NESBITS_AUCTIONS_LIMITED - Accounts

NESBITS AUCTIONS LIMITED - Company Information

Print Friendly Version

Company Registration No. 08795454 (England and Wales)

NESBITS AUCTIONS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

NESBITS AUCTIONS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

NESBITS AUCTIONS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

15,000

35,000

Tangible assets

8,358

9,090

23,358

44,090

Current assets

Debtors

31,031

47,414

Cash at bank and in hand

26,900

27,208

57,931

74,622

Creditors: amounts falling due within one year

(38,071)

(45,576)

Net current assets

19,860

29,046

Total assets less current liabilities

43,218

73,136

Creditors: amounts falling due after more than one year

(26,000)

(38,000)

Provisions for liabilities

(1,672)

(1,818)

15,546

33,318

Capital and reserves

Called up share capital

175

Profit and loss account

15,371

33,143

Shareholders' funds

15,546

33,318

NESBITS AUCTIONS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2016

- 2 -

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.

Directors' 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 directors acknowledge their 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 16 December 2016

Mr J Cameron

Director

Company Registration No. 08795454

NESBITS AUCTIONS 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 professional services provided net of VAT.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5

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:

Computer equipment

33% - Straight line

Fixtures, fittings & equipment

20% - Reducing balance

Motor vehicles

25% - Reducing balance

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 April 2015

60,000

11,021

71,021

Additions

2,401

Disposals

(884)

At 31 March 2016

60,000

12,538

72,538

Depreciation

At 1 April 2015

25,000

1,931

26,931

On disposals

(246)

Charge for the year

20,000

2,495

22,495

At 31 March 2016

45,000

4,180

49,180

Net book value

At 31 March 2016

15,000

8,358

23,358

At 31 March 2015

35,000

9,090

44,090

NESBITS AUCTIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 4 -

Share capital

2016

2015

Allotted, called up and fully paid

75 Ordinary A shares of £1 each

25 Ordinary B shares of £1 each

75 Ordinary C shares of £1 each

175

The A and B shares carry full rights, the C shares are non voting