Abbreviated Company Accounts - MIKE SPEED BUILDERS LIMITED

Abbreviated Company Accounts - MIKE SPEED BUILDERS LIMITED


Registered Number 04446960

MIKE SPEED BUILDERS LIMITED

Abbreviated Accounts

31 July 2016

MIKE SPEED BUILDERS LIMITED Registered Number 04446960

Abbreviated Balance Sheet as at 31 July 2016

Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 9,297 6,279
9,297 6,279
Current assets
Stocks 140,782 3,405
Debtors 98,010 34,947
Cash at bank and in hand 70,929 73,946
309,721 112,298
Creditors: amounts falling due within one year (237,016) (82,579)
Net current assets (liabilities) 72,705 29,719
Total assets less current liabilities 82,002 35,998
Provisions for liabilities (1,765) (1,186)
Total net assets (liabilities) 80,237 34,812
Capital and reserves
Called up share capital 3 100 100
Profit and loss account 80,137 34,712
Shareholders' funds 80,237 34,812
  • For the year ending 31 July 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 16 December 2016

And signed on their behalf by:
Mr. M.T.W. Speed, Director

MIKE SPEED BUILDERS LIMITED Registered Number 04446960

Notes to the Abbreviated Accounts for the period ended 31 July 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
Turnover represents amounts chargeable to customers for goods and services provided during the period, excluding value added tax and trade discounts.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery 15% of net book value
Motor vehicles 25% of net book value

Valuation information and policy
Stocks
Stock is valued at the lower of cost and net realisable value.

Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2Tangible fixed assets
£
Cost
At 1 August 2015 25,655
Additions 6,436
Disposals (6,500)
Revaluations -
Transfers -
At 31 July 2016 25,591
Depreciation
At 1 August 2015 19,376
Charge for the year 2,930
On disposals (6,012)
At 31 July 2016 16,294
Net book values
At 31 July 2016 9,297
At 31 July 2015 6,279
3Called Up Share Capital
Allotted, called up and fully paid:
2016
£
2015
£
100 Ordinary shares of £1 each 100 100