Auto Factory Limited - Period Ending 2016-05-31

Registration number: 08082049

Auto Factory Limited
 
  Unaudited Abbreviated Accounts
 
  for the Year Ended 31 May 2016
 

Auto Factory Limited
(Registration number: 08082049)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					233			801
Current assets
Debtors					155,546			417,538
Cash at bank and in hand					93,733			1,065,587
					249,279			1,483,125
Creditors: Amounts falling due within one year					(467,933)			(1,732,578)
Net current liabilities					(218,654)			(249,453)
Net liabilities					(218,421)			(248,652)
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					(218,423)			(248,654)
Shareholders' deficit					(218,421)			(248,652)

For the year ending 31 May 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.

Approved by the director

.........................................
M T Gordon
Director

Date: 28 February 2017

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

Auto Factory Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, 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 company is dependent on the support of its shareholder to continue as a going concern. Confirmation of this support has been provided and the director considers it appropriate to prepare the accounts on a going concern basis.

Should the support not continue, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current and long term liabilities as current liabilities.

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:

Asset class	Depreciation method and rate
Computer equipment	50% straight line

Deferred tax

Deferred taxation is provide 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.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Page 2

Auto Factory Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2015		1,133			1,133
At 31 May 2016		1,133			1,133
Depreciation
At 1 June 2015		332			332
Charge for the year		568			568
At 31 May 2016		900			900
Net book value
At 31 May 2016		233			233
At 31 May 2015		801			801

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

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