Autoguard Warranties Limited - Period Ending 2016-10-31

Registration number: 06574030

Autoguard Warranties Limited
 
  Annual Report and Unaudited Abbreviated Accounts
 
  for the Year Ended 31 October 2016
 

Autoguard Warranties Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Autoguard Warranties Limited
(Registration number: 06574030)
Abbreviated Balance Sheet at 31 October 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					17,000			-
Tangible fixed assets					159,121			206,880
					176,121			206,880
Current assets
Debtors					656,445			1,075,951
Cash at bank and in hand					1,293,918			284,135
					1,950,363			1,360,086
Creditors: Amounts falling due within one year					(1,837,175)			(1,315,188)
Net current assets					113,188			44,898
Total assets less current liabilities					289,309			251,778
Creditors: Amounts falling due after more than one year					-			(19,952)
Provisions for liabilities
Deferred tax					(26,328)			(30,445)
Net assets					262,981			201,381
Capital and reserves
Called up share capital		3			200			200
Share premium account					33,000			33,000
Profit and loss account					229,781			168,181
Shareholders' funds					262,981			201,381

For the year ending 31 October 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 4 April 2017 and signed on its behalf by:

.........................................
Mr R J Dockerill
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
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Autoguard Warranties Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 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).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents sales of service contracts, excluding Value Added Tax, income is recognised on the date the service contracts are sold.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	5 years straight line

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
Motor vehicles	33% on cost
Equipment, fixtures and fittings	14.3% on cost
Plant and machinery	20% on cost

Deferred tax

Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date. A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on a non-discounted basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.





 

Deferred expenditure

Deferred expenditure consists of revenue costs incurred by the Company, the economic benefit of which will be received in later years.

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Autoguard Warranties Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

Foreign currency

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 November 2015		-			399,214			399,214
Additions		20,000			48,241			68,241
Disposals		-			(42,500)			(42,500)
At 31 October 2016		20,000			404,955			424,955
Depreciation
At 1 November 2015		-			192,334			192,334
Charge for the year		3,000			67,666			70,666
Eliminated on disposals		-			(14,166)			(14,166)
At 31 October 2016		3,000			245,834			248,834
Net book value
At 31 October 2016		17,000			159,121			176,121
At 31 October 2015		-			206,880			206,880

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		200			200			200			200

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