ABBEY_VEHICLE_RENTAL_LIMI - Accounts

ABBEY VEHICLE RENTAL LIMITED - Company Information

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Company Registration No. 07582832 (England and Wales)

ABBEY VEHICLE RENTAL LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

ABBEY VEHICLE RENTAL LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

ABBEY VEHICLE RENTAL LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

82,314

67,964

Current assets

Debtors

24,386

20,966

Cash at bank and in hand

830

24,386

21,796

Creditors: amounts falling due within one year

(83,845)

(55,552)

Net current liabilities

(59,459)

(33,756)

Total assets less current liabilities

22,855

34,208

Creditors: amounts falling due after more than one year

(11,119)

(33,843)

11,736

365

Capital and reserves

Called up share capital

Profit and loss account

11,733

362

Shareholders' funds

11,736

365

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 20 December 2016

Mr M Pearce

Director

Company Registration No. 07582832

ABBEY VEHICLE RENTAL LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

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

Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts.

1.3

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

25% reducing balance

Motor vehicles

10% reducing balance

1.4

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Fixed assets

Tangible assets

Cost

At 1 April 2015

74,576

Additions

21,843

At 31 March 2016

96,419

Depreciation

At 1 April 2015

6,612

Charge for the year

7,493

At 31 March 2016

14,105

Net book value

At 31 March 2016

82,314

At 31 March 2015

67,964

ABBEY VEHICLE RENTAL LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Share capital

2016

2015

Allotted, called up and fully paid

3 Ordinary of £1 each

Transactions with directors

At the balance sheet date the director, Mr M Pearce, was owed by the company £8,405 (2015 - £85). Interest is accruing on this amount.