,397

Net assets

285,835

298,547

Capital and reserves

Called up share capital

3

1

1

Profit and loss account

285,834

298,546

Shareholders' funds

285,835

298,547

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 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 8 December 2016 and were signed by:

Mr O Pears - Director

1.	Accounting policies

Accounting convention

The financial statements 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 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.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% 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.

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

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 September 2015

and 31 August 2016

163,123

83,210

17,950

234

264,517

Depreciation

At 1 September 2015

-

47,350

11,850

209

59,409

Charge for year

-

4,885

1,525

10

6,420

At 31 August 2016

-

52,235

13,375

219

65,829

Net book value

At 31 August 2016

163,123

30,975

4,575

15

198,688

At 31 August 2015

163,123

35,860

6,100

25

205,108

3.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1

Ordinary

£1

1

1

4.	Ultimate controlling party

The controlling party is Mr O Pears.