Classic Performance Engineering Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 06620727 (England and Wales)

Abbreviated Unaudited Accounts

For The Year Ended 30 June 2016

for

Classic Performance Engineering Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

Mr M L Greaves

REGISTERED OFFICE:

The Stables

Church Walk

Daventry

Northamptonshire

NN11 4BL

REGISTERED NUMBER:

06620727 (England and Wales)

ACCOUNTANTS:

Cottons Accountants LLP

The Stables

Church Walk

Daventry

Northamptonshire

NN11 4BL

FIXED ASSETS

Tangible assets

2

209,467

121,090

CURRENT ASSETS

Stocks

5,000

Debtors

76,463

73,099

Prepayments and accrued income

-

18,706

Cash at bank

-

50,209

81,463

147,014

CREDITORS

Amounts falling due within one year

3

307,949

216,445

NET CURRENT LIABILITIES

(226,486

)

(69,431

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(17,019

)

51,659

CREDITORS

Amounts falling due after more than one
year

3

(47,834

)

(61,843

)

PROVISIONS FOR LIABILITIES

(17,453

)

(7,283

)

NET LIABILITIES

(82,306

)

(17,467

)

CAPITAL AND RESERVES

Called up share capital

4

100

Profit and loss account

(82,406

)

(17,567

)

SHAREHOLDERS' FUNDS

(82,306

)

(17,467

)

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 29 March 2017 and were signed by:

Mr M L Greaves - 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 and services excluding value added tax.

Tangible fixed assets

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

Improvements to property

-

Over the terms of the lease

Fixtures, fittings and equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

175,526

Additions

118,354

At 30 June 2016

293,880

DEPRECIATION

At 1 July 2015

54,436

Charge for year

29,977

At 30 June 2016

84,413

NET BOOK VALUE

At 30 June 2016

209,467

At 30 June 2015

121,090

3.

CREDITORS

Creditors include an amount of £ 75,533 (30/6/15 - £ 98,282 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/6/16

30/6/15

value:

£

100

Ordinary

£1

100

5.	GOING CONCERN

The directors have reviewed the going concern of the company and feel there are adequate resources to

continue trading for at least 12 months the date of signing this report and for the foreseeable future. The

directors will continue to support the company and therefore have adopted the going concern basis.