Abbreviated Company Accounts - VAN GUARD ACCESSORIES LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

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

Tangible assets depreciation policy
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings freehold have no depreciation.
Wiring has various rates to write off over the estimated useful life of the asset.
Fixtures, fittings and equipment have various rates to write off over the estimated useful life of the asset.
Motor vehicles are depreciated on a 25% straight line basis.

Other accounting policies
Goodwill
Acquired goodwill is written off over its estimated useful economic life of one year.

Investments
Fixed asset investments are stated at cost less provision for diminution in value.

Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. the company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

4Fixed assets Investments
Cost as at 1 May 2015 of £87,956 with no depreciation during the year. Net book value at 30 April 2016 of £87,956 and at 30 April 2015 of £87,956.

Holdings of more than 20%
the company holds more than 20% of the share capital of the following companies:

Subsidiary Undertaking
Van Guard Ply Lining Limited; incorporated in England & Wales with Ordinary shares of which the company holds 100%
G K Land Engineering Company Limited; incorporated in England & Wales with Ordinary shares of which the company holds 100%
Van Guard Full Fit Limited; incorporated in England & Wales with Ordinary B shares of which the company holds 49%.

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Van Guard Ply Lining Limited with the principal activity of a dormant company; capital and reserves for 2016 of £nil and profit/(loss) for the year 2016 of £nil.
G K Land Engineering Company Limited with the principal activity of a dormant company; capital and reserves for 2016 of £nil and profit/(loss) for the year of £nil.
Van Guard Full Fit Limited with a principal activity of supplying and fitting van ply linings; capital and reserves for 2016 of £26,374 and profit/(loss) for the year of £(5,644).