Ford Sinclair Limited - Period Ending 2016-11-30

Registration number: 01762209

Ford Sinclair Limited

Annual Report and Unaudited Abbreviated Accounts

for the Year Ended 30 November 2016
 

Ford Sinclair Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Ford Sinclair Limited
(Registration number: 01762209)
at 30 November 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					301,522			305,633
Current assets
Debtors					170,143			210,959
Cash at bank and in hand					424,667			298,246
					594,810			509,205
Creditors: Amounts falling due within one year					(747,033)			(713,050)
Net current liabilities					(152,223)			(203,845)
Net assets					149,299			101,788
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					149,199			101,688
Shareholders' funds					149,299			101,788

For the year ending 30 November 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 directors acknowledge their 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 Board on 20 April 2017 and signed on its behalf by:

.........................................
C Restall
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Ford Sinclair Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 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).

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
Leasehold improvements	10% straight line
Fixtures, fittings and equipment	20% straight line
Investment properties	Not depreciated

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

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.

Hire purchase and leasing

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

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Ford Sinclair Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016
......... continued

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 December 2015		348,219			348,219
Additions		1,079			1,079
Disposals		(13,236)			(13,236)
At 30 November 2016		336,062			336,062
Depreciation
At 1 December 2015		42,586			42,586
Charge for the year		5,190			5,190
Eliminated on disposals		(13,236)			(13,236)
At 30 November 2016		34,540			34,540
Net book value
At 30 November 2016		301,522			301,522
At 30 November 2015		305,633			305,633

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

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Ford Sinclair Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016
......... continued

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
J Thomas
Amount owed to the director	3,000	-	25,852	-
C Restall
Amount owed to the director	16,174	-	34,359	-

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