M_&_D_VEHICLE_MANAGEMENT_ - Accounts

M & D VEHICLE MANAGEMENT LTD - Company Information

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Company Registration No. SC309171 (Scotland)

M & D VEHICLE MANAGEMENT LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

M & D VEHICLE MANAGEMENT LTD

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

Notes to the abbreviated accounts

3 - 4

M & D VEHICLE MANAGEMENT LTD

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF M & D VEHICLE MANAGEMENT LTD FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 1 -

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M & D Vehicle Management Ltd for the year ended 30 September 2016 set out on pages 3 to 10 from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of M & D Vehicle Management Ltd, as a body, in accordance with the terms of our engagement letter dated 6 November 2006. Our work has been undertaken solely to prepare for your approval the financial statements of M & D Vehicle Management Ltd and state those matters that we have agreed to state to the Board of Directors of M & D Vehicle Management Ltd, as a body, in this report in accordance with AAF 2/10 as detailed at www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M & D Vehicle Management Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that M & D Vehicle Management Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M & D Vehicle Management Ltd. You consider that M & D Vehicle Management Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of M & D Vehicle Management Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hogg & Thorburn

16 January 2017

Chartered Accountants

Moat House

14 Gala Park

GALASHIELS

Scottish Borders

TD1 1EX

M & D VEHICLE MANAGEMENT LTD

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2016

- 2 -

2016

2015

Notes

Fixed assets

Intangible assets

6,800

Tangible assets

128

172

128

6,972

Current assets

Debtors

12,451

5,274

Cash at bank and in hand

8,155

20,606

5,274

Creditors: amounts falling due within one year

(18,274)

(10,908)

Net current assets/(liabilities)

2,332

(5,634)

Total assets less current liabilities

2,460

1,338

Provisions for liabilities

(26)

(34)

2,434

1,304

Capital and reserves

Called up share capital

1,000

Profit and loss account

1,434

304

Shareholders' funds

2,434

1,304

For the financial year ended 30 September 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 January 2017

David Reid

Director

Company Registration No. SC309171

M & D VEHICLE MANAGEMENT LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 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 commissions receivable for arranging vehicle sales, net of VAT.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

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:

Fixtures, fittings & equipment

25% reducing balance

1.6

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 October 2015 & at 30 September 2016

68,000

1,594

69,594

Depreciation

At 1 October 2015

61,200

1,422

62,622

Charge for the year

6,800

6,844

At 30 September 2016

68,000

1,466

69,466

Net book value

At 30 September 2016

128

At 30 September 2015

6,800

172

6,972

M & D VEHICLE MANAGEMENT LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 4 -

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £5,094).

The bank overdraft is secured by a personal guarantee by the director, David Reid.

Share capital

2016

2015

Allotted, called up and fully paid

1,000 Ordinary of £1 each

1,000