Jim Litchfield Motor Engineer Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 06938300 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2016

FOR

JIM LITCHFIELD MOTOR ENGINEER LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

A P Harris

REGISTERED OFFICE:

8b, Lonsdale Gardens

Tunbridge Wells

Kent

TN1 1NU

REGISTERED NUMBER:

06938300 (England and Wales)

ACCOUNTANTS:

Waight & Company Ltd

Trading as WaightSharnock

8 Lonsdale Gardens

Tunbridge Wells

Kent

TN1 1NU

FIXED ASSETS

Intangible assets

2

97,825

105,350

Tangible assets

3

13,807

12,552

111,632

117,902

CURRENT ASSETS

Stocks

8,098

-

Debtors

8,350

4,755

Cash at bank and in hand

40,010

34,297

56,458

39,052

CREDITORS

Amounts falling due within one year

44,014

32,839

NET CURRENT ASSETS

12,444

6,213

TOTAL ASSETS LESS CURRENT
LIABILITIES

124,076

124,115

CREDITORS

Amounts falling due after more than one
year

123,926

NET ASSETS

150

189

CAPITAL AND RESERVES

Called up share capital

4

100

Profit and loss account

50

89

SHAREHOLDERS' FUNDS

150

189

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 28 March 2017 and were signed by:

A P Harris - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

and 30 June 2016

150,500

AMORTISATION

At 1 July 2015

45,150

Amortisation for year

7,525

At 30 June 2016

52,675

NET BOOK VALUE

At 30 June 2016

97,825

At 30 June 2015

105,350

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

45,206

Additions

5,858

At 30 June 2016

51,064

DEPRECIATION

At 1 July 2015

32,654

Charge for year

4,603

At 30 June 2016

37,257

NET BOOK VALUE

At 30 June 2016

13,807

At 30 June 2015

12,552

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.16

30.6.15

value:

£

100

Ordinary Shares

£1

100

5.	RELATED PARTY DISCLOSURES

A P Harris

Director and shareholder

The director owns 50% of the issued shares.

The director received a dividend of £24,000 (2015 £22,825).

30.6.16

30.6.15

£

Amount due to related party at the balance sheet date

18,265

10,743