EBC_MOTOR_FACTORS_LIMITED - Accounts
EBC_MOTOR_FACTORS_LIMITED - Accounts
Company Registration No. 06500343 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EBC MOTOR FACTORS LIMITED FOR THE YEAR ENDED 30 JUNE 2016
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of EBC Motor Factors Limited for the year ended 30 June 2016 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of EBC Motor Factors Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of EBC Motor Factors Limited and state those matters that we have agreed to state to the Board of Directors of EBC Motor Factors Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than EBC Motor Factors Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that EBC Motor Factors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of EBC Motor Factors Limited. You consider that EBC Motor Factors Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of EBC Motor Factors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MHA Carpenter Box
Chartered Accountants
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
3
(245,534 )
(334,238 )
Net current assets/(liabilities)
(76,908 )
Total assets less current liabilities
(26,926 )
Creditors: amounts falling due after more than one year
4
(101,432 )
-
(16,663)
(26,926)
Capital and reserves
Called up share capital
5
Profit and loss account
(16,763 )
(27,026 )
Shareholders' funds
(16,663 )
(26,926 )
Directors' responsibilities:
-
-
Approved by the Board for issue on 30 March 2017
Director
Director
Company Registration No. 06500343
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements have been prepared on a going concern basis. The company has encountered a difficult trading year, and is dependent upon the continued support of the directors. The financial statements do not include any adjustments that would result from a withdrawal of this support.
1.2
Turnover
1.3
Goodwill
1.4
Tangible fixed assets and depreciation
Land and buildings leasehold
Fixtures, fittings & equipment
Motor vehicles
1.5
Leasing
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value, on a first in first out basis.
1.7
Deferred taxation
Deferred taxation is provided 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.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 July 2015
135,322
Additions
21,414
Disposals
(9,864)
At 30 June 2016
146,872
Depreciation
At 1 July 2015
85,340
On disposals
(8,255)
Charge for the period
11,259
At 30 June 2016
88,344
Net book value
At 30 June 2016
58,528
At 30 June 2015
49,982
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £71,107 (2015 - £50,628).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £101,432 (2015 - £0).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid