POWERBASE_AUTOMOTIVE_LIMI - Accounts

POWERBASE AUTOMOTIVE LIMITED - Company Information

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Company Registration No. 02741492 (England and Wales)

POWERBASE AUTOMOTIVE LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2014

POWERBASE AUTOMOTIVE LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

POWERBASE AUTOMOTIVE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JULY 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

33,666

27,671

Current assets

Stocks

5,469

6,836

Debtors

9,326

20,587

Cash at bank and in hand

9,505

3,355

24,300

30,778

Creditors: amounts falling due within one year

(34,044)

(71,639)

Net current liabilities

(9,744)

(40,861)

Total assets less current liabilities

23,922

(13,190)

Creditors: amounts falling due after more than one year

(56,325)

(31,086)

(32,403)

(44,276)

Capital and reserves

Called up share capital

Profit and loss account

(32,413)

(44,286)

Shareholders' funds

(32,403)

(44,276)

For the financial year ended 31 July 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has 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 2 October 2014

Mr L P Whitehead

Director

Company Registration No. 02741492

POWERBASE AUTOMOTIVE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2014

- 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 April 2008).

The financial statements have been drawn up on a going concern basis, which assumes that continued support will be provided by the company's director and other creditors. The creditors have indicated continuing support, and are assisting the company during this period of concern. Should this support be withdrawn and the company be unable to continue trading, adjustments would have to be made to reduce the value of the assets to their recoverable amount, to provide for any further liabilities which may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

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 goods and services net of VAT and trade discounts.

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:

Land and buildings Leasehold

0% on cost

Plant and machinery

0% on cost

Motor vehicles

0% on reducing balance

1.5

Leasing

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

POWERBASE AUTOMOTIVE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2014

- 3 -

Fixed assets

Tangible assets

Cost

At 1 August 2013

59,599

Additions

6,105

Disposals

(110)

At 31 July 2014

65,594

Depreciation

At 1 August 2013 & at 31 July 2014

31,928

Net book value

At 31 July 2014

33,666

At 31 July 2013

27,671

Creditors: amounts falling due after more than one year

2014

2013

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

58,925

17,534

The aggregate amount of creditors for which security has been given amounted to £48,525 (2013 - £0.0000).

The director L P Whitehead holds a fixed and floating charge over the assets of the company.

Share capital

2014

2013

Allotted, called up and fully paid

10 ordinary shares of £1 each