Linley Autobody Specialists Limited - Period Ending 2016-09-30

Registration number: 05933719

Linley Autobody Specialists Limited
 
  Abbreviated Accounts
 
  for the Year Ended 30 September 2016
 

Linley Autobody Specialists Limited
Abbreviated Balance Sheet at 30 September 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					20,857			24,658
Current assets
Stocks					2,760			2,050
Debtors					17,607			18,279
Cash at bank and in hand					36,176			18,298
					56,543			38,627
Creditors: Amounts falling due within one year					(73,200)			(59,124)
Net current liabilities					(16,657)			(20,497)
Total assets less current liabilities					4,200			4,161
Provisions for liabilities					(2,600)			(3,100)
Net assets					1,600			1,061
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					1,599			1,060
Shareholders' funds					1,600			1,061

For the year ending 30 September 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 director acknowledges his 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 .

These accounts were approved by the director and authorised for issue on 16 February 2017.

.........................................
 D.S. Linley
 Director
 Company Registration Number: 05933719

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Linley Autobody Specialists Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016

1	Accounting policies

Basis of preparation

The full accounts, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Going concern

The accounts have been prepared on a going concern basis on the assumption that the director will continue his support for the foreseeable future.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Plant and Machinery	10 years straight line basis
Office Equipment	3 years straight line basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Operating lease agreements

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Linley Autobody Specialists Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 October 2015		38,472			38,472
At 30 September 2016		38,472			38,472
Depreciation
At 1 October 2015		13,814			13,814
Charge for the year		3,801			3,801
At 30 September 2016		17,615			17,615
Net book value
At 30 September 2016		20,857			20,857
At 30 September 2015		24,658			24,658

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		1			1			1			1

Page 3