Driveology Limited - Filleted accounts

Driveology Limited - Filleted accounts

DRIVEOLOGY LIMITED - Company Information

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Driveology Limited
Registered number: 04914351
Balance Sheet
as at 30 June 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 412 215
Current assets
Debtors 3 757 1,136
Cash at bank and in hand 381 65
1,138 1,201
Creditors: amounts falling due within one year 4 (1,477) (1,406)
Net current liabilities (339) (205)
Net assets 73 10
Capital and reserves
Called up share capital 2 2
Profit and loss account 71 8
Shareholders' funds 73 10
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G Helkist
Director
Approved by the board on 24.01.2017
Driveology Limited
Notes to the Accounts
for the year ended 30 June 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2015 1,150
Additions 300
At 30 June 2016 1,450
Depreciation
At 1 July 2015 935
Charge for the year 103
At 30 June 2016 1,038
Net book value
At 30 June 2016 412
At 30 June 2015 215
3 Debtors 2016 2015
£ £
Other debtors 757 1,136
4 Creditors: amounts falling due within one year 2016 2015
£ £
Bank loans and overdrafts - 404
Corporation tax 889 618
Other taxes and social security costs 162 -
Other creditors 426 384
1,477 1,406
5 Other information
Driveology Limited is a private company limited by shares and incorporated in England. Its registered office is:
30 Gibbs Roads
Newport
South Wales
NP19 8AT
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